Today's Sector News - 11.11.2019: 09.00 Am
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* AUTOMOBILES: Honda Motorcycle and Scooter India plans to double the portfolio under its premium motorcycle business vertical Big Wing and locally manufacture several of these vehicles with the aim of exporting them to the global markets.
-Under the Steel Scrap Policy, the road transport and highways ministry and the Department of Heavy Industries are working towards 'Extended Producer Responsibility' that will require vehicle manufacturers to incentivise scrapping of unfit vehicles in exchange for price discounts on purchase of new vehicles.
-China's largest SUV maker, Great Wall Motors, has registered an Indian subsidiary and is planning to invest close to 70 bln rupees in the country, even as the market is going through one of its worst slowdowns.
* BANKING: Reserve Bank of India, effective Jan 1, would operationlise an Acceptance Development Fund, along with asking banks not to charge savings account customers for online transactions in National Electronic Funds Transfer.
* E-COMMERCE: The Confederation of All India Traders has said that it is unwilling to work with ecommerce marketplaces Flipkart and Amazon to develop small offline traders in the country.
* ECONOMY: Indian companies invested $2.27 bln in their overseas joint ventures and subsidiaries in October, sharply up from $1.51 bln a month earlier.
* EXCHANGES: The National Stock Exchange has signed a deal with Saudi Arabia's Tadawul stock
exchange to collaborate, share information and technology, and facilitate joint assignments in both countries in its first such deal.
* FINANCE: The intricacies of norms set by multiple regulators for participation of different institutions in the corporate bond market may be the reason for its lack of depth, Reserve Bank of India Executive Director M. Rajeshwar Rao has said.
* FUNDS: Inflows into equity-oriented mutual fund schemes fell to a four-month low of 60.26 bln rupees in October, 9% lower than the preceding month.
* INFRASTRUCTURE: Delay in shifting nearly 200 affected families around the site of Navi Mumbai airport has impacted disbursement of loans, slowing down the work.
* POWER: Canadian asset management firm Brookfield is in talks to invest $800 mln in India's largest green energy company ReNew Power.
* REALTY: The Forum for People's Collective Efforts, a national lobby of homebuyers, has approached Prime Minister Narendra Modi seeking relaxation of the condition of RERA registration for selection of stuck housing projects that can avail financing support from the government's 250-bln-rupee stress fund.
* STEEL: Global steel major ArcelorMittal has cut its growth guidance for steel demand in 2019 for the second time this year, bringing it down to 0.5-1.0%.
* TAXATION: The income-tax department will ask for a cut of at least 1 trln rupees in the target for direct tax collection in FY20 because of growth in the segment sliding to 3% as of Oct 31.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has floated a consultation paper to review the regulatory regime for interconnection usage charges for international calls.
-TRAI has released an audit manual based on the regulatory framework for digital addressable systems, as a guide for audit process to ensure transparent transactions.
-TRAI has deferred the date to implement the new rules for porting of mobile numbers by telecom
service providers to Dec 16.
-The Department of Telecommunications has estimated that an increase of 10% in realisations from
subscribers--by raising phone bills--may yield about 350 bln rupees in revenue for the sector over three years without affecting consumer demand while helping companies regain financial viability.
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