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BUSINESS AND ECONOMY - March 2015

Mar 2015

Sep 29, 2021

Govt. Dissolves Ordnance Factory Board

The Defence Ministry has dissolved the Ordnance Factory Board (OFB) with effect from October 1 and transferred its assets, employees and management to seven public sector units (PSUs).
The name of the seven defence PSUs (also called DPSUs) are Munition India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited and Gliders India Limited.

ICICI Prudential MF Launches Nasdaq 100 Index Fund

Asset management company (AMC) ICICI Prudential Mutual Fund launched an open-ended fund replicating the Nasdaq 100 index. The scheme will offer exposure to 100 largest leading non-financial companies globally.
ICICI Prudential Nasdaq 100 Index Fund is the first offering in ICICI Prudential MF's passive universe.
The Nasdaq 100 Index reflects companies across major industry groups, including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.
Nasdaq 100 index mainly includes innovation led technology and communications services companies; many of which are part of our day to day lives like Apple, Microsoft, Facebook, Alphabet, Facebook, Netflix, Starbucks. This offering is suitable for investors looking for geographical diversification in their equity allocation in index funds.

RBI Sets WMA Limit for Central Government for at Rs. 50,000 crore

The Reserve bank of India has set the limit for Ways and Means Advances (WMA) for the second half of the financial year 2021-22, i.e October 2021 to March 2022 at Rs. 50,000 crore. The Reserve Bank may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit. The Reserve Bank retains the flexibility to revise the limit at any time, in consultation with the Government of India, taking into consideration the prevailing circumstances.

SEBI Board Approves Framework for Gold Exchange

SEBI's board cleared a proposal for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism.
The instruments representing gold will be called Electronic Gold Receipts (EGRs) and will be notified as securities.
EGRs will have the trading, clearing and settlement features akin to any other securities.
Any recognised stock exchange, existing as well as new, can launch trading in EGRs in a separate segment. The denomination for trading of EGR and conversion of EGR into gold can be decided by the stock exchanges with the approval of SEBI.

TCS Signs Five-year IT Transformation Deal with German Bank NORD/LB

IT services major Tata Consultancy Services (TCS) has been selected by NORD/LB, a leading German commercial bank, as its strategic partner for its IT transformation. NORD/LB has embarked on a transformation journey that targets a new business model by 2024, and a leaner, more agile operating model. It has partnered with TCS in this journey.
As part of the five-year partnership, TCS will work with the bank to simplify and transform its application estate across businesses–financial markets, wholesale and retail banking, through application consolidation and automation.

American Airlines, IndiGo Sign Codeshare Agreement

American Airlines and IndiGo entered into a codeshare agreement which allows the former to sell seats on the Indian carrier's flights operating on 29 routes.
The codeshare, which will require U.S. and Indian governments' approvals, is expected to begin in October, as American launches new service between New York (JFK) and Delhi in October 2021 and between Seattle (SEA) and Bengaluru in January 2022.
The one-way codeshare agreement will place American's code on 29 of IndiGo's domestic routes, providing a convenient option for American Airlines customers to travel within India after landing in Bengaluru or Delhi.
Currently, IndiGo has a two-way codeshare agreement with Turkish Airlines and a one-way codeshare partnership with Qatar Airways.

Sep 28, 2021

Vistara Partners with IndusInd Bank to Launch Co-branded Credit Card

Full-service carrier Vistara has partnered with IndusInd Bank to launch co-branded credit card Club Vistara IndusInd Bank Explorer.
The credit card will offer various benefits such as a complimentary business class ticket, membership of the airline's frequent flyer programme and lounge access.
The all-new card provides the cardholders with a complimentary 'Gold' class membership to Club Vistara (CV), under which they can earn points on every flight and can even redeem their earned CV points to avail flights.

HDFC Bank Ltd Voted 'Overall Most Outstanding Company in India'

Over 1,070 fund managers, analysts, bankers, ratings agencies voted HDFC Bank among banks in India for 4th year in a row as 'Overall Most Outstanding Company in India,' in a poll conducted by reputed publication Asiamoney.
The poll, known as Asia's Outstanding Companies Poll, is designed to acknowledge listed companies that have excelled in areas such as financial performance, management team excellence, investor relations, and CSR initiatives. Further, the poll aims to identify and recognise publicly listed companies in 2 categories: by country and by sector, in which it operates. Over 1,070 fund managers, analysts, bankers, and rating agencies took part in the voting which concluded on July 16, 2021.

India Dubai's Second Biggest Trade Partner

According to official data released, India has emerged as Dubai's second biggest trading partner after China with the overall volume touching 38.5 billion dirham in the first half of 2021.
According to a Dubai government statement, the emirate had a trade volume of 86.7 billion dirham with China in H1 (first half) of 2021, followed by India and the US at third position.
Trade with India grew 74.5 per cent year-on-year to 67.1 billion dirham from 38.5 billion dirham in H1 2020.
Saudi Arabia came fourth with 30.5 billion dirham up 26 per cent from H1 2020, followed by Switzerland at 24.8 billion dirham.

