Today Sector News – 12.10.2018
* AUTOMOBILE: Honda Motorcycle & Scooter India has launched Honda Joy Club, a customer loyalty programme wherein Honda in alliance with multiple brands will provide intangible benefits to its customers.
* AVIATION: The finance ministry has decided that, in view of the reduced fiscal headroom for further spending, a new bailout deal for Air India should not comprise fresh equity infusion other than the 9.8 bln rupees for which Parliament approval was secured in July.
* BANKING: Private banks that are being charged goods and services tax on transactions undertaken by their business correspondents are starting to increase their charges on remittances. Banks have asked passport authorities to impound the passport of Abhijit Rajan, chairman of GAMMON INDIA, which has defaulted on loans.
* COMMODITIES: The National Stock Exchange of India and NSE IFSC have signed a licensing agreement with the London Metal Exchange that will allow the domestic bourses to use LME prices for settling commodity futures contracts.
* COAL: The government has told coal companies to immediately ramp up production even as it slammed
their executives for not reviewing production regularly, as coal availability remains a worry.
* ECONOMY: There is a need to rethink the functioning of the public sector units at a time when private companies are entering into sectors that were earlier dominated by state-owned companies, Finance Minister Arun Jaitley said.
* FINANCE: Road developer Cube Highways has joined the race to buy some of the operating toll road projects owned by the debt-ridden Infrastructure Leasing and Financial services. The crisis at Infrastructure Leasing and Financial Services has prompted authorities to review the health status of the housing finance segment that gets critical refinancing support from the National Housing Bank.
- Tata Capital plans to add more lending products, expand business within the group, and tap new
sources of funding, such as Masala bonds and non-convertible debentures, to diversify its balance sheet, Chief Executive Officer Rajiv Sabharwal said.
* INFRASTRUCTURE: Macquarie Group, Brookfield Asset Management and Atlantia SpA are looking to bid for the second round of auction for toll-operate-transfer rights of public road projects.
* INSURANCE: Life Insurance Corp of India has sought Insurance Regulatory and Development Authority of India's permission to allow it to continue holding an estimated 50 bln rupees of Tata Sons' debt.
* METALS: ArcelorMittal is in discussions with lenders for payment of dues for UTTAM GALVA STEELS and KSS Petron as the Supreme Court-mandated deadline of Oct 18 is nearing.
* RETAIL: Flipkart sold about 1 mln smartphones ringing in 10 bln rupees of sales during the first hour of its sale on Thursday, claiming it has created a record in India.
* TELECOMMUNICATION: The government has raised tariffs on certain telecom equipment and
components by up to 20%, in its efforts to rein in the widening current account deficit.
* TRADE: Discussions with "very valuable ally" India on a trade deal has started, the White House has said.
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* AVIATION: The finance ministry has decided that, in view of the reduced fiscal headroom for further spending, a new bailout deal for Air India should not comprise fresh equity infusion other than the 9.8 bln rupees for which Parliament approval was secured in July.
* BANKING: Private banks that are being charged goods and services tax on transactions undertaken by their business correspondents are starting to increase their charges on remittances. Banks have asked passport authorities to impound the passport of Abhijit Rajan, chairman of GAMMON INDIA, which has defaulted on loans.
* COMMODITIES: The National Stock Exchange of India and NSE IFSC have signed a licensing agreement with the London Metal Exchange that will allow the domestic bourses to use LME prices for settling commodity futures contracts.
* COAL: The government has told coal companies to immediately ramp up production even as it slammed
their executives for not reviewing production regularly, as coal availability remains a worry.
* ECONOMY: There is a need to rethink the functioning of the public sector units at a time when private companies are entering into sectors that were earlier dominated by state-owned companies, Finance Minister Arun Jaitley said.
* FINANCE: Road developer Cube Highways has joined the race to buy some of the operating toll road projects owned by the debt-ridden Infrastructure Leasing and Financial services. The crisis at Infrastructure Leasing and Financial Services has prompted authorities to review the health status of the housing finance segment that gets critical refinancing support from the National Housing Bank.
- Tata Capital plans to add more lending products, expand business within the group, and tap new
sources of funding, such as Masala bonds and non-convertible debentures, to diversify its balance sheet, Chief Executive Officer Rajiv Sabharwal said.
* INFRASTRUCTURE: Macquarie Group, Brookfield Asset Management and Atlantia SpA are looking to bid for the second round of auction for toll-operate-transfer rights of public road projects.
* INSURANCE: Life Insurance Corp of India has sought Insurance Regulatory and Development Authority of India's permission to allow it to continue holding an estimated 50 bln rupees of Tata Sons' debt.
* METALS: ArcelorMittal is in discussions with lenders for payment of dues for UTTAM GALVA STEELS and KSS Petron as the Supreme Court-mandated deadline of Oct 18 is nearing.
* RETAIL: Flipkart sold about 1 mln smartphones ringing in 10 bln rupees of sales during the first hour of its sale on Thursday, claiming it has created a record in India.
* TELECOMMUNICATION: The government has raised tariffs on certain telecom equipment and
components by up to 20%, in its efforts to rein in the widening current account deficit.
* TRADE: Discussions with "very valuable ally" India on a trade deal has started, the White House has said.
