A look at the headlines in the sector right now:

  1. Cyrus Mistry removed as director of Tata Industries, says Tata Sons: The group has called Extraordinary General Meetings at the six companies where the ousted chairperson still serves as a board member.
  2. Oil prices up by 4% after OPEC, non-OPEC members reach deal to reduce production output: Analysts said the cuts by producers would see the market move from a surplus to a deficit in supply.
  3. GST Council meet inconclusive, ‘April 1 deadline out of the picture’: The Centre and states did not debate issues such as the dual control of assessees because of a discussion on the three draft laws related to the new regime.
  4. Sensex falls by 146 points, Nifty by 57 as markets open weaker on oil cues, October IIP figures: The automobile and information technology sectors came under selling pressure, with their indices falling by over 1% each.
  5. Axis Bank says report of withdrawal of banking licence is ‘false’ and ‘malafide’: The RBI has also denied taking action on cancelling the bank’s licence.
  6. Foxconn sends over 1,700 workers on paid leave because of cash crunch: The electronics giant saw almost 50% slump in sales last month.
  7. Venezuela to end circulation of 100-bolivar bills: The notes, currently the country’s biggest currency, accounts for 48% of all bills and coins in circulation in the market in November.
  8. Cashless payments to employees across sectors will be made mandatory soon, says labour minister: Bandaru Dattatreya said amendments to the Payment and Wages Act will also ensure that poor and uneducated workers do not be exploited by middlemen.