Today's Sector View – 21.01.2019
* AUTOMOBILES: Toyota Kirloskar Motors has launched the new self-charging hybrid sedan Camry at an ex-showroom price of 3.7 mln rupees. Toshihiro Suzuki, president of Suzuki Motor Corp, said the company will be launching electric vehicles starting 2020 to combat carbon emissions in India and stressed that the industry should also capitalise on hybrid and CNG-powered vehicles to curb pollution.
Volkswagen has opened a new research and development facility in Pune as part of the group's 'India 2.0' plan that calls for a 20-bln-rupee investment into research and development.
* AVIATION: The Centre may issue non-convertible debentures of up to 290 bln rupees to repay Air India's working-capital loans that have been taken over by the government as part of the debt-laden carrier's financial restructuring. At least half a dozen global private equity funds and airport developers have bought bid documents for the six Indian airports which are up for sale.
* BANKING: Some public sector banks are likely to come out of the prompt corrective action framework in the next few months following improvement in various parameters, a top finance ministry official said.
* CORPORATE: Aditya Birla Group plans to invest 150 bln rupees in Gujarat over the next three years on capacity expansion and setting up new units, Chairman Kumar Mangalam Birla said.
Torrent group will invest 100 bln rupees in renewable energy, power and gas distribution businesses in Gujarat, Chairman Sudhir Mehta said.
* ECONOMY: India and Japan International Cooperation Agency have signed two loan agreements worth 34.20 bln rupees, including 24.70 bln rupees for construction of a ring road in Chennai.
At a time when global risks have led to fears of domestic growth slowing down, Reserve Bank of India Governor Shaktikanta Das has emphasised the need for the central bank to focus on both inflation targeting as well as growth.
* FINANCE: The finance ministry will hold a review meeting with the head of public sector banks on Jan 28, ahead of the Interim Budget, wherein the focus will be on reducing non-performing assets and their recovery.
* MINING: The government has suggested that the Goa government should go to the Supreme Court against its order which cancelled 88 mining leases in the state, which has brought the mining operations to a standstill in the state.
* TAXATION: Kerala High Court, through an interim order, has stayed the goods and services tax provision which mandates that tax collected at source by the supplier — according to provisions of the Income Tax Act — must be included in the value of supply for levying the GST.
Volkswagen has opened a new research and development facility in Pune as part of the group's 'India 2.0' plan that calls for a 20-bln-rupee investment into research and development.
* AVIATION: The Centre may issue non-convertible debentures of up to 290 bln rupees to repay Air India's working-capital loans that have been taken over by the government as part of the debt-laden carrier's financial restructuring. At least half a dozen global private equity funds and airport developers have bought bid documents for the six Indian airports which are up for sale.
* BANKING: Some public sector banks are likely to come out of the prompt corrective action framework in the next few months following improvement in various parameters, a top finance ministry official said.
* CORPORATE: Aditya Birla Group plans to invest 150 bln rupees in Gujarat over the next three years on capacity expansion and setting up new units, Chairman Kumar Mangalam Birla said.
Torrent group will invest 100 bln rupees in renewable energy, power and gas distribution businesses in Gujarat, Chairman Sudhir Mehta said.
* ECONOMY: India and Japan International Cooperation Agency have signed two loan agreements worth 34.20 bln rupees, including 24.70 bln rupees for construction of a ring road in Chennai.
At a time when global risks have led to fears of domestic growth slowing down, Reserve Bank of India Governor Shaktikanta Das has emphasised the need for the central bank to focus on both inflation targeting as well as growth.
* FINANCE: The finance ministry will hold a review meeting with the head of public sector banks on Jan 28, ahead of the Interim Budget, wherein the focus will be on reducing non-performing assets and their recovery.
* MINING: The government has suggested that the Goa government should go to the Supreme Court against its order which cancelled 88 mining leases in the state, which has brought the mining operations to a standstill in the state.
* TAXATION: Kerala High Court, through an interim order, has stayed the goods and services tax provision which mandates that tax collected at source by the supplier — according to provisions of the Income Tax Act — must be included in the value of supply for levying the GST.
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