Today Sector News – 21.11.2018
* AUTOMOBILE: Nissan's investigation into alleged misconduct by Chairman Carlos Ghosn is
expanding to include Renault-Nissan finances.
* AVIATION: With the closure of one runway at New Delhi's airport reducing capacity by 10%,
air fares in and out of the Indian capital have shot up to three times the normal level. Air India has
revived its plans to raise 5 bln rupees in short-term loans besides mopping up another 61 bln
rupees by way of sale and leaseback of seven of its wide-body plane.
- Financially-stressed Indian airlines want all airports and oil-marketing companies to grant
them a month's extra and unsecured credit to improve their liquidity and waive penalties for late
payment.
* BANKING: The proposed committee to examine the Reserve Bank of India's capital framework
and surplus transfer to the government will be formed soon and its structure will be decided jointly
by Finance Minister Arun Jaitley and Reserve Bank of India Governor Urjit Patel, a senior finance
ministry official said. Indian banks may get a reprieve of about 134 bln rupees in capital
exemption, as announced by the Reserve Bank of India board on Monday. The RBI's decision to
extend the timeline for the implementation of the capital conservation buffer norm by a year to
March 2020 could reduce banks' capital requirements by around 350 bln rupees for the current
fiscal, government officials said.
* METALS: Taking forward trade dispute with the US in the World Trade Organization, India has
asked the Geneva-based multilateral body to set up a panel against the US for imposing high
import duties on certain steel and aluminium products.
* POWER: India's first hybrid solar and wind tender was undersubscribed by 150 MW, with only
Adani Green Energy and Softbank-backed SB Energy coming forward to take a share of the pie.
* TELECOMMUNICATION: The government is considering a relief package for the telecom
industry that's laden with debt and hit by earnings woes, after certain companies sought support.
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expanding to include Renault-Nissan finances.
* AVIATION: With the closure of one runway at New Delhi's airport reducing capacity by 10%,
air fares in and out of the Indian capital have shot up to three times the normal level. Air India has
revived its plans to raise 5 bln rupees in short-term loans besides mopping up another 61 bln
rupees by way of sale and leaseback of seven of its wide-body plane.
- Financially-stressed Indian airlines want all airports and oil-marketing companies to grant
them a month's extra and unsecured credit to improve their liquidity and waive penalties for late
payment.
* BANKING: The proposed committee to examine the Reserve Bank of India's capital framework
and surplus transfer to the government will be formed soon and its structure will be decided jointly
by Finance Minister Arun Jaitley and Reserve Bank of India Governor Urjit Patel, a senior finance
ministry official said. Indian banks may get a reprieve of about 134 bln rupees in capital
exemption, as announced by the Reserve Bank of India board on Monday. The RBI's decision to
extend the timeline for the implementation of the capital conservation buffer norm by a year to
March 2020 could reduce banks' capital requirements by around 350 bln rupees for the current
fiscal, government officials said.
* METALS: Taking forward trade dispute with the US in the World Trade Organization, India has
asked the Geneva-based multilateral body to set up a panel against the US for imposing high
import duties on certain steel and aluminium products.
* POWER: India's first hybrid solar and wind tender was undersubscribed by 150 MW, with only
Adani Green Energy and Softbank-backed SB Energy coming forward to take a share of the pie.
* TELECOMMUNICATION: The government is considering a relief package for the telecom
industry that's laden with debt and hit by earnings woes, after certain companies sought support.
