Today's Sector News - 13.03.2020: 09.00 Am
* AUTOMOBILE: A drop in walk-ins to automobile showrooms following the spread of novel coronavirus, coupled with a persisting slowdown in demand due to transition to new emission norms from April, could hit retail sales in March, the Federation of Automobile Dealers Association said.
* BANKING: The Reserve Bank of India is poised to enter the non-deliverable forwards market, which till now has primarily been dominated by offshore traders in the Indian foreign exchange market.
-The government has asked all public sector banks to set up special cells to assist companies that
have been affected by the novel coronavirus.
-Public sector banks have made a presentation to Finance Minister Nirmala Sitharaman on the
preparedness for their proposed mergers, the Department of Financial Services tweeted.
-The Reserve Bank of India's announcement on Thursday on foreign exchange sell-buy swaps is
intended to show that it is "ready to do whatever it takes" to mitigate the fallout of coronavirus on the
economy.
* HEALTHCARE: The government has said there is no need to panic as cases of coronavirus in India are limited to local transmissions as of now.
* INSURANCE: New premium income of ICICI Prudential Life Insurance Co surged 106.3% on year to 21.44 bln rupees.
* MULTIPLEX: The Delhi government has announced that all cinema halls, and schools and colleges
except those where examinations are scheduled, would be shut till Mar 31 in light of the novel coronavirus crisis, Delhi Chief Minister Arvind Kejriwal said. The government has also declared the spread of the virus as an "epidemic".
* POWER: State distribution companies were able to bill only 84.27% of the power supplied by them as per provisional data for 2018-19 (Apr-Mar) on account of technical losses, faulty meters, wrong-billing, and pilferage, according to a written reply to the Lok Sabha by Power Minister R.K. Singh.
* SUGAR: Malaysia is likely to import a record high amount of sugar from India in the ongoing season to get the latter to resume imports of palm oil from the former.
* TAXATION: Monthly collections under the goods and services tax are yet to stabilise, with states
reporting losses in mop-up, thereby increasing the burden of compensation payment on the central
government.
* TELECOMMUNICATIONS: The government is not working on a relief package to help debt-strapped telecom service providers, Minister of State for Communications and Information Technology Sanjay Dhotre informed the Rajya Sabha.
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