Daily Sector News - 01.03.2017
* AVIATION: The Directorate General of Civil Aviation has ordered an examination of Pratt & Whitney 1100G engines of Airbus A320 neo, which have repeatedly faced technical issue. In India, IndiGo and GoAir use P&W engines.
* BANKING: Banks' non-food loan growth slowed down to 3.5% in January, data released by the Reserve Bank of India showed. Non-food credit had grown by 9.8% on year in the same month last year. Banks and payment firms will soon be given tight targets and their progress will be monitored on a real-time basis using a public dashboard, said Aruna Sundararajan, secretary, ministry of electronics and information. Banks will be given instructions by the government that all accounts have to be net banking enabled by Mar 31.
* CORPORATE: Supreme Court has allowed Sahara Group Chief Subrata Roy time till Apr 17 to sell unencumbered assets and deposit 50.93 bln rupees with the Securities and Exchange Board of India. Dubai International Financial Centre has signed a memorandum of understanding with Gujarat International Finance Tec-City, allowing entities to operate from each other's jurisdiction.
- Tata Sons has filed a complaint against former chairman Cyrus Mistry with the Securities and Exchange Board of India for allegedly making "confidential and sensitive" information public through his petition at the National Company Law Tribunal. Kalyani Group, the promoter company of BHARAT FORGE, is looking to enter into rail and aerospace sector. A special court has confirmed the Enforcement Directorate order to attach 42-bln-rupee assets of liquor baron Vijay Mallya and others.
* ECONOMY: In the wake of mounting losses in the banking sector, Economic Affairs Secretary Shaktikanta Das said banks must utilise the low-cost funds they have garnered after demonetisation to improve their financial results. Economic Affairs Secretary Shaktikanta Das has said a faster-than-expected growth witnessed by the Indian economy in Oct-Dec rubbished gloomy post-demonetisation forecasts by economists and analysts.
* REGULATORY: The Securities and Exchange Board of India will see a change of guard today with senior officer Ajay Tyagi taking over the chairmanship from U.K. Sinha.
* STEEL: The steel ministry will soon seek the Cabinet's approval for a proposal to make the use of India-made steel mandatory for government funded or related projects.
* TELECOMMUNICATION: The government is looking at making spectrum auction an annual event and will reach out to Telecom Regulatory Authority of India for its recommendations, Telecom Secretary J.S. Deepak said.
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* AVIATION: The Directorate General of Civil Aviation has ordered an examination of Pratt & Whitney 1100G engines of Airbus A320 neo, which have repeatedly faced technical issue. In India, IndiGo and GoAir use P&W engines.
* BANKING: Banks' non-food loan growth slowed down to 3.5% in January, data released by the Reserve Bank of India showed. Non-food credit had grown by 9.8% on year in the same month last year. Banks and payment firms will soon be given tight targets and their progress will be monitored on a real-time basis using a public dashboard, said Aruna Sundararajan, secretary, ministry of electronics and information. Banks will be given instructions by the government that all accounts have to be net banking enabled by Mar 31.
* CORPORATE: Supreme Court has allowed Sahara Group Chief Subrata Roy time till Apr 17 to sell unencumbered assets and deposit 50.93 bln rupees with the Securities and Exchange Board of India. Dubai International Financial Centre has signed a memorandum of understanding with Gujarat International Finance Tec-City, allowing entities to operate from each other's jurisdiction.
- Tata Sons has filed a complaint against former chairman Cyrus Mistry with the Securities and Exchange Board of India for allegedly making "confidential and sensitive" information public through his petition at the National Company Law Tribunal. Kalyani Group, the promoter company of BHARAT FORGE, is looking to enter into rail and aerospace sector. A special court has confirmed the Enforcement Directorate order to attach 42-bln-rupee assets of liquor baron Vijay Mallya and others.
* ECONOMY: In the wake of mounting losses in the banking sector, Economic Affairs Secretary Shaktikanta Das said banks must utilise the low-cost funds they have garnered after demonetisation to improve their financial results. Economic Affairs Secretary Shaktikanta Das has said a faster-than-expected growth witnessed by the Indian economy in Oct-Dec rubbished gloomy post-demonetisation forecasts by economists and analysts.
* REGULATORY: The Securities and Exchange Board of India will see a change of guard today with senior officer Ajay Tyagi taking over the chairmanship from U.K. Sinha.
* STEEL: The steel ministry will soon seek the Cabinet's approval for a proposal to make the use of India-made steel mandatory for government funded or related projects.
* TELECOMMUNICATION: The government is looking at making spectrum auction an annual event and will reach out to Telecom Regulatory Authority of India for its recommendations, Telecom Secretary J.S. Deepak said.
