Today Sector News – 03.10.2018
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* AUTOMOBILE: Ford India's total sales rose 21% on year to 19,988 units in September.
Domestic sales of Suzuki Motor Corp subsidiary Suzuki Motorcycle India were at 63,140 units in September, up 24.3% on year.
-Toyota Kirloskar Motor, a joint venture between India's Kirloskar Group and Japan's Toyota Motor Corp, reported a 1% on-year rise in domestic sales to 12,512 units in September, but exports nosedived by 58% to 566 units.
* AVIATION: State oil companies have raised rates of jet fuel by 7.3% for domestic airlines, and 5% for international airlines from Monday.
-Air India has sought bids for the sale of 14 properties, through which the airline aims to raise 2.50 bln rupees.
* ECONOMY: The National Company Law Tribunal has accepted the government's interim plea seeking supersession of the current board of Infrastructure Leasing & Financial Services and allowed takeover of the management by a six-member board headed by Uday Kotak.
-The government, which superseded the board of Infrastructure Leasing & Financial Services on Monday, said it will ensure that the beleaguered company gets adequate liquidity.
* FINANCE: The newly-appointed board of Infrastructure Leasing & Financial Services is likely to hold its first meeting today or Thursday, said a senior government official.
-Directors and top executives of IL&FS pleaded with government officials and the central bank for an urgent bailout just days before the centre seized control of the debt-laden financier.
-The incoming board of IL&FS may look at structured deals and monetisation of assets to pay back investors and lenders.
-The Parliamentary Standing Committee on Finance will take up the case of debt-ridden Infrastructure Leasing & Financial Services for scrutiny, panel head and senior Congress leader Veerappa Moily has said.
* FUNDS: SBI Mutual Fund has settled through consent mechanism with the SEBI a case involving violation of certain norms with regard to trading in shares of Padmini Technologies.
-IIFL Asset Management Co, a part of the wealth management business of IIFL Group, plans to raise at least $500 mln for its maiden structured credit fund.
* INSURANCE: The government is mulling permitting 100% foreign direct investment in insurance broking to give a boost to the sector.
* MEDIA: Tata Sky has removed 32 channels of Sony Pictures Networks India and three from the India Today Network because of differences over pricing.
* OIL AND GAS: India will auction 14 major oil and gas blocks in the second auction under the Open Acreage Licensing Policy, and the notice inviting offer for the auction will be issued soon, Petroleum Secretary M.M. Kutty said.
* TECHNOLOGY: An income tax tribunal has disallowed Apple's warranty claims to be adjusted against outgoing taxes.
* TELECOMMUNICATION: Handset makers have proposed a 10-year tax holiday for export of mobile phones, saying it will give India a competitive edge.
