Today's Sector News - 09.09.2019: 09.00 Am
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* AUTOMOBILE: Suzuki Motor India has decided to hold back its planned investment on capacity enhancement due to the ongoing slowdown in two-wheeler sales and expectation of a hit in the market by the transition to stricter Bharat Stage-VI emission norms from BS-IV in Apr 2020.
* ECONOMY: At a meeting on Friday, officials from the finance ministry asked top public sector companies to expedite and stick to their capital expenditure plans for the current financial year.
-Indian companies invested $996.55 mln in their overseas joint ventures and subsidiaries in August,
down from $1.33 bln a month ago, according to Reserve Bank of India data.
* INFORMATION TECHNOLOGY: Yotta Infrastructure, a wholly-owned subsidiary of real estate developer Hiranandani Group, is investing over 130 bln rupees on setting up data centres in Mumbai, Panvel near Mumbai, and Chennai.
* INFRASTRUCTURE: The Employees' Provident Fund Organisation has initiated talks with the National Highways Authority of India to enhance funding for highways.
-Prime Minister Narendra Modi has launched three metro projects totalling 200 bln rupees, which
together will add over 42 km to the metro network in Mumbai.
* PORTS: Freight traffic handled by the 12 major ports in the country rose 1.9% on year to 293.80 mln tn in Apr- Aug, said the Indian Ports Association.
* RAILWAYS: Revenue earning freight carried by the Indian Railways contracted 6.1% on year to 91.06 mln tn in August, primarily on account of a fall in coal and cement traffic, railway ministry data showed.
* REAL ESTATE: Blackstone Group and realty developer K Raheja Corp are set to take their jointly-owned 20 mln sq ft commercial portfolio public through the listing of a Real Estate Investment Trust by March.
* RETAIL: Infiniti Retail, the Tata Group's smartphone and electronic retailing business which owns the Croma stores, plans to raise 7.50 bln rupees from the holding company - Tata Sons - over the next two years to part finance its expansion plans.
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