Today Sector News – 17.10.2018
* BANKING: The Reserve Bank of India has issued operating guidelines for phased interoperability between all know-your-customer compliant prepaid payment instrument issuers, with focus on transaction security, cyber security, fraud prevention and risk management.
* COMMODITIES: After approving a soft loan of 61.39 bln rupees, the food ministry now plans to seek Cabinet approval to facilitate sugar mills with additional loans worth 70-80 bln rupees to enhance ethanol production capacity.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect to principal and interest of loan facility of 1 bln rupees due on Tuesday.
-Troubled Infrastructure Leasing & Financial Services' former top boss has blamed Life Insurance Corp of India and the prevailing macro-economic environment for the lender's woes and has denied all charges of corruption and wrong doing.
-The proposed rights issue of troubled Infrastructure Leasing & Financial Services could be delayed as its new board of directors and shareholders address more immediate concerns.
* INFORMATION TECHNOLOGY: An IT advocacy group representing over 1,000 small technology companies mostly run by Indian-Americans has filed a lawsuit against the US immigration agency for issuing H-1B visas for a shorter duration instead of a period of up to three years.
* OIL AND GAS: Petroleum Minister Dharmendra Pradhan has said the government has no business
interfering with fuel pricing and is committed to keeping the prices of the two automobile fuels deregulated. -The Petroleum and Natural Gas Regulatory Board may start the process for the tenth round of city gas distribution auction for 30-40 geographical areas by December, Chairman Dinesh Kumar Sarraf said.
-Reeling under high crude oil prices, India has again raised the issue of "Asian premium" with major oil producers such as Saudi Arabia and the United Arab Emirates, Pradhan said.
* POWER: Edelweiss-backed Sekura Energy has acquired four power transmission assets from Subhash Chandra-led Essel Infraprojects for 60 bln rupees.
* REGULATORY: The Securities and Exchange Board of India has barred three officials of the erstwhile Satyam Computer Services from accessing the securities market in relation to the fraud at the company in 2009.
-The SEBI is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory threeyear lock-in period.
* TELECOMMUNICATION: Bharat Sanchar Nigam has signed a memorandum of understanding with Nokia Solutions and Networks India to leverage industry 4.0 for manufacturing excellence at Nokia's factory in Oragadam, about 60 km south-west of Chennai.
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* COMMODITIES: After approving a soft loan of 61.39 bln rupees, the food ministry now plans to seek Cabinet approval to facilitate sugar mills with additional loans worth 70-80 bln rupees to enhance ethanol production capacity.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service its obligations in respect to principal and interest of loan facility of 1 bln rupees due on Tuesday.
-Troubled Infrastructure Leasing & Financial Services' former top boss has blamed Life Insurance Corp of India and the prevailing macro-economic environment for the lender's woes and has denied all charges of corruption and wrong doing.
-The proposed rights issue of troubled Infrastructure Leasing & Financial Services could be delayed as its new board of directors and shareholders address more immediate concerns.
* INFORMATION TECHNOLOGY: An IT advocacy group representing over 1,000 small technology companies mostly run by Indian-Americans has filed a lawsuit against the US immigration agency for issuing H-1B visas for a shorter duration instead of a period of up to three years.
* OIL AND GAS: Petroleum Minister Dharmendra Pradhan has said the government has no business
interfering with fuel pricing and is committed to keeping the prices of the two automobile fuels deregulated. -The Petroleum and Natural Gas Regulatory Board may start the process for the tenth round of city gas distribution auction for 30-40 geographical areas by December, Chairman Dinesh Kumar Sarraf said.
-Reeling under high crude oil prices, India has again raised the issue of "Asian premium" with major oil producers such as Saudi Arabia and the United Arab Emirates, Pradhan said.
* POWER: Edelweiss-backed Sekura Energy has acquired four power transmission assets from Subhash Chandra-led Essel Infraprojects for 60 bln rupees.
* REGULATORY: The Securities and Exchange Board of India has barred three officials of the erstwhile Satyam Computer Services from accessing the securities market in relation to the fraud at the company in 2009.
-The SEBI is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory threeyear lock-in period.
* TELECOMMUNICATION: Bharat Sanchar Nigam has signed a memorandum of understanding with Nokia Solutions and Networks India to leverage industry 4.0 for manufacturing excellence at Nokia's factory in Oragadam, about 60 km south-west of Chennai.
