Today's Sector News - 01.10.2019: 09.00 Am
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* BANKING: Large withdrawals of deposits from Punjab and Maharashtra Cooperative Bank in a span of two-three days forced the Reserve Bank of India to put curbs on the troubled bank.
* ECONOMY: The government has no proposal to ask the Reserve Bank of India for an interim dividend, Economic Affairs Secretary Atanu Chakraborty said.
-India's external debt rose $14.1 bln in Apr-Jun to $557.4 bln as on Jun 30.
-The government has chalked out a borrowing calendar for Oct-Mar for now, and will examine later if there is any need to adjust the quantum of borrowing, Principal Economic Adviser Sanjeev Sanyal said.
-Net investments by non-residents in India rose by $14.8 bln in Apr-Jun to $451.6 bln.
-The government will issue dated securities worth 2.68 trln rupees in Oct-Mar, in line with the
budgeted market borrowing for 2019-20 (Apr-Mar), Economic Affairs Secretary Atanu Chakraborty said.
-The central government's tax collections rose 4.2% on year to 6.608 trln rupees in Apr-Aug.
-The government will issue sovereign gold bonds in six tranches during Oct-Mar.
* FINANCE: The average base rate for non-banking microfinance institutions for Oct-Dec will be 9.22%, slightly higher than 9.18% for Jul-Sep, the Reserve Bank of India said in a notification.
* INFRASTRUCTURE: The National Highways Authority of India expects to complete the Delhi-Meerut expressway by January, Union Minister for Road Transport and Highways Nitin Gadkari said.
* OIL AND GAS: The government has cut the price of domestically produced natural gas by 12.5% to $3.23 per mBtu for the six months starting October from $3.69 per mBtu for Apr-Sep.
* REAL ESTATE: Defying the current property market scenario, the City and Industrial Development Corp has fetched over 1 bln rupees in a day by leasing out four plots in Pushpak Nagar, a greenfield smart city to be developed in Navi Mumbai.
-Realty developer Lodha Group is planning to invest 25 bln rupees to develop three affordable housing projects in the Mumbai Metropolitan Region over the next two-three years.
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