Today's Sector News – 18.03.2019
* AUTOMOBILE: Yamaha Motor India has launched the 155cc MT-15, its newest offering in the MT series. The motorcycle is priced at 136,000 rupees.
-Ford India has launched the 2019 edition of its hatchback Figo with a starting price of 515,000 rupees, reducing prices by up to 73,700 rupees depending upon the variant.
* CORPORATE: Tata Realty and Infrastructure will acquire Tata Sons' stake in Tata Housing for about 30 bln rupees.
* ECONOMY: The Reserve Bank of India has rolled out its norms to prevent market abuse by participants and said those found guilty will be liable to be denied access to markets for up to one month. Also, all such instances of market abuse would be made public.
-The Reserve Bank of India on Saturday reiterated its commitment to implementing the time-bound
resolution under the Feb 12, 2018 circular on stressed assets, while reacting to media reports that suggest a change in its stance on the framework.
* FINANCE: Cash-strapped IL&FS Group will receive first set of bids under asset monetisation process today as part of resolution process.
* REGULATORY: After reducing time to list shares on the stock exchanges post closure of initial public offerings, Securities and Exchange Board of India is aiming to cut down the time for listing of rights issue shares.
* STEEL: Export-Import Bank of India has sought bids to sell Bhushan Power and Steel's dues of 6.17 bln rupees.
-The National Company Law Appellate Tribunal has sought from ArcelorMittal India a chart on how
the 420-bln-rupee bid amount will be distributed among various creditors of Essar Steel.
-The National Company Law Appellate Tribunal told Essar Steel Asia Holdings to withdraw its appeal against the rejection of its 543.89 bln rupees offer for Essar Steel, possibly making it harder for the Ruias to regain control of the asset.
-Bankers are likely to consider a suggestion by NCLAT to increase the share of operational creditors in the proceeds from ArcelorMittal's resolution plan for Essar Steel.
-Hearing Standard Chartered Bank's plea against the insolvency resolution plan of Essar Steel, NCLAT has said "there cannot be any discrimination" towards the stressed asset's financial creditors.
* TELECOMMUNICATION: The Digital Communications Commission will decide whether to impose a combined penalty of 30.50 bln rupees on telecom companies for allegedly denying Reliance Jio Infocomm adequate access to their networks.
-Ford India has launched the 2019 edition of its hatchback Figo with a starting price of 515,000 rupees, reducing prices by up to 73,700 rupees depending upon the variant.
* CORPORATE: Tata Realty and Infrastructure will acquire Tata Sons' stake in Tata Housing for about 30 bln rupees.
* ECONOMY: The Reserve Bank of India has rolled out its norms to prevent market abuse by participants and said those found guilty will be liable to be denied access to markets for up to one month. Also, all such instances of market abuse would be made public.
-The Reserve Bank of India on Saturday reiterated its commitment to implementing the time-bound
resolution under the Feb 12, 2018 circular on stressed assets, while reacting to media reports that suggest a change in its stance on the framework.
* FINANCE: Cash-strapped IL&FS Group will receive first set of bids under asset monetisation process today as part of resolution process.
* REGULATORY: After reducing time to list shares on the stock exchanges post closure of initial public offerings, Securities and Exchange Board of India is aiming to cut down the time for listing of rights issue shares.
* STEEL: Export-Import Bank of India has sought bids to sell Bhushan Power and Steel's dues of 6.17 bln rupees.
-The National Company Law Appellate Tribunal has sought from ArcelorMittal India a chart on how
the 420-bln-rupee bid amount will be distributed among various creditors of Essar Steel.
-The National Company Law Appellate Tribunal told Essar Steel Asia Holdings to withdraw its appeal against the rejection of its 543.89 bln rupees offer for Essar Steel, possibly making it harder for the Ruias to regain control of the asset.
-Bankers are likely to consider a suggestion by NCLAT to increase the share of operational creditors in the proceeds from ArcelorMittal's resolution plan for Essar Steel.
-Hearing Standard Chartered Bank's plea against the insolvency resolution plan of Essar Steel, NCLAT has said "there cannot be any discrimination" towards the stressed asset's financial creditors.
* TELECOMMUNICATION: The Digital Communications Commission will decide whether to impose a combined penalty of 30.50 bln rupees on telecom companies for allegedly denying Reliance Jio Infocomm adequate access to their networks.
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