Daily Sector News Today – 05.01.2018
* AVIATION: Air India will raise $535 mln from a group of lenders comprising First Abu Dhabi Bank PJSC, StandardChartered Bank, and Mashreq Bank PSC to buy three Boeing aircraft.
* BANKING: The Reserve Bank of India notified that overseas branches and subsidiaries of Indian banks can now refinance external commercial borrowings of AAA-rated companies and public sector companies under the 'Navratna' or 'Maharatna' categories.
- The Reserve Bank of India has asked asset reconstruction companies, which are emerging as key players in the debt resolution system, to provide financial information to information utilities, as per the norms stated in the Insolvency and Bankruptcy Code, 2016.
* ECONOMY: Finance Minister Arun Jaitley said that the slowdown in the economy had reached its lowest point and signs of a revival in growth were already visible. After the first two-three months, the GST Council realised that the collections were as per expectations, Jaitley said.
* REGULATORY: Mutual funds will have to start comparing the performance of their schemes with the total return variant of the scheme's benchmark index from next month, Securities and Exchange Board of India said.
* TELECOMMUNICATION: The Supreme Court has sought a status report from the Centre on cases relating to allocation of second-generation spectrum. The Telecom Regulatory Authority of India is set to introduce rules that will define whether a particular tariff announced by an operator is transparent, non-predatory and non-discriminatory or not, Chairman R.S. Sharma said.
- The department of telecommunications is planning to monetise more than 773 acres of prime real estate worth around 100-150 bln rupees that it controls through Hemisphere Properties India. The Telecom Commission is scheduled to meet on Jan 9 to discuss relief package for the sector.
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* BANKING: The Reserve Bank of India notified that overseas branches and subsidiaries of Indian banks can now refinance external commercial borrowings of AAA-rated companies and public sector companies under the 'Navratna' or 'Maharatna' categories.
- The Reserve Bank of India has asked asset reconstruction companies, which are emerging as key players in the debt resolution system, to provide financial information to information utilities, as per the norms stated in the Insolvency and Bankruptcy Code, 2016.
* ECONOMY: Finance Minister Arun Jaitley said that the slowdown in the economy had reached its lowest point and signs of a revival in growth were already visible. After the first two-three months, the GST Council realised that the collections were as per expectations, Jaitley said.
* REGULATORY: Mutual funds will have to start comparing the performance of their schemes with the total return variant of the scheme's benchmark index from next month, Securities and Exchange Board of India said.
* TELECOMMUNICATION: The Supreme Court has sought a status report from the Centre on cases relating to allocation of second-generation spectrum. The Telecom Regulatory Authority of India is set to introduce rules that will define whether a particular tariff announced by an operator is transparent, non-predatory and non-discriminatory or not, Chairman R.S. Sharma said.
- The department of telecommunications is planning to monetise more than 773 acres of prime real estate worth around 100-150 bln rupees that it controls through Hemisphere Properties India. The Telecom Commission is scheduled to meet on Jan 9 to discuss relief package for the sector.
