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Today Sector News – 31.05.2018

Today Sector News – 31.05.2018


* AVIATION: AirAsia India Director R. Venkataramanan has denied any wrongdoing in the procedure to obtain licence to fly on international routes and said charges levelled against the company were "revenge" action by former chairman of Tata Group Cyrus Mistry. The government has not received any bids for its 76% stake in national carrier Air India and expects offers to come in today, just before the submission of expressions of interest closes.

* BANKING: Reserve Bank of India Deputy Governor B.P. Kanungo said there were too many variants and products in the retail digital payments space, and a consolidation of products and players could be pursued.

* COMMODITY: Indian non-Basmati rice may soon make its way to China with Beijing clearing the grain of any risk of introduction of alien pests.

* LOGISTIC: The logistics sector is set to create 3 mln new jobs in the next four years, primarily driven by increased investments in road, railway infrastructure, and implementation of goods and services tax.

* OIL AND GAS: The Kerala government has cut value added tax on petrol by 169 basis points and on diesel by 175 basis points, the state's Finance Minister Thomas Isaac said.

* POWER: The government is considering making it mandatory for all power projects funded by state-run banks to procure local equipment.

* REGULATORY: The Securities and Exchange Board of India has directed that any appeal for a review of a rating on debt instruments shall be taken up by a committee having a majority of "independent" members.

* STEEL: The National Company Law Appellate Tribunal on Wednesday adjourned till Jul 2 the hearing over the appeals filed by Essar Steel resolution applicants NuMetal and Arcelor Mittal.

* TAXATION: The government said that more than 300 bln rupees has been sanctioned till date as refunds under the goods and services tax.