Today Sector News – 12.06.2018
* BANKING: As part of Digital India initiative, all the 290,000 common services centres access points for delivery of various electronic services to villages in India will soon start functioning as banking correspondents, Information Technology Minister Ravi Shankar Prasad said.
-National Highways Authority of India has sought expressions of interest from banks to avail a term loan worth 250 bln rupees during 2018-19 (Apr-Mar), according to a tender on its website.
-Insolvency proceedings against a dozen entities reached resolutions during Jan-Mar, helping secured
lenders recover 30.7 bln rupees, according to data published by the Insolvency and Bankruptcy Board of India.
-The government does not expect any more bank to slip into the Reserve Bank of India's Prompt
Corrective Action framework, a finance ministry official said.
-A meeting of the finance ministry, power ministry, power producers association, and the Reserve Bank of India will be held soon to discuss the issues being faced by power companies because of the central bank's new regulations on stressed assets, Finance Minister Piyush Goyal said.
-The RBI has proposed that at least 40% of banking exposure of a company with fund-based working capital exceeding 1.5 bln rupees, must be through a term loan.
* CORPORATE: Law firm Cyril Amarchand Mangaldas has resigned as legal advisor to Adani Wilmar in the ongoing RUCHI SOYA INDUSTRIES bankruptcy case to avoid any perception of conflict of interest.
-The Central Bureau of Investigation asked Interpol to issue a red corner notice against the fugitive
billionaire on Nirav Modi, who masterminded the PUNJAB NATIONAL BANK fraud.
-The UK has confirmed the presence of Nirav Modi within its jurisdiction, leading India to push for his extradition amid fears that the diamond trader wanted for the PNB bank fraud might seek political asylum in the country.
* ECONOMY: The government said it will revise the base year of macroeconomic indicators and aggregates to 2017-18 (Apr-Mar) as part of its normal base revisions. The Centre has so far signed memoranda of understanding with 12 states for the National Health Protection Scheme, Union Health Minister J.P. Nadda said.
* INFRASTRUCTURE: Road Transport and Highways Minister Nitin Gadkari asked officials and contractors to ensure that work on 27,000 km of road projects awarded before March 2015 was completed, the government said in a release. The Tata Group is looking at monetising income-producing assets worth 8 bln rupees to 10 bln rupees of two companies as it restructures its infrastructure and real estate businesses
* OIL AND GAS: The food ministry has asked the petroleum ministry to price ethanol manufactured from Bheavy molasses higher than those produced from C-heavy molasses, a senior government official. India's total consumption of petroleum products rose 3.4% on year in May to 18.72 mln tn, primarily led by a robust growth in consumption of liquefied petroleum gas, as per data released by the oil ministry's Petroleum Planning & Analysis Cell.
* POWER: Over 9,000 MW of thermal power plants are shut due to non-availability of coal while almost 3,500 MW of thermal power projects are idle for the want of gas.
* RAILWAYS: The government has put on hold disinvestment of Indian Railway Catering and Tourism Corp as it wants to tap the massive pile of data. Railway minister Piyush Goyal has said Indian Railways would offer 'blocks' for maintenance in a scheduled manner so that repairs are undertaken without affecting
running of trains.
* REGULATORY: The Securities and Exchange Board of India plans to tighten rules for trading settlement and introduce custodians for retail investors.
* TELECOMMUNICATION: Aircel, which faces about 59 bln rupees in claims from its operational creditors, owes 58% of dues to tower company GTL group, while the owner of Paytm and WIPRO have also sought to recover outstanding money for services provided to the bankrupt telecom operator.
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-National Highways Authority of India has sought expressions of interest from banks to avail a term loan worth 250 bln rupees during 2018-19 (Apr-Mar), according to a tender on its website.
-Insolvency proceedings against a dozen entities reached resolutions during Jan-Mar, helping secured
lenders recover 30.7 bln rupees, according to data published by the Insolvency and Bankruptcy Board of India.
-The government does not expect any more bank to slip into the Reserve Bank of India's Prompt
Corrective Action framework, a finance ministry official said.
-A meeting of the finance ministry, power ministry, power producers association, and the Reserve Bank of India will be held soon to discuss the issues being faced by power companies because of the central bank's new regulations on stressed assets, Finance Minister Piyush Goyal said.
-The RBI has proposed that at least 40% of banking exposure of a company with fund-based working capital exceeding 1.5 bln rupees, must be through a term loan.
* CORPORATE: Law firm Cyril Amarchand Mangaldas has resigned as legal advisor to Adani Wilmar in the ongoing RUCHI SOYA INDUSTRIES bankruptcy case to avoid any perception of conflict of interest.
-The Central Bureau of Investigation asked Interpol to issue a red corner notice against the fugitive
billionaire on Nirav Modi, who masterminded the PUNJAB NATIONAL BANK fraud.
-The UK has confirmed the presence of Nirav Modi within its jurisdiction, leading India to push for his extradition amid fears that the diamond trader wanted for the PNB bank fraud might seek political asylum in the country.
* ECONOMY: The government said it will revise the base year of macroeconomic indicators and aggregates to 2017-18 (Apr-Mar) as part of its normal base revisions. The Centre has so far signed memoranda of understanding with 12 states for the National Health Protection Scheme, Union Health Minister J.P. Nadda said.
* INFRASTRUCTURE: Road Transport and Highways Minister Nitin Gadkari asked officials and contractors to ensure that work on 27,000 km of road projects awarded before March 2015 was completed, the government said in a release. The Tata Group is looking at monetising income-producing assets worth 8 bln rupees to 10 bln rupees of two companies as it restructures its infrastructure and real estate businesses
* OIL AND GAS: The food ministry has asked the petroleum ministry to price ethanol manufactured from Bheavy molasses higher than those produced from C-heavy molasses, a senior government official. India's total consumption of petroleum products rose 3.4% on year in May to 18.72 mln tn, primarily led by a robust growth in consumption of liquefied petroleum gas, as per data released by the oil ministry's Petroleum Planning & Analysis Cell.
* POWER: Over 9,000 MW of thermal power plants are shut due to non-availability of coal while almost 3,500 MW of thermal power projects are idle for the want of gas.
* RAILWAYS: The government has put on hold disinvestment of Indian Railway Catering and Tourism Corp as it wants to tap the massive pile of data. Railway minister Piyush Goyal has said Indian Railways would offer 'blocks' for maintenance in a scheduled manner so that repairs are undertaken without affecting
running of trains.
* REGULATORY: The Securities and Exchange Board of India plans to tighten rules for trading settlement and introduce custodians for retail investors.
* TELECOMMUNICATION: Aircel, which faces about 59 bln rupees in claims from its operational creditors, owes 58% of dues to tower company GTL group, while the owner of Paytm and WIPRO have also sought to recover outstanding money for services provided to the bankrupt telecom operator.
