Daily Sector News Today – 05.09.2017
* AUTOMOBILE: Audi India will revaluate its business strategy if sales volume declines sharply following the Cabinet's approval to raise the ceiling on compensation cess on motor vehicles to 25% from 15%, Rahil Ansari, brand director, told Cogencis.
* BANKING: DBS Bank India, part of Singapore-based DBS Group Holdings, has got an in-principle approval from the Reserve Bank of India to set up a wholly-owned subsidiary in India, DBS Group Chief Executive Officer Piyush Gupta said.
- The RBI has retained STATE BANK OF INDIA and ICICI BANK as domestic systemically important banks for the third consecutive year.
* DEFENCE: Hindustan Aeronautics has signed a 61-bln-rupee contract for supply of 41 advanced light helicopters to the Indian Army and one to the Indian Navy.
* EXCHANGES: The Securities and Exchange Board of India has notified the delisting of nine companies on the National Stock Exchange, effective Sep 15.
- Trade on the Multi Commodity Exchange of India resumed after a gap of an hour on Monday, as "live quotes stopped from updating from 1836 IST," traders said.
* OIL AND GAS: State-owned oil retailers are estimated to incur a loss of 7.79 rupees a ltr on the sale of subsidised kerosene in September, against 7.02 rupees per ltr in the first fortnight of August and 6.77 rupees in the second fortnight.
* STEEL: The Interim Resolution Professional for Essar Steel is in talks with potential lenders to raise as much as 25 bln rupees in priority funding to meet the company's immediate working capital needs.
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* BANKING: DBS Bank India, part of Singapore-based DBS Group Holdings, has got an in-principle approval from the Reserve Bank of India to set up a wholly-owned subsidiary in India, DBS Group Chief Executive Officer Piyush Gupta said.
- The RBI has retained STATE BANK OF INDIA and ICICI BANK as domestic systemically important banks for the third consecutive year.
* DEFENCE: Hindustan Aeronautics has signed a 61-bln-rupee contract for supply of 41 advanced light helicopters to the Indian Army and one to the Indian Navy.
* EXCHANGES: The Securities and Exchange Board of India has notified the delisting of nine companies on the National Stock Exchange, effective Sep 15.
- Trade on the Multi Commodity Exchange of India resumed after a gap of an hour on Monday, as "live quotes stopped from updating from 1836 IST," traders said.
* OIL AND GAS: State-owned oil retailers are estimated to incur a loss of 7.79 rupees a ltr on the sale of subsidised kerosene in September, against 7.02 rupees per ltr in the first fortnight of August and 6.77 rupees in the second fortnight.
* STEEL: The Interim Resolution Professional for Essar Steel is in talks with potential lenders to raise as much as 25 bln rupees in priority funding to meet the company's immediate working capital needs.
