General Awareness

BUSINESS AND ECONOMY - September 2015

Sep 2015

Jan 18, 2022

Narendra Goenka Takes over as New Chairman of AEPC

Founder and Managing Director of Texport Industries Narendra Kumar Goenka took over as the Chairman of the Apparel Export Promotion Council (AEPC) and expressed hope that the sector's outbound shipments would record healthy growth in the coming months.
He replaced A. Shakthivel.
Goenka's Texport Industries is one of the largest apparel manufacturer-exporters in India and he has been associated with the council for more than two decades. He was the Vice Chairman of the apex body of the Indian apparel exporters before taking charge as Chairman.

Tata Power Renewable Energy Commissions 100 MW Solar Projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) commissioned two solar power projects of 50 MW each in Uttar Pradesh.
A subsidiary of Tata Power, TPREL commissioned the solar projects at Prayagraj and Banda.
The projects were completed by TPREL within the agreed timelines despite COVID challenges. The plants are expected to generate more than 221.26 million units annually.

Tech Mahindra Taps into Insurance Biz with Acquisition of Com Tec Co IT

IT services major Tech Mahindra announced acquisition of Com Tec Co IT Ltd (CTC) for €310 million (Rs. 2,625 crore), including earnouts and synergy-linked payouts. This will be eight acquisition the company has made in FY22.
CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. For the CY2020, CTC had revenue of Euro 71.3 million (around Rs. 604 crore) and for the nine months ended September 30, 2021 the company had revenue of euro 58.8 million (around Rs. 498 crore).
The acquisition will enable Tech Mahindra to tap onto the potential in the insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organisations globally and scale its nearshore delivery presence.

Exide Life Appoints Sanjay Vij as Executive Director

Exide Life Insurance announced the appointment of Sanjay Vij as the Executive Director and Principal Officer.
Earlier in January 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals.
Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly.

Jan 17, 2022

DCB Bank Appoints Rupa Devi Singh as Chairman

Private sector lender DCB Bank appointed Rupa Devi Singh as its new part time chairman following the retirement of Nasser Munjee from that position. Her appointment is subject to approval from regulatory authorities like Reserve Bank of India and the shareholders of the Bank.
Singh's appointment will be effective from the date of receipt of the RBI approval. Munjee was the chairman of the bank since August 2005.
Rupa Devi Singh has been a non-executive independent director of the bank from January 22, 2015. She has over 35 years of experience in various sectors viz. commercial banking, project structuring, infrastructure, etc.

Shersingh B. Khyalia is as CEO of Adani Power

The Board of Directors of Adani Power Limited (APL), a subsidiary of Adani Group, approved the appointment of Shersingh B Khyalia as the Chief Executive Officer (CEO) of Adani Powers with effect from 11th January 2022. He is a Chartered Accountant, who has served as the Managing Director in Gujarat Power Corporation. Earlier, Khyalia has worked as Managing Director in Gujarat Power Corporation, where he got experience of the Renewable Power Sector especially the development of Ultra Mega Renewable Parks.

Marwadi Financial Services Ties up with NSDL Payments Bank

Marwadi Financial Services continues to expand its bouquet of partnerships to provide a faster & effective investment and trading experience to our customers. Their latest affiliation with NSDL Payments Bank will allow Marwadi Financial Services to offer its clients an integrated 3-in-1 savings account that combines the features of savings, Demat and trading accounts.
Using this account, investors would be able to seamlessly transfer funds in real-time and execute trades in almost no time. Users would also be able to avail margins without actually moving funds between their savings and trading accounts. The 3-in-1 account provides the additional advantage to users of availing savings interest on funds lying idle in their trading account. This strategic partnership would help Marwadi to boost customer experience while allowing NSDL Payments Bank to access Marwadi's clients and expand its customer base.
NSDL Payments Bank is a subsidiary of NSDL (National Security Depository Limited), the firs and the largest depository in India.
Marwadi Financial Services is a Rajkot, Gujarat based financial service group dealing in equities/commodities/currencies broking and portfolio management services.

Oil India Exits US Shale Venture, Sells 20% Stake

State-owned Oil India Ltd (OIL) exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months.
Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA.
OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million.
While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.

Jan 16, 2022

Govt. Inaugurates India's First Coal to Methanol Plant

Union Minister for Heavy Industries Mahendra Nath Pandey dedicated India's first BHEL-built 'coal to methanol' (CTM) pilot plant to the nation, as part of the ongoing 'Azadi Ka Amrit Mahotsav' celebrations.
Pandey also inaugurated an exhibition on Products Developed under Aatmanirbhar Bharat' organised at Bharat Heavy Electricals Limited's (BHEL) Hyderabad unit.

