General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Mar 27, 2025

JSW Steel Becomes World's most Valuable Steelmaker with $30.3 bn market cap

JSW Steel Ltd. emerged as the most valuable steel company globally, surpassing industry leaders such as ArcelorMittal and Nucor Corp. The Indian steelmaker now holds a market capitalisation of $30.31 billion, exceeding its closest competitors by $91 million to $3 billion.
The flagship company of the JSW Group operates integrated steel plants in Vijayanagar, Dolvi, and Salem, along with overseas operations in the United States and Italy.

Maruti Suzuki Appoints First In-house Indian Talent to Board

India's leading carmaker Maruti Suzuki appointed Sunil Kakkar as an Additional Director and Whole-time Director, the first instance of a home-grown Indian employee being nominated as a director on its board by Japanese parent Suzuki Motor Corporation (SMC).
The company's Board of Directors, at its meeting approved the appointment of Kakkar for a period of three years with effect from April 1, 2025 up to March 31, 2028.

RBI Imposes Rs. 75 Lakh Penalty on HDFC Bank for Breach of Norms

The Reserve Bank of India (RBI) imposed a penalty of Rs. 75 lakh on HDFC Bank, the country's largest private sector lender, for not complying with directions in the RBI's Know Your Customer (KYC) master direction.
The RBI found that the bank did not categorise certain customers into low, medium or high risk category based on its assessment and risk perception.

L&T Wins its Largest Order till Date

Larsen & Toubro's (L&T) Hydrocarbon Business, L&T Energy Hydrocarbon (LTEH), secured its largest-ever contract with Qatar Energy LNG. The Ultra Mega Offshore Contract, awarded for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4), marks a significant milestone for L&T in the global liquefied natural gas (LNG) sector.
As per L&T, the scope of work encompasses the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes, each comprising of large offshore platforms with compression and power generation facilities, living quarters, flare platforms, interconnected bridges.

Mar 26, 2025

Bank of Baroda Launches Exclusive App for Corporate Customers

Bank of Baroda (BoB) launched 'mDigiNext mobile app' to exclusively cater to the cash management needs of its corporate customers.
BoB's dedicated cash management services app offers payment functionalities that help businesses manage their working capital and cash flows, which, in turn, will bring in greater efficiencies and facilitate faster execution and ease of operations.
The app offers functionalities such as creation and authorisation of one-to-one transactions; authorising and rejecting bulk uploads; end-to-end transaction and workflow tracking; and raising real-time enquiries on transaction status.

Parminder Chopra Assumes Additional Charge as Chairman & MD of REC Ltd

Parminder Chopra was appointed as the Chairman and Managing Director (CMD) of REC Limited for a three-month tenure, in addition to her existing role as CMD of Power Finance Corporation Ltd. (PFC). With over 35 years of experience in the power and financial sectors, Chopra has played a key role in financial restructuring and renewable energy financing.

Vikram Sahu to Replace Kaku Nakhate as Bank of America's New India Head

Bank of America Corp (BofA) is set to undergo a leadership transition in its India operations, with Kaku Nakhate stepping down from her role as the country executive after 15 years at the helm.
As per repots, Vikram Sahu, currently head of global equity research in New York, has been appointed as her successor.
Sahu is expected to relocate to India in the second quarter of 2025 to take charge of the bank's India franchise. Nakhate will continue to serve as CEO of BANA India until Sahu receives regulatory approvals for the position from the Reserve Bank of India (RBI).

Mar 25, 2025

Government Notifies Revisions to MSME Investment and Turnover Criteria: Effective April 1, 2025

The Government of India announced a major revision in the investment and turnover criteria for the classification of Micro, Small, and Medium Enterprises (MSMEs). The changes, which will take effect from April 1, 2025, are aimed at enhancing business opportunities and providing greater financial flexibility to MSMEs. Under the revised criteria, investment limits were increased by 2.5 times, and turnover limits were doubled, as per the announcement made by Union Finance Minister Nirmala Sitharaman during the Union Budget 2025. These revisions will allow larger businesses to qualify as MSMEs, facilitating better access to credit, government incentives, and support schemes.

