Today Sector News – 05.10.2018
* AUTOMOBILE: Suzuki Motorcycle India launched adventurer tourer V-Strom 650XT ABS in India at 746,000 rupees, ex-showroom, New Delhi. Honda Motorcycle & Scooter India has said it will invest 6.3 bln rupees to expand its production capacity to 7 mln units per year by adding an additional production line at Vithalapur in Gujarat.
* AVIATION: The aviation ministry has released the 'Digi Yatra' policy for biometrics-based digital boarding of passengers at airports. The government is likely to finalise a revival package for Air India in 10 to 15 days. The Directorate General of Civil Aviation has given its green signal to Kannur airport, in Kerala.
* BANKING: Global payments firms including Visa, MasterCard and PayPal are expected to meet finance minister Arun Jaitley today, seeking more time to comply with the norms laid down by the banking regulator.
* CORPORATE: To reduce the burden of courts dealing with corporate insolvency processes, the Supreme Court has asked National Company Law Tribunal not to intervene in the process before the Committee of Creditors and Resolution Professional of the company reach a decision.
* FINANCE: Infrastructure Leasing & Financial Services's new board of directors, chaired by Uday Kotak, has selected four committees to study various aspects of the group's business. The new board of directors, appointed by the government, has took charge at Infrastructure Leasing & Financial Services and revealed that he group had 348 entities, much higher than known earlier. Infrastructure Leasing & Financial Services has received a complete exit worth around 4 bln rupees from realty developer Runwal Group's residential project Runwal Elegante at Lokhandwala in Andheri suburb of Mumbai.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions will acquire Softvision, a US-based digital engineering and consulting company.
* OIL AND GAS: Under flak for a sharp rise in prices of automobile fuels, the government on Thursday announced a 2.50-rupee-per-ltr cut in prices of petrol and diesel. The three public sector oil marketing companies--INDIAN OIL CORP, BHARAT PETROLEUM CORP, and HINDUSTAN PETROLEUM CORP- -together are likely to take a hit of around 45 bln rupees on their profit in 2018-19 (Apr-Mar) due to the 1- rupee-per-ltr cut in petrol and diesel prices the government has asked them to undertake.
* RAILWAYS: The government will spend about 1 bln rupees or more to conduct the ongoing computerbased Indian Railways recruitment exam, the largest ever in the country's history. Railways Minister Piyush Goyal said they eliminated over 1,700 unmanned level crossings in September, which is the highest ever.
* RETAIL: Amazon is offering free screen replacement on all mobiles sold during the Great Indian Festival as well as total damage protection plans on the top phone models.
* STEEL: The Supreme Court, in its judgement on Essar Steel's insolvency case, held that courts can disregard the "corporate veil" principle in greater public interest.
* TELECOMMUNICATION: Telecommunication companies are unlikely to meet the UIDAI deadline of Oct 15 for submitting exit plans on closing down their Aadhaar-based authentication systems. The Department of Telecommunications is preparing to open up new bands to support 5G services. It will shortly seek suggestions from the telecom regulator on the suitability of the 28 GHz band for 5G commercial deployments, along with its views on pricing such airwaves.
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* AVIATION: The aviation ministry has released the 'Digi Yatra' policy for biometrics-based digital boarding of passengers at airports. The government is likely to finalise a revival package for Air India in 10 to 15 days. The Directorate General of Civil Aviation has given its green signal to Kannur airport, in Kerala.
* BANKING: Global payments firms including Visa, MasterCard and PayPal are expected to meet finance minister Arun Jaitley today, seeking more time to comply with the norms laid down by the banking regulator.
* CORPORATE: To reduce the burden of courts dealing with corporate insolvency processes, the Supreme Court has asked National Company Law Tribunal not to intervene in the process before the Committee of Creditors and Resolution Professional of the company reach a decision.
* FINANCE: Infrastructure Leasing & Financial Services's new board of directors, chaired by Uday Kotak, has selected four committees to study various aspects of the group's business. The new board of directors, appointed by the government, has took charge at Infrastructure Leasing & Financial Services and revealed that he group had 348 entities, much higher than known earlier. Infrastructure Leasing & Financial Services has received a complete exit worth around 4 bln rupees from realty developer Runwal Group's residential project Runwal Elegante at Lokhandwala in Andheri suburb of Mumbai.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions will acquire Softvision, a US-based digital engineering and consulting company.
* OIL AND GAS: Under flak for a sharp rise in prices of automobile fuels, the government on Thursday announced a 2.50-rupee-per-ltr cut in prices of petrol and diesel. The three public sector oil marketing companies--INDIAN OIL CORP, BHARAT PETROLEUM CORP, and HINDUSTAN PETROLEUM CORP- -together are likely to take a hit of around 45 bln rupees on their profit in 2018-19 (Apr-Mar) due to the 1- rupee-per-ltr cut in petrol and diesel prices the government has asked them to undertake.
* RAILWAYS: The government will spend about 1 bln rupees or more to conduct the ongoing computerbased Indian Railways recruitment exam, the largest ever in the country's history. Railways Minister Piyush Goyal said they eliminated over 1,700 unmanned level crossings in September, which is the highest ever.
* RETAIL: Amazon is offering free screen replacement on all mobiles sold during the Great Indian Festival as well as total damage protection plans on the top phone models.
* STEEL: The Supreme Court, in its judgement on Essar Steel's insolvency case, held that courts can disregard the "corporate veil" principle in greater public interest.
* TELECOMMUNICATION: Telecommunication companies are unlikely to meet the UIDAI deadline of Oct 15 for submitting exit plans on closing down their Aadhaar-based authentication systems. The Department of Telecommunications is preparing to open up new bands to support 5G services. It will shortly seek suggestions from the telecom regulator on the suitability of the 28 GHz band for 5G commercial deployments, along with its views on pricing such airwaves.
