Today Sector News – 16.10.2018
* AUTOMOBILE: The private equity arm of financial services conglomerate Motilal Oswal will invest 2 bln rupees for a significant minority stake in auto parts maker Happy Forgings.
* AVIATION: Four of GoAir's Airbus 320neo aircraft fitted with Pratt & Whitney engines remain grounded in Delhi for want of spares from the American aerospace manufacturer.
* BANKING: The Reserve Bank of India on Monday issued norms for central counterparties, setting the minimum net worth requirement for these entities to apply for authorisation and recognition at 3 bln rupees.
* CORPORATE: The Indian ecosystem for mergers and acquisitions is not yet ready for a safe harbour provision, said Competition Commission of India Secretary Smitha Jhingran.
* DEFENCE: Reliance Defence could get just over 3% of the 300 bln rupees Dassault Aviation offsets contract, contrary to the impression that it is the biggest beneficiary of the Rafale fighter jets deal.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect of a letter of credit of 145.78 mln rupees due on Monday.
* OIL AND GAS: Saudi Arabia has assured Prime Minister Narendra Modi that it is committed to meeting India's growing crude oil requirements, at a time when supply disruptions in various oil producing nations and imminent sanctions by the US on Iran have pushed international prices of the commodity higher.
- Prime Minister Modi, at a meeting with heads of oil and gas companies, sought a partnership between oil producing and consuming countries to bring down energy costs and stabilise the global economy, which is on a recovery path.
* POWER: Sterlite Power expects bidding opportunities worth 3.5 trln rupees in the next five years in the form of tenders from central and state governments for setting up and strengthening inter and intra state transmission system.
* TAXATION: A group of ministers, set up to consider the proposal to levy an additional cess for financing reconstruction in Kerala, will seek legal opinion on whether such a cess or a special tax can be levied under GST to fund states hit by natural calamities, head of the panel Sushil Modi said.
* TELECOMMUNICATIONS: The Delhi High Court has rejected a petition filed by Videocon
Telecommunications challenging an arbitration award of 1.35 bln rupees to IBM India. VODAFONE IDEA, BHARTI AIRTEL and Reliance Jio Infocomm have submitted their exit plans on closing down their Aadhaarbased authentication systems in line with the Unique Identification Authority of India's orders, but have raised the issue of its impact on their already stressed financials.
* TRADE: The government is pursuing trade in local currencies with other countries, Commerce Secretary Anup Wadhawan said, amid mounting pressure on India's current account deficit due to high oil prices and a depreciating rupee.
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* AVIATION: Four of GoAir's Airbus 320neo aircraft fitted with Pratt & Whitney engines remain grounded in Delhi for want of spares from the American aerospace manufacturer.
* BANKING: The Reserve Bank of India on Monday issued norms for central counterparties, setting the minimum net worth requirement for these entities to apply for authorisation and recognition at 3 bln rupees.
* CORPORATE: The Indian ecosystem for mergers and acquisitions is not yet ready for a safe harbour provision, said Competition Commission of India Secretary Smitha Jhingran.
* DEFENCE: Reliance Defence could get just over 3% of the 300 bln rupees Dassault Aviation offsets contract, contrary to the impression that it is the biggest beneficiary of the Rafale fighter jets deal.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect of a letter of credit of 145.78 mln rupees due on Monday.
* OIL AND GAS: Saudi Arabia has assured Prime Minister Narendra Modi that it is committed to meeting India's growing crude oil requirements, at a time when supply disruptions in various oil producing nations and imminent sanctions by the US on Iran have pushed international prices of the commodity higher.
- Prime Minister Modi, at a meeting with heads of oil and gas companies, sought a partnership between oil producing and consuming countries to bring down energy costs and stabilise the global economy, which is on a recovery path.
* POWER: Sterlite Power expects bidding opportunities worth 3.5 trln rupees in the next five years in the form of tenders from central and state governments for setting up and strengthening inter and intra state transmission system.
* TAXATION: A group of ministers, set up to consider the proposal to levy an additional cess for financing reconstruction in Kerala, will seek legal opinion on whether such a cess or a special tax can be levied under GST to fund states hit by natural calamities, head of the panel Sushil Modi said.
* TELECOMMUNICATIONS: The Delhi High Court has rejected a petition filed by Videocon
Telecommunications challenging an arbitration award of 1.35 bln rupees to IBM India. VODAFONE IDEA, BHARTI AIRTEL and Reliance Jio Infocomm have submitted their exit plans on closing down their Aadhaarbased authentication systems in line with the Unique Identification Authority of India's orders, but have raised the issue of its impact on their already stressed financials.
* TRADE: The government is pursuing trade in local currencies with other countries, Commerce Secretary Anup Wadhawan said, amid mounting pressure on India's current account deficit due to high oil prices and a depreciating rupee.
