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BUSINESS AND ECONOMY - November 2015

Nov 2015

Sep 06, 2021

IndiGo's General Counsel Priya Mehra Quits

  • Priya Mehra, General Counsel of InterGlobe Aviation-operated airline IndiGo, has resigned.
  • Mehra's resignation comes close on the heels of Ankur Goel, head of the company's investor relations quitting the company.
  • Goel is joining Akasa, the new airline backed by ace investor Rakesh Jhunjhunwala.
  • Mehra, who had joined the company in 2016, is part of the company's executive committee and was heading a team of around 40 lawyers.
  • IndiGo is yet to announce a replacement for Mehra, the company's legal team has multiple senior lawyers, including Associate General Counsel Bharat Vansh Bahadur, who had joined the company along with Mehra in 2016.

Sep 05, 2021

India Becomes 3rd Largest Unicorn Ecosystem in the World

  • Hurun Research Institute has released the Hurun India Future Unicorn List 2021, as per which India is the third-largest Unicorn/startup ecosystem in the world. The USA is on top followed by China on second. India has 51 unicorns according to the list. The USA has 396 and China has 277 unicorns.
  • Zilingo is the top unicorn in the ranking in India with funding of USD 310. The headquarters of Zilingo is in Singapore. Bengaluru is the top Indian city in terms of the number of Unicorns headquartered in a city. Bengaluru has 31 unicorns followed by Mumbai which has 12 unicorns.

Federal Bank Launches Credit Card

  • Federal Bank launched its credit card in association with Visa in a bid to improve unsecured, high-yielding book and complete the suite of banking products it offers.
  • The private sector bank has launched three variants of the card — Celesta (for high net worth individuals), Imperio (for family oriented customers) and Signet (targeted at young, early professionals).
  • According to the product brochure, the interest per month on the uncleared credit card dues starts from 0.49 per cent. This works out to an annualised percentage rate of 5.88 per cent.

Madhya Pradesh Govt. Signs MoU with NTPC

  • The Madhya Pradesh government signed a memorandum of understanding (MoU) with NTPC Limited for setting up an industrial training institute (ITI) at a village in Khargone district.
  • The MoU was signed between NTPC Limited and the state department of technical education, skill development and employment for setting up an ITI at Bediya village in Sanawad tehsil.
  • The ITI, which will be run by the state government, will impart training for six trades such as electricals, fitting, welding, motor mechanics, refrigeration and air conditioning.

New Development Bank Approves UAE, Bangladesh and Uruguay as New Member Countries

  • The Shanghai-based New Development Bank (NDB) has approved the United Arab Emirates, Uruguay and Bangladesh as its new member countries. In 2020, the NDB Board of Governors initiated the negotiation to expand its membership. As a result UAE, Uruguay and Bangladesh have been admitted as the first new member countries of the NDB.
  • NDB was established by the BRICS (Brazil, Russia, India, China and South Africa) countries in 2015. The bank supports public or private projects through loans, guarantees, equity participation and other financial instruments.

LIC Picks up 4% Stake in Bank of India

  • State-owned Bank of India said that LIC has picked up nearly 4 per cent equity shares of the bank through an open market transaction.
  • Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank. The bank said that LIC's stake in Bank of India has now increased to 7.05 per cent.
  • As per SEBI regulations on substantial acquisition of shares and takeovers, companies have to inform the stock exchanges when an entity holds more than 5 per cent shares in a listed company.

PhonePe Starts First Indian Digital Payment Interactive Geospatial Platform

  • Walmart-owned digital payments firm PhonePe has launched PhonePe Pulse, India's first interactive platform with data, insights and trends on digital payments in the country. The PhonePe Pulse website showcases more than 2000 crore transactions by consumers on an interactive map of India. With over 45 per cent market share, PhonePe's data is representative of the country's digital payment habits.
  • PhonePe also launched the Pulse Report, an in-depth study on the evolution of digital payments over the past 5 years. The report also has insights about how digital payment adoption across India has evolved since 2016, and includes detailed geographical and category-specific trends.
  • PhonePe Pulse is a first-of-its-kind product in India and is the culmination of months of research and collaboration by a cross-functional team. It included corporate communications professionals, business analysts, marketers, designers, writers, engineering and business teams from across the company.

