Today's Sector News - 30.09.2019: 09.00 Am
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* AUTO: Federation of Automobile Dealers Association chief says auto dealers hopeful of bountiful festival season ahead.
* BANKING: The Reserve Bank of India's internal working group on the liquidity management framework consciously decided to delink liquidity framework from the monetary policy stance.
- Punjab and Maharashtra Co-operative Bank has exposure of about 25 bln rupees to beleaguered
developer HOUSING DEVELOPMENT & INFRASTRUCTURE, but this is backed by land assets and is not a case of "fraud", the bank's suspended managing director Joy Thomas said.
- The Reserve Bank of India initiated action against troubled Punjab and Maharashtra Co-operative
Bank based on a complaint by a whistleblower.
- Five state-owned banks have received a total 146.56 bln rupees from the government on account of
capital infusion, these banks informed the exchanges.
* ECONOMY: Finance Minister Nirmala Sitharaman has pushed government departments to clear all their pending dues. "The idea here is to ensure that there are no outstanding dues for services received or goods supplied to different ministries," Sitharaman said.
- Discussions relating to stressed assets, monitoring of large corporate group loan exposures, issues
relating to rating agencies and quality of audits dominated the discussion of the sub-committee of the Financial Stability and Development Council.
- India may cut duties on 80% of Chinese imports under Regional Comprehensive Economic
Partnership.
* INFRASTRUCTURE: The National Highways Authority of India has extended the deadline for submission of initial bids for the third bundle of toll-operate-transfer projects by a month from Sep 30 following requests by prospective investors, Chairman Nagendra Nath Sinha said.
* INFORMATION TECHNOLOGY: Accenture earnings hint at good times for IT sector.
* NON-BANKING FINANCIAL COMPANIES: The corporate affairs ministry has moved the National Company Law Tribunal seeking a change in auditors at Infrastructure Leasing & Financial Services.
* TELECOMMUNICATIONS: Telecom companies have got time till Nov 11 to implement revamped Mobile Number Portability norms.
- India's top three telecom operators look to spend over $30 bln to set up infra for 5G network.
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