Today's Sector View – 10.12.2018
* ECONOMY: The government has appointed Krishnamurthy Subramanian as chief economic adviser for a period of three years.
* FINANCE: IL&FS has sought more time from the Securities and Exchange Board of India to submit financial results for the half year ended Sep 30.
* OIL AND GAS: Russia has agreed to cut its crude oil production by 200,000 barrels per day, according to media reports citing delegates at a meeting between the Organization of the Petroleum Exporting Countries and non-OPEC producers in Vienna.
-The Organization of the Petroleum Exporting Countries and its allies will jointly cut crude oil productionby 1.2 mln barrels per day for six months from January, OPEC President Suhail Mohamed Al Mazrouei said.
* REGULATORY: The Securities and Exchange Board of India directed all listed companies to disclose details of respective "significant beneficial owners" in addition to registered owners.
* STEEL: Steel companies are likely to drop prices of flat products by up to 1,500 rupees per tn.
* TAXATION: The next GST Council meeting will take place on Dec 22, but the agenda is yet to be finalised.
-India could soon offer some relief to the back-office support sector that is rattled by the recent Authority for Advance Ruling decision that services rendered to overseas clients did not qualify as exports and would face goods and services tax of 18%.
* TRADE: India has signed a pact with Iran to settle imports from the latter in Indian rupees to circumvent economic sanctions imposed by the US.
* FINANCE: IL&FS has sought more time from the Securities and Exchange Board of India to submit financial results for the half year ended Sep 30.
* OIL AND GAS: Russia has agreed to cut its crude oil production by 200,000 barrels per day, according to media reports citing delegates at a meeting between the Organization of the Petroleum Exporting Countries and non-OPEC producers in Vienna.
-The Organization of the Petroleum Exporting Countries and its allies will jointly cut crude oil productionby 1.2 mln barrels per day for six months from January, OPEC President Suhail Mohamed Al Mazrouei said.
* REGULATORY: The Securities and Exchange Board of India directed all listed companies to disclose details of respective "significant beneficial owners" in addition to registered owners.
* STEEL: Steel companies are likely to drop prices of flat products by up to 1,500 rupees per tn.
* TAXATION: The next GST Council meeting will take place on Dec 22, but the agenda is yet to be finalised.
-India could soon offer some relief to the back-office support sector that is rattled by the recent Authority for Advance Ruling decision that services rendered to overseas clients did not qualify as exports and would face goods and services tax of 18%.
* TRADE: India has signed a pact with Iran to settle imports from the latter in Indian rupees to circumvent economic sanctions imposed by the US.
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