Today's Sector News – 04.02.2019

Today's Sector News – 04.02.2019 

* AGRICULTURE: The government would use data from the 2015-16 agriculture census to identify
beneficiaries for the direct income support of 6,000 rupees a year under the Pradhan Mantri Kisan Samman Nidhi, Farm Minister Radha Mohan Singh said.

* AUTOMOBILE: Honda Cars India's domestic sales rose 23% on year to 18,261 units in January. The company exported 200 units during the month. Hyundai Motors' domestic vehicle sales rose 0.6% on year to 45,803 units in January. Toyota Kirloskar Motor's total sales declined 8.8% on year to 12,067 units in January. Suzuki Motorcycle India reported domestic sales of 63,209 units in January, up 40% on year.

* AVIATION: In the Budget on Friday, the government allocated 13 bln rupees to service Air India's debt that has been transferred to a special purpose vehicle called Air India Asset Holding Ltd.

* BANKING: The central board of the Reserve Bank of India may consider the government's request for an interim dividend in the customary post-Budget meeting with the finance minister, scheduled for Feb 9.

* FERTILISER: The income support scheme announced in the Union Budget can go hand in hand with the current subsidies on food and fertilisers, Union Minister Arun Jaitley said.

* FINANCE: The government has set the issue price for the sixth tranche of sovereign gold bonds in 2018-19 (Apr-Mar) at 3,326 rupees per gm. Aspire Home Finance redeemed non-convertible debentures worth 500 mln rupees on Thursday.

* MINING: The government plans to auction three mineral blocks having reserves of 280.295 mln tn in the current and next month.

* STEEL: Bhushan Power & Steel promoter, Sanjay Singal, has unveiled a last-minute bid to save his
company from going under the hammer by offering creditors a proposal to repay their entire dues of 471.51 bln rupees.

* TELECOMMUNICATION: Confusion prevailed among direct-to-home and cable TV subscribers as the Telecom Regulatory Authority of India's tariff order for TV channels came into force on Friday, with many of them yet to migrate to new plans.

* Tata Teleservices has offered to surrender spectrum allocated to it without auction in around 15 circles before its merger with BHARTI AIRTEL is approved by the telecom department.

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