Today's Sector News – 17.05.2019
* BANKING: The government is open to providing more powers to the Reserve Bank of India to direct lenders to take action on stressed assets, a senior finance ministry official said.
* COMMODITIES: India's exports of molasses are likely to be flat at 500,000 tn in 2018-19 (Oct-Sep), due to higher local consumption.
* ECONOMY: The Advisory Council of the Fifteenth Finance Commission will meet three more times before the final report is submitted to the new government.
* FINANCE: Non-banking financial companies with assets of over 50 bln rupees must appoint chief risk officers to ensure efficient risk management, the Reserve Bank of India said.
* INFRASTRUCTURE: Essel Infraprojects has agreed to sell three of its road projects to Canada-base pension fund Caisse de depot et placement du Quebec, sources said.
* REGULATORY: Instances of rubber-stamping the highest credit rating without doing proper due diligence have prompted regulators to review how ratings agencies and debt issuers conduct their business, sources said.
* STEEL: Essar Steel India's committee of creditors on Thursday told the National Company Law Appellate Tribunal that out of ArcelorMittal's bid amount of 420 bln rupees, only 395 bln rupees was meant for distribution among the various creditors of the company.
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* COMMODITIES: India's exports of molasses are likely to be flat at 500,000 tn in 2018-19 (Oct-Sep), due to higher local consumption.
* ECONOMY: The Advisory Council of the Fifteenth Finance Commission will meet three more times before the final report is submitted to the new government.
* FINANCE: Non-banking financial companies with assets of over 50 bln rupees must appoint chief risk officers to ensure efficient risk management, the Reserve Bank of India said.
* INFRASTRUCTURE: Essel Infraprojects has agreed to sell three of its road projects to Canada-base pension fund Caisse de depot et placement du Quebec, sources said.
* REGULATORY: Instances of rubber-stamping the highest credit rating without doing proper due diligence have prompted regulators to review how ratings agencies and debt issuers conduct their business, sources said.
* STEEL: Essar Steel India's committee of creditors on Thursday told the National Company Law Appellate Tribunal that out of ArcelorMittal's bid amount of 420 bln rupees, only 395 bln rupees was meant for distribution among the various creditors of the company.
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