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BUSINESS AND ECONOMY - March 2015

Mar 2015

Jun 04, 2021

Wipro Third Indian IT Firm to Scale Rs. 3 Trillion Market Cap

Wipro touched Rs. 3 trillion in market capitalisation for the first time, becoming the third Indian IT firm to achieve the milestone after Tata Consultancy Services and Infosys.
According to a report, Wipro stock has surged since Thierry Delaporte joined as CEO and MD of the company. Delaporte slashed the top ranks of leadership from 25 people to four.
The company won its largest deal ever from German retailer Metro and has seen deal wins of $7.1 billion.
India has total of 13 listed firms that have crossed the Rs. 3 trillion m-cap. Wipro now ranks 14th.

SEBI Increases Overseas Investment Cap for Individual MFs

The Securities and Exchange Board of India (SEBI) revised the overseas investment limit for mutual funds (MFs). The market regulator stated in a circular that MFs can make overseas investments up to $1 billion each, within the overall industry limit of $7 billion.
MFs had made representations to the regulator to increase the investment limit. Last November, SEBI had enhanced the overseas investment limit from $300 million per mutual fund to $600 million.

India SME Invests in KreditBee

India SME Investments infused Rs. 60 crore into a holding entity of KreditBee.
This investment comes in the form of both equity and debt.
This round is a follow-up tranche of investment from India SME after having invested Rs 28.4 crore in September 2019 as debt in Krazybee Services, the RBI-backed NBFC-ND-SI (non-banking financial company non-deposit taking systemically important), which is a part of the holding company of KreditBee.
In February, the Bengaluru-headquartered fintech lending startup KreditBee had closed its series C equity round worth USD 75 million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures, consisting of both primary and secondary investments.
SIDBI-backed India SME Investments focuses on investing in early-growth companies, primarily based out of/operating in tier II and III cities, targeting the lower/middle-class segment and benefiting from changing consumer preferences.

Kerala Retains Top Rank in NITI Aayog's SDG Index

Kerala retained the top rank in NITI Aayog's SDG India Index 2020-21, while Bihar was adjudged as the worst performer.
The Index for Sustainable Development Goals (SDGs) evaluates progress of states and union territories on social, economic and environmental parameters.
Kerala retained its rank as the top state with a score of 75. Both Himachal Pradesh and Tamil Nadu took the second spot with a score of 74.
Bihar, Jharkhand and Assam were the worst performing states in this year's India index.
The third rendition of India's SDG Index was launched by NITI Aayog Vice Chairman Rajiv Kumar.

NITI Aayog Submits Names of 2 PSU Banks to be Privatised

NITI Aayog has submitted to the Core Group of Secretaries on Disinvestment the finalised names of PSU banks to be privatised in the current fiscal as part of the disinvestment process.
NITI Aayog has been entrusted with the task of selection of names of two public sector banks and one general insurance company for the privatisation as announced in the Budget 2021-22.

Jun 03, 2021

Wipro Sells Stake in Denim Group

IT major Wipro sold its stake in Denim Group, a provider of application security firm for $22.42 million.
Wipro in 2018 had acquired 33.33 per cent stake in Denim Group, Ltd. and Denim Group Management, LLC (Denim Group), an independent application security firm, for a consideration of $ 8.83 million.
Wipro also announced that it has acquired a minority stake of less than 20 per cent on a fully diluted basis in US-based IT incident response services provider Squadcast for $1.2 million.

Nayara Energy Selects Hughes India to Connect Retail Outlets

Satellite services provider Hughes Communications India won a contract from oil retailer Nayara Energy to install, integrate and manage a satellite network solution across 3,500 retail outlets.
Hughes already connects more than 4,000 Nayara locations.
The new, five-year contract, nearly doubles the HughesON-managed deployment, making it the largest single satellite-based network in India's retail petroleum sector.

Tata Power Solar Gets Order from NTPC

Tata Power Solar has got a letter of award for an order worth Rs. 686 crore from state-owned power giant NTPC, according to a statement.
Tata Power Solar, India's largest integrated solar company and a wholly-owned subsidiary of Tata Power, has received a letter of award (LoA) to build 210 megawatt peak (MWp) of solar PV projects for NTPC.
The commissioning deadline has been set as November 2022.
With this addition, the order pipeline of Tata Power Solar stands at about 2.8 gigawatts (GW) with an approximate value of Rs. 13,000 crore, thereby cementing its position as India's leading solar EPC (engineering-procurement-construction) player.

HDFC Bank Deploys Mobile ATMs

HDFC Bank installed mobile ATMs across 50 cities in India, which can be used for over 15 transactions by customers.
These ATMs have been deployed in various metros and non-metros in view of the restrictions imposed by Covid-19.
Customers can conduct over 15 types of transactions using the Mobile ATM, which will be operational at each location for a specific period. The Mobile ATM will cover 3-4 stops in a day.

