Today's Sector News - 06.09.2019: 09.00 Am
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* AUTOMOBILE: Banks have enough liquidity and are ready to fund working capital for automobile dealers, the only caveat being the loans should be recoverable, Kotak Mahindra Bank Managing Director Uday Kotak said. Honda Motorcycle and Scooter India has "no concrete plans" at present to manufacture electric scooters in India, Managing Director and Chief Executive Officer Minoru Kato said.
* BANKING: Reserve Bank of India Deputy Governor B.P Kanungo has called on other financial sector regulators to enable entities regulated them to be more active in debt market.
* INFORMATION TECHNOLOGY: Cognizant could undertake a slew of job cuts as early as end- October, Chief Executive Officer Brian Humphries indicated at an investor event in New York.
* MINING: High-level committee of secretaries has recommended amending a section of mining laws that led to a fine of about 190 bln rupees levied on Odisha's iron ore miners to spare a similar burden on state-owned companies and other miners elsewhere.
* NON-BANKING FINANCE COMPANIES: The government is exploring legal options against the Bombay High Court's stay on the National Company Law Tribunal ruling that it had jurisdiction to hear a government plea seeking a five-year ban on auditors of IL&FS Financial Services.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has notified revised regulations on interconnection agreements.
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