Today's Sector News - 06.11.2019: 09.00 Am
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* BANKING: The Reserve Bank of India has raised the withdrawal limit for depositors of fraud-hit Punjab and Maharashtra Co-operative Bank to 50,000 rupees from 40,000 rupees.
* COMMODITIES: The government has decided to liberalise phytosanitary and fumigation requirement for onion to facilitate imports and help cool off rising prices.
* ECONOMY: Commerce Minister Piyush Goyal has said he expects the Statue of Unity in Gujarat to generate 1 trln rupees over the next five years.
* REAL ESTATE: Finance Minister Nirmala Sitharaman has stressed on the need to address the sluggishness in the real estate sector and said the government was working keenly with the Reserve Bank of India to address the issues.
* REGULATORY: National Stock Exchange Managing Director and Chief Executive Officer Vikram
Limaye has urged the government and the Securities and Exchange Board of India to examine transaction costs in Indian equity markets.
- Securities and Exchange Board of India on Tuesday notified that all the Category III foreign portfolio investors shall be deemed to have been registered as Category II, in line with new SEBI (Foreign Portfolio Investors) Regulations, 2019.
* STEEL: Writing off "capital advances" of 26.06 bln rupees given to parties it did not disclose in the books of accounts, writing off of "trade advances" to entities it never had any business dealings with and "deliberately" underselling assets — these were among several counts of irregularities purportedly found during the audits of Bhushan Power & Steel by three professional services firms.
* SUGAR: Sugar crushing season in Maharashtra and Karnataka is likely to get condensed to just about 90 days this year due to poor availability of cane.
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