Today Sector News – 05.12.2018
* AUTOMOBILE: Isuzu Motors India has raised the prices of its vehicles by up to 100,000 rupees, exshowroom, effective Jan 1, owing to an increase in input and distribution costs.
* BANKING: The Reserve Bank of India has said it will inject 100 bln rupees into the system through the purchase of government securities on Thursday.
* ENERGY: The average spot price of electricity fell over 40% on month to 3.59 rupees per unit in November on the Indian Energy Exchange. The Delhi High Court on Tuesday asked the Central Bureau of Investigation to produce original documents pertaining to three probes into alleged false invoicing of imports by power companies in India.
* FINANCE: Axis Capital's Managing Director and Chief Executive Officer Dharmesh Mehta has resigned having decided to pursue other interests.
-The Uday Kotak-led board of Infrastructure Leasing and Financial Services is taking a string of steps--from selling stakes in subsidiaries and real estate to reducing wage bills--to raise about 160 bln rupees as it battles to show progress to lenders who want concrete steps towards monetisation.
-IL&FS Financial Services kept extending loans to several companies so that they could avoid defaulting on their debt repayments, according to a report of Serious Fraud Investigation Office.
* OIL AND GAS: French Prime Minister Edouard Philippe has suspended hike in fuel prices for six months after nation-wide protests demanding the same.
* RETAIL: Consumer-focused private equity manager Lighthouse India Fund III will invest 2.5 bln rupees to acquire a minority stake in footwear manufacturer Aqualite Industries.
-Amazon India has received 22 bln rupees, the fourth tranche of capital infusion this year, bringing its total funding so far closer to the $5 bln that founder Jeff Bezos committed for the business in 2016.
-The income tax department is examining the taxation issues with regard to payments made by Walmart to various shareholders of Flipkart, following the acquisition of the e-commerce firm.
* SUGAR: Mills across the country produced 3.97 mln tn of sugar during Oct-Nov, up 1.5% on year, Indian Sugar Mills Association said.
-After facilitating a soft loan of 61.39 bln rupees, the food ministry will soon seek Cabinet approval to facilitate additional loans worth around 74 bln to sugar mills to enhance their ethanol production capacity.
* TAXATION: To meet the steep direct tax collections target for 2018-19 (Apr-Mar), the Central Board of Direct Taxes has stepped up scrutiny of tax assessees, especially top corporates, a senior finance ministry official said.
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* BANKING: The Reserve Bank of India has said it will inject 100 bln rupees into the system through the purchase of government securities on Thursday.
* ENERGY: The average spot price of electricity fell over 40% on month to 3.59 rupees per unit in November on the Indian Energy Exchange. The Delhi High Court on Tuesday asked the Central Bureau of Investigation to produce original documents pertaining to three probes into alleged false invoicing of imports by power companies in India.
* FINANCE: Axis Capital's Managing Director and Chief Executive Officer Dharmesh Mehta has resigned having decided to pursue other interests.
-The Uday Kotak-led board of Infrastructure Leasing and Financial Services is taking a string of steps--from selling stakes in subsidiaries and real estate to reducing wage bills--to raise about 160 bln rupees as it battles to show progress to lenders who want concrete steps towards monetisation.
-IL&FS Financial Services kept extending loans to several companies so that they could avoid defaulting on their debt repayments, according to a report of Serious Fraud Investigation Office.
* OIL AND GAS: French Prime Minister Edouard Philippe has suspended hike in fuel prices for six months after nation-wide protests demanding the same.
* RETAIL: Consumer-focused private equity manager Lighthouse India Fund III will invest 2.5 bln rupees to acquire a minority stake in footwear manufacturer Aqualite Industries.
-Amazon India has received 22 bln rupees, the fourth tranche of capital infusion this year, bringing its total funding so far closer to the $5 bln that founder Jeff Bezos committed for the business in 2016.
-The income tax department is examining the taxation issues with regard to payments made by Walmart to various shareholders of Flipkart, following the acquisition of the e-commerce firm.
* SUGAR: Mills across the country produced 3.97 mln tn of sugar during Oct-Nov, up 1.5% on year, Indian Sugar Mills Association said.
-After facilitating a soft loan of 61.39 bln rupees, the food ministry will soon seek Cabinet approval to facilitate additional loans worth around 74 bln to sugar mills to enhance their ethanol production capacity.
* TAXATION: To meet the steep direct tax collections target for 2018-19 (Apr-Mar), the Central Board of Direct Taxes has stepped up scrutiny of tax assessees, especially top corporates, a senior finance ministry official said.
