Today's Sector News - 19.12.2019: 09.00 Am
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* AUTOMOBILE: The Federation of Automobile Dealers' Associations on Wednesday moved the Supreme Court seeking its permission for automobile dealers to sell and register leftover Bharat Stage-IV inventory beyond the Apr 1 deadline for complete transition to BS-VI compliant vehicles.
* CORPORATE: In a startling move that could well become the cornerstone of shareholders' democracy in India, the National Company Law Appellate Tribunal restored Cyrus Mistry as chairman of Tata Sons.
- Cyrus Mistry on Wednesday said the order of the appellate tribunal restoring him as executive
chairman of Tata Sons was "vindication" of his stand against 2016 ouster.
* ECONOMY: According to an internal estimate of the finance ministry, the Indian economy is likely to grow at 5.3% in the current financial year ending March.
- Bihar and Kerala governments have suggested raising the fiscal deficit limit for states to 4% from
3%, Kerala's Finance Minister Thomas Isaac said on Twitter, adding that many states agreed to the
suggestion.
* INFRASTRUCTURE: National Highways Authority of India plans to raise at least 50 bln rupees by issuing 30-year bonds, and has invited bids for the same on Friday.
* PHARMACEUTICAL: As their pricing power improves, Indian pharmaceutical companies are expected to report compounded annual growth rate of 10-12% till 2021-22 (Apr-Mar), rating agency ICRA said.
* POWER: Capacity utilisation of thermal power plants in India is seen falling to 59.0% in 2019-20 (Apr- Mar) from 61% in the previous year, due to slowdown in electricity demand along with higher generation from hydro, nuclear and renewable sources, ICRA said.
* REALTY: Global insurance and asset management major Allianz Group's joint venture entity with
Shapoorji Pallonji Group has acquired nearly 2.5 mln sq ft information technology special economic zone property Waverock in Hyderabad for about 18 bln rupees.
* STEEL: Citigroup Global Markets sees the average price of steel in India rising in 2020-21 (Apr-Mar) due to recovery in domestic demand and similar price trajectory in the international market.
- The prices of long steel products have risen by 300-400 rupees per tn across the value chain, and
are likely to rise further because of a possible disruption in supply of iron ore from Odisha, Edelweiss
Securities said.
* TAXATION: The central government may not be able to pay states compensation for losses on account of goods and services tax beyond the month of February with cess collections expected to remain subdued, West Bengal Finance Minister Amit Mitra said.
- The GST Council has decided to levy a single rate of GST at 28% on both state-run and stateauthorised lotteries.
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