Today's Sector News - 07.11.2019: 09.00 Am
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* AUTOMOBILE: Honda Motorcycle and Scooter India plans to double the portfolio under Big Wing, its premium motorcycle business vertical, and locally manufacture several of these vehicles with the aim of exporting them.
* COMMODITY: The recent rise in prices of onion was primarily due to 30-40% fall in kharif output and disruptions in supply following rains, Food and Consumer Affairs Minister Ram Vilas Paswan said.
* E-COMMERCE: The Bengaluru bench of the National Company Law Tribunal has initiated insolvency proceedings against e-commerce giant Flipkart for defaulting on a 180-mln-rupee payment to one of its suppliers.
* ECONOMY: India needs credible fiscal consolidation that is more "ambitious" than the one envisaged by the government, Anne Marie Gulde, deputy director at the Asia and Pacific Department of International Monetary Fund said.
* ENERGY: Sterlite Power has signed an agreement to sell a transmission line project in Brazil to Vinci Energia FIP – IE (V2i Transmisso de Energia S.A.) for $35.5 mln.
* FINANCE: In a move that aims to streamline regulations for core investment companies following the problems at Infrastructure Leasing & Financial Services, a working group set up by the Reserve Bank of India has recommended tighter norms on capital use, fewer layers of companies within such groups and better onsite and offsite supervision.
* INFRASTRUCTURE: The government is working on a modified model concession agreement for buildoperate- transfer model for road projects to make them more attractive to companies, and the same is being floated for inter-ministerial consultations, R.K. Pandey, member (projects), National Highways Authority of India said.
* LOGISTICS: The government is planning to link the Ganga and the Brahmaputra through Bangladesh in an attempt to facilitate cargo transport via inland waterways, said Alok Ranjan, Member (Finance), Inland Waterways Authority of India.
* OIL AND GAS: India is likely to see investments worth around $100 bln over the next five years in creation of oil and gas infrastructure spanning segments, including refining, pipelines, city gas distribution, and liquefied natural gas terminals, Petroleum Minister Dharmendra Pradhan said.
* RAILWAYS: Revenue-earning freight carried by the Indian Railways contracted to 8.1% on year to 93.82 mln tn in October, a third consecutive monthly fall, primarily on account of a lower coal and cement traffic, railway ministry data showed.
* REALTY: The Union Cabinet on Wednesday approved a 250-bln-rupee fund for the stalled housing sector, including those admitted for insolvency or declared as non-performing assets.
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