Today's Sector News – 02.07.2019
* AUTOMOBILE: Hyundai Motor India reported a 3.2% on-year decline in total sales at 58,807 units in June. The pace of decline in sales was slower than 10% in April and 7% in May, possibly due to sales of new Santro.
* ECONOMY: The government has set up a high-powered committee of chief ministers under Maharashtra Chief Minister Devendra Fadnavis for 'Transformation for Indian Agriculture'.
* FINANCE: Moody's India unit ICRA placed Managing Director Naresh Takkar on leave until further notice after the market regulator forwarded an anonymous complaint on the ratings of Infrastructure Leasing & Financial Services.
* INFRASTRUCTURE: The government has invited expression of interest for strategic disinvestment of its entire 100% stake in Engineering Projects (India).
* OIL AND GAS: Iran has joined Russia in backing extensions to cut crude oil production by six to nine months. Indian Sugar Mills Association has urged the Ministry of Petroleum and Natural Gas to implement 20% blending of ethanol with petrol, at least in the key producing states of Uttar Pradesh, Maharashtra, and Karnataka, in 2019-20 (Dec-Nov).
* STEEL: Liberty Steel said it has acquired seven steel making units and five service centres from L.N. Mittal's ArcelorMittal in Europe for 740 mln euros (around 57.82 bln rupees).
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* ECONOMY: The government has set up a high-powered committee of chief ministers under Maharashtra Chief Minister Devendra Fadnavis for 'Transformation for Indian Agriculture'.
* FINANCE: Moody's India unit ICRA placed Managing Director Naresh Takkar on leave until further notice after the market regulator forwarded an anonymous complaint on the ratings of Infrastructure Leasing & Financial Services.
* INFRASTRUCTURE: The government has invited expression of interest for strategic disinvestment of its entire 100% stake in Engineering Projects (India).
* OIL AND GAS: Iran has joined Russia in backing extensions to cut crude oil production by six to nine months. Indian Sugar Mills Association has urged the Ministry of Petroleum and Natural Gas to implement 20% blending of ethanol with petrol, at least in the key producing states of Uttar Pradesh, Maharashtra, and Karnataka, in 2019-20 (Dec-Nov).
* STEEL: Liberty Steel said it has acquired seven steel making units and five service centres from L.N. Mittal's ArcelorMittal in Europe for 740 mln euros (around 57.82 bln rupees).
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