Today's Sector News - 25.09.2019: 09.00 Am
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* BANKING: Concerned depositors queued up outside the branches of Punjab & Maharashtra Co-operative Bank in Mumbai after the Reserve Bank of India issued directions to the bank, allowing depositors to withdraw only up to 1,000 rupees.
- India Ratings & Research revised upward its credit cost guidance for public sector banks by 30 basis points to 5.2% for Oct-Mar and the next financial year on the back of slow pace of resolution of stressed accounts.
* CORPORATE: With less than a week to go before the deadline to repay 70 bln rupees, Subhash Chandra-led Essel Group's senior executives said majority of lenders had agreed to extend the timeline to March 2020.
- The Bombay High Court will hear on Monday a petition filed by the Adani Group seeking direction
to the GVK Group-run Mumbai International Airport and the aviation ministry to allow buying out minority stake held by South African firm Bidvest in the airport.
* ECONOMY: The Centre and the Reserve Bank of India have discussed a draft borrowing calendar for Oct- Mar based on the Budget projections for 2019-20 (Apr-Mar), but a final call will be taken by Finance Minister Nirmala Sitharaman in a week.
* MINING: The government is not willing to revert to first-come-first-serve basis for allocation of mineral blocks and the auction system that was introduced four years ago is here to stay, Mines Minister Pralhad Joshi said.
* SUGAR: Indonesia is likely to tweak its quality norm to enable import of Indian raw sugar.
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