Today Sector News – 25.05.2018
* AUTOMOBILE: In what may hit companies like TATA MOTORS, EICHER MOTORS, BHARAT FORGE and MOTHERSON SUMI SYSTEMS, the US Department of Commerce has initiated an investigation to determine whether imports of automobiles and automotive parts into the US threaten to hurt national security and the country's economy.
-Toyota Kirloskar Motor on Thursday said the Centre's earlier target of setting up an all-electric fleet from 2030 will be possible from only 2050 and suggested that hybrid cars will be an "interim" solution till that time.
* AVIATION: Delta Air Lines will begin nonstop flights between the United States and Mumbai in 2019, the US airline announced on Thursday.
-Along with a meal or preferred seat, air passengers in India may soon have the option to choose Wi-Fi services while booking a flight ticket, a person with direct knowledge of the matter said.
-Indian carriers will oppose many of the new rules proposed by the civil aviation ministry for the benefit of air passengers, including relaxation of cancellation charges and a significant increase in compensation for lost and damaged baggage.
* BANKING: About one mln employees and officers in the banking sector are going on a two-day strike on May 30 and 31 to press their demands for a wage hike and improvement in service conditions.
* ECONOMY: The government's reforms agenda may face headwinds this year, ahead of the general
elections in 2019, ratings agency CRISIL Ratings said in a report.
-The e-way bill mechanism for intra-state movement of goods will be rolled out across seven more states and Union Territories from Friday.
-The government has reconstituted the Financial Stability and Development Council to include minister of state for finance in charge of economic affairs, revenue secretary, and information technology secretary in the Council, a notification said.
* EXCHANGES: The National Stock Exchange has said its 'NSE NOW' trading platform, a shared computer to computer linked system, is now up and running.
* OIL AND GAS: Private oil companies are nervous about the prospect of price controls to cushion
consumers from the steep rise in petrol and diesel rates, and have suggested that cutting duties is a much better option than reversing the reforms.
* POWER: Debt-ridden GVK Group is in talks to sell two of its gas-based power projects with 684 MW combined installed capacity to Andhra Pradesh power utilities in order to settle debt of around 18 bln rupees through a one-time settlement.
-State government departments' staggering dues to the country's public sector power distribution
companies 394.42 bln rupees in aggregate at last count, which is more than the these companies' combined financial losses in FY17 or around 10% of their total turnover in the year have made their task of meeting the key Ujwal DISCOM Assurance Yojana targets more difficult.
* REGULATORY: The Securities and Exchange Board of India has allowed foreign portfolio investors to trade through 'Omnibus' trading account in stock exchanges based in Gujarat International Finance Tec-City, in a move aimed to boost foreign flows into the country.
SEBI will update its board next month about its probe into alleged disclosure and corporate governance related lapses at various corporates in the wake of number of blue chip companies, including PUNJAB NATIONAL BANK and FORTIS HEALTHCARE coming under the regulatory scanner.
* TAXATION: The income tax department has started issuing notices to several multinational consumer firms, disallowing deductions on expenses of advertising, marketing and sales promotion under a hitherto unused provision of the Income Tax Act.
* TELECOMMUNICATION: A recent US ban on ZTE Corp, which led to the Chinese network gear maker suspending major business operations, is likely to hit Indian telcom companiess currently expanding 4G network deployments, two persons aware of the matter said.
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-Toyota Kirloskar Motor on Thursday said the Centre's earlier target of setting up an all-electric fleet from 2030 will be possible from only 2050 and suggested that hybrid cars will be an "interim" solution till that time.
* AVIATION: Delta Air Lines will begin nonstop flights between the United States and Mumbai in 2019, the US airline announced on Thursday.
-Along with a meal or preferred seat, air passengers in India may soon have the option to choose Wi-Fi services while booking a flight ticket, a person with direct knowledge of the matter said.
-Indian carriers will oppose many of the new rules proposed by the civil aviation ministry for the benefit of air passengers, including relaxation of cancellation charges and a significant increase in compensation for lost and damaged baggage.
* BANKING: About one mln employees and officers in the banking sector are going on a two-day strike on May 30 and 31 to press their demands for a wage hike and improvement in service conditions.
* ECONOMY: The government's reforms agenda may face headwinds this year, ahead of the general
elections in 2019, ratings agency CRISIL Ratings said in a report.
-The e-way bill mechanism for intra-state movement of goods will be rolled out across seven more states and Union Territories from Friday.
-The government has reconstituted the Financial Stability and Development Council to include minister of state for finance in charge of economic affairs, revenue secretary, and information technology secretary in the Council, a notification said.
* EXCHANGES: The National Stock Exchange has said its 'NSE NOW' trading platform, a shared computer to computer linked system, is now up and running.
* OIL AND GAS: Private oil companies are nervous about the prospect of price controls to cushion
consumers from the steep rise in petrol and diesel rates, and have suggested that cutting duties is a much better option than reversing the reforms.
* POWER: Debt-ridden GVK Group is in talks to sell two of its gas-based power projects with 684 MW combined installed capacity to Andhra Pradesh power utilities in order to settle debt of around 18 bln rupees through a one-time settlement.
-State government departments' staggering dues to the country's public sector power distribution
companies 394.42 bln rupees in aggregate at last count, which is more than the these companies' combined financial losses in FY17 or around 10% of their total turnover in the year have made their task of meeting the key Ujwal DISCOM Assurance Yojana targets more difficult.
* REGULATORY: The Securities and Exchange Board of India has allowed foreign portfolio investors to trade through 'Omnibus' trading account in stock exchanges based in Gujarat International Finance Tec-City, in a move aimed to boost foreign flows into the country.
SEBI will update its board next month about its probe into alleged disclosure and corporate governance related lapses at various corporates in the wake of number of blue chip companies, including PUNJAB NATIONAL BANK and FORTIS HEALTHCARE coming under the regulatory scanner.
* TAXATION: The income tax department has started issuing notices to several multinational consumer firms, disallowing deductions on expenses of advertising, marketing and sales promotion under a hitherto unused provision of the Income Tax Act.
* TELECOMMUNICATION: A recent US ban on ZTE Corp, which led to the Chinese network gear maker suspending major business operations, is likely to hit Indian telcom companiess currently expanding 4G network deployments, two persons aware of the matter said.
