Today Sector News – 20.03.2018
* AUTOMOBILE: Chinese auto maker SAIC Motor Corp, which is set to ride into the Indian market with the Morris Garages brand in 2019, will invest over 50 bln rupees till 2025 to establish its presence in the country.
* AVIATION: Domestic airlines carried 10.74 mln passengers in February, 24.1% higher on year. Air India February passenger load factor were at 86.7% vs 84.6% in January and its February market share were 13.2% as against 13.3% in January. Singapore Airlines is set to scale up India operations to tap the growing number of international air travellers from Asia's third-largest economy. AirAsia is in talks with a potential partner to open an airline serving Myanmar, in a move that would help the low-cost carrier cover up to 95% of the Southeast Asian travel market.
* BANKING: The Banks Board Bureau, created by the government to set governance standards and select top management of public sector banks two years ago, had proposed several changes, including revamping of management committee of the board, risk management functions, stock options and performance linked incentives to improve the performance of public sector undertaking banks which are hit by huge losses and bad loans, but the government is yetto approve many of these recommendations.
* ECONOMY: The US has expressed concerns on the way the World Trade Organization functions and wants some upgrades and reforms in WTO, Director General Roberto Azevedo said. The entire goods and services tax "process" may take more than 10 years to settle down, said Bibek Debroy, the chairman of the Economic Advisory Council to the Prime Minister.
* INFRASTRUCTURE: Having mopped up 96.81 bln rupees from the first toll, operate, transfer package, the National Highways Authority of India is no longer keen to put smaller packages up for bidding.
* INSURANCE: The Insurance Regulatory and Development Authority of India has directed insurers not to reject any health insurance claim based on exclusions related to 'genetic disorder'.
* REGULATORY: Securities and Exchange of India has exempted the central government from making an open offer for the shareholders of PUNJAB NATIONAL BANK, CANARA BANK and four other state-owned lenders following capital infusion. The Securities and Exchange Board of India has asked stock exchanges to raise transaction fees for trading in illiquid stocks in their recent discussions.
* TAXATION: India and Hong Kong had signed a double taxation avoidance agreement to minimise tax evasions between the two, the government said. The Centre is working on structuring a two-month programme, leveraging data captured by the Goods and Services Tax Network, to appraise small businesses of the schemes it has implemented to support them and handhold them to avail of those.
* TELECOMMUNICATION: The Department of Telecommunications on Monday amended the unified access services licence and the cellular mobile telephony licence given to operators for providing telecom services for incorporating changes approved by the Cabinet on increasing the deferred payment for spectrum to 16 years and revising the spectrum cap norms. After a dismal show by telecom operators in January 2018 in terms of subscriber additions, the industry not only bettered its performance in February, but also added 10.84 mln net subscribers, its highest in more than a year.
- The Enforcement Directorate on Monday moved the Delhi High Court challenging a special court order acquitting former telecom minister A. Raja, DMK Member of Parliament Kanimozhi and others in the money laundering case arising out of the 2G scam. The Telecom Disputes Settlement And Appellate Tribunal has stalled the telecom department's move to invoke Aircel's bank guarantees of more than 12 bln rupees till Apr 19, as the tribunal said that it will wait till the Supreme Court hears a separate matter involving Aircel and Department of Telecommunications in two weeks. Vodafone India has added 3.25 mln mobile users in February as against 1.28 mln in January.
CLICK HERE
*********************************************************************************
* AVIATION: Domestic airlines carried 10.74 mln passengers in February, 24.1% higher on year. Air India February passenger load factor were at 86.7% vs 84.6% in January and its February market share were 13.2% as against 13.3% in January. Singapore Airlines is set to scale up India operations to tap the growing number of international air travellers from Asia's third-largest economy. AirAsia is in talks with a potential partner to open an airline serving Myanmar, in a move that would help the low-cost carrier cover up to 95% of the Southeast Asian travel market.
* BANKING: The Banks Board Bureau, created by the government to set governance standards and select top management of public sector banks two years ago, had proposed several changes, including revamping of management committee of the board, risk management functions, stock options and performance linked incentives to improve the performance of public sector undertaking banks which are hit by huge losses and bad loans, but the government is yetto approve many of these recommendations.
* ECONOMY: The US has expressed concerns on the way the World Trade Organization functions and wants some upgrades and reforms in WTO, Director General Roberto Azevedo said. The entire goods and services tax "process" may take more than 10 years to settle down, said Bibek Debroy, the chairman of the Economic Advisory Council to the Prime Minister.
* INFRASTRUCTURE: Having mopped up 96.81 bln rupees from the first toll, operate, transfer package, the National Highways Authority of India is no longer keen to put smaller packages up for bidding.
* INSURANCE: The Insurance Regulatory and Development Authority of India has directed insurers not to reject any health insurance claim based on exclusions related to 'genetic disorder'.
* REGULATORY: Securities and Exchange of India has exempted the central government from making an open offer for the shareholders of PUNJAB NATIONAL BANK, CANARA BANK and four other state-owned lenders following capital infusion. The Securities and Exchange Board of India has asked stock exchanges to raise transaction fees for trading in illiquid stocks in their recent discussions.
* TAXATION: India and Hong Kong had signed a double taxation avoidance agreement to minimise tax evasions between the two, the government said. The Centre is working on structuring a two-month programme, leveraging data captured by the Goods and Services Tax Network, to appraise small businesses of the schemes it has implemented to support them and handhold them to avail of those.
* TELECOMMUNICATION: The Department of Telecommunications on Monday amended the unified access services licence and the cellular mobile telephony licence given to operators for providing telecom services for incorporating changes approved by the Cabinet on increasing the deferred payment for spectrum to 16 years and revising the spectrum cap norms. After a dismal show by telecom operators in January 2018 in terms of subscriber additions, the industry not only bettered its performance in February, but also added 10.84 mln net subscribers, its highest in more than a year.
- The Enforcement Directorate on Monday moved the Delhi High Court challenging a special court order acquitting former telecom minister A. Raja, DMK Member of Parliament Kanimozhi and others in the money laundering case arising out of the 2G scam. The Telecom Disputes Settlement And Appellate Tribunal has stalled the telecom department's move to invoke Aircel's bank guarantees of more than 12 bln rupees till Apr 19, as the tribunal said that it will wait till the Supreme Court hears a separate matter involving Aircel and Department of Telecommunications in two weeks. Vodafone India has added 3.25 mln mobile users in February as against 1.28 mln in January.