Hero Realty Appoints Rohit Kishore as its New Chief Executive Officer

Real estate company Hero Realty appointed Rohit Kishore as its new Chief Executive Officer (CEO).
Kishore has over 21 years of experience in the real estate industry.
Kishore joined Hero Realty from Eldeco Properties, where he served as the CEO.
Before Eldeco, he worked in many real estate companies, including Lotus Greens Developers, MARS Development, M3M India, and Bharti Realty.

Bharati Airtel's Gopal Vittal Elected as GSMA Chairman

Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, was elected as the Chairman of the Board of the Global System for Mobile Communications Association (GSMA). He is the second Indian to hold this prestigious position after Sunil Mittal. Vittal's tenure will run until the end of 2026. GSMA represents the global telecommunications industry, bringing together over 1,100 companies from the telecom ecosystem worldwide.

First-Ever Export of Anthurium Flowers from Mizoram to Singapore

In a major milestone for India's floriculture sector, particularly from the North Eastern Region (NER), the Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated the first-ever export of Anthurium flowers from Mizoram to Singapore. The consignment was exported via Kolkata. This initiative highlights Mizoram's floriculture potential, strengthens India's agricultural exports, and provides economic benefits to local farmers, including women.

U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin

The Reserve Bank of India (RBI) highlighted a significant shift in the source of inward remittances to India, with developed nations like the United States and the United Kingdom surpassing Gulf countries as the top contributors. According to the RBI's paper, "Changing Dynamics of India's Remittances – Insights from the Sixth Round of India's Remittances Survey," published in its March bulletin, remittances from the U.S. and U.K. nearly doubled, accounting for 40% of total inflows in FY24, compared to 26% in FY17. This increase is attributed to the growing presence of Indian professionals and students in these countries, while contributions from traditional sources like the UAE and Saudi Arabia have declined.

Mar 24, 2025

Meghalaya Inaugurates First Scientific Coal Mining Block

Meghalaya Chief Minister Conrad K. Sangma inaugurated the state's first scientific coal mining block, "Saryngkham-A", at Byndihati in East Jaintia Hills. This marks a significant shift from the traditional rat-hole mining, which was banned by the National Green Tribunal (NGT) in 2014 due to safety and environmental concerns.
In 2014, the NGT imposed a blanket ban on coal mining in Meghalaya owing to its hazardous and unscientific "rat-hole" mining practices. This method involved narrow tunnels where miners manually extracted coal, leading to numerous fatal accidents and severe environmental degradation. The coal-rich Jaintia Hills region was particularly affected by these unsafe mining techniques.

Govt. Appoints Rahul Bhave as MD of IFCI

Rahul Bhave, serving as Deputy Managing Director, was appointed as MD and CEO of Industrial Finance Corporation of India (IFCI) for three years from the date of taking over.
The appointment was approved by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister.
The Industrial Finance Corporation of India (IFCI) was set up by the government on July 1, 1948, as the first development financial institution in the country.
The finance ministry, in November 2024, in principle approved the 'Consolidation of IFCI Group', which entails the merger/amalgamation of IFCI Ltd and Stock Holding Corporation of India Ltd and other group companies.

Harvest Company Launches Social Media App and Digital Currency in Jaipur

In a significant move towards digital innovation, Harvest Company unveiled its new social media application and digital currency during a grand launch ceremony held at the Atlantis Banquet in Jaipur, Rajasthan. The event highlighted the future and importance of digital currency, emphasising its potential to revolutionize the way people interact and transact online.
The event was organised by Prince Saini, who elaborated on the features of the newly launched app.
The launch also introduced Harvest Company's digital currency, which Saini described as one of the most growth-oriented currencies of the modern era. The company aims to make this currency accessible to the general public, educating them about its benefits. The digital currency stands out due to its reward system, which offers periodic incentives to users.

Mar 23, 2025

Wipro, Tech Mahindra, L&T Tech Services Announce Partnership with Nvidia

IT services firms Wipro, Tech Mahindra, and L&T Technology announced individual partnerships with chipmaking giant Nvidia for AI-based solutions for various industries.
These software firms are showcasing the solutions leveraging Nvidia technologies at the US-based chip major's ongoing annual GPU Technology Conference (GTC) in California.

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