Today's Sector News - 03.10.2019: 09.00 Am
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* AUTOMOBILE: Honda Cars India's total domestic sales declined 37% on year to 9,301 units in September.
-Hyundai Motor India's total sales in September were down 8.1% on year to 57,705 units compared
with 62,757 units a year ago.
* BANKING: To alleviate anxiety among depositors on rumours over health of some banks, the
Reserve Bank
of India on Tuesday said the Indian banking system is safe, and there was no need to panic.
-Some banks have voiced their concerns to the Reserve Bank of India over the maturing letters of
credit issued by the failed Punjab & Maharashtra Co-operative Bank.
-The Institute of Chartered Accountants of India said it has initiated an investigation into the role of
auditors in the Punjab & Maharashtra Cooperative Bank crisis, and will take disciplinary action against its members if found to be involved in the controversy.
* ECONOMY: The Reserve Bank of India's Monetary Policy Committee should cut the repo rate by 40 basis points on Friday and by another 50 bps in the coming months to boost growth, said Ashima Goyal, a part-time member of the Prime Minister's Economic Advisory Council.
The Centre has appointed former member of Prime Minister's Economic Advisory Council Surjit Bhalla as India's Executive Director at the International Monetary Fund for three years.
* FINANCE: Out of the total gross debt of over 946 bln rupees, Infrastructure Leasing & Financial Services' management aims to achieve recovery of "about 50% or higher", Uday Kotak, the non-executive chairman of the reconstituted board told.
* REAL ESTATE: Lodha Group is constructing commercial real estate projects worth 130 bln rupees and may monetise these assets through Real Estate Investment Trust after completing them in the next three years.
* TAXATION: Total goods and services tax collections in September fell to a 19-month low of 919.16 bln rupees.
-The recent cut in corporate tax rates will boost investment and eventually improve goods and services tax collections, Chief Economic Adviser Krishnamurthy Subramanian said.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has cut the transaction charge for porting mobile numbers to 6.46 rupees for each port request from 19 rupees. The new charge would be effective from Nov 11
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