Today Sector News – 29.10.2018
* AVIATION: The Enforcement Directorate has sent notices to seven people, including a top Airbus
executive, accusing them of money laundering in a 80-bln-rupee deal to supply 43 aircraft to the erstwhile, state-owned Indian Airlines in 2005.
* BANKING: The Reserve Bank of India is prepared to provide liquidity windows, through bank route, to non-bank finance companies and asset management companies, to help them tide over the current liquidity crisis, a senior banking source said.
-Finance Minister Arun Jaitley met officials of state-owned banks to address concerns of a liquidity crunch in the banking system, triggered by a series of loan defaults by Infrastructure Leasing & Financial Services, a senior finance ministry official said.
-RBI said it would purchase government securities aggregating to 400 bln rupees through open market operations in November.
-RBI Deputy Governor Viral Acharya used the analogy of Twenty-20 format of cricket to explain the
decision-making speed of governments across the globe, even as he said that central banks generally play session by session, like in a Test Match.
* COAL: Successful allottees of the 19 coal blocks the government plans to auction this fiscal for sectors including iron and steel will be allowed to sell up to 25% of the actual production in the open market at prices fixed by state-owned COAL INDIA.
* CONSUMER GOODS: Patanjali Ayurved, charged with profiteering to the tune of over 1.50 bln rupees, may soon have to cough up penalties as well as return the amount to consumers.
* REGULATORY: The Securities and Exchange Board of India has proposed changes to the regulatory framework for Institutional Trading Platform in order to encourage listing of start-up companies in sectors such as electronic commerce, data analytics and bio-technology.
-The Appointments Committee of the Cabinet has approved the proposal to appoint Sanjay Kumar Mishra as head of the Enforcement Directorate, in an additional capacity.
* STEEL: Essar Steel India said its promoters, the Ruia family, will re-approach the Committee of Creditors with their proposal to repay entire debt.
-ArcelorMittal's acquisition of Essar Steel is a done deal despite attempts by erstwhile promoters, the Ruias, to retain the asset.
-Essar Group plans to deleverage 1.25 trln rupees of debt if its offer for Essar Steel is accepted.
* TELECOMMUNICATION: The Department of Telecommunications may ask the sector regulator to reduce the base prices it has proposed for the next spectrum auction, keeping in mind the health of an industry grappling with more than 7 trln rupees of debt.
-The remits of the telecom regulator and the Telecom Commission are in the process of being widened that may see them overseeing issues such as data privacy, security and cybercrime, which are currently being looked into by the information technology ministry.
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executive, accusing them of money laundering in a 80-bln-rupee deal to supply 43 aircraft to the erstwhile, state-owned Indian Airlines in 2005.
* BANKING: The Reserve Bank of India is prepared to provide liquidity windows, through bank route, to non-bank finance companies and asset management companies, to help them tide over the current liquidity crisis, a senior banking source said.
-Finance Minister Arun Jaitley met officials of state-owned banks to address concerns of a liquidity crunch in the banking system, triggered by a series of loan defaults by Infrastructure Leasing & Financial Services, a senior finance ministry official said.
-RBI said it would purchase government securities aggregating to 400 bln rupees through open market operations in November.
-RBI Deputy Governor Viral Acharya used the analogy of Twenty-20 format of cricket to explain the
decision-making speed of governments across the globe, even as he said that central banks generally play session by session, like in a Test Match.
* COAL: Successful allottees of the 19 coal blocks the government plans to auction this fiscal for sectors including iron and steel will be allowed to sell up to 25% of the actual production in the open market at prices fixed by state-owned COAL INDIA.
* CONSUMER GOODS: Patanjali Ayurved, charged with profiteering to the tune of over 1.50 bln rupees, may soon have to cough up penalties as well as return the amount to consumers.
* REGULATORY: The Securities and Exchange Board of India has proposed changes to the regulatory framework for Institutional Trading Platform in order to encourage listing of start-up companies in sectors such as electronic commerce, data analytics and bio-technology.
-The Appointments Committee of the Cabinet has approved the proposal to appoint Sanjay Kumar Mishra as head of the Enforcement Directorate, in an additional capacity.
* STEEL: Essar Steel India said its promoters, the Ruia family, will re-approach the Committee of Creditors with their proposal to repay entire debt.
-ArcelorMittal's acquisition of Essar Steel is a done deal despite attempts by erstwhile promoters, the Ruias, to retain the asset.
-Essar Group plans to deleverage 1.25 trln rupees of debt if its offer for Essar Steel is accepted.
* TELECOMMUNICATION: The Department of Telecommunications may ask the sector regulator to reduce the base prices it has proposed for the next spectrum auction, keeping in mind the health of an industry grappling with more than 7 trln rupees of debt.
-The remits of the telecom regulator and the Telecom Commission are in the process of being widened that may see them overseeing issues such as data privacy, security and cybercrime, which are currently being looked into by the information technology ministry.
