Today's Sector View – 19.12.2018
* AUTOMOBILE: The government has drafted a plan to impose a fee of 12,000 rupees on purchase of new petrol and diesel cars to raise money for incentivising electric vehicles and battery manufacturing, under a new policy that is nearing finalisation.
-Cab aggregator Ola has agreed to invest an additional $100 mln in scooter-sharing start-up Vogo as part of a new strategic alliance.
* BANKING: The Reserve Bank of India has increased its scheduled bond purchase through open market operations in December to 500 bln rupees as against the previously planned amount of 400 bln rupees.
* EXCHANGES: The National Stock Exchange has received approval from the Securities and Exchange Board of India to launch weekly options of its benchmark Nifty 50 index.
* FINANCE: IL&FS has defaulted on payment of principal and interest towards non-convertible debentures due on Dec 15.
* OIL AND GAS: Crude oil futures in the US fell to a 14-month low due to expectation of a rise in US shale output and higher inventories in the US, which led to worries about oversupply in the market.
* PHARMACEUTICAL: E-pharmacies has filed an appeal against a Madras High Court order asking online pharmacies to shut down operations by Dec 20 and the central government to notify regulations guiding these companies by Jan 31, seeking a stay on the HC order.
* STEEL: Shareholders of the bankrupt Essar Steel cannot invoke "right of redemption" as the committee of creditors has absolute control over the insolvency resolution process, the lenders' panel told the National Company Law Tribunal.
* TELECOMMUNICATION: In a strongly worded statement, Telecom Regulatory Authority of India
Chairman R.S. Sharma hit out at certain broadcast sector players who have allegedly started a misinformation campaign that tariffs would rise when the regulator's new norms come into effect from Dec 29.
-The government plans to hold inter-ministerial consultations on network security concerns arising from Huawei's participation in field trials for 5G technology after global calls to ban the company.
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-Cab aggregator Ola has agreed to invest an additional $100 mln in scooter-sharing start-up Vogo as part of a new strategic alliance.
* BANKING: The Reserve Bank of India has increased its scheduled bond purchase through open market operations in December to 500 bln rupees as against the previously planned amount of 400 bln rupees.
* EXCHANGES: The National Stock Exchange has received approval from the Securities and Exchange Board of India to launch weekly options of its benchmark Nifty 50 index.
* FINANCE: IL&FS has defaulted on payment of principal and interest towards non-convertible debentures due on Dec 15.
* OIL AND GAS: Crude oil futures in the US fell to a 14-month low due to expectation of a rise in US shale output and higher inventories in the US, which led to worries about oversupply in the market.
* PHARMACEUTICAL: E-pharmacies has filed an appeal against a Madras High Court order asking online pharmacies to shut down operations by Dec 20 and the central government to notify regulations guiding these companies by Jan 31, seeking a stay on the HC order.
* STEEL: Shareholders of the bankrupt Essar Steel cannot invoke "right of redemption" as the committee of creditors has absolute control over the insolvency resolution process, the lenders' panel told the National Company Law Tribunal.
* TELECOMMUNICATION: In a strongly worded statement, Telecom Regulatory Authority of India
Chairman R.S. Sharma hit out at certain broadcast sector players who have allegedly started a misinformation campaign that tariffs would rise when the regulator's new norms come into effect from Dec 29.
-The government plans to hold inter-ministerial consultations on network security concerns arising from Huawei's participation in field trials for 5G technology after global calls to ban the company.
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