Sep 27, 2021

HAL Signs Pact with Alliance Air for Deployment of Civil Do-228 Aircraft

State-run aerospace behemoth Hindustan Aeronautics Ltd (HAL) signed a lease agreement with Alliance Air Aviation Limited for the supply of two Civil Do-228 aircraft for regional operations in Arunachal Pradesh, aimed at giving boost to India's Regional Connectivity Scheme (RCS).
The HAL Do- 228 is a versatile aircraft well-suited for operations in the North East and has the capabilities of short take-off and landing, ability to land and take-off from semi-prepared runways.
This development opens a new vista in civil aviation for HAL as the company is keen to increase its footprint in the regional civil aviation sector.

CAG Murmu Becomes External Auditor of International Atomic Energy Agency

India's Comptroller and Auditor General G. C. Murmu was selected as the external auditor of the International Atomic Energy Agency (IAEA), a prestigious institution that promotes peaceful use of nuclear energy.
Murmur received majority support of the IAEA general conference and his tenure will be for six years, from 2022 to 2027.
Murmu assumed office as the Comptroller and Auditor General of India on August 8 last year. Before assuming the charge, he served as the first Lt Governor of the Union Territory of Jammu and Kashmir.

World's Highest EV Charging Station in Himachal Pradesh

The world's highest electric vehicle charging station was inaugurated in Kaza village of Lahaul and Spiti district in Himachal Pradesh. The electric vehicle charging station is set up at a height of 500 ft. The aim of this initiative is to check vehicular pollution and promote electric vehicles for a clean and green environment in the region. India is gaining good momentum in the electric vehicle (EV) ecosystem.
There is a good response for battery-operated small electric vehicles like e-scooter, electric three-wheelers, e-rickshaws, e-carts, and e-bikes in the country. Both battery electric vehicle and fuel cell vehicle technologies are complementary to each other and are all set to overtake fossil-run automotive by 2050 in the country.

Govt. Extends Tenure of Company Law Committee by One Year

The government has extended by one year the tenure of the Company Law Committee, which was constituted back in 2019.
The tenure of the panel, which was set up by the corporate affairs ministry in September 2019, was extended last year also.
The committee has the mandate for examining and making recommendations to the government on various issues related to implementation of the Companies Act and the Limited Liability Partnership Act.

Debabrata Mukherjee is Chairman of Audit Bureau of Circulations

Debabrata Mukherjee, who is currently serving as Chief Marketing Officer at the United Breweries Group, has been elected as the chairman of Audit Bureau of Circulations (ABC) for the year 2021-2022.
Debabrata Mukherjee is responsible for managing local and global brands like Kingfisher, Ultra, Heineken and Amstel. He has a wide range of professional experience in general management, marketing and sales operations, business strategy and innovation.
He was a part of the Audit Bureau of Circulations, Council of Management, since 2011 and also served as Chairman of the Council. Debabrata was awarded the "Beverage Marketer of the Year" award by the International Advertising Association (IAA) in the FMCG beverages category and is a management committee member of the prestigious Mumbai Ad Club. He also served as a jury member for multiple industry leadership awards and has shared his expertise across industry and commerce forums.

Sep 26, 2021

Mumbai, Bangalore and London among World's Top Start-up Hubs

London, Mumbai and Bangalore have featured among the world's top start-up hubs, according to a comprehensive ranking of international start-up hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021.
Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row. Bangalore also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th.
Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research, and talent.

RBL Bank MD Vishwavir Ahuja Gets Nod for Fourth Term

Shareholders of RBL Bank approved the reappointment of Vishwavir Ahuja as the managing director and chief executive for the fourth term.
According to the results of the voting held at the annual general meeting, as much as 99.94% of shareholders who participated in the voting favoured the reappointment of Vishwavir Ahuja as the Managing Director (MD) and Chief Executive oFficer (CEO) for the fourth term beginning June this year.

Sep 25, 2021

Tata Digital Appoints Modan Saha as CEO of Financial Services

Tata Digital Limited, a 100 per cent subsidiary of Tata Sons Private Limited, announced Modan Saha as CEO – Financial Services at Tata Digital. Modan was the CEO of Tata Strategic Management Group (TSMG). In his role, Modan would be responsible for building the Fintech business portfolio. In addition, he shall guide Strategy and Strategic Investments at Tata Digital.
Modan brings deep experience in financial services along with strong strategy capabilities. As a part of the core leadership team at Tata Digital, he will play a key role in building the fintech business and guiding various strategic initiatives.

Adani Enterprises Incorporates Wholly-owned Arm Adani Digital Labs Pvt Ltd

Adani Enterprises announced the incorporation of wholly-owned arm 'Adani Digital Labs Pvt Ltd' (ADLPL).
ADLPL is yet to commence its business operations.
ADLPL is incorporated to transform consumer businesses into digital-first segments by creating an omnichannel, integrated platform enabling the customers to interact with all business-to-consumer businesses of Adani Group.

BPCL, SBI Card Launch Co-branded RuPay Contactless Credit Card

Fuel retailer BPCL and SBI Card announced the launch of a co-branded RuPay contactless credit card, offering fuel and other benefits.
The card will provide rewarding fuel savings and other benefits to the customers, it said.
The card will offer 13X reward points on every Rs. 100 spent on fuel purchases at BPCL petrol pumps and a 1 per cent fuel surcharge waiver on every transaction up to Rs. 4,000, translating to 4.25 per cent value back.

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