Today Sector News – 26.06.2018
* AVIATION: In a likely attempt to offset rising fuel costs, most airlines have raised their excess baggage charge by up to a third. Maharashtra Chief Minister Devendra Fadnavis has said he expects to see the first flight taking off from the upcoming Navi Mumbai airport by March 2020.
* BANKING: Asian Infrastructure Investment Bank is likely to raise funds through rupee-denominated bonds in 2019.
* DEFENCE: India announced a $100-mln line of credit to Seychelles to strengthen its defence capabilities and maritime infrastructure. The two countries decided to work together in the interest of each other on the controversial deal on Assomption Island, where India wants to build a strategic facility.
* FUNDS: Foreign institutional investors showed more enthusiasm than domestic investors in the recently concluded further fund offer of Bharat 22 Exchange Traded Fund, compared with the new fund offer of the ETF in November. National Investment and Infrastructure Fund, the government-sponsored domestic funding agency, is in talks with HDFC Capital to invest in a fund that will promote affordable housing.
* OIL AND GAS: Indian oil companies may partner with local firms in the United Arab Emirates to bid at next oil fields auctions in the West Asian country, Oil Minister Dharmendra Pradhan said.
* PHARMACEUTICALS: The government has proposed over 4.60 bln rupees support for the development of pharmaceuticals industry with an aim to reduce cost of bulk drugs and medical devices through setting up of common facility centres and to help small-to-medium enterprises upgrade technology.
* POWER: A panel headed by Sunil Mehta, non-executive chairman of PUNJAB NATIONAL BANK, may suggest that stressed assets in the power sector should be resolved by a new asset reconstruction company. The International Solar Alliance plans to approach multilateral development banks such as Asian Infrastructure Investment Bank to create a special purpose vehicle to specifically finance solar projects, said Upendra Tripathy, the alliance's interim director general.
* RAILWAYS: Indian Railways is set to put out its largest tender for 22,000 wagons at a cost of at least 70 bln rupees in the current financial year that could see big orders for TEXMACO RAIL AND
ENGINEERING, TITAGARH WAGONS, Jindal Rail and Jupiter Wagons, among other wagon makers.
* TELECOMMUNICATION: Vodafone has announced it is offering the Amazon Prime subscription to all its postpaid customers free of cost.
* TRANSPORT: The Delhi Transport Corp has approved procurement of 500 low floor buses for the national capital.
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* BANKING: Asian Infrastructure Investment Bank is likely to raise funds through rupee-denominated bonds in 2019.
* DEFENCE: India announced a $100-mln line of credit to Seychelles to strengthen its defence capabilities and maritime infrastructure. The two countries decided to work together in the interest of each other on the controversial deal on Assomption Island, where India wants to build a strategic facility.
* FUNDS: Foreign institutional investors showed more enthusiasm than domestic investors in the recently concluded further fund offer of Bharat 22 Exchange Traded Fund, compared with the new fund offer of the ETF in November. National Investment and Infrastructure Fund, the government-sponsored domestic funding agency, is in talks with HDFC Capital to invest in a fund that will promote affordable housing.
* OIL AND GAS: Indian oil companies may partner with local firms in the United Arab Emirates to bid at next oil fields auctions in the West Asian country, Oil Minister Dharmendra Pradhan said.
* PHARMACEUTICALS: The government has proposed over 4.60 bln rupees support for the development of pharmaceuticals industry with an aim to reduce cost of bulk drugs and medical devices through setting up of common facility centres and to help small-to-medium enterprises upgrade technology.
* POWER: A panel headed by Sunil Mehta, non-executive chairman of PUNJAB NATIONAL BANK, may suggest that stressed assets in the power sector should be resolved by a new asset reconstruction company. The International Solar Alliance plans to approach multilateral development banks such as Asian Infrastructure Investment Bank to create a special purpose vehicle to specifically finance solar projects, said Upendra Tripathy, the alliance's interim director general.
* RAILWAYS: Indian Railways is set to put out its largest tender for 22,000 wagons at a cost of at least 70 bln rupees in the current financial year that could see big orders for TEXMACO RAIL AND
ENGINEERING, TITAGARH WAGONS, Jindal Rail and Jupiter Wagons, among other wagon makers.
* TELECOMMUNICATION: Vodafone has announced it is offering the Amazon Prime subscription to all its postpaid customers free of cost.
* TRANSPORT: The Delhi Transport Corp has approved procurement of 500 low floor buses for the national capital.
