Today Sector News – 28.02.2018
* AUTOMOBILE: The government plans to roll out the new automobile policy within the next couple of months, after consultations with internal stakeholders, Department of Heavy Industry Secretary Asha Ram Sihag said.
* AVIATION: Apart from state-owned Airports Authority of India, the government sees a big role of the private sector in building the country's airport capacity to handle over 1 bln passengers annually in 15-20 years, Minister of Civil Aviation P. Ashok Gajapathi Raju said. The government is likely to include call and put options in the share purchase agreement of Air India to profitably sell its residual stake in the airline after strategic disinvestment.
* BANKING: The government has asked public sector banks to examine non-performing assets worth more than 500 mln rupees for frauds. Top public sector banks are unlikely to renew their contracts for minor banking and non-banking services with government-run common services centre, citing security concerns. Even as the government's recapitalisation programme was expected to improve capital ratios of public sector banks, pre-calling of additional tier-I bonds, especially by the ones under the Reserve Bank of India's prompt corrective action, could partially negate the effect of fund infusion, rating agency ICRA said in a report. The fraud at Punjab National Bank is reported by the lender to have been committed by a deputy manager who sent unauthorised messages through the SWIFT messaging system.
* COAL: Private operators of commercial coal mines will have to make extra payment to states when prices of coal rise.
* FUNDS: Retirement fund body Employees Provident Fund Organisation has made it mandatory to file online claims for provident fund withdrawals above 1 mln rupees, taking another step towards becoming a paperless organisation.
* INFRASTRUCTURE: The government has identified 105 road projects that are ready for monetisation and these could fetch around 1.25 trln rupees, Road Transport and Highways Minister Nitin Gadkari said.
* OIL AND GAS: The Petroleum and Natural Gas Regulatory Board has identified 86 geographical areas that will feature in the ninth round of auctions for development of city gas distribution networks, and bids for which will be invited in March, according to information available on the regulator's website.
* REGULATORY: SEBI is considering a proposal to force corporate borrowers to report all defaults above 50 mln rupees if repayment is delayed by over 30 days.
* STEEL: Essar Steel is the best fit for ArcelorMittal to put Lakshmi Mittal's stamp in the world's fastest growing market.
* TELECOMMUNICATION: Telecom Regulatory Authority of India Chairman R.S. Sharma rejected criticism of the authority's order on predatory pricing, saying India's older operators are free to go to court against it. TRAI will soon issue directions to troubled Aircel to keep service quality in check through intra circle roaming pacts, and grant it additional time and porting codes to enable its customers to opt out to other networks. TRAI has expressed serious concerns over the problems being faced by customers of embattled and loss-making mobile operator Aircel and has asked the company to furnish details regarding the "unspent balance amount" of pre-paid subscribers, who have ported out of the network.
CLICK HERE
*********************************************************************************
* AVIATION: Apart from state-owned Airports Authority of India, the government sees a big role of the private sector in building the country's airport capacity to handle over 1 bln passengers annually in 15-20 years, Minister of Civil Aviation P. Ashok Gajapathi Raju said. The government is likely to include call and put options in the share purchase agreement of Air India to profitably sell its residual stake in the airline after strategic disinvestment.
* BANKING: The government has asked public sector banks to examine non-performing assets worth more than 500 mln rupees for frauds. Top public sector banks are unlikely to renew their contracts for minor banking and non-banking services with government-run common services centre, citing security concerns. Even as the government's recapitalisation programme was expected to improve capital ratios of public sector banks, pre-calling of additional tier-I bonds, especially by the ones under the Reserve Bank of India's prompt corrective action, could partially negate the effect of fund infusion, rating agency ICRA said in a report. The fraud at Punjab National Bank is reported by the lender to have been committed by a deputy manager who sent unauthorised messages through the SWIFT messaging system.
* COAL: Private operators of commercial coal mines will have to make extra payment to states when prices of coal rise.
* FUNDS: Retirement fund body Employees Provident Fund Organisation has made it mandatory to file online claims for provident fund withdrawals above 1 mln rupees, taking another step towards becoming a paperless organisation.
* INFRASTRUCTURE: The government has identified 105 road projects that are ready for monetisation and these could fetch around 1.25 trln rupees, Road Transport and Highways Minister Nitin Gadkari said.
* OIL AND GAS: The Petroleum and Natural Gas Regulatory Board has identified 86 geographical areas that will feature in the ninth round of auctions for development of city gas distribution networks, and bids for which will be invited in March, according to information available on the regulator's website.
* REGULATORY: SEBI is considering a proposal to force corporate borrowers to report all defaults above 50 mln rupees if repayment is delayed by over 30 days.
* STEEL: Essar Steel is the best fit for ArcelorMittal to put Lakshmi Mittal's stamp in the world's fastest growing market.
* TELECOMMUNICATION: Telecom Regulatory Authority of India Chairman R.S. Sharma rejected criticism of the authority's order on predatory pricing, saying India's older operators are free to go to court against it. TRAI will soon issue directions to troubled Aircel to keep service quality in check through intra circle roaming pacts, and grant it additional time and porting codes to enable its customers to opt out to other networks. TRAI has expressed serious concerns over the problems being faced by customers of embattled and loss-making mobile operator Aircel and has asked the company to furnish details regarding the "unspent balance amount" of pre-paid subscribers, who have ported out of the network.