Bharti Airtel's Subsidiary Sells Tower Portfolio in Tanzania

Airtel Africa announced the sale of the tower portfolio belonging to Airtel Tanzania for about USD 175 million (Rs. 1,279.6 crore).
The deal marks the latest strategic divestment of the group's tower portfolio as it focuses on an asset-light business model and on its core subscriber-facing operations.
Airtel Africa is a provider of telecommunications and mobile money services with a presence in 14 countries across Africa.
Airtel Africa announced "the sale of the tower portfolio belonging to Airtel Tanzania to a joint venture company owned by a wholly-owned subsidiary of SBA Communications Corporation, a leading global independent owner and operator of wireless communications infrastructure, as majority owner, and by Paradigm Infrastructure Limited, a UK company focused on developing, owning and operating shared passive wireless infrastructure in selected growth markets.
The tower portfolio in Airtel Tanzania comprises about 1,400 towers that form part of the group's wireless telecommunications infrastructure network.
As per the terms of the deal, the group's subsidiary Airtel Tanzania will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the purchaser.

Jun 02, 2021

Suzlon Bags Order to Develop 252 MW Wind Power Project from CLP India

Suzlon Group has bagged an order from CLP India to develop a 252 MW wind power project at Sidhpur in Gujarat.
According to the statement, Suzlon will install 120 units of S120-140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, with rated capacity of 2.1 MW each.
The project, located in Sidhpur, is expected to be commissioned in 2022. Suzlon will execute the project with a scope of supply, foundation, erection and commissioning.
CLP India is owned by the CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dpt et placement du Qubec (CDPQ), a global investment group. Founded in 2002, CLP India has gradually grown its footprint to become one of the largest foreign investors in the Indian power sector.

Capgemini Sets up 5G Lab in Mumbai

France-headquartered IT services major Capgemini has set up a 5G lab in Mumbai to accelerate the deployment of 5G solutions among its customer base. This is the third such lab from the company globally, the other two are in Paris and Portugal.
Capgemini has launched this lab in collaboration with Ericsson to accelerate the deployment of 5G solutions.
5G adoption is still in the early days. This lab is primarily for their clients to understand the tech, innovate and experiment with us. It will be a great accelerator in the adoption of 5G among our client base.

A. K. Vinod is Chief Compliance Officer of Union Bank of India

State-owned Union Bank of India has nominated A. K. Vinod as its chief compliance officer.
A. K. Vinod, chief general manager, has been nominated as the chief compliance officer with effect from June 1, 2021 in place of K. L. Raju, general manager.
Vinod has been nominated as the CCO for a minimum period of three years.

Noel Tata, Pramit Jhaveri Front Runners to Join Tata Sons Board

Noel Tata, chairman of retail chain Trent and former Citibank India head, Pramit Jhaveri are frontrunners to get a seat on the board of Tata Sons, the holding company of the Tata Group.
Both are currently on the board of Tata Trusts and will represent the trusts on Tata Sons board, CNBC TV18 reported. Tata Sons declined to comment on the report. As of now, Venu Srinivasan, chairman of TVS group and Vice Chairman of Tata Trusts, is representing the Tata Trusts on Tata Sons board.
Noel Tata was inducted on the board of Tata Trusts in 2019 for three years.
Jhaveri joined Dorabji Trust last year.

SBI Invites Bids from ARCs for Two Accounts for Recovering Rs. 409 crore

SBI will auction two NPA accounts later this month for recovery of dues worth Rs. 409.45 crore from the companies -- Kamachi Industries Ltd and Tantia Agrochemicals Ltd.
The e-auction will take place on June 25.
As per the bank's revised policy on sale of financial assets, in line with regulatory guidelines, SBI placed these accounts for sale to banks, ARCs (asset reconstruction companies), NBFCs or FIs (financial institutions).
Kamachi Industries has an outstanding of Rs. 355.93 crore against the bank and Tantia Agrochemicals owes Rs. 53.52 crore.

Jun 01, 2021

Raymond Limited Appoints Harmohan Sahni as CEO of Realty Business

Raymond Ltd appointed Harmohan Sahni as chief executive officer (CEO) of its realty business.
Harmohan was till recently the COO of Real Estate business of ECL Finance Ltd (Edelweiss Group) and has enormous experience in executing projects.
With a 100 acre plus land parcel in the heart of Thane city in Maharashtra, Raymond forayed into the real estate space in 2019 with its maiden project 'Aspirational District', which is spread over 14 acres.

