Today Sector News – 28.05.2018
* AVIATION: With just four days to go for the deadline to submit an expression of interest for Air India, the government is waiting to hear from likely suitors.
* BANKING: Banks need to make optimal use of insolvency laws to maximise the value of corporate assets for all stakeholders, and not just for a group, to seek recovery of loans, Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo said. Sudha Balakrishnan has been appointed the first ever chief financial officer of the Reserve Bank of India effective May 15.
* CEMENT: Just ahead of the scheduled meeting of the Committee of Creditors of BINANI CEMENT, which is undergoing bankruptcy proceedings, the Dalmia Bharat Cement-led consortium has moved Supreme Court for the second time - this time challenging ULTRATECH CEMENT's eligibility to bid.
* COMMODITY: Trading on the Multi Commodity Exchange of India came to a halt at 1912 IST on Friday due to a technical glitch, traders said. The trading after at 2026 IST.
* CORPORATE: The Enforcement Directorate is set to move a special court in Mumbai to seek permission for "immediate confiscation" of about 70 bln rupees assets of designer diamond jeweller Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance.
* DAIRY: Amul is aiming to grow at 20% this financial year, to touch a group turnover of close to 500 bln rupees, on the back of growing consumer portfolio, premiumisation and rising demand.
* ENERGY: The SoftBank Group is tying up with infrastructure conglomerate IL&FS to develop more than 20 GW of solar capacity in India by 2025. The tax department will sell at an "appropriate time" the shares owned by British firm Cairn Energy Plc which were attached following a 102.47 bln rupees tax demand, a senior tax official said.
* FINANCE: Nine non-banking finance companies have surrendered their certificates of registration to the Reserve Bank of India, the central bank said.
* FUNDS: The Employees' Provident Fund Organisation has added 3.94 mln people to its subscriber base in Sep-Mar, a consolidated report on payroll count issued by the ministry of statistics and programme implementation showed.
* GOVERNMENT: The government is considering a proposal to disinvest another 11 public sector companies, including Ashok Hotel, MAHANAGAR TELEPHONE NIGAM's tower business, and BHARAT HEAVY ELECTRICALS, through a mix of long-term lease, asset and strategic sale.
* OIL AND GAS: Interim Finance Minister Piyush Goyal has said the Centre is working with states and oil marketing companies to work out a long-term policy to ensure that a rise in crude oil prices do not impact consumers significantly. With demand for including petroleum in the goods and services tax increasing as fuel prices skyrocket, natural gas and aviation turbine fuel may be the low-hanging fruit the GST Council may take up before petrol and diesel.
* POWER: Edelweiss Asset Reconstruction Co is set to acquire its second power project after buying Adhunik Power and National Resources in July, Chairman and Managing Director Sibi Antony said.
* REGULATORY: National Stock Exchange may acquire only the commodity derivatives business of the Multi Commodity Exchange of India, instead of a full merger of the two bourses.
* STEEL: Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays.
* TAXATION: The government has extended the tenure of Central Board of Direct Taxes Chairman Sushil Chandra by a year till May 2019.
* TELECOMMUNICATION: The Department of Telecommunications has extended the deadline for
stakeholders' comments on the draft National Digital Communications Policy, 2018, to Jun 1, from May 25. The launch of Wi-Fi hotspots under the rural broadband project 'BharatNet' has seen 190% jump in data usage to 95 terabyte in six months of the service, as per an official report.
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* BANKING: Banks need to make optimal use of insolvency laws to maximise the value of corporate assets for all stakeholders, and not just for a group, to seek recovery of loans, Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo said. Sudha Balakrishnan has been appointed the first ever chief financial officer of the Reserve Bank of India effective May 15.
* CEMENT: Just ahead of the scheduled meeting of the Committee of Creditors of BINANI CEMENT, which is undergoing bankruptcy proceedings, the Dalmia Bharat Cement-led consortium has moved Supreme Court for the second time - this time challenging ULTRATECH CEMENT's eligibility to bid.
* COMMODITY: Trading on the Multi Commodity Exchange of India came to a halt at 1912 IST on Friday due to a technical glitch, traders said. The trading after at 2026 IST.
* CORPORATE: The Enforcement Directorate is set to move a special court in Mumbai to seek permission for "immediate confiscation" of about 70 bln rupees assets of designer diamond jeweller Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance.
* DAIRY: Amul is aiming to grow at 20% this financial year, to touch a group turnover of close to 500 bln rupees, on the back of growing consumer portfolio, premiumisation and rising demand.
* ENERGY: The SoftBank Group is tying up with infrastructure conglomerate IL&FS to develop more than 20 GW of solar capacity in India by 2025. The tax department will sell at an "appropriate time" the shares owned by British firm Cairn Energy Plc which were attached following a 102.47 bln rupees tax demand, a senior tax official said.
* FINANCE: Nine non-banking finance companies have surrendered their certificates of registration to the Reserve Bank of India, the central bank said.
* FUNDS: The Employees' Provident Fund Organisation has added 3.94 mln people to its subscriber base in Sep-Mar, a consolidated report on payroll count issued by the ministry of statistics and programme implementation showed.
* GOVERNMENT: The government is considering a proposal to disinvest another 11 public sector companies, including Ashok Hotel, MAHANAGAR TELEPHONE NIGAM's tower business, and BHARAT HEAVY ELECTRICALS, through a mix of long-term lease, asset and strategic sale.
* OIL AND GAS: Interim Finance Minister Piyush Goyal has said the Centre is working with states and oil marketing companies to work out a long-term policy to ensure that a rise in crude oil prices do not impact consumers significantly. With demand for including petroleum in the goods and services tax increasing as fuel prices skyrocket, natural gas and aviation turbine fuel may be the low-hanging fruit the GST Council may take up before petrol and diesel.
* POWER: Edelweiss Asset Reconstruction Co is set to acquire its second power project after buying Adhunik Power and National Resources in July, Chairman and Managing Director Sibi Antony said.
* REGULATORY: National Stock Exchange may acquire only the commodity derivatives business of the Multi Commodity Exchange of India, instead of a full merger of the two bourses.
* STEEL: Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays.
* TAXATION: The government has extended the tenure of Central Board of Direct Taxes Chairman Sushil Chandra by a year till May 2019.
* TELECOMMUNICATION: The Department of Telecommunications has extended the deadline for
stakeholders' comments on the draft National Digital Communications Policy, 2018, to Jun 1, from May 25. The launch of Wi-Fi hotspots under the rural broadband project 'BharatNet' has seen 190% jump in data usage to 95 terabyte in six months of the service, as per an official report.
