Today's Sector News - 24.01.2020: 09.00 Am
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* AVIATION: Go Airlines (India)-run GoAir has suspended some flight operations on account of delays in engine and aircraft deliveries.
* BANKING: Reserve Bank of India has notified revised rules allowing foreign portfolio investors to
increase their short-term investment in domestic bonds.
* COMMODITY: MSM Malaysia Holdings Berhad, a major sugar producer in Malaysia, has announced 130,000 tn of raw sugar procurement from India. The value of the import has been estimated at 200 mln ringgits (about 3.5 bln rupees).
* ECONOMY: The Reserve Bank of India has raised the investment limit for foreign portfolio investors in the Indian debt market under the voluntary retention route to 1.5 trln rupees from 750 bln rupees.
* INSURANCE: Life Insurance Corp of India's gross non-performing assets fell to 255.5 bln rupees as on Sep 30 from 260.6 bln rupees a quarter ago.
* NON-BANKING FINANCIAL COMPANY: The Ministry of Corporate Affairs has sought an approval from the National Company Law Tribunal to dispose of non-core assets of IL&FS Financial Services
entities and shares of some companies held by them.
* OIL AND GAS: Petroleum Minister Dharmendra Pradhan has said demand notices issued by the
Department of Telecommunications to non-telecom public sector companies appear to be due to some
miscommunication and the companies as well as the petroleum ministry are in talks with the telecom
department to sort out the matter.
* SUGAR: MSM Malaysia Holdings Berhad, a major sugar producer in Malaysia, has announced 130,000 tn raw sugar procurement from India. The value of the import has been estimated at 200 mln ringgits (about 3.5 bln rupees).
* TELECOMMUNICATIONS: The telecom department won't take any coercive action, for now, against companies that fail to meet Thursday's deadline to clear past dues arising out of a Supreme Court order on adjusted gross revenue formula.
-Bharat Sanchar Nigam has launched a new business partnership model to provide last-mile
broadband connectivity to rural homes of India under the "Bharat AirFibre" brand.
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