Today Sector News – 19.11.2018
* AUTOMOBILE: The National Green Tribunal has directed Volkswagen to deposit an interim amount of 1 bln rupees with the Central Pollution Control Board in a case related to allegations against the German auto major for using 'cheat device' in emission tests of its diesel vehicles. Supreme Court has stayed the Competition Commission of India's order that imposed an over 4.2-bln-rupee penalty on Hyundai Motor India for anti-trade practices, including lack of standardisation of spare parts and allowing original equipment suppliers to sell parts in the open market without any restrictions.
* ECONOMY: Finance Minister Arun Jaitley on Saturday announced that Finance Secretary Hasmukh Adhia will retire on Nov 30 despite the government having asked Adhia to continue his service in an alternate capacity.
* EXCHANGE: Asia's oldest bourse--the BSE Ltd--has decided to snap ties with S&P Dow Jones, which manages and operates the benchmark Sensex, and plans to develop indices through its own in-house development team, exchange's officials said.
* FAST MOVING CONSUMER GOODS: Prices of television sets and appliances could go up by 3-10% as early as this week, with manufacturers raising sticker rates to reflect rupee depreciation and recent increase in custom levies on imported refrigerators and washing machines.
* INFORMATION TECHNOLOGY: In its bid to garner higher revenues from digital services offerings, Cognizant has sharpened its focus on the segment through a new client service model. A legislation seeking to prohibit the DonalTrump administration from revoking work authorisation of spouses of H1-B visa holders, which include Indians, has been introduced in the US Congress by two lawmakers who said that eliminating this benefit would force many foreign workers to use their talents to compete against American businesses.
* INFRASTRUCTURE: The National Highways Authority of India will raise up to 40 bln rupees through sale of masala bonds as part of its overall 620-bln-rupees debt raising plan for the current fiscal to fund construction of highways.
* MUTUAL FUNDS: The mutual fund industry has sought a meeting with the Securities and Exchange Board of India at the earliest, seeking clarification on the market regulator's diktat that all scheme-related expenses should be booked in respective schemes.
* OIL AND GAS: Coal-bed methane producer Great Eastern Energy Corp plans to soon initiate exploration of potential shale gas reserves at its Raniganj (South) block in West Bengal, company's Managing Director and Chief Executive Officer Prashant Modi said.
* STEEL: The committee of creditors in the Essar Steel bankruptcy case has sought the dismissal of two applications that could potentially delay debt resolution at the stressed steelmaker, for which ArcelorMittal has been chosen the winner by the lenders.
* TAX: The Central Board of Indirect Taxes and Customs investigation wing has detected tax evasion of over 500 bln rupees during the last one-and-a-half years.
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* ECONOMY: Finance Minister Arun Jaitley on Saturday announced that Finance Secretary Hasmukh Adhia will retire on Nov 30 despite the government having asked Adhia to continue his service in an alternate capacity.
* EXCHANGE: Asia's oldest bourse--the BSE Ltd--has decided to snap ties with S&P Dow Jones, which manages and operates the benchmark Sensex, and plans to develop indices through its own in-house development team, exchange's officials said.
* FAST MOVING CONSUMER GOODS: Prices of television sets and appliances could go up by 3-10% as early as this week, with manufacturers raising sticker rates to reflect rupee depreciation and recent increase in custom levies on imported refrigerators and washing machines.
* INFORMATION TECHNOLOGY: In its bid to garner higher revenues from digital services offerings, Cognizant has sharpened its focus on the segment through a new client service model. A legislation seeking to prohibit the DonalTrump administration from revoking work authorisation of spouses of H1-B visa holders, which include Indians, has been introduced in the US Congress by two lawmakers who said that eliminating this benefit would force many foreign workers to use their talents to compete against American businesses.
* INFRASTRUCTURE: The National Highways Authority of India will raise up to 40 bln rupees through sale of masala bonds as part of its overall 620-bln-rupees debt raising plan for the current fiscal to fund construction of highways.
* MUTUAL FUNDS: The mutual fund industry has sought a meeting with the Securities and Exchange Board of India at the earliest, seeking clarification on the market regulator's diktat that all scheme-related expenses should be booked in respective schemes.
* OIL AND GAS: Coal-bed methane producer Great Eastern Energy Corp plans to soon initiate exploration of potential shale gas reserves at its Raniganj (South) block in West Bengal, company's Managing Director and Chief Executive Officer Prashant Modi said.
* STEEL: The committee of creditors in the Essar Steel bankruptcy case has sought the dismissal of two applications that could potentially delay debt resolution at the stressed steelmaker, for which ArcelorMittal has been chosen the winner by the lenders.
* TAX: The Central Board of Indirect Taxes and Customs investigation wing has detected tax evasion of over 500 bln rupees during the last one-and-a-half years.