Ananth Narayanan Starts Mensa Brands

After getting a blockbuster exit from the PharmEasy-Medlife deal, Ananth Narayanan has launched a new venture Mensa Brands which aims to create a technology-led 'House of Brands' built for the e-commerce industry.
Mensa has also closed its Series A funding round, raising about $50 million. The round was led by Accel Partners, Falcon Edge Capital, Norwest Venture Partners as well as prominent angel investors such as Kunal Shah, Mukesh Bansal, Rahul Mehta of DST Global and Scott Shleifer of Tiger Global. Additionally, debt financing facilities from Alteria Capital and InnoVen Capital are also secured.
Mensa's vision is to partner and invest in digital-first brands and scale them exponentially. Over the next 3 years, the firm will acquire over 50 brands across categories including home, garden, apparel, personal care and beauty. It would also take these brands to global markets such as the U.S and the Middle East.

Panel to Examine GST Exemption on Covid Material

The Centre constituted an eight-member ministerial panel under the convenership of Meghalaya chief minister Conrad K. Sangma to examine Goods and Services Tax (GST) exemptions on a range of Covid-19 essentials such as vaccines, drugs, testing kits and ventilators.
Other members of the group of ministers (GoM) are – Gujarat deputy chief minister Nitinbhai Patel, Maharashtra deputy CM Ajit Pawar, Goa transport minister Mauvin Godinho, Kerala finance minister KN Balagopal, Odisha finance minister Niranjan Pujari, Telangana finance minister T Harish Rao and UP finance minister Suresh Kr Khanna.
The GoM will submit its recommendations to the GST Council on or before June 8.

CII Elects T. V. Narendran as its New President

Industry chamber CII elected T. V. Narendran, CEO and MD, Tata Steel, as its new president for 2021-22. He takes over from Uday Kotak, Managing Director, and Chief Executive Officer, Kotak Mahindra Bank.
He was the Chairman of CII Eastern Region during 2016-17 and has led CII national panels on leadership and HR besides being Chairman of CII Jharkhand.

Construction Firm J Kumar Infraprojects Bags Order from MMRDA

Civil engineering and construction company J Kumar Infraprojects Ltd bagged an order worth Rs. 1,307.88 crore from the Mumbai Metropolitan Region Development Authority.
In a regulatory filing the company said the order is for part design and construction of balance works of Mumbai Metro Rail project.

May 31, 2021

State Bank of India Raises Cash Withdrawal Limits

The State Bank of India (SBI) has increased the cash withdrawal limits through cheques and withdrawal forms for its customers at non-home branches.
The revised ceiling for cash withdrawal for self through withdrawal form accompanied by savings bank passbook has been raised to Rs. 25,000 per day.
Further, the ceiling for cash withdrawal by a customer for himself through cheque has been raised to Rs. 1 lakh.
In terms of third-party cash withdrawals, the bank has increased the daily upper limit to Rs. 50,000. Withdrawals for third parties would be allowed only through cheques and no cash payment would be allowed through withdrawal forms.

Saudi Arabia Committed to Meet India's Crude Oil Requirement

Saudi Arabia, the world's largest oil exporter, is committed to meet India's requirements of petroleum products, an affirmation that came in the wake of the country pitching for easing global output cuts to rein in surging oil prices.
Saudi ambassador Dr. Saud bin Mohammed Al Sati said that Saudi Arabia made investments worth USD 2.81 billion in India in 2020 and is looking at a greater momentum in bilateral economic ties in areas like petroleum, renewable energy, IT and artificial intelligence.
His comments came in response to a question on Saudi Arabia's position on India pressing for easing cuts in crude oil production by OPEC and OPEC Plus as high oil prices are hurting the consumption-led recovery of several countries like itself.

Govt. Expands Credit Lifeline for MSMEs amid Second Wave

The government has expanded the Rs 3-trillion Emergency Credit Line Guarantee Scheme (ECLGS) to help businesses hit by the second wave of the Covid-19 pandemic. Dubbed ECLGS 4.0, the scheme has added the civil aviation sector and loan to health institutions for on-site oxygen generation plants.
The Centre has also removed the loan outstanding ceiling of Rs. 500 crore of loan outstanding. However, the maximum additional loans they can take under the scheme is limited to 40 per cent of the outstanding loan, or Rs. 200 crore, whichever is lower.
Loans given under ECLGS 1.0 will be eligible for additional assistance up to 10 per cent, raising the total guaranteed loan up to 30 per cent of outstanding as on February 29, 2020.
The 100 per cent guarantee cover offered to hospitals, nursing homes, clinics, and medical colleges for setting up oxygen plants will be available for loans up to Rs 2 crore, with the interest rate capped at 7.5 per cent.

FDI in Computer Software, Hardware Jumps Threefold

Foreign direct investment (FDI) in computer software and hardware jumped over threefold to USD 26.14 billion during 2020-21 on account of significant growth in the country's technology space, according to data from the Department for Promotion of Industry and Internal Trade.
The sector received USD 7.67 billion FDI in 2019-20 and USD 6.41 billion in 2018-19.
The computer software and hardware sector accounted for about 43 per cent in the total USD 59.63 billion foreign inflows that India attracted in 2020-21.

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