Today's Sector News - 13.11.2019: 09.00 Am
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* AUTOMOBILES: MG Motor India will bring in an affordable electric vehicle in three to four years as it looks to gain leadership in the country's electric vehicle market space, a top official at the company has said.
* COMMODITIES: Sugar mills in Uttar Pradesh have asked the state government to allow payment to cane farmers in two tranches
-The Centre is in talks with state governments to "dismantle" the Agricultural Produce Market
Committee, Finance Minister Nirmala Sitharaman said.
* ECONOMY: The government is in the process of sanctioning a buyout of non-bank lenders' loan pools, worth over 200 bln rupees, by state-owned banks under a partial guarantee scheme, Finance Secretary Rajiv Kumar said.
-The Reserve Bank of India on Monday withdrew some exemptions provided to housing finance
companies such as those on maintenance of percentage of assets, a reserve fund, and inspection of business.
* FINANCE: Shriram Housing Finance has raised nearly 7 bln rupees from five banks in the last one month through securitisation deals, term loans and refinancing through the National Housing Bank.
-Infrastructure Leasing & Financial Services' committee of creditors approved the sale of education
business to Career Point Publications.
-The partial credit guarantee scheme launched three months ago by the Centre to increase the flow of
funds to non-banking financial companies remains a non-starter with risk-averse banks hesitating to take the lead and NBFCs unsure of who would bear the cost.
* INSURANCE: Bharti Axa Life Insurance, Kotak Life Insurance, Rakesh Jhunjhunwala's RARE Enterprises and Kedaara Capital have bid for a controlling stake in IDBI Federal Life Insurance, which has been put on the block again this year.
* OIL AND GAS: India on Monday wooed foreign companies to invest in its oil and gas sector as the world's third-largest energy consumer is likely to see over $100 bln spending in energy infrastructure creation to meet rising demand.
* PHARMACEUTICAL: Novartis is buying the Japanese generics unit of South Africa's Aspen Pharmacare in a deal worth up to 400 mln euros (about 31.61 bln rupees) to expand in the world's third-biggest drug market.
* RESTAURANTS: Burger and fries chain McDonald's India has laid down stringent conditions for its north and east franchise, which has led to a stalemate in talks between the US company and prospective Indian partners.
* TAXATION: The Legacy Dispute Resolution Scheme, which was launched to settle old cases of service and excise duties, has seen declarations of 54.72 bln rupees so far.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India on Monday released a consultation paper to arrive at the best solution to implement interoperability of set-top boxes for television broadcasting services.
-The Committee of Secretaries is likely to recommend a reduction in the licence fee paid by telecom
companies and allowing a two-year moratorium on spectrum payments, as part of measures to grant relief to the debt-laden sector.
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