Today's Sector View – 23.01.2019
* AUTOMOBILES: Nissan Motor India launched its new sport utility vehicle Kicks, whose price starts at 955,000 rupees. Two-wheeler buyers may soon have to pay more to drive home motorcycles and scooters with the government planning to levy a 'green cess' on petrol-powered versions to subsidise the electric ones.
* AVIATION: The aviation ministry has opposed the government's demand for Airports Authority of India's entire profit for fiscal 2018 to be paid as dividend.
* FINANCE: Infrastructure Leasing & Financial Services has defaulted on interest payment on nonconvertible debentures, due on Tuesday. IL&FS Financial Services has defaulted on a 251.3-mln-rupee payment towards a term loan, including interest, due on Tuesday. IL&FS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, industry. Infrastructure Leasing & Financial Services is close to hiring Grant Thornton to investigate alleged irregularities in its operations.
* INSURANCE: The Department of Financial Services has sought a capital infusion of about 40 bln rupees for government-owned insurance firms – National Insurance Co, United India Insurance and Oriental Insurance Co – in the Interim Budget.
* MUTUAL FUNDS: The Income Tax Department is nudging companies, especially mutual fund houses, to pay the dividend distribution tax.
* POWER: The government will soon draft a new Ujwal DISCOM Assurance Yojana, or UDAY scheme, to improve the technologies used by power distribution companies, as well as their financials, Power Minister R.K. Singh said.
* STEEL: Steel Minister Chaudhary Birender Singh has said his ministry will soon constitute a National Steel Safety Board. JSW Group Chairman Sajjan Jindal's remarks in Davos that he's still interested in Essar Steel and that Ruias should be given a chance evoked a strong riposte from ArcelorMittal, the highest bidder for the assets under the insolvency law.
* AVIATION: The aviation ministry has opposed the government's demand for Airports Authority of India's entire profit for fiscal 2018 to be paid as dividend.
* FINANCE: Infrastructure Leasing & Financial Services has defaulted on interest payment on nonconvertible debentures, due on Tuesday. IL&FS Financial Services has defaulted on a 251.3-mln-rupee payment towards a term loan, including interest, due on Tuesday. IL&FS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, industry. Infrastructure Leasing & Financial Services is close to hiring Grant Thornton to investigate alleged irregularities in its operations.
* INSURANCE: The Department of Financial Services has sought a capital infusion of about 40 bln rupees for government-owned insurance firms – National Insurance Co, United India Insurance and Oriental Insurance Co – in the Interim Budget.
* MUTUAL FUNDS: The Income Tax Department is nudging companies, especially mutual fund houses, to pay the dividend distribution tax.
* POWER: The government will soon draft a new Ujwal DISCOM Assurance Yojana, or UDAY scheme, to improve the technologies used by power distribution companies, as well as their financials, Power Minister R.K. Singh said.
* STEEL: Steel Minister Chaudhary Birender Singh has said his ministry will soon constitute a National Steel Safety Board. JSW Group Chairman Sajjan Jindal's remarks in Davos that he's still interested in Essar Steel and that Ruias should be given a chance evoked a strong riposte from ArcelorMittal, the highest bidder for the assets under the insolvency law.
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