Today's Sector News - 11.10.2019: 09.00 Am
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* AVIATION: Tata Sons is finally readying to bid for Air India and is believed to have started initial
discussions internally for placing an offer.
* BANKING: Paytm Payments Bank will reduce its interest rate on savings accounts by 50 basis points to 3.50%, effective Nov 9.
* COMMODITIES: China on Thursday signed a memorandum of understanding with India to purchase 50,000 tn of raw sugar, an Indian industry official said on the sidelines of India-China Business Meeting and Signing Ceremony.
* ECONOMY: The Reserve Bank of India has imposed a penalty of 1.29 mln rupees on prepaid payment instrument issuer Balancehero India.
* ENERGY: The Ministry of New and Renewable Energy said the target of setting up 175 GW of renewable energy projects in the country by 2022 will not only be met but exceeded.
* FUNDS: In a month marked by sharp volatility, net inflows into equity-oriented mutual fund schemes fell 27.79% on month in September, likely because of risk aversion among investors, most of whom chose to cut their investments or stay to sideline.
* HEALTHCARE: Seattle-based healthcare chain Columbia Asia is in preliminary talks with strategic and financial investors, including Manipal Health Enterprises, Bain Capital and Temasek Holdings, to sell its Indian hospital operations for about $250-300 mln.
* RAILWAYS: Railways has formed a task force to draw a blueprint for developing 50 railway stations with world-class standards and allowing private passenger train operators to run 150 trains on its network.
* TAXATION: The finance ministry, faced with a steep revenue collection target for 2019-20, is internally exploring whether the goods and services tax can be imposed on certain items and services that are exempt, and if rates can be increased on those in the lowest slab.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is likely to continue with the current termination charge of 6 paise per minute for two more years, beginning January 2020
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