Today Sector News – 06.03.2018
* AUTOMOBILE: The Competition Commission of India has issued more than 100 notices to auto parts companies to investigate global cartels.
* BANKING: Citibank is on track to meet stringent priority sector lending targets announced by the Reserve Bank of India for large foreign banks, said Shinjini Kumar, country business manager of the global consumer bank.
-The Reserve Bank of India will infuse up to 1 trln rupees into the banking system through special auctions this month to manage additional demand for liquidity as activities of banks and corporate entities pick pace before the close of the financial year.
* COMMODITIES: The government has capped the price of urea at 242 rupees per 45 kg bag, and for the same amount of zincated urea at 266 rupees, according to an order by the Ministry of Agriculture and Farmers Welfare.
* ENERGY: The Indian Energy Exchange is looking at launching a spot gas exchange for trading of natural gas produced by marginal fields.
* EXCHANGES: The National Stock Exchange is close to receiving US regulator Commodity Futures Trading Commission's approval that will enable a class of hedge funds deal on its derivatives platform.
* FINANCE: Finova Capital, a Jaipur-based non-banking financial company, has raised $6 mln in funds in two tranches from Sequoia India. IL&FS Financial Services board has approved the issuance of Masala bonds or rupee-denominated bonds worth up to $500 mln on private-placement basis.
* OIL AND GAS: Essar Oil and Gas Exploration and Production would submit a proposal on shale gas exploration potential to the steering committee set up by the ministry of petroleum and natural gas for the company's Raniganj CBM block in West Bengal.
-US shale oil output is set to surge over the next five years, stealing market share from OPEC producers and pushing the US, once the world's top oil importer, closer to self sufficiency, the International Energy Agency said on Monday.
* STEEL: The committee of creditors for Essar Steel is likely to meet on Wednesday to consider the
resolution plans worked out by ArcelorMittal and Numetal for the loss-making steelmaker.
* TELECOMMUNICATION: Telecom tribunal TDSAT has asked regulator Telecom Regulatory Authority of India to file a reply in three weeks regarding its recently released regulations on predatory pricing.
-Aircel has told the National Company Law Tribunal that it owes about 500 bln rupees to financial and operational lenders, and has sought an urgent hearing to appoint an Interim Resolution Professional to help resolve issues around continuation of services, repayment of loans, payment of salaries, among others.
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* BANKING: Citibank is on track to meet stringent priority sector lending targets announced by the Reserve Bank of India for large foreign banks, said Shinjini Kumar, country business manager of the global consumer bank.
-The Reserve Bank of India will infuse up to 1 trln rupees into the banking system through special auctions this month to manage additional demand for liquidity as activities of banks and corporate entities pick pace before the close of the financial year.
* COMMODITIES: The government has capped the price of urea at 242 rupees per 45 kg bag, and for the same amount of zincated urea at 266 rupees, according to an order by the Ministry of Agriculture and Farmers Welfare.
* ENERGY: The Indian Energy Exchange is looking at launching a spot gas exchange for trading of natural gas produced by marginal fields.
* EXCHANGES: The National Stock Exchange is close to receiving US regulator Commodity Futures Trading Commission's approval that will enable a class of hedge funds deal on its derivatives platform.
* FINANCE: Finova Capital, a Jaipur-based non-banking financial company, has raised $6 mln in funds in two tranches from Sequoia India. IL&FS Financial Services board has approved the issuance of Masala bonds or rupee-denominated bonds worth up to $500 mln on private-placement basis.
* OIL AND GAS: Essar Oil and Gas Exploration and Production would submit a proposal on shale gas exploration potential to the steering committee set up by the ministry of petroleum and natural gas for the company's Raniganj CBM block in West Bengal.
-US shale oil output is set to surge over the next five years, stealing market share from OPEC producers and pushing the US, once the world's top oil importer, closer to self sufficiency, the International Energy Agency said on Monday.
* STEEL: The committee of creditors for Essar Steel is likely to meet on Wednesday to consider the
resolution plans worked out by ArcelorMittal and Numetal for the loss-making steelmaker.
* TELECOMMUNICATION: Telecom tribunal TDSAT has asked regulator Telecom Regulatory Authority of India to file a reply in three weeks regarding its recently released regulations on predatory pricing.
-Aircel has told the National Company Law Tribunal that it owes about 500 bln rupees to financial and operational lenders, and has sought an urgent hearing to appoint an Interim Resolution Professional to help resolve issues around continuation of services, repayment of loans, payment of salaries, among others.
