Today Sector News – 30.10.2018
* AVIATION: Junior Aviation Minister Jayant Sinha met Finance Minister Arun Jaitley to discuss concerns over high fuel cost hitting financials of Indian airlines. The Directorate General of Civil Aviation has sought information from Boeing and the Federal Aviation Administration of the US on the Indonesia's Lion Air crash.
* BANKING: The Reserve Bank of India clarified that payments banks and small finance banks are eligible to participate in the call money, notice money, and term money market both as borrowers and lenders.
-Reserve Bank of India Deputy Governor Viral Acharya's speech on regulatory autonomy has caused
concern and "trepidation" in the government as his statements can have consequences for the market.
* CORPORATE: Diamond trader Nirav Modi on Monday filed multiple applications before the special court, which had directed him to reply to the Enforcement Directorate's application to declare him a fugitive economic offender.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect of the interest payment of non-convertible debentures due on Sunday and principal payment of commercial papers due Monday.
* FUNDS: The Small Industries Development Bank of India is developing an internal model to rate venture capital funds before investing in them through its fund of funds.
* INFORMATION TECHNOLOGY: International Business Machines Corp will acquire open-source software products provider Red Hat Inc for $34 bln.
* INFRASTRUCTURE: The IL&FS resolution plan is likely to include raising up to 200 bln rupees by selling road assets as the troubled infrastructure financier seeks to enhance liquidity to meet its repayment commitments.
-Russia has expressed interest in investing in projects like Delhi-Mumbai Industrial Corridor and smart cities besides railways, and public transport, Commerce and Industry Minister Suresh Prabhu said.
* OIL AND GAS: The government has rejected for now global commodity trader Trafigura's request for a licence to operate petrol pumps in the country.
-The Shapoorji Pallonji Group has tied up with Dutch firm Royal Vopak to build a 14-bln-rupee import terminal and storage facility for liquified petroleum gas and oil products near Junagadh in Gujarat.
* STEEL: The government is considering a proposal to increase import duty on aluminium with a view to supporting domestic players. ArcelorMittal has now set its sights on another Essar Group company undergoing insolvency resolution and is expected to submit its bid for EPC Constructions by Nov 12.
* TRANSPORTATION: The Supreme Court has asked the Delhi government to identify and strictly enforce the ban on over 10-year-old diesel vehicles and 15-year-old petrol vehicles in the capital.
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* BANKING: The Reserve Bank of India clarified that payments banks and small finance banks are eligible to participate in the call money, notice money, and term money market both as borrowers and lenders.
-Reserve Bank of India Deputy Governor Viral Acharya's speech on regulatory autonomy has caused
concern and "trepidation" in the government as his statements can have consequences for the market.
* CORPORATE: Diamond trader Nirav Modi on Monday filed multiple applications before the special court, which had directed him to reply to the Enforcement Directorate's application to declare him a fugitive economic offender.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect of the interest payment of non-convertible debentures due on Sunday and principal payment of commercial papers due Monday.
* FUNDS: The Small Industries Development Bank of India is developing an internal model to rate venture capital funds before investing in them through its fund of funds.
* INFORMATION TECHNOLOGY: International Business Machines Corp will acquire open-source software products provider Red Hat Inc for $34 bln.
* INFRASTRUCTURE: The IL&FS resolution plan is likely to include raising up to 200 bln rupees by selling road assets as the troubled infrastructure financier seeks to enhance liquidity to meet its repayment commitments.
-Russia has expressed interest in investing in projects like Delhi-Mumbai Industrial Corridor and smart cities besides railways, and public transport, Commerce and Industry Minister Suresh Prabhu said.
* OIL AND GAS: The government has rejected for now global commodity trader Trafigura's request for a licence to operate petrol pumps in the country.
-The Shapoorji Pallonji Group has tied up with Dutch firm Royal Vopak to build a 14-bln-rupee import terminal and storage facility for liquified petroleum gas and oil products near Junagadh in Gujarat.
* STEEL: The government is considering a proposal to increase import duty on aluminium with a view to supporting domestic players. ArcelorMittal has now set its sights on another Essar Group company undergoing insolvency resolution and is expected to submit its bid for EPC Constructions by Nov 12.
* TRANSPORTATION: The Supreme Court has asked the Delhi government to identify and strictly enforce the ban on over 10-year-old diesel vehicles and 15-year-old petrol vehicles in the capital.
