Today Sector News – 22.10.2018
* AUTOMOBILE: Nissan India has unveiled sports utility vehicle 'Kicks', which will be officially launched in January and will compete with other compact SUVs in the 1.0-1.8-mln-rupee price range.
* AVIATION: The Enforcement Directorate has registered multiple criminal cases to probe allegations of irregularities and money laundering in at least four deals signed during the United Progressive Alliance rule including the controversial merger of Air India and Indian Airlines.
-Cash-strapped national carrier Air India has abandoned plans to sell its iconic 23-storey tower at Nariman Point in Mumbai to Jawaharlal Nehru Port Trust to raise funds.
* BANKING: Policy watchers surprised by the Reserve Bank of India's decision to hold rates in October against a widely expected hike are fairly certain that this interlude will be over as soon as December.
* CORPORATE: Tata Sons, the holding company of the diversified Tata conglomerate, wrote off 286.51 bln rupees on its telecom business in the previous financial year, lowering its net profit by 76%.
* ECONOMY: The Reserve Bank of India has released its dissent note on certain recommendations made by the inter-ministerial committee for finalising amendments to the Payments & Settlement Systems Act, 2007.
-The government is likely to appoint a new chief economic advisor in the next one or two months.
* FINANCE: International Finance Corp has launched a $1-bln Masala bond program, first tranche of which for $100 mln opened Thursday on the London Stock Exchange.
-The government and the state-appointed board of directors of Infrastructure Leasing & Financial Services have agreed to do a series of quick asset sales to turn around the bankrupt infrastructure lender within six months.
* FUNDS: Tata Mutual Fund has announced the launch of a new fund offer for Tata Small Cap Fund, an openended scheme.
* INSURANCE: The Delhi High Court has asked the Insurance Regulatory and Development Authority to "explain the reasonableness" of not granting insurance cover to people suffering from congenital anomalies.
* OIL AND GAS: State-run oil companies have decided to raise around $1.4 bln in the first tranche, following the Reserve Bank of India's recent decision to ease rules for raising foreign currency loans reserves.
* STEEL: ArcelorMittal has been declared the preferred bidder by lenders of debt-laden Essar Steel ahead of Vedanta Group, bankers said.
-ArcelorMittal S.A. may have to jump over a few more hurdles before getting control of beleaguered Essar Steel India, even as it prepares for the final negotiations with the lenders after it was chosen as the preferred bidder for the Indian steelmaker.
-Luxembourg-based ArcelorMittal and its consortium will cough up 520 bln rupees to take over Ruiapromoted Essar Steel and Odisha Slurry Pipeline Infrastructure.
* TAXATION: The finance ministry has extended the deadline for filing summary sales return GSTR-3B for September by five days to Oct 25.
* TECHNOLOGY: Google has filed a patent application for a technology that helps users overcome the wind noise from recordings captured in gadgets, like smartphones.
* TELECOMMUNICATION: Bharat Sanchar Nigam will be "cautious" while deciding on extending an alliance with Chinese technology vendor ZTE to set up a fifth-generation (5G) network in the country in the wake of security concerns.
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* AVIATION: The Enforcement Directorate has registered multiple criminal cases to probe allegations of irregularities and money laundering in at least four deals signed during the United Progressive Alliance rule including the controversial merger of Air India and Indian Airlines.
-Cash-strapped national carrier Air India has abandoned plans to sell its iconic 23-storey tower at Nariman Point in Mumbai to Jawaharlal Nehru Port Trust to raise funds.
* BANKING: Policy watchers surprised by the Reserve Bank of India's decision to hold rates in October against a widely expected hike are fairly certain that this interlude will be over as soon as December.
* CORPORATE: Tata Sons, the holding company of the diversified Tata conglomerate, wrote off 286.51 bln rupees on its telecom business in the previous financial year, lowering its net profit by 76%.
* ECONOMY: The Reserve Bank of India has released its dissent note on certain recommendations made by the inter-ministerial committee for finalising amendments to the Payments & Settlement Systems Act, 2007.
-The government is likely to appoint a new chief economic advisor in the next one or two months.
* FINANCE: International Finance Corp has launched a $1-bln Masala bond program, first tranche of which for $100 mln opened Thursday on the London Stock Exchange.
-The government and the state-appointed board of directors of Infrastructure Leasing & Financial Services have agreed to do a series of quick asset sales to turn around the bankrupt infrastructure lender within six months.
* FUNDS: Tata Mutual Fund has announced the launch of a new fund offer for Tata Small Cap Fund, an openended scheme.
* INSURANCE: The Delhi High Court has asked the Insurance Regulatory and Development Authority to "explain the reasonableness" of not granting insurance cover to people suffering from congenital anomalies.
* OIL AND GAS: State-run oil companies have decided to raise around $1.4 bln in the first tranche, following the Reserve Bank of India's recent decision to ease rules for raising foreign currency loans reserves.
* STEEL: ArcelorMittal has been declared the preferred bidder by lenders of debt-laden Essar Steel ahead of Vedanta Group, bankers said.
-ArcelorMittal S.A. may have to jump over a few more hurdles before getting control of beleaguered Essar Steel India, even as it prepares for the final negotiations with the lenders after it was chosen as the preferred bidder for the Indian steelmaker.
-Luxembourg-based ArcelorMittal and its consortium will cough up 520 bln rupees to take over Ruiapromoted Essar Steel and Odisha Slurry Pipeline Infrastructure.
* TAXATION: The finance ministry has extended the deadline for filing summary sales return GSTR-3B for September by five days to Oct 25.
* TECHNOLOGY: Google has filed a patent application for a technology that helps users overcome the wind noise from recordings captured in gadgets, like smartphones.
* TELECOMMUNICATION: Bharat Sanchar Nigam will be "cautious" while deciding on extending an alliance with Chinese technology vendor ZTE to set up a fifth-generation (5G) network in the country in the wake of security concerns.
