Today Sector News – 21.03.2018
* AUTOMOBILES: Nissan Motor India will hike prices across Nissan and Datsun segments by up to 2% with effect from Apr 1, on account of rising costs of raw materials.
* AVIATION: Air India is doling out salary hikes and promotions to employees that some of its staff said would increase inefficiencies at the loss making national carrier at a time when the government is in the process of privatising it.
* BANKING: The panel reviewing the Insolvency and Bankruptcy Code may suggest that the National Company Law Tribunal should be empowered to halt resolution proceedings if lenders agree, something that only the Supreme Court can do now.
* CEMENT: In a fresh twist to the ongoing takeover battle over Binani Cement, resolution professional Vijaykumar V Iyer has moved the National Company Law Tribunal, Kolkata, alleging fraudulent transactions of about 24 bln rupees involving the "corporate debtor" that are "undervalued, extortionate, preferential."
* ECONOMY: Issues related to domestic support in agriculture and a permanent solution to public stockholding for food security purposes were discussed at the informal World Trade Organization ministerial meeting here, Trade Minister Suresh Prabhu said at a press briefing.
* ENERGY: Energy Efficiency Services' subsidiary EnergyPro Assets has bought Edina Power Services for 4.93 bln rupees, according to a joint press release by the two companies. After inking a memorandum of understanding with the Andhra Pradesh government earlier this month to supply 10,000 electric vehicles, Energy Efficiency Services is likely to sign memorandum of understandings with the governments of Gujarat and Maharashtra in the next one month.
* MINING: The government is likely to notify norms to facilitate timely auctions of mining leases expiring in March 2020 within a week, Mines Secretary Arun Kumar said. The Ministry of Mines released sand mining framework to help states frame a sand mining policy and check illegal mining. The Centre is unlikely to interfere into the issue pertaining to the cancellation of 88 mining leases in Goa by the Supreme Court.
* OIL & GAS: Essar Oil has picked Trafigura and BP Plc to lend it $1 bln to be repaid with cargoes of refined products as the Indian refiner's new owners seek to diversify the firm's financing base.
* PHARMACEUTICAL: In a push to 'Make in India', the government has mandated that while purchasing select medical devices, public agencies must ensure these have 25-50% local content.
* POWER: Sterlite Power has acquired Goa-Tamnar Transmission Project for 15 bln rupees.
* RAILWAYS: Several railway stations in the country will soon have their own jingles to greet passengers and customised selfie points as the ministry of railways is planning 'soft development' of these stations at its own cost, even as its ambitious large-scale stations revamp programme, involving private parties, is yet to take final shape. RETAIL: Ecommerce companies will have to contend with tougher regulations imposing greater liability on them and demanding transparency on how they use customer data under a new consumer protection law that will overhaul a three-decade-old legislation.
* STEEL: In order to be eligible to bid for Essar Steel, VTB Bank of Russia, the leader in the consortium Numetal, is buying the 25% stake of a Singapore-based trust in Numetal because the trust has Rewant Ruia, one of the erstwhile promoters of Essar, as a beneficiary. Essar Steel's insolvency resolution process is poised at a crucial juncture with fresh bids likely to be invited for the steel company, but the Tata and Vedanta groups are unlikely to join the bidding fray.
* TAXATION: Indian tax authorities are not willing to concede the request of market regulator Securities and Exchange Board of India to provide one-time tax exemption to trading members of stock and commodity exchanges to do both businesses under one entity.
* TELECOMMUNICATION: The Central Bureau of Investigation has moved the Delhi High Court against acquittal of former telecom minister A. Raja, Dravida Munnetra Kazhagam leader M.K. Kanimozhi, and all others accused in the 2G spectrum allocation case. Mobile operators can pay their spectrum liabilities in 16 instalments, as per new norms, or choose to pay it in 10 tranches, the telecom minister said. Union Minister Manoj Sinha said the new telecom policy is almost ready and will be brought in the next session of Parliament after a Cabinet nod.
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* AVIATION: Air India is doling out salary hikes and promotions to employees that some of its staff said would increase inefficiencies at the loss making national carrier at a time when the government is in the process of privatising it.
* BANKING: The panel reviewing the Insolvency and Bankruptcy Code may suggest that the National Company Law Tribunal should be empowered to halt resolution proceedings if lenders agree, something that only the Supreme Court can do now.
* CEMENT: In a fresh twist to the ongoing takeover battle over Binani Cement, resolution professional Vijaykumar V Iyer has moved the National Company Law Tribunal, Kolkata, alleging fraudulent transactions of about 24 bln rupees involving the "corporate debtor" that are "undervalued, extortionate, preferential."
* ECONOMY: Issues related to domestic support in agriculture and a permanent solution to public stockholding for food security purposes were discussed at the informal World Trade Organization ministerial meeting here, Trade Minister Suresh Prabhu said at a press briefing.
* ENERGY: Energy Efficiency Services' subsidiary EnergyPro Assets has bought Edina Power Services for 4.93 bln rupees, according to a joint press release by the two companies. After inking a memorandum of understanding with the Andhra Pradesh government earlier this month to supply 10,000 electric vehicles, Energy Efficiency Services is likely to sign memorandum of understandings with the governments of Gujarat and Maharashtra in the next one month.
* MINING: The government is likely to notify norms to facilitate timely auctions of mining leases expiring in March 2020 within a week, Mines Secretary Arun Kumar said. The Ministry of Mines released sand mining framework to help states frame a sand mining policy and check illegal mining. The Centre is unlikely to interfere into the issue pertaining to the cancellation of 88 mining leases in Goa by the Supreme Court.
* OIL & GAS: Essar Oil has picked Trafigura and BP Plc to lend it $1 bln to be repaid with cargoes of refined products as the Indian refiner's new owners seek to diversify the firm's financing base.
* PHARMACEUTICAL: In a push to 'Make in India', the government has mandated that while purchasing select medical devices, public agencies must ensure these have 25-50% local content.
* POWER: Sterlite Power has acquired Goa-Tamnar Transmission Project for 15 bln rupees.
* RAILWAYS: Several railway stations in the country will soon have their own jingles to greet passengers and customised selfie points as the ministry of railways is planning 'soft development' of these stations at its own cost, even as its ambitious large-scale stations revamp programme, involving private parties, is yet to take final shape. RETAIL: Ecommerce companies will have to contend with tougher regulations imposing greater liability on them and demanding transparency on how they use customer data under a new consumer protection law that will overhaul a three-decade-old legislation.
* STEEL: In order to be eligible to bid for Essar Steel, VTB Bank of Russia, the leader in the consortium Numetal, is buying the 25% stake of a Singapore-based trust in Numetal because the trust has Rewant Ruia, one of the erstwhile promoters of Essar, as a beneficiary. Essar Steel's insolvency resolution process is poised at a crucial juncture with fresh bids likely to be invited for the steel company, but the Tata and Vedanta groups are unlikely to join the bidding fray.
* TAXATION: Indian tax authorities are not willing to concede the request of market regulator Securities and Exchange Board of India to provide one-time tax exemption to trading members of stock and commodity exchanges to do both businesses under one entity.
* TELECOMMUNICATION: The Central Bureau of Investigation has moved the Delhi High Court against acquittal of former telecom minister A. Raja, Dravida Munnetra Kazhagam leader M.K. Kanimozhi, and all others accused in the 2G spectrum allocation case. Mobile operators can pay their spectrum liabilities in 16 instalments, as per new norms, or choose to pay it in 10 tranches, the telecom minister said. Union Minister Manoj Sinha said the new telecom policy is almost ready and will be brought in the next session of Parliament after a Cabinet nod.
