Today's Sector View – 11.12.2018
* BANKING: N.S. Vishwanathan, the senior-most deputy governor of the Reserve Bank of India, will hold interim charge as governor of the central bank following the sudden and immediate resignation of Urjit Patel. The government was caught completely unaware by the resignation of Urjit Patel as the governor of the Reserve Bank of India. The government will take a call on the next board meeting of the Reserve Bank of India, Economic Affairs Secretary Subhash Chandra Garg said following the resignation. The Reserve Bank of India's spokesperson denied rumours that Deputy Governor Viral Acharya was also set to quit the apex bank, after the sudden resignation of governor Urjit Patel post market hours Monday.
* COMMODITIES: Sugar production in Tamil Nadu during 2019-20 (Oct-Sep) is likely to rise to 1.5 mln tn, Ponni Sugars Managing Director N. Ramanathan said.
* FINANCE: IL&FS Financial Services has defaulted on payments of principal and interest towards term loans of 501.0 mln rupees and short-term deposits of 259.8 mln rupees due on Dec 10.
* OIL AND GAS: The US ethanol industry has started lobbying with India to permit import of fuel-grade ethanol that can be blended with petrol.
* STEEL: Lenders to Essar Steel argued that the plea by Essar Steel Asia Holding to consider the 543.89-blnrupee offer made by the Ruias should be dismissed. Essar Steel case hearing deferred to Dec 13.
* COMMODITIES: Sugar production in Tamil Nadu during 2019-20 (Oct-Sep) is likely to rise to 1.5 mln tn, Ponni Sugars Managing Director N. Ramanathan said.
* FINANCE: IL&FS Financial Services has defaulted on payments of principal and interest towards term loans of 501.0 mln rupees and short-term deposits of 259.8 mln rupees due on Dec 10.
* OIL AND GAS: The US ethanol industry has started lobbying with India to permit import of fuel-grade ethanol that can be blended with petrol.
* STEEL: Lenders to Essar Steel argued that the plea by Essar Steel Asia Holding to consider the 543.89-blnrupee offer made by the Ruias should be dismissed. Essar Steel case hearing deferred to Dec 13.
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