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Tuesday, October 09, 2018

Uzbekistan launches Mumbai-Tashkent direct flight
Uzbekistan has launched flights to Tashkent from Mumbai from October 30, 2018 which will fly three days a week to Tashkent to promote tourism, trade and business. (L-R): Eldorbek Ortikboev, Head of Delhi Station, Uzbekistan Airways, Azimkhon Khodjaev, Head of Marketing and Network planning, Commercial Department, Uzbekistan Airways, Dr. Naveen Rao, Sentro Group, Farhod Arziev, Ambassador of Uzbekistan to India and Vijay Kalantri, Honorary Consul of Republic of Uzbekistan in Mumbai, President, AIAI during the launch of airways from Mumbai to Tashkent.

MFs AUM drops 12.5% to Rs 22 lakh cr in Sep-end on massive outflow
Mutual funds' asset base declined 12.5% to Rs 22 lakh crore in September-end on the back of massive outflow from liquid funds and income schemes. According to Association of Mutual Funds in India (Amfi) data, the asset under management (AUM) of the industry, comprising 41 active players, stood at Rs 22.06 lakh crore at the end of September, as compared to a record Rs 25.20 lakh crore in August-end. The monthly drop in the asset base is mainly due to an outflow of Rs 2.3 lakh crore from mutual fund schemes.  

Data localisation: Jaitley meets RBI DG, IT Secy
Finance Minister Arun Jaitley yesterday met RBI Deputy Governor B P Kanungo to discuss RBI's data localisation norm for global financial technology  companies. The Reserve Bank in April gave six months time to global payment companies to store transaction data of Indian customers within India. The RBI's data localisation norms will come into effect from October 15.  The meeting was also attended by Economic Affairs Secretary Subhash Chandra Garg, Financial Services Secretary Rajiv Kumar and IT Secretary Ajay Prakash Sawhney. Officials, however, refused to comment on the deliberations in the meeting.

Fuel price reduction may dent oil cos EBITDA by Rs 6500 cr: Moody's
The recent cut in petrol and diesel prices by Rs 2.50 by the Centre is estimated to reduce the combined EBITDA margins of IOCL, HPCL and BPCL by Rs 6500 crore during current fiscal, rating agency Moody's said yesterday. It also said on October 4, the government reduced petrol and diesel retail selling prices by Rs 2.50 per liter, through the lowering of excise duties by Rs 1.50 per litre and asking the country's oil marketing companies (OMCs) to absorb the remaining Rs 1 per liter ($2.1 per barrel) price cut. "We estimate that the government's decision will reduce the combined EBITDA (earnings before interest, tax, depreciation and amortisation) of the three OMCs by INR 65 billion (Rs 6500 crore) in fiscal 2019, which ends in March 2019, which is around 9% of their total EBITDA of INR 692 billion (Rs 69200 crore in fiscal 2018).

India lacks ecosystem for electric cars: Volkswagen official
India does not have a "clear vision" and "ecosystem" in place for the promotion of electric cars, a senior official of European car manufacturer Volkswagen said yesterday. "India needs to have a political framework and a clear vision for electric cars. The vision is loose. For (promotion of electric cars), there has to be a lot of subsidies," director of Volkswagen Passenger Cars (India), Steffen Knapp, said.

India to buy Iranian oil in Nov despite US sanctions: Pradhan
Oil Minister Dharmendra Pradhan yesterday said two state refiners have placed orders for importing crude oil from Iran in November, the month when US sanctions on Iranian oil purchases take effect. "Two of our oil companies have made nominations to purchase Iranian oil in November," he said speaking at The Energy Forum here. "We do not know if we will get waiver (from US sanctions) or not." This is the first time Pradhan has spoken about India's stand on buying Iranian oil once the US sanctions on Iran come into force from Nov 4.

NBFC stocks under pressure, DHFL slumps 18.5%
Shares of NBFCs fell up to 18.5% yesterday after the Reserve Bank said it is looking at strengthening the guidelines to avoid situations of asset liability mismatch (ALM) by non-banking lenders. The scrip of DHFL crashed 18.52%, Edelweiss Financial Services 13.67%, Shriram City Union Finance 6.82%, Cholamandalam Investment and Finance Company 6.07%, Muthoot Capital Services 4.48% and Motilal Oswal Financial Services 2.48% on the BSE.

Annapoorna World of Food India 2018
In a bid to give a fillip to industry and an impetus to trade and industry, the government is expected to announce a new industrial policy soon. The proposed policy will encompass the use of new technologies such as AI and IoT which will open new avenues for investments in India. The 13th edition of ‘Annapoorna World of Food India 2018’, was organized by FICCI in association with Koelnmesse GmBH. The three-day event is being attended by buyers and sellers from 30 countries with 297 exhibitors showcasing the latest technologies in the F&B industry.

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