Today's Sector News - 03.12.2019: 09.00 Am
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* AUTOMOBILE: Hyundai Motor India's total sales in November rose 7% on year to 60,500 units.
- Honda Cars India's domestic sales plunged more than 50% on year in November to 6,459 units, and
decreased nearly 36% from October.
* COMMODITIES: Onion prices hit another historic high on Monday due to a supply crunch and as also because of a forecast of rains in Maharashtra and Karnataka over the next couple of days.
- The government owed about 337 bln rupees of subsidy arrears to fertiliser companies as of Nov 1
and the figure could balloon to 600 bln rupees by the end of this financial year, the Fertiliser Association of India said.
* ECONOMY: The government will consider a cut in personal income tax on its own merit and will not try to reduce them only to bring a parity with the corporate tax rates, Finance Minister Nirmala Sitharaman said.
* FINANCE: Altico Capital India has defaulted on payment of 725 mln rupees, which was due on Saturday.
* REAL ESTATE: Debt stress in the realty sector is spread across 50 developers, making the sector less vulnerable to fallout from the potential closure of few developers unlike the telecom or steel sector wherein a single major company represents a sizeable portion of the overall stress, according to ANAROCK Property Consultants.
* REGULATORY: ICICI Venture Funds Management Co, Dynamic India Fund IV, India Advantage Fund III, India Advantage Fund IV and Dynamic India Fund III have settled a case with the Securities and Exchange Board of India for violation of norms by payment of 52.19 mln rupees.
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