Today Sector News – 27.11.2018
* AUTOMOBILE: Hyundai Motor India has received over 38,500 bookings for the new Santro.
* AVIATION: The government is targeting completion of privatisation of six airports--Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru--by Feb 28 by awarding a 50-year lease.
* BANKING: India has signed a $200-mln loan agreement with the Asian Development Bank to finance widening and upgrading of about 230 km of state highways in Bihar.
- The government is planning an urgent infusion of more capital into public sector banks to push credit flow as it worries that liquidity constraints faced by non-banking finance companies may have hit growth.
- The Reserve Bank of India has reduced the mandatory hedge coverage requirement for some external commercial borrowings with a maturity of 3-5 years to 70% from 100%.
- Banks are set to receive 420 bln rupees in capital infusion over the next four months as part of the 2.11- trln-rupee capitalisation plan announced by the government last year.
* COAL: The government has fixed the import limit for calcified petroleum coke for Oct-Mar at 0.25 mtpa, and that for raw petroleum coke at 0.52 mtpa.
* CONSUMER GOODS: The National Anti-profiteering Authority, which is tasked with ensuring that businesses pass on benefits of tax cuts to consumers, is witnessing a surge in complaints relating to overcharging by consumer goods companies.
* EXCHANGE: National Stock Exchange will start weekly derivative contracts on the dollar/rupee currency pair from Dec 3, having received approval from the Securities and Exchange Board of India.
* FINANCE: National Housing Bank has requested RBI to allow it to increase its refinance limit to 500 bln rupees from 300 bln rupees at present, to provide liquidity to housing finance companies.
* INFRASTRUCTURE: The National Highways Authority of India has filed draft papers with SEBI to raise 100 bln rupees for public issue of taxable, secured redeemable non-convertible bonds for retail investors.
* NON-BANKING FINANCIAL COMPANIES: Infrastructure Leasing & Financial Services has received expression of interest from over a dozen bidders for sale of its stake in IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services. The company has defaulted on payments towards short-term deposits, including interest, of 2.2 bln rupees, due on Monday. Gujarat will buy out the 50% stake of Infrastructure Leasing & Financial Services in Gujarat International Finance Tec-City, to ensure there are no delays to the project, said Chief Minister Vijay Rupani.
* REALTY: As part of efforts to diversify its portfolio, realty firm Puravankara plans to add 10 mln sq ft to its commercial and retail operations in Bengaluru, Mumbai, Pune, and Hyderabad by 2023.
* REGULATORY: SEBI may issue a new rule to allow mutual funds to segregate distressed debt securities in their portfolios.
* STEEL: Rashtriya Ispat Nigam is open to foray into flat steel if Hyundai Motor Co finalises Vizag as its site for manufacturing high-grade steel.
* TAX: The Centre may end up losing about 10.50 bln rupees per annum in revenue, if aviation turbine fuel is brought under the ambit of goods and services tax at 18%, according to a note prepared by the Department of Revenue. The taskforce for drafting a new direct tax law will submit its report to the government by Feb 28.
* TELECOMMUNICATION: Telecom companies will have to pay the government 245 bln rupees next year as deferred payment for spectrum won earlier.
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* AVIATION: The government is targeting completion of privatisation of six airports--Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru--by Feb 28 by awarding a 50-year lease.
* BANKING: India has signed a $200-mln loan agreement with the Asian Development Bank to finance widening and upgrading of about 230 km of state highways in Bihar.
- The government is planning an urgent infusion of more capital into public sector banks to push credit flow as it worries that liquidity constraints faced by non-banking finance companies may have hit growth.
- The Reserve Bank of India has reduced the mandatory hedge coverage requirement for some external commercial borrowings with a maturity of 3-5 years to 70% from 100%.
- Banks are set to receive 420 bln rupees in capital infusion over the next four months as part of the 2.11- trln-rupee capitalisation plan announced by the government last year.
* COAL: The government has fixed the import limit for calcified petroleum coke for Oct-Mar at 0.25 mtpa, and that for raw petroleum coke at 0.52 mtpa.
* CONSUMER GOODS: The National Anti-profiteering Authority, which is tasked with ensuring that businesses pass on benefits of tax cuts to consumers, is witnessing a surge in complaints relating to overcharging by consumer goods companies.
* EXCHANGE: National Stock Exchange will start weekly derivative contracts on the dollar/rupee currency pair from Dec 3, having received approval from the Securities and Exchange Board of India.
* FINANCE: National Housing Bank has requested RBI to allow it to increase its refinance limit to 500 bln rupees from 300 bln rupees at present, to provide liquidity to housing finance companies.
* INFRASTRUCTURE: The National Highways Authority of India has filed draft papers with SEBI to raise 100 bln rupees for public issue of taxable, secured redeemable non-convertible bonds for retail investors.
* NON-BANKING FINANCIAL COMPANIES: Infrastructure Leasing & Financial Services has received expression of interest from over a dozen bidders for sale of its stake in IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services. The company has defaulted on payments towards short-term deposits, including interest, of 2.2 bln rupees, due on Monday. Gujarat will buy out the 50% stake of Infrastructure Leasing & Financial Services in Gujarat International Finance Tec-City, to ensure there are no delays to the project, said Chief Minister Vijay Rupani.
* REALTY: As part of efforts to diversify its portfolio, realty firm Puravankara plans to add 10 mln sq ft to its commercial and retail operations in Bengaluru, Mumbai, Pune, and Hyderabad by 2023.
* REGULATORY: SEBI may issue a new rule to allow mutual funds to segregate distressed debt securities in their portfolios.
* STEEL: Rashtriya Ispat Nigam is open to foray into flat steel if Hyundai Motor Co finalises Vizag as its site for manufacturing high-grade steel.
* TAX: The Centre may end up losing about 10.50 bln rupees per annum in revenue, if aviation turbine fuel is brought under the ambit of goods and services tax at 18%, according to a note prepared by the Department of Revenue. The taskforce for drafting a new direct tax law will submit its report to the government by Feb 28.
* TELECOMMUNICATION: Telecom companies will have to pay the government 245 bln rupees next year as deferred payment for spectrum won earlier.
