Today Sector News – 01.08.2018

Today Sector News – 01.08.2018


* AGRICULTURE: Insurance companies that fail to clear claims of farmers for crop loss within two months will have to repay with 12% interest, Union Agriculture Minister Radha Mohan Singh said.

* AVIATION: Vistara has announced unbundling of services on flights by launching 'Vistara Freedom Fares' that allows passengers to book 'cheapest' fares without frills, including complimentary meal on board.
 -Mumbai's second airport may not start operations by end of next year as expected by Maharashtra
government, said two people familiar with the project.

* BANKING: The government is keen to ensure successful resolution of debt-laden companies under the Insolvency and Bankruptcy Code, and will keep liquidation as the last option for such firms, Finance Minister Piyush Goyal said.
 -Indian banks stood on gross bad loans of more than 9.61 trln rupees by end of 2017-18, while loans to industries formed a major chunk of such non-performing assets, official data showed.

* BIOCON: Is aiming to register a 66% growth in its biologics business this fiscal, which the company hopes will help it clock a revenue of $200 mln on the back of emerging markets growth.

* COMMODITY: The Uttar Pradesh government has instructed sugar mills in the state to start crushing cane earlier than usual for the 2018-19 (Oct-Sep) season, in a bid "to safeguard the interest of farmers".
 -All India Progressive Dairy Farmers' Association has threatened to call a nationwide strike if the government fails to take any stringent step to arrest the sharp fall in milk prices in domestic markets and raise the export incentive to 50% within 15 days.
 -Cane arrears on fair and remunerative price basis nearly halved to 81.5 bln rupees as of Friday from 145.4 bln rupees in May-end due to a slew of measures by the government to bail out the cash-strapped sugar industry, minister of state for food C.R. Chaudhary said.

* DEFENCE: The defence ministry has encashed a part of the bank guarantee given by US aerospace
manufacturer Lockheed Martin for a special operations aircraft deal.

* E-COMMERCE: The Competition Commission of India, which is scrutinising Walmart's acquisition of majority stake in homegrown e-commerce player Flipkart, has sought the government's response on foreign direct investment rules for the sector ahead of a decision expected in a few days.
 -Ecommerce in India may become a diplomatic battleground. American giants Amazon and Walmart feel the draft ecommerce policy is "heavily tilted" against foreign firms and are likely to ask the US government to reach out to Indian policymakers in case the final policy is "not moderated", two industry executives said.

* INFRASTRUCTURE: The government has allowed the 12 major port companies to diversify their
investments, a move that could boost their earnings by as much as 1.5 bln rupees this year, the shipping ministry said.

* RAILWAYS: The Godrej Boyce Manufacturing Co had suggested to the National High-Speed Rail Corp to acquire two alternative sites out of its land parcels in Vikhroli suburb in Mumbai for the ambitious bullet train project between Ahmedabad and Mumbai.
 -The National High Speed Rail Corp told the Bombay High Court that it has prima facie found an alternate land proposed by the Godrej Group suitable for acquisition for the bullet train project.

* TELECOMMUNICATION: The Telecom Regulatory Authority of India has issued norms to monitor the quality of service in voice over 'long term evolution', or VoLTE, networks, adding two parameters that could help better monitor Reliance Jio Infocomm's call quality.
 -The Telecom Regulatory Authority of India plans to issue its recommendations on spectrum auction and pricing for multiple bands this week, said Chairman R.S. Sharma.