Today Sector News – 10.04.2018
* ALUMINIUM: US sanctions on Russian aluminium maker United Company Rusal Plc may further lift prices of aluminium as the company caters to 14% of the demand for the metal, excluding China.
* AVIATION: The government has not received any bids for its 76% stake in Air India, including 100% stake in Air India Express and 50% stake in Air India SATS Airport Services, Civil Aviation Secretary R.N. Choubey said.
-Close to 300 or about 30% of flights to and from Mumbai were cancelled on Monday due to a six-hourlong shutdown of the main runway for premonsoon maintenance work.
-The Ministry of Civil Aviation on Monday ruled out any extension in the deadline to submit expressions of interest for Air India.
-The Directorate General of Civil Aviation has given a preliminary nod to single-engine twin-pilot
operations in scheduled commercial services with certain safeguards, paving the way for single-engine seaplane services in the country.
-Aviation advisory firm Swiss Aviation Consulting on Monday denied it has expressed interest in buying the debt burdened state-run carrier Air India.
* BANKING: The government has backed the demand of bankers for some easing of the norms on stressed loans issued by the Reserve Bank of India on Feb 12. The National Bank of Agriculture and Rural Development has come out with a 'Prompt Corrective Action Framework' for regional rural banks, much like the revised one the Reserve Bank Of India unveiled for scheduled commercial banks nearly a year ago.
* CEMENT: Cement prices remained unchanged in the first week of April in the Delhi-National Capital Region as demand continues to remain insipid.
* COMMODITIES: India is likely to provide financial support to cane farmers for produce sold to sugar mills.
* CORPORATE: Prime Minister Narendra Modi on Monday asked the state-owned companies to help the government expand its global geo-strategic reach by expanding overseas.
* ENERGY: The government will soon kick off pilot auction of medium-term power purchase agreements for 2,500 MW of electricity, ending a six-year long spell of state governments restricting electricity procurement from power plants.
* PESTICIDES: The Confederation of All India Small and Medium Pesticides Manufacturers Association has sought control on imports of pesticide formulations by overseas companies which do not register their products with Indian regulators.
* POWER: The power ministry has allowed thermal power generation companies the flexibility of using renewable energy sources to meet their contractual generation obligations. In an attempt to bring some relief to the stressed thermal power sector, the government has introduced a pilot scheme to procure electricity from power plants without power purchase agreements. A combined capacity of 2,500 megawatt (MW) will be procured through this scheme.
* REGULATORY: Shares of NELCO, ADITYA BIRLA MONEY, PETRON ENGINEERING
CONSTRUCTION, SHILPI CABLE TECHNOLOGIES, ARSS INFRASTRUCTURE PROJECT and ESS DEE ALUMINIUM are among the 15 stocks that will move to trade-for-trade or compulsory delivery segment from Thursday, according to circulars on BSE and National Stock Exchange.
-The Securities and Exchange Board of India has issued norms on algorithmic trading and co-location services provided by exchanges, to provide a "level playing field" to manual and algorithmic trading.
-The finance ministry is considering writing to markets regulator Securities Exchange Board of India
seeking relaxation for certain state-owned firms from meeting the minimum 25% public shareholding norm.
* TAXATION: The income-tax department is set to initiate proceedings against jeweller Nirav Modi, wanted in the 140-bln-rupee PUNJAB NATIONAL BANK fraud, under the black money law that provides for imprisonment of up to seven years for not disclosing foreign assets.
* TRADE: Trade Minister Suresh Prabhu has said India's huge trade deficit with China is a concern and the governments of both these countries are working on it.
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* AVIATION: The government has not received any bids for its 76% stake in Air India, including 100% stake in Air India Express and 50% stake in Air India SATS Airport Services, Civil Aviation Secretary R.N. Choubey said.
-Close to 300 or about 30% of flights to and from Mumbai were cancelled on Monday due to a six-hourlong shutdown of the main runway for premonsoon maintenance work.
-The Ministry of Civil Aviation on Monday ruled out any extension in the deadline to submit expressions of interest for Air India.
-The Directorate General of Civil Aviation has given a preliminary nod to single-engine twin-pilot
operations in scheduled commercial services with certain safeguards, paving the way for single-engine seaplane services in the country.
-Aviation advisory firm Swiss Aviation Consulting on Monday denied it has expressed interest in buying the debt burdened state-run carrier Air India.
* BANKING: The government has backed the demand of bankers for some easing of the norms on stressed loans issued by the Reserve Bank of India on Feb 12. The National Bank of Agriculture and Rural Development has come out with a 'Prompt Corrective Action Framework' for regional rural banks, much like the revised one the Reserve Bank Of India unveiled for scheduled commercial banks nearly a year ago.
* CEMENT: Cement prices remained unchanged in the first week of April in the Delhi-National Capital Region as demand continues to remain insipid.
* COMMODITIES: India is likely to provide financial support to cane farmers for produce sold to sugar mills.
* CORPORATE: Prime Minister Narendra Modi on Monday asked the state-owned companies to help the government expand its global geo-strategic reach by expanding overseas.
* ENERGY: The government will soon kick off pilot auction of medium-term power purchase agreements for 2,500 MW of electricity, ending a six-year long spell of state governments restricting electricity procurement from power plants.
* PESTICIDES: The Confederation of All India Small and Medium Pesticides Manufacturers Association has sought control on imports of pesticide formulations by overseas companies which do not register their products with Indian regulators.
* POWER: The power ministry has allowed thermal power generation companies the flexibility of using renewable energy sources to meet their contractual generation obligations. In an attempt to bring some relief to the stressed thermal power sector, the government has introduced a pilot scheme to procure electricity from power plants without power purchase agreements. A combined capacity of 2,500 megawatt (MW) will be procured through this scheme.
* REGULATORY: Shares of NELCO, ADITYA BIRLA MONEY, PETRON ENGINEERING
CONSTRUCTION, SHILPI CABLE TECHNOLOGIES, ARSS INFRASTRUCTURE PROJECT and ESS DEE ALUMINIUM are among the 15 stocks that will move to trade-for-trade or compulsory delivery segment from Thursday, according to circulars on BSE and National Stock Exchange.
-The Securities and Exchange Board of India has issued norms on algorithmic trading and co-location services provided by exchanges, to provide a "level playing field" to manual and algorithmic trading.
-The finance ministry is considering writing to markets regulator Securities Exchange Board of India
seeking relaxation for certain state-owned firms from meeting the minimum 25% public shareholding norm.
* TAXATION: The income-tax department is set to initiate proceedings against jeweller Nirav Modi, wanted in the 140-bln-rupee PUNJAB NATIONAL BANK fraud, under the black money law that provides for imprisonment of up to seven years for not disclosing foreign assets.
* TRADE: Trade Minister Suresh Prabhu has said India's huge trade deficit with China is a concern and the governments of both these countries are working on it.
