Today's Sector News - 04.11.2019: 09.00 Am
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* AUTOMOBILE: Honda Cars India's total domestic sales declined 29.4% on year to 10,010 units in
October, but rose 7.6% from September.
- Hyundai Motor India's total sales in October were down 2.2% on year at 63,610 units compared with 65,020 units a year ago.
* BANKING: Under attack for not being able to prevent scams in the banking sector, the Reserve Bank of India, on Friday, reorganised its supervisory and regulatory functions into two departments to deal more effectively with potential systemic risks.
* ECONOMY: Total goods and services tax collections in October declined 5.3% on year to 953.80 bln rupees.
- The government will continue to follow the fiscal glide path, Economic Affairs Secretary Atanu
Chakraborty said.
- India and Germany on Friday signed 22 pacts, including joint declaration on issues ranging from
cooperation in civil aviation to economic matters.
- US Secretary of Treasury Steven Mnuchin on Friday said the US continues to make progress on trade deal with China.
- US Secretary of Treasury Steven Mnuchin and the Reserve Bank of India Governor Shaktikanta Das on Saturday discussed global and domestic macroeconomic issues in both countries, and regulatory developments.
* FUNDS: The investment corpus of the Employees' Provident Fund Organisation was at 11.97 trln rupees in 2018-19 (Apr-Mar), said Sunil Barthwal, Central Provident Fund Commissioner.
* INFRASTRUCTURE: The National Highways Authority of India is planning to raise up to 20 bln rupees through sale of masala bonds as part of its overall 750 bln rupees debt raising plan for the current fiscal to fund construction of highways.
* POWER: The government has appointed Sanjeev Nandan Sahai as secretary in the Ministry of Power, according to a circular.
* TAXATION: Six Tata Trusts, whose registrations were cancelled by the income tax department on Friday, are mulling legal options to avoid paying additional tax, depending on the effective date of cancellation.
* TELECOM: Telecom Regulatory Authority of India on Friday set the ring time for incoming voice calls, which are neither answered nor rejected by the called party, at thirty seconds for mobile phones and sixty seconds for landlines.
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