Sep 04, 2021

RBI Imposes Rs. 50 Lakh Penalty on Bombay Mercantile Co-operative Bank

  • The Reserve Bank of India (RBI) has imposed a penalty of Rs. 50 lakh on Bombay Mercantile Co-operative Bank, Mumbai for deficiency in regulatory compliance.
  • The RBI has also imposed a penalty Rs. 2 lakh on Akola District Central Co-operative Bank Limited, Akola (Maharashtra) for non-compliance with certain provisions of Know Your Customer (KYC) norms.

Reliance Retail Ventures Acquires Sole Control of Just Dial

  • Billionaire Mukesh Ambani-led Reliance Retail has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs. 3,497 crore.
  • Just Dial offers local search and e-commerce services through its website, mobile apps and telephone line. From local plumbers to hotels and housekeeping services can be inquired about by just dialling 8888888888.
  • RRVL will now make an open offer to buy a 26 per cent stake from other shareholders of Just Dial.

Vivek Chaand Sehgal Resigns as Director from Sun Pharmaceutical Board

  • Drug firm Sun Pharmaceutical Industries said that Vivek Chaand Sehgal has resigned as an independent director of the company.
  • Sehgal is the Chairman of Samvardhana Motherson Group (SMG).
  • He resigned because of his personal reasons and other pre-occupations.

RIL Arm Buys Majority Stake in Strand Life Sciences

  • Reliance Industries Ltd said that its subsidiary has acquired majority stake in genomic testing frim Strand Life Sciences Pvt Ltd for Rs. 393 crore.
  • The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance's digital health intiatives.
  • Strand was incorporated in India in October 2000. It is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

Grasim Industries Appoints appoints Hari Krishna Agarwal as MD

  • Aditya Birla Group flagship firm Grasim Industries Ltd has appointed Hari Krishna Agarwal as its Managing Director with effect from December 1, 2021, following request for early retirement by incumbent Dilip Gaur.
  • The board of directors of the company at its meeting had accepted the request of Mr. Gaur for an early retirement.
  • In February 2021, the board had approved the reappointment of Mr. Gaur as MD for a period of one year with effect from April 1, 2021.
  • Mr. Gaur had joined the Aditya Birla Group (ABG) in 2004 after spending 24 years at Hindustan Unilever Ltd.

IRB Infrastructure Developers Wins Highways Project Order

  • IRB Infrastructure Developers Ltd (IRB) has won the bid for the construction of six lanes of 20 km Pondavakkam to Kannigaipair stretch on the upcoming Chittoor Thachur Highways in Tamil Nadu at a cost outlay of Rs. 909 crore.
  • The project is under Package-IV and is a part of India's ambitious Bharatmala Pariyojana.

Sep 03, 2021

HDFC Life to Acquire Exide Life

  • HDFC Life Insurance announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance Company Limited for a total consideration of Rs. 6,687 crore.
  • The life insurance company will acquire 100% stake in Exide Life from Exide Industries through issuance of 8,70,22,222 shares at an issue price of ₹685 per share and a cash payout of Rs. 726 crore aggregating to Rs. 6,687 crore.
  • The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition.
  • The company expects Exide Life's strong foothold in South India, especially in Tier 2 and 3 towns, to provide access to a wider market.
  • The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals.

Atul Bhatt News CMD of Rashtriya Ispat Nigam Ltd

  • Atul Bhatt has been appointed as Chairman and Managing Director (CMD) of disinvestment-owned steel company Rashtriya Ispat Nigam Ltd (RINL).
  • Bhatt was the CMD of state-owned consultancy firm MECON, which offers a full range of services required to set up a project from concept to commissioning including turnkey execution.
  • In June the Public Enterprises Selection Board (PESB) had recommended Bhatt's name for the post of CMD of RINL.
  • P. K. Rath retired as CMD RINL in May, after serving the company for 38 years.
  • Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is a government owned steel producer based in Visakhapatnam, India. It is under the ownership of Ministry of Steel , Government of India . RINL is the government entity of Visakhapatnam Steel Plant (VSP), India's first shore-based integrated steel plant built with state-of-the-art technology.
  • When founded in 1982, RINL was wholly owned by the Government of India. In November 2010, the company was granted the Navratna status by the government.
  • Rashtriya Ispat Nigam Ltd has P. V. Sindhu ,the ace badminton player as its brand ambassador since 2016.

PhonePe Starts First Indian Digital Payment Interactive