Today Sector News – 02.08.2018

Today Sector News – 02.08.2018


* AUTOMOBILE: Hyundai Motor India's domestic vehicle sales rose 1% on year to 43,481 vehicles in July.
 -In July, Honda Cars India's domestic sales were 19,970 units as against 17,085 units a year ago.
 -In July, domestic sales of Suzuki Motor Corp's subsidiary Suzuki Motorcycle India were at 53,321 units, up 56.6% on year.
 -Nissan Motor Co and authorities in Tamil Nadu are close to settling a dispute over which the Japanese carmaker initiated international arbitration seeking more than $729 mln in unpaid dues and damages.
 -Rakesh Srivastava has resigned from Hyundai Motor India on Wednesday.

* AVIATION: The government remains committed to the disinvestment of Air India but has no plan to exit the national carrier altogether, Union Minister Jayant Sinha said.
 -The government has appointed Kumar Mangalam Birla, chairman of the Aditya Birla Group, and ITC Chairman Y.C. Deveshwar as non-official independent directors for Air India.

* COMMODITIES: The Maharashtra government has notified a subsidy of 5 rupees per ltr for procurement of cow milk, which will be applicable with immediate effect.

* ECONOMY: The government today withdrew Financial Resolution and Deposit Insurance Bill from the Lok Sabha as there was an apprehension over a bail-in clause in the proposed legislation, Finance Minister Piyush Goyal said.
 -India's capacity utilisation rose to 75.2% in Jan-Mar from 74.1% in Oct-Dec, suggesting that the output gap had fully closed and may have turned positive.
 -Economic Affairs Secretary Subhash Chandra Garg has said changes in policy rate by the Monetary Policy Committee of the Reserve Bank of India does not make much difference to the markets.
 -The Centre and state governments have cleared goods and services tax refunds of 543.78 bln rupees to exporters till Jul 31.

* FERTILISER: The Union Cabinet approved interest-free loans of 12.58 bln rupees to Hindustan Urvarak and Rasayan for revival of fertiliser plants at Gorakhpur, Sindri, and Barauni.

* OIL AND GAS: The Union Cabinet has approved a policy to allow operators of existing hydrocarbon blocks to explore and exploit unconventional hydrocarbons like shale gas and coal bed methane.

* REAL ESTATE: The Supreme Court has directed the government to attach bank accounts and immovable properties of all 40 companies of Amrapali Group.

* TELECOMMUNICATION: The Telecom Regulatory Authority of India has recommended the government cut the base price of premium 700 MHz spectrum by 43% when it next holds an auction.