Today's Sector News - 04.10.2019: 09.00 Am
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* AUTOMOBILE: Hyundai Motor India has launched an updated version of its premium sedan Elantra priced between 1.59 mln rupees and 2.04 mln rupees ex-showroom Delhi.
* BANKING: The Reserve Bank of India has increased the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank to 25,000 rupees from 10,000 rupees earlier.
* COMMODITY: Sugar production in Maharashtra is seen falling sharply to 5.83 mln tn in 2019-20 (Oct- Sep), almost half of 10.7 mln tn produced last year.
- Production of sugar in India in 2019-20 (Oct-Sep) is expected to fall more than 15% on year to 27.5- 28.0 mln tn as erratic rains are seen lowering cane output in Maharashtra and Karnataka.
- Exports of cotton yarn from India fell 36% on year to 355,000 tn in Apr-Aug, while in value term
exports were down nearly 39% at $1.1 bln.
- Adani Wilmar, the owner of the Fortune brand, is seeking to become a "food and oil" brand from an
"edible oil" one, which the company hopes will unlock value when it goes for listing.
* ECONOMY: The US is focused on reducing its trade deficit with India, US Secretary of Commerce Wilbur Ross said.
* FUNDS: The government has received bids worth 110 bln rupees from anchor investors for investment in the further fund offer of Bharat-22 Exchange-Traded Fund, which opened on Thursday.
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