Today's Sector News – 08.02.2019

Today's Sector News – 08.02.2019 

* AUTOMOBILE: Retail sales of passenger vehicles, two-wheelers, three-wheelers and commercial vehicles improved in January with total sales touching 1.56 mln units, a growth of 8.5% compared with December. The Volkswagen Group said it does not want to be part sub-4 mtr sedan market in India post 2020. Kia Motors has commenced discussions with the Andhra Pradesh government to establish a testing facility near its manufacturing unit.

* ECONOMY: The Reserve Bank of India's decision to cut the repo rate by 25 basis points will provide a boost to the economy, Finance Minister Piyush Goyal said.

* RAILWAYS: The growth in freight carried by the Indian Railways fell to a 15-month low of 2.8% in
January from 3.3% the previous month, according to data by the Railway Board.

* STEEL: Standard Chartered Bank's counsel, during the hearing of Essar Steel insolvency case on Thursday, termed the bid made by ArcelorMittal for the distressed steel company as a 'big scam'.

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