Today's Sector News – 09.07.2019
* COMMODITIES: India's ethanol economy is likely to rise over four-fold to over 500 bln rupees in the next two years from 110 bln rupees currently, Union Minister Nitin Gadkari said.
* ECONOMY: Reserve Bank of India Governor Shaktikanta Das said the government lowering its fiscal deficit target for 2019-20 (Apr-Mar) will limit the effect of crowding out of private sector.
-The central board of the Reserve Bank of India approved the bank's budget for 2019-20 (Jul-Jun).
* FUNDS: Net outflow of 1.60 trln rupees, largely from debt-oriented funds, dragged down assets under management of the mutual fund industry by 6.50% month on month to 24.25 trln rupees in June, according to data released today by the Association of Mutual Funds in India.
* INFRASTRUCTURE: The National Highways Authority of India has signed a Memorandum of
Understanding with National Investment and Infrastructure Fund for investments in road projects including the Bharatmala Scheme.
* LOGISTICS: The Gujarat government has retracted the permission to Sterling Biotech group for a multicargo port at Dahej and gave orders to reclaim the 85 ha of land allotted for the project.
* OIL AND GAS: There is no proposal currently under consideration for merger of any state-owned oil and gas companies, Petroleum Minister Dharmendra Pradhan said in the Lok Sabha.
* PHARMACEUTICALS: Sales in the Indian pharmaceutical market slowed for the second straight month in June with weakness seen across therapies from chronic to acute, data compiled by market research firm AIOCD-AWACS showed.
* STEEL: More lenders to bankrupt Bhushan Power and Steel may say that the company misappropriated funds given to it after PUNJAB NATIONAL BANK first reported a 38-bln-rupee fraud.
* TAXATION: Finance Minister Niramala Sitharaman said she doesn't think a clarification is required "at the moment" on concern among foreign portfolio investors over a Budget proposal to hike surcharge on taxable income of over 20 mln rupees a year.
* TELECOMMUNICATION: In a significant blow to mobile operators, the Telecom Regulatory Authority stood firm on most of its recommendations for the upcoming spectrum auction, and more importantly, refused to change its suggested reserve price.
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* ECONOMY: Reserve Bank of India Governor Shaktikanta Das said the government lowering its fiscal deficit target for 2019-20 (Apr-Mar) will limit the effect of crowding out of private sector.
-The central board of the Reserve Bank of India approved the bank's budget for 2019-20 (Jul-Jun).
* FUNDS: Net outflow of 1.60 trln rupees, largely from debt-oriented funds, dragged down assets under management of the mutual fund industry by 6.50% month on month to 24.25 trln rupees in June, according to data released today by the Association of Mutual Funds in India.
* INFRASTRUCTURE: The National Highways Authority of India has signed a Memorandum of
Understanding with National Investment and Infrastructure Fund for investments in road projects including the Bharatmala Scheme.
* LOGISTICS: The Gujarat government has retracted the permission to Sterling Biotech group for a multicargo port at Dahej and gave orders to reclaim the 85 ha of land allotted for the project.
* OIL AND GAS: There is no proposal currently under consideration for merger of any state-owned oil and gas companies, Petroleum Minister Dharmendra Pradhan said in the Lok Sabha.
* PHARMACEUTICALS: Sales in the Indian pharmaceutical market slowed for the second straight month in June with weakness seen across therapies from chronic to acute, data compiled by market research firm AIOCD-AWACS showed.
* STEEL: More lenders to bankrupt Bhushan Power and Steel may say that the company misappropriated funds given to it after PUNJAB NATIONAL BANK first reported a 38-bln-rupee fraud.
* TAXATION: Finance Minister Niramala Sitharaman said she doesn't think a clarification is required "at the moment" on concern among foreign portfolio investors over a Budget proposal to hike surcharge on taxable income of over 20 mln rupees a year.
* TELECOMMUNICATION: In a significant blow to mobile operators, the Telecom Regulatory Authority stood firm on most of its recommendations for the upcoming spectrum auction, and more importantly, refused to change its suggested reserve price.
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