Today's Sector News - 26.09.2019: 09.00 Am
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* BANKING: Rating agency ICRA said lower credit loss provisions are likely to aid the profitability of both public and private sector banks in 2019-20 (Apr-Mar).
* COMMODITY: The South Indian Sugar Mills Association has urged the government to restructure loans extended to sugar mills in Tamil Nadu and sanction fresh one, as the sector is facing shortage of sugarcane and liquidity constraints.
* ECONOMY: The draft calendar for the Centre's market borrowing in Oct-Mar has bond auctions lined up till the first half of February, government officials said.
-The committee on drafting the new direct tax law has recommended removing dividend distribution
tax and instead, taxing it in hands of the shareholder, a government official said.
-After the cut in corporate tax rate by the government, the burden of dealing with the current slowdown in the country rests with the monetary policy, said Rathin Roy, a part-time member of the Prime Minister's Economic Advisory Council.
-The government reconstituted the Economic Advisory Council to the Prime Minister for a period of
two years and retained Bibek Debroy as the chairman of the panel.
* FINANCE: Kotak Mahindra Investments plans to raise up to 2 bln rupees through bonds on a private placement basis. FINANCE: Bloomberg LP will work with the finance ministry, Reserve Bank of India and Securities and Exchange Board of India to help navigate the process for inclusion of Indian government bonds in global benchmark indices.
-The National Company Law Appellate Tribunal on Wednesday observed that the National Company
Law Tribunal's decision to implead Infrastructure Leasing & Financial Services auditors as parties in the operational mismanagement case appears to be bad in law.
* OIL AND GAS: The cumulative throughput of Indian refineries rose 2.4% on year in August to 21.95 mln tn, while refinery capacity use rose to 103.65% from 101.96% in the year-ago period, as per provisional data released by the petroleum ministry.
* REGULATORY: The Securities and Exchange Board of India has asked mutual funds to start levying an exit load on investors who redeem their investments from liquid funds within seven days from the date of allotment.
-The Securities and Exchange Board of India tightened the rules for valuation of money market
securities by mutual funds "in order to align these guidelines with best market practices and improve the robustness of valuation of these securities".
* TELECOMMUNICATION: Telecom Regulatory Authority of India has floated a consultation paper to review issues related to declaration of the target audience by distribution platform operators, and placement agreements between distributors and broadcasters under the Interconnection Regulation, 2017.
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