Today Sector News – 21.02.2018
* AVIATION: Qatar Airways plans to launch an airline in India with a fleet of at least 100 aircraft, the airline's chief executive Akbar Al Baker said.
* BANKING: In the wake of the recent $1.77-bln fraud reported by PUNJAB NATIONAL BANK, the Reserve Bank of India has mandated banks to implement the prescribed measures to strengthen the SWIFT "operating environment".
* ECONOMY: The Maharashtra government has received investment proposals to the tune of 12.1 trln rupees through 4,106 memoranda of understanding at Magnetic Maharashtra, Chief Minister Devendra Fadnavis said at the closing of the two-day roadshow. Prime Minister Narendra Modi on Tuesday reiterated that the government will take all necessary steps to double the income of farmers by 2022.
* INFRASTRUCTURE: In a first for the country, infrastructure investment trust IndiGrid on Tuesday said it will acquire partial stake in Patran Transmission for 2.32 bln rupees, making it the first third-party acquisition by an InvIT.
* OIL AND GAS: The Petroleum and Natural Gas Regulatory Board plans to have roadshows to promote the ninth round of bidding for city gas distribution licences.
* PHARMACEUTICALS: The US Food and Drug Administration has lifted its warning letter to the USV's Daman facility following corrective actions taken by the company. Private hospitals are forcing drug manufacturers to print higher retail prices and are charging profit margins as high as 1,192% in some cases, an analysis of data from four private hospitals by Indian drug price regulator showed.
* RAILWAYS: The Union Cabinet approved six railway projects across Uttar Pradesh, Bihar, Madhya Pradesh, and Odisha at an estimated cost of 116.62 bln rupees. The Ministry of Railways and the Maharashtra government have signed a memorandum of understanding to set up a metro coach manufacturing unit in Latur, Maharashtra, Railways Minister Piyush Goyal said at the Magnetic Maharashtra event.
* REAL ESTATE: The Union Cabinet approved the creation of a 600-bln-rupee National Urban Housing Fund under the Building Materials and Technology Promotion Council, Ministry of Housing and Urban Affairs.
-Tata Sons' subsidiaries Tata Housing Development Company and Tata Realty and Infrastructure will be merged as part of the larger consolidation exercise at the Tata group under the leadership of Chairman N Chandrasekaran.
* REGULATORY: The Securities and Exchange Board of India has approved cross currency derivatives trade on three new pairs, on both the National Stock Exchange and the BSE.
* STEEL: Lenders led by STATE BANK OF INDIA will consider inviting fresh bids for bankrupt Essar Steel in case legal advisers disqualify bids submitted by ArcelorMittal and Numetal for the company.
-ArcelorMittal and VTB Group have hit a fresh snag in their pursuit of the company, Essar Steel, which could fetch at least $6 bln. Advisers evaluating offers for the steelmaker have recommended that all the bids be disqualified, according to people with knowledge of the matter.
* TELECOMMUNICATION: Bharat Sanchar Nigam has introduced unlimited prepaid mobile plans starting at 99 rupees for the Calcutta telecom circle to take on rising competition.
-India's older carriers have slammed the Telecom Regulatory Authority of India for a series of regulations over the last 12-18 months which favour only new entrant Reliance Jio Infocomm at the cost of the existing ones, and said that the latest tariff order on predatory pricing violated the 'fundamental right' of incumbents to carry out business.
-Bharat Sanchar Nigam and Japan's NTT AT along with their Indian partner Virgo Corps have signed an agreement to collaborate in futuristic technologies.
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* BANKING: In the wake of the recent $1.77-bln fraud reported by PUNJAB NATIONAL BANK, the Reserve Bank of India has mandated banks to implement the prescribed measures to strengthen the SWIFT "operating environment".
* ECONOMY: The Maharashtra government has received investment proposals to the tune of 12.1 trln rupees through 4,106 memoranda of understanding at Magnetic Maharashtra, Chief Minister Devendra Fadnavis said at the closing of the two-day roadshow. Prime Minister Narendra Modi on Tuesday reiterated that the government will take all necessary steps to double the income of farmers by 2022.
* INFRASTRUCTURE: In a first for the country, infrastructure investment trust IndiGrid on Tuesday said it will acquire partial stake in Patran Transmission for 2.32 bln rupees, making it the first third-party acquisition by an InvIT.
* OIL AND GAS: The Petroleum and Natural Gas Regulatory Board plans to have roadshows to promote the ninth round of bidding for city gas distribution licences.
* PHARMACEUTICALS: The US Food and Drug Administration has lifted its warning letter to the USV's Daman facility following corrective actions taken by the company. Private hospitals are forcing drug manufacturers to print higher retail prices and are charging profit margins as high as 1,192% in some cases, an analysis of data from four private hospitals by Indian drug price regulator showed.
* RAILWAYS: The Union Cabinet approved six railway projects across Uttar Pradesh, Bihar, Madhya Pradesh, and Odisha at an estimated cost of 116.62 bln rupees. The Ministry of Railways and the Maharashtra government have signed a memorandum of understanding to set up a metro coach manufacturing unit in Latur, Maharashtra, Railways Minister Piyush Goyal said at the Magnetic Maharashtra event.
* REAL ESTATE: The Union Cabinet approved the creation of a 600-bln-rupee National Urban Housing Fund under the Building Materials and Technology Promotion Council, Ministry of Housing and Urban Affairs.
-Tata Sons' subsidiaries Tata Housing Development Company and Tata Realty and Infrastructure will be merged as part of the larger consolidation exercise at the Tata group under the leadership of Chairman N Chandrasekaran.
* REGULATORY: The Securities and Exchange Board of India has approved cross currency derivatives trade on three new pairs, on both the National Stock Exchange and the BSE.
* STEEL: Lenders led by STATE BANK OF INDIA will consider inviting fresh bids for bankrupt Essar Steel in case legal advisers disqualify bids submitted by ArcelorMittal and Numetal for the company.
-ArcelorMittal and VTB Group have hit a fresh snag in their pursuit of the company, Essar Steel, which could fetch at least $6 bln. Advisers evaluating offers for the steelmaker have recommended that all the bids be disqualified, according to people with knowledge of the matter.
* TELECOMMUNICATION: Bharat Sanchar Nigam has introduced unlimited prepaid mobile plans starting at 99 rupees for the Calcutta telecom circle to take on rising competition.
-India's older carriers have slammed the Telecom Regulatory Authority of India for a series of regulations over the last 12-18 months which favour only new entrant Reliance Jio Infocomm at the cost of the existing ones, and said that the latest tariff order on predatory pricing violated the 'fundamental right' of incumbents to carry out business.
-Bharat Sanchar Nigam and Japan's NTT AT along with their Indian partner Virgo Corps have signed an agreement to collaborate in futuristic technologies.
