Today Sector News – 18.07.2018
* AUTOMOBILES: Mercedes Benz India is strengthening its go-to-market strategy to reach out to premium customers in tier-II and tier-III towns.
* BANKING: The government is likely to infuse 113.36 bln rupees in five public sector banks, including fraud-hit PUNJAB NATIONAL BANK.
* COMMODITIES: The government will consider steps to increase milk consumption, Finance Minister Piyush Goyal said, adding that on Wednesday, a meeting would be held with nodal ministries to deliberate on the issue. The Cabinet Committee on Economic Affairs is likely to discuss on Wednesday fixing the fair and remunerative price of sugarcane at 275 rupees per 100 kg for 2018-19 (Oct-Sep).
- The agriculture ministry has written to states asking them to include milk in the mid-day meal scheme to help increase consumption, which would in turn push up milk procurement prices. Mumbai may have to brace for a shortage of milk from today as dairy farmers blocked the entry of milk tankers into the city for the second consecutive day today to protest against low procurement prices.
* DEFENCE: The defence ministry has postponed a decision on a warship deal that would have given the winner a 200- bln-rupee contract under the Make in India initiative.
* ECONOMY: The finance ministry expects additional expenditure of around 200 bln rupees in 2018-19 (Apr-Mar) due to higher minimum support prices for kharif crops.
* FAST MOVING CONSUMER GOODS: Online grocery player Grofers said it is foraying into the FMCG segment as part of its strategy to aggressively expand its private-label business.
* INFRASTRUCTURE: Government of Singapore's sovereign wealth fund GIC is set to acquire up to 50% in Provenance Land.
* REGULATORY: The Securities and Exchange Board of India is planning to introduce price bands in the delisting process that will mean investors having to tender shares within that range.
* STEEL: The imposition of a 25% tariff on steel imports by US will not have any major impact on Indian steel producers as they do not export a large quantity to the North American country, Steel Minister Chaudhary Birender Singh said. Numetal has informed the National Company Law Appellate Tribunal that the Ruia family-backed Aurora Enterprises would not be in management control of either Numetal or Essar Steel post the insolvency resolution, or anytime in the future.
* TELECOMMUNICATION: Phone companies have urged the sector regulator not to finalise rules around thwarting pesky calls and unwanted text messages.
* TRANSPORT: Trucks will be able to carry 20-25% more load from the current permissible capacity and the logistics cost will fall 2% as a result of the new norm on truck axle load notified by the government, Road Transport Minister Nitin Gadkari said. The government will make FASTag and vehicle tracking systems mandatory for commercial vehicles to secure national permits.
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* BANKING: The government is likely to infuse 113.36 bln rupees in five public sector banks, including fraud-hit PUNJAB NATIONAL BANK.
* COMMODITIES: The government will consider steps to increase milk consumption, Finance Minister Piyush Goyal said, adding that on Wednesday, a meeting would be held with nodal ministries to deliberate on the issue. The Cabinet Committee on Economic Affairs is likely to discuss on Wednesday fixing the fair and remunerative price of sugarcane at 275 rupees per 100 kg for 2018-19 (Oct-Sep).
- The agriculture ministry has written to states asking them to include milk in the mid-day meal scheme to help increase consumption, which would in turn push up milk procurement prices. Mumbai may have to brace for a shortage of milk from today as dairy farmers blocked the entry of milk tankers into the city for the second consecutive day today to protest against low procurement prices.
* DEFENCE: The defence ministry has postponed a decision on a warship deal that would have given the winner a 200- bln-rupee contract under the Make in India initiative.
* ECONOMY: The finance ministry expects additional expenditure of around 200 bln rupees in 2018-19 (Apr-Mar) due to higher minimum support prices for kharif crops.
* FAST MOVING CONSUMER GOODS: Online grocery player Grofers said it is foraying into the FMCG segment as part of its strategy to aggressively expand its private-label business.
* INFRASTRUCTURE: Government of Singapore's sovereign wealth fund GIC is set to acquire up to 50% in Provenance Land.
* REGULATORY: The Securities and Exchange Board of India is planning to introduce price bands in the delisting process that will mean investors having to tender shares within that range.
* STEEL: The imposition of a 25% tariff on steel imports by US will not have any major impact on Indian steel producers as they do not export a large quantity to the North American country, Steel Minister Chaudhary Birender Singh said. Numetal has informed the National Company Law Appellate Tribunal that the Ruia family-backed Aurora Enterprises would not be in management control of either Numetal or Essar Steel post the insolvency resolution, or anytime in the future.
* TELECOMMUNICATION: Phone companies have urged the sector regulator not to finalise rules around thwarting pesky calls and unwanted text messages.
* TRANSPORT: Trucks will be able to carry 20-25% more load from the current permissible capacity and the logistics cost will fall 2% as a result of the new norm on truck axle load notified by the government, Road Transport Minister Nitin Gadkari said. The government will make FASTag and vehicle tracking systems mandatory for commercial vehicles to secure national permits.
