Today's Sector News - 29.08.2019: 09.00 Am
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* AUTOMOBILE: Toyota Motor Corp and Suzuki Motor Corp have entered into an agreement for joint product development and production by harnessing the former's strength in electrification technologies and the latter's capabilities in technologies for compact vehicles.
- Harley-Davidson introduced its first BS-VI certified two-wheeler — Street 750 — in India with a
price tag of 547,000 rupees. The company also unveiled its first electric motorcycle LiveWire.
- Renault India on Wednesday launched the Triber--a seven-seater utility vehicle priced at 495,000
rupees. The new car takes the company's total offerings in the country to five.
* AVIATION: Emphasising that any 'knee-jerk' reaction to shut the operations of Pratt & Whitney engines on board Airbus A320neo planes will have serious consequences, the Directorate General of Civil Aviation today said that the problem with the engine is being contained.
* BANKING: Iran's Bank Pasargad is likely to start commercial banking operations in India with a branch in Mumbai within the next two to three months.
* COMMODITIES: The Cabinet on Wednesday provided subsidy of 62.7 bln rupees for sugar exports of 6 mln tn in 2019-20 (Oct-Sep), to help stabilise sugar prices and benefit farmers.
* CORPORATE: The National Company Law Appellate Tribunal on Wednesday allowed withdrawal of insolvency plea against Sterling Biotech, setting aside the liquidation order of National Company Law Tribunal.
- The Union Cabinet has eased the local sourcing norms for over 51% foreign direct investment in
single-brand retail in India.
* ECONOMY: Despite the record surplus transfer in 2018-19 (Jul-Jun), the Reserve Bank of India's new economic capital framework will not always lead to a higher surplus transfer, as it will hinge on various external factors, including any need to bolster risk provisions.
- The Bimal Jalan committee may have suggested a five-year timeframe for review of the Economic
Capital Framework of the Reserve Bank of India, but an interim review is possible even after three years, based on the evolving environment.
* FINANCE: IL&FS Energy Development Co defaulted on 49.13-mln-rupee interest payment on nonconvertible debentures due between May 29 and Aug 28.
* REALTY: Tata Realty and Infrastructure will buy commercial projects in Pune, Bengaluru and Chennai for 12-14 bln rupees.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has floated a consultation paper which mulls bringing channels offered by direct-to-home service providers, multi-system operators or cable operators exclusively on their platform via per-per-view and similar such services under the regulatory framework.
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