Today's Sector News - 12.12.2019: 09.00 Am
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* AUTOMOBILE: Mercedes-Benz India will raise prices across its models by up to 3% from the first week of January to offset the rise in input and commodity costs.
* BANKING: Reserve Bank of India Governor Shaktikanta Das met managing directors and chief executive officers of major public sector banks on Wednesday to discuss several issues pertaining to the banking sector.
* CORPORATE: The Supreme Court's directive to telecom service providers to pay the pending dues
pertaining to the underpaid licence fees and associated penalties and interest could adversely impact the nontelecom companies including GAIL, OIL INDIA, and POWER GRID CORP OF INDIA.
* FINANCE: The Lok Sabha on Wednesday passed the International Financial Services Authority Bill, 2019 which seeks to establish an authority to develop and regulate financial products, services and institutions in international financial services centres in India.
* INFRASTRUCTURE: The Cabinet has approved setting up of an Infrastructure Investment Fund by the National Highways Authority of India to enable it to monetise completed national highway projects that have a toll collection track record of at least one year.
-The Cabinet has approved 53-bln-rupee additional equity support to India Infrastructure Finance Co
Ltd in 2019-20 (Apr-Mar) and 100 bln rupees more in the following year. The government has left it open whether the equity infusion will be through budgetary support or by issuing recapitalisation bonds or a combination of both.
-The Union Cabinet on Wednesday approved revision in funding pattern for three approved priority
corridors of Delhi Metro phase IV, in line with the Supreme Court order in September directing the Centre to bear half of the cost of land for the three corridors.
* INSURANCE: The Insurance Regulatory and Development Authority of India has allowed insurance companies to invest in debt exchange-traded funds with underlying debt securities of central public sector enterprises.
* NON-BANKING FINANCE COMPANIES: The Union Cabinet has approved relaxation of the partial credit guarantee scheme for purchase of high-rated pooled assets of non-banking and housing finance companies by public sector banks.
* OIL AND GAS: The Organization of the Petroleum Exporting Countries today maintained its projections for growth in global crude oil demand for 2020 as well as for 2019.
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