Today's Sector News - 18.09.2019: 09.00 Am
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* AUTOMOBILE: The government has withdrawn with immediate effect the ban on purchase of vehicles, including cars for the staff, by its departments. Ratings agency ICRA expects most automobile component manufacturers to reduce their capital expenditure for 2019-20 (Apr-Mar) in the range of 15-25% because of a sharp decline in sales to automobile original equipment manufactures over the past several quarters.
* BANKING: The government's plan to merge some state-owned banks may delay the launch of a financial sector exchange-traded fund that the Centre was aiming to launch this fiscal ending March.
-Principal Economic Adviser Sanjeev Sanyal has made a strong case for a rate cut in the upcoming
monetary policy review, saying there was more room on the monetary policy side than the fiscal side to spur economic growth.
* CEMENT: Months after the Emami Group started scouting for a buyer for its group entity, Emami Cement, at least three major cement producers have elicited interest to buy its assets.
* COAL: China's Wuhuan Engineering Co has been awarded the lump sum turnkey contract for implementing the coal gasification and ammonia and urea packages of the project to revive the Talcher fertiliser plant in Odisha.
* ECONOMY: Foreign liabilities of asset management companies rose substantially by 64.9% on year to 229.79 bln rupees as at the end of 2018-19 (Apr-Mar).
* METALS: The government has imposed countervailing duty on import of welded stainless steel pipes and tubes from China and Vietnam.
* OIL AND GAS: A consortium of four public sector oil and gas companies have signed a non-binding cooperation agreement with Russia's national oil company Rosneft for participation in Russia's Eastern Cluster project.
* POWER: The Ministry of Power is considering some reforms in the electricity distribution mechanism which would encourage states to go for privitisation or franchise sort of model, Subhash Chandra Garg, power secretary said.
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