Today's Sector News - 22.10.2019: 09.00 Am
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* AUTOMOBILES: The government's recent steps to boost consumer demand has improved prospects for the automobile industry even though it was yet to reflect in the numbers, the Federation of Automobile Dealers Association said.
* BANKING: The Reserve Bank of India rejected a proposal by banks that would have allowed them provisioning relief to the tune of 60 bln rupees on borrowings by troubled mortgage lender Dewan Housing Finance Corp. - Banks have been forced to put non-performing assets worth 400 bln rupees up for sale in sectors such as power, roadways and telecom in the first half of the fiscal due to delays in resolution process under the Insolvency and Bankruptcy Code.
* COMMODITIES: The government has allowed options contract for some commodities which will be linked to and settled directly on the basis of spot prices of the underlying commodities.
* OIL: State-owned fuel retailers on Friday decided to defer their decision to suspend jet fuel supplies to Air India after the national carrier promised to make regular payments to clear outstanding dues. - The government is looking at sourcing ethanol from other sources apart from sugar, Oil Minister Dharmendra Pradhan said.
* PHARMACEUTICAL: The Telangana government has requested the Centre to provide 34.18 bln rupees grant-in-aid to develop the proposed Hyderabad Pharma City, a hub for pharmaceutical manufacturing units.
* TAXATION: The Centre's gross tax collections in the current financial year ending March are likely to fall short of the target of 24.61 trln rupees, by around 2 trln rupees, according to an internal assessment by the finance ministry.
* TELECOMMUNICATION: Telecom Regulatory Authority of India has recommended that companies falling under its "other service providers" category such as tele-banking, tele-medicine, tele-education, and ecommerce need not register with it if they are providing data- or Internet-based service.
* TEXTILE: The textile ministry will soon seek approval of the Cabinet to continue with the government's decision to do away with any relaxation in jute packaging norms for foodgrains but is amenable to continue with the 20% relaxation for sugar.
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