Today Sector News – 23.10.2018
* AVIATION: India plans to keep bilateral flying rights with Dubai, Singapore and Qatar unchanged after domestic carriers objected to an increase on the grounds that their international plans would be hit, an official said.
* BANKING: The Reserve Bank of India has cancelled certificates of registration of 30 non-banking finance companies.
* ENERGY: Malaysia's Petroliam Nasional Berhad, Abu Dhabi-based energy company Masdar Clean Energy and Singaporean alternate energy firm Sembcorp are in talks to acquire up to 30% of Hero Future Energies, the renewable energy arm of the Hero Group.
* FINANCE: Infrastructure Leasing & Financial Services has appointed Arpwood Capital and JM Financial Consultants as advisors to help monetise its assets. Also appointed Alvarez & Marsal to help manage liquidity position on a daily basis.
-IL&FS was unable to service its obligations in respect of commercial paper and letter of credit worth 1.01 bln rupees due on Friday, and letter of credit of 5.49 mln rupees due on Saturday.
-Public sector companies will start paying their dues to crisis-ridden IL&FS in 60 days.
* INFORMATION TECHNOLOGY: Indian information technology companies may take a hit of 250-330 basis points on their operating margins if the proposed regulatory changes relating to H-1B visas in the US turn into law.
* REALTY: Tata Realty and Infrastructure has emerged as the frontrunner to acquire a 22-acre land parcel in Chennai from Xander Investment Management and Realvalue Promoters for about 5 bln rupees.
* REGULATORY: SEBI has directed asset management companies to make performance-based disclosures for all schemes on the website of the Association of Mutual Funds in India.
* STEEL: An indirectly-held subsidiary of VTB Group has moved the Supreme Court seeking permission to bid for assets of beleaguered Essar Steel.
-Bankers are demanding a few thousand crores over ArcelorMittal's 350-bln-rupee offer to transfer full control of debt-laden Essar Steel to the London-based firm.
-ArcelorMittal is exploring the possibility of taking ownership of UTTAM GALVA STEELS and recovering the value in KSS Petron after paying off their dues to become eligible for Essar Steel bid.
* TELECOMMUNICATION: The government has freed a set of spectrum in the 5 GHz band from licensing for providing Wi-Fi and partially fifth generation services by telecom companies.
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* BANKING: The Reserve Bank of India has cancelled certificates of registration of 30 non-banking finance companies.
* ENERGY: Malaysia's Petroliam Nasional Berhad, Abu Dhabi-based energy company Masdar Clean Energy and Singaporean alternate energy firm Sembcorp are in talks to acquire up to 30% of Hero Future Energies, the renewable energy arm of the Hero Group.
* FINANCE: Infrastructure Leasing & Financial Services has appointed Arpwood Capital and JM Financial Consultants as advisors to help monetise its assets. Also appointed Alvarez & Marsal to help manage liquidity position on a daily basis.
-IL&FS was unable to service its obligations in respect of commercial paper and letter of credit worth 1.01 bln rupees due on Friday, and letter of credit of 5.49 mln rupees due on Saturday.
-Public sector companies will start paying their dues to crisis-ridden IL&FS in 60 days.
* INFORMATION TECHNOLOGY: Indian information technology companies may take a hit of 250-330 basis points on their operating margins if the proposed regulatory changes relating to H-1B visas in the US turn into law.
* REALTY: Tata Realty and Infrastructure has emerged as the frontrunner to acquire a 22-acre land parcel in Chennai from Xander Investment Management and Realvalue Promoters for about 5 bln rupees.
* REGULATORY: SEBI has directed asset management companies to make performance-based disclosures for all schemes on the website of the Association of Mutual Funds in India.
* STEEL: An indirectly-held subsidiary of VTB Group has moved the Supreme Court seeking permission to bid for assets of beleaguered Essar Steel.
-Bankers are demanding a few thousand crores over ArcelorMittal's 350-bln-rupee offer to transfer full control of debt-laden Essar Steel to the London-based firm.
-ArcelorMittal is exploring the possibility of taking ownership of UTTAM GALVA STEELS and recovering the value in KSS Petron after paying off their dues to become eligible for Essar Steel bid.
* TELECOMMUNICATION: The government has freed a set of spectrum in the 5 GHz band from licensing for providing Wi-Fi and partially fifth generation services by telecom companies.
