Today's Sector News - 27.02.2020: 09.00 Am
* AUTOMOBILE: Hyundai Motor India on Wednesday launched the Sportz variant of its hatchback Grand i10 Nios at 786,050 rupees across showrooms in India.
-Disruptions in supply chain due to the outbreak of coronavirus, and lower demand are likely to drag
global automobile sales in 2020 down 2.5%, more than estimated earlier, ratings agency Moody's said.
* AVIATION: In the coming month, full-service carrier Vistara will cancel 54 international flights on the Delhi-Bangkok, Delhi-Singapore, and Mumbai-Singapore routes as the rapidly spreading coronavirus has hit demand.
* BANKING: The Reserve Bank of India on Wednesday said banks have to ensure that all short-term crop loans, which are eligible for Interest Subvention Scheme and Prompt Repayment Incentive, should only be given through Kisan Credit Cards from Apr 1.
-Higher delinquencies in microfinance loans were reported in Oct-Dec, especially in smaller ticketsize loans, with Assam leading the chart, credit information bureau CRIF High Mark said.
-Come April, banks will have to link new floating rate loans to medium enterprises to an external
benchmark, the Reserve Bank of India notified.
-The government is on course to meet the deadline for the merger of public sector banks announced
last year, and there is no uncertainty regarding the same, Finance Minister Nirmala Sitharaman said.
* ECONOMY: The government is planning to raise a "significant" portion of its market borrowing for 2020- 21 (Apr-Mar) through specified series of securities that will have no limit for foreign portfolio investments, a senior finance ministry official said.
-The Gujarat government on Wednesday presented its budget for 2020-21 (Apr-Mar) with a gross
surplus estimate of 2.75 bln rupees and tax cut proposals of 3.3 bln rupees.
-About 1.0-1.2 mln new subscribers are likely to enrol for National Pension System and Atal Pension
Yojana by March end, Pension Fund Regulatory and Development Authority Chairperson Supratim
Bandyopadhyay said.
* INFRASTRUCTURE: The Union Cabinet on Wednesday gave its nod to exempt India Ports Global from most guidelines of the Department of Public Enterprises with the aim of expeditious and smooth execution of Chabahar Port in Iran — India's first overseas port project.
* REGULATORY: In order to "further increase the reach" of stock exchange platforms, the Securities and Exchange Board of India on Wednesday allowed investors to access these platforms to purchase and redeem mutual fund units directly from mutual funds and asset management companies.
* RETAIL: The Indian e-commerce market is set to grow 30% between 2018-19 (Apr-Mar) and 2022-23 helped by a faster growth rate of private labels, KPMG India and Retailers Association of India said in a study launched.
-The slowdown in the consumption is largely "sentimental" in nature, said the top management of
some retail companies.
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