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Today Sector News – 05.06.2018

Today Sector News – 05.06.2018


* AGRICULTURE: As part of its plan to address the credit needs of the food processing industry, the
government will launch a sector-specific financial institution by July, Food Processing Minister Harsimrat Kaur Badal said.

* AUTOMOBILE: Japan's Suzuki Motor Corp has achieved accumulated automobile production of 20 mln units in India.

* INSURANCE: Telangana Chief Minister K. Chandrasekhar Rao has said at least 5.7 mln farmers will be covered under the life insurance scheme offered by the state government in partnership with Life Insurance Corp of India.

* MARKETS: The Financial Times Stock Exchange has included shares of General Insurance Corp of India, HDFC Standard Life Insurance, New India Assurance Co, SBI Life Insurance in its Global Equity Index Series, following a quarterly review.

* OIL & GAS: The government is not doing a rethink of daily revisions in prices of petrol and diesel, but is concerned about high fuel prices and is working to devise a long-term solution to keep them in check, Petroleum Minister Dharmendra Pradhan said in Gujarat.

* PHARMACEUTICALS: Exit of global drug makers from the US generic market and greater access to the market following recent regulatory steps may set a firm ground for Indian generic drug companies to compete with global heavyweights and lead to stemming of high price erosion in the market.
 -Drug makers may have to contribute medicines equivalent to at least 1% of their average profit in the past three years to create a medicine bank that will be used during public health emergencies in India or abroad.

* REGULATORY: SEBI to now amend its 'Takeover Code' to remove capital infusion hurdles in companies with approved resolution plans under the Insolvency and Bankruptcy Code.

* RETAIL: Over 100 trader organisations have opposed the $16-bln Walmart-Flipkart deal, stating it would cause "irreversible damage" to small traders and endanger thousands of jobs.

* TELECOMMUNICATION: The Madras High Court has dismissed Vodafone India's plea challenging the telecom regulator's mandatory listing of tariffs on its website and told the telecom company to approach the telecom tribunal instead.

* TRANSPORT: Road Transport and Highways Minister Nitin Gadkari will review about 1,200 highway projects next week, television channel BTVI reported.