Today's Sector View – 21.12.2018
* AUTOMOBILE: Hyundai Motor India has announced price hike of up to 30,000 rupees across all models, effective January.
* BANKING: Finance Minister Arun Jaitley Thursday said that additional capital infusion in public sector banks would help bring some of them out the central bank's prompt corrective action framework and prevent others from falling under it.
-Having met heads of state-owned banks, Reserve Bank of India Governor Shaktikanta Das is now
scheduled to meet officials from the private sector and co-operative banks next week.
-The government has extended the tenure of Harsh Kumar Bhanwala as chairman of the National Bank for Agriculture and Rural Development by a year.
-Indian Banks' Association has written to the RBI seeking some dispensation on treatment of debt to
beleaguered Infrastructure Leasing & Financial Services and group entities in Oct-Dec, due to the legal uncertainty.
-The RBI has introduced a limit on the overall outstanding stock of external commercial borrowings at 6.5% of the GDP.
* FINANCE: IL&FS Financial Services has defaulted on interest payment of term loan of 1 bln rupees, due Thursday.
* HOSPITALITY: There will be no tax relief for five-star luxury hotels as the GST Council is unlikely to reduce the 28% GST on luxury hotels with tariffs of 7,500 rupees and above.
* OIL AND GAS: India is moving towards getting discounts on crude oil purchases from the Organisation of the Petroleum Exporting Countries and the days of paying so-called Asian premium are over, Oil Minister Dharmendra Pradhan said.
* STEEL: The National Company Law Appellate Tribunal has reserved its order on the Bhushan Power and Steel insolvency case.
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* BANKING: Finance Minister Arun Jaitley Thursday said that additional capital infusion in public sector banks would help bring some of them out the central bank's prompt corrective action framework and prevent others from falling under it.
-Having met heads of state-owned banks, Reserve Bank of India Governor Shaktikanta Das is now
scheduled to meet officials from the private sector and co-operative banks next week.
-The government has extended the tenure of Harsh Kumar Bhanwala as chairman of the National Bank for Agriculture and Rural Development by a year.
-Indian Banks' Association has written to the RBI seeking some dispensation on treatment of debt to
beleaguered Infrastructure Leasing & Financial Services and group entities in Oct-Dec, due to the legal uncertainty.
-The RBI has introduced a limit on the overall outstanding stock of external commercial borrowings at 6.5% of the GDP.
* FINANCE: IL&FS Financial Services has defaulted on interest payment of term loan of 1 bln rupees, due Thursday.
* HOSPITALITY: There will be no tax relief for five-star luxury hotels as the GST Council is unlikely to reduce the 28% GST on luxury hotels with tariffs of 7,500 rupees and above.
* OIL AND GAS: India is moving towards getting discounts on crude oil purchases from the Organisation of the Petroleum Exporting Countries and the days of paying so-called Asian premium are over, Oil Minister Dharmendra Pradhan said.
* STEEL: The National Company Law Appellate Tribunal has reserved its order on the Bhushan Power and Steel insolvency case.
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