Today's Sector News – 25.04.2019
* AUTOMOBILES: Groupe PSA, the French automobile manufacturer with brands including Peugeot, Citron and Vauxhall, plans to source 2 bln euros (around 150 bln rupees) worth of components from India in three to five years.
* AVIATION: The Wadia Group's airline, GoAir, will launch 28 additional flights to 12 destinations,
including Mumbai and Delhi, on Friday.
* BANKING: The Reserve Bank of India will soon release its revised framework for classification of nonperforming assets. The Reserve Bank of India has divested its remaining stake worth 200 mln rupees in National Bank for Agriculture and Rural Development, and entire 100% stake worth 14.50 bln rupees in National Housing Bank to the government on Feb 26 and Mar 19, respectively.
The Reserve Bank of India may lower the approval threshold in its revised circular for the resolution of stressed assets to 66% of lenders by value from the current level of 100%.
* FINANCE: Even as it contests the National Company Law Appellate Tribunal's order that restricts financial institutions from declaring loans to Infrastructure Leasing & Financial Services or group entities as nonperforming assets without prior approval, the RBI has chosen to ask lenders to share information on such exposure in detail with their earnings. The Serious Fraud investigation Office has questioned Udayan Sen, partner at Deloitte India, over allegations the audit firm played a role in the alleged irregularities in Infrastructure Leasing & Financial Services group.
* TELECOMMUNICATION: American Tower Corp has acquired Tata Teleservices' near 13% residual stake in ATC Telecom Infrastructure for roughly 25 bln rupees in an all-cash deal.
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* AVIATION: The Wadia Group's airline, GoAir, will launch 28 additional flights to 12 destinations,
including Mumbai and Delhi, on Friday.
* BANKING: The Reserve Bank of India will soon release its revised framework for classification of nonperforming assets. The Reserve Bank of India has divested its remaining stake worth 200 mln rupees in National Bank for Agriculture and Rural Development, and entire 100% stake worth 14.50 bln rupees in National Housing Bank to the government on Feb 26 and Mar 19, respectively.
The Reserve Bank of India may lower the approval threshold in its revised circular for the resolution of stressed assets to 66% of lenders by value from the current level of 100%.
* FINANCE: Even as it contests the National Company Law Appellate Tribunal's order that restricts financial institutions from declaring loans to Infrastructure Leasing & Financial Services or group entities as nonperforming assets without prior approval, the RBI has chosen to ask lenders to share information on such exposure in detail with their earnings. The Serious Fraud investigation Office has questioned Udayan Sen, partner at Deloitte India, over allegations the audit firm played a role in the alleged irregularities in Infrastructure Leasing & Financial Services group.
* TELECOMMUNICATION: American Tower Corp has acquired Tata Teleservices' near 13% residual stake in ATC Telecom Infrastructure for roughly 25 bln rupees in an all-cash deal.
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