Today's Sector News - 28.02.2020: 09.00 Am
* AUTOMOBILE: RedBus, a digital travel portal primarily operating in the online bus ticketing segment, on Thursday launched a car and motorcycle pooling service for working professionals in the Delhi-National Capital Region.
* BANKING: India Post Payments Bank has achieved an important milestone of 20 mln customers, in its 18th month of operations.
* ECONOMY: Finance Minister Nirmala Sitharaman on Thursday said inflationary pressures were coming down, and greenshoots were visible in the economy, at a time when the economy has been facing conflicting pressures from high inflation and low growth.
* FUNDS: Following the slew of recent credit defaults faced by the financial services sector and the
consequent regulatory reforms, mutual funds are geared up to deal with any future credit issues and defaults, Association of Mutual Funds in India Chief Executive Officer N.S. Venkatesh said.
* INSURANCE: The government is working on the modalities of the share sale in Life Insurance Corp of India, which will be carried out depending on the stability of markets, and an initial 5% equity can be sold in the market.
* REAL ESTATE: Lodha Group's UK subsidiary plans to raise $225 mln by selling bonds to refinance part of its debt.
* REGULATORY: In addition to the mandated liquidity provisions in liquid and overnight funds, mutual funds should, in general, build liquidity buffers to deal with credit challenges, Securities and Exchange Board of India Whole-time Member G. Mahalingam said.
* STEEL: India Ratings and Research has cut the outlook for the steel sector in India to 'negative' from 'stable-to-negative' for 2020-21 (Apr-Mar) to factor in modest growth in demand for steel, and pressure on profitability because of higher prices of iron ore.
* TELECOMMUNICATIONS: The government plans to sell up to 15% of its shareholding in state-owned Telecommunications Consultants India through an initial public offering.
-Mobile phone operators are prepared to move the telecom tribunal if the Department of
Telecommunications demands higher adjusted gross revenue dues than their self-assessed amounts.
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