Today's Sector News - 30.12.2019: 09.00 Am
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* AUTOMOBILES: The government has invited suggestions on the proposed Bharat Stage-VI emission norms for quadricycles.
* AVIATION: The government is expected to soon come out with expression of interest for its entire stake in Air India, Civil Aviation Minister Hardeep Singh Puri said.
* COMMODITIES: Crushing operations in Maharashtra are likely to last for only 90 days in the ongoing season because the availability of cane is low due to drought in Marathwada last year and floods in Sangli and Kolhapur in September.
- India's rabi acreage so far is 6.6% higher on year at 57.18 mln ha.
- Maharashtra has decided to ban export of molasses as well as sale to other states as likely lower
output in the current season has led to its shortage in the state.
* ECONOMY: Reserve Bank of India Governor Shaktikanta Das said the central bank would look to
provide a "responsive and proactive monetary policy" to tackle the weak domestic growth environment where different "sources of vulnerabilities" exist.
- A senior government official said 50 companies in India reduced their debt by 596 bln rupees in
Apr-Sep, which impacted the banking sector's credit growth.
- The government has decided to waive merchant discount rates from Wednesday on transactions
conducted through RuPay and Unified Payments Interface, Finance Minister Nirmala Sitharaman said.
* FINANCE: The government is of the opinion that the stress in non-banking finance companies and
housing finance companies is restricted to five-six individual entities and is not a sector-wide issue, a senior government official said.
- The government is discussing a proposal to use its residual Specified Undertaking of Unit Trust of
India holdings to create a facility for boosting non-banking finance companies' ability to mobilise funds.
* INSURANCE: Life Insurance Corp of India saw a 9.9% increase in its surplus for 2018-19 (Apr-Mar) to 532.14 bln rupees.
* PHARMACEUTICALS: The Centre is considering rationalising trade margins for drugs first at 45% and gradually lowering them and capping them at 30%, possibly starting with one drug category at a time.
* REGULATORY: The Securities and Exchange Board of India told investment advisers to accept advisory fees strictly through account-payee crossed cheques, demand drafts, or through the online digital payments system, and not through cash deposits.
- The Securities and Exchange Board of India is planning to make pre-trade allocations mandatory
for all institutional investors, reviving a proposal it had floated two years ago.
* TELECOM: The finance ministry has turned down telecom companies' request to reduce their licence fee, spectrum usage charge, universal services obligation fee and other levies in the upcoming Budget.
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