Today Sector News – 04.07.2018
* AVIATION: The Centre now proposes to carve out and sell the subsidiaries of the Air India first before putting the airline itself on the block.
* BANKING: Amid reports of the government planning to sell most of its stake in IDBI BANK, Finance Minister Piyush Goyal has said there was no proposal at the moment to bring down its stake below 51% in the other 20 public sector banks.
-Banks may seek an extension of the 180-day deadline to resolve stressed assets as the proposed structure to set up asset management companies and stressed asset funds may not be in place by the time rules stipulated in RBI's Feb 12 circular kick in.
* ECONOMY: India's macroeconomic fundamentals are strong and there will be no challenges in meeting the government's fiscal deficit target this year, Finance Minister Piyush Goyal said.
* INFRASTRUCTURE: Banks are willing to invest 1.3 trln rupees in building national highways, now that stalled projects have been resolved, Road Minister Nitin Gadkari said.
* POWER: Stressed power projects of Adani, Tata and Essar groups may get a favourable package soon as a panel has been appointed to resolve the issues of 400 bln rupees worth of projects that are idling or are underutilised because they are unviable.
* RETAIL: E-commerce giant Flipkart is set to enter the financial services space, offering credit and
insurance products to consumers and sellers on its platform.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has notified the tariff and
interconnection orders of 2017 for broadcasting and cable sector. The Telecom Commission, the apex
decision making body in the telecom department, is scheduled to meet on Jul 11 to discuss proposed new telecom policy.
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* BANKING: Amid reports of the government planning to sell most of its stake in IDBI BANK, Finance Minister Piyush Goyal has said there was no proposal at the moment to bring down its stake below 51% in the other 20 public sector banks.
-Banks may seek an extension of the 180-day deadline to resolve stressed assets as the proposed structure to set up asset management companies and stressed asset funds may not be in place by the time rules stipulated in RBI's Feb 12 circular kick in.
* ECONOMY: India's macroeconomic fundamentals are strong and there will be no challenges in meeting the government's fiscal deficit target this year, Finance Minister Piyush Goyal said.
* INFRASTRUCTURE: Banks are willing to invest 1.3 trln rupees in building national highways, now that stalled projects have been resolved, Road Minister Nitin Gadkari said.
* POWER: Stressed power projects of Adani, Tata and Essar groups may get a favourable package soon as a panel has been appointed to resolve the issues of 400 bln rupees worth of projects that are idling or are underutilised because they are unviable.
* RETAIL: E-commerce giant Flipkart is set to enter the financial services space, offering credit and
insurance products to consumers and sellers on its platform.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has notified the tariff and
interconnection orders of 2017 for broadcasting and cable sector. The Telecom Commission, the apex
decision making body in the telecom department, is scheduled to meet on Jul 11 to discuss proposed new telecom policy.
