Today's Sector News - 17.02.2020: 09.00 Am
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* AUTOMOBILE: Automakers are likely to invest 300-350 bln rupees, mostly in launching new products as these are a key factor in reviving demand and registering growth. Some of this will go into setting up new capacity as well.
* ECONOMY: The government's special window to fund stalled housing projects has cleared capital
infusion of over 5.4 bln rupees in the first tranche, the finance ministry said.
- The government's plan to merge 10 public sector banks into four, announced six months ago, is not
close to completion even one-and-a-half months before the deadline as the Centre is seen treading
cautiously.
- In a move that could end the practice of interim surplus transfers from the Reserve Bank of India,
the board of the central bank has recommended shifting to Apr-Mar accounting year from 2020-21.
* INFRASTRUCTURE: Singapore-based infrastructure investment platform Cube Highways has won the bid to acquire India's longest road tunnel--the 9.2-km Chenani-Nashri project in Jammu & Kashmir--for 39.29 bln rupees.
* MUTUAL FUND: Tata Mutual Fund has launched Tata Multi Asset Opportunities Fund, the first of its kind to invest in exchange-traded commodity derivatives.
* OIL AND GAS: India and Russia have finalised the broad contours of an ambitious government- togovernment agreement for long-term import of crude oil by India from Russia's Far East region.
* RAILWAYS: The railway ministry plans to complete all the track doubling, new line, and gauge
conversion projects sanctioned so far by March 2024, Railway Board Chairman V.K. Yadav said.
* REGULATORY: The Securities and Exchange Board of India today constituted a municipal bond
development committee.
- The Securities and Exchange Board of India has barred portfolio management services from
charging upfront fees to clients from May 1.
* TAXATION: Finance Minister Nirmala Sitharaman said the government will soon release details of the Direct Tax Vivad se Vishwas Bill, 2020, which is aimed at resolving direct tax disputes, announced in the Budget for 2020-21 (Apr-Mar).
* TELECOMMUNICATIONS: The Department of Telecommunications has finalised four eligible bidders for conducting the e-auction of various spectrum bands, which will include the latest fifth generation spectrum slated to take place later this year.
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