Yes Mutual Fund's Name is White Oak Capital Mutual Fund

Yes Asset Management's name was changed to White Oak Capital Asset Management.
Further, Yes Mutual Fund is now called White Oak Capital Mutual Fund.
Founded by Prashant Khemka, formerly CIO of Goldman Sachs Asset Management's India Equity and Global Emerging Markets Equity businesses, White Oak Capital group provides investment management and advisory services for equity assets of over Rs. 42,000 crore.

RBI Proposes New Norms for Classification of Banks' Investment Portfolio

The Reserve Bank of India (RBI) proposed new norms for the classification and valuation of the investment portfolio of banks, with a view to align them with the global prudential framework and accounting standards.
According to the proposed norms, the investment portfolio of banks will be divided into three categories held-to-maturity (HTM), available for sale (AFS), and fair value through profit and loss account (FVTPL).
Within FVTPL, held-for-trading (HFT) shall be a sub-category aligned with the specifications of 'Trading Book' as per the Basel-III framework.
The new bank portfolio classification norms will come into effect from April 1, 2023.

Megha Engineering, Adani Gas Top Winners of City Gas Distribution Licences

Megha Engineering and Infrastructures Ltd (MEIL) walked away with the most 15 licences to retail CNG to automobiles and piped cooking gas to households in the latest city gas bidding round, while a joint venture of billionaire Gautam Adani's gas arm and Total of France got 14 licences.
According to the results of the bid opening for the 11th round of city gas distribution (CGD) bidding, Indian Oil Corporation (IOC) stands to get nine licences and Bharat Petroleum Corporation Ltd (BPCL) 6.

Hero MotoCorp Expands Operations in El Salvador, Opens New Flagship Store

Two-wheeler market leader Hero MotoCorp expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country's capital city San Salvador.
The company has a distribution network of over 200 touchpoints, including five company-owned showrooms, 15 dealerships, 85 retail and 26 spare part outlets and service centres across 14 cities in El Salvador.
Hero MotoCorp's product range in El Salvador includes motorcycles from the premium to entry levels, including the XPulse 200, XPulse 200T, Hunk 160R, Hunk 190R, Hunk 150, Ignitor 125, Eco150, Eco 125 and Dash 125 scooter.

Jan 15, 2022

Adani Group Sign Agreement with South Korea's POSCO to Develop Steel Mill

Adani Group and South Korea's largest steelmaker POSCO have signed a non-binding memorandum of understanding (MoU) to explore business opportunities in India. This includes the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat. The estimated investment of the project is up to $5 billion (approx. Rs 37,000 crore). The non-binding MoU also intends to collaborate at the group business level in various other sectors such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements.
The alliance is a significant move for the diversified Adani Group, which has interests in logistics, ports, airports, mining, power generation and distribution, renewable energy, gas and infrastructure. Adani has recently announced major investment plans as part of an ambitious plan to become the world's top renewable energy company. The group is also venturing into new-age businesses with plans for a super app and investing big in data centres.

India Grants $ 900 mn Loan to Sri Lanka to Tackle Forex Crisis

India announced a $900 million loan to Sri Lanka to build up its depleted foreign reserves and for food imports, amidst a shortage of almost all essential commodities in the island nation.
The governor of the Central Bank Ajith Nivard Cabraal said that the island nation is negotiating a $ one billion loan from India to import goods from the country.

Britannia Appoints Amit Doshi as Chief Marketing Officer

Leading bakery foods company Britannia Industries on Friday announced the appointment of Amit Doshi as its Chief Marketing Officer. Doshi's appointment would be effective from January 17 and would take over from Vinay Subramanyam, who had left the company in December last year.
Before this, Doshi was Director-Marketing at IT and tech firm Lenovo (India and South Asia). He has also worked with Britannia in the past.
With a turnover of over Rs 11,000 crore, Britannia Industries is present in many food categories. It owns popular household brands, which include - Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold and Little Hearts.

Jan 14, 2022

L&T Bags Two Mega Offshore Orders from Overseas Client

A consortium led by LTHE, a wholly-owned arm of Larsen & Toubro, bagged two mega offshore orders from a prestigious overseas client.
The scope of work comprises engineering, procurement and construction (EPC) for new facilities and integration with existing installations.
LTHE is currently executing several domestic and international offshore projects. It is also committed to building its regional presence in geographies that it operates by growing local skills and talent, improving procurement from local vendors, engaging commercially with local contractors on the foundation of a sustainable workload.

Paytm Payments Bank Leads UPI Beneficiary Chart with 926 mn Transactions

According to data released by the National Payments Corporation of India (NPCI), Paytm Payments Bank emerged as the biggest receiver of UPI amount with 926.17 million transactions while public sector bank SBI topped the chart of being the biggest remitter in December 2021.
Paytm Payments Bank Ltd (PPBL) claimed to have become the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month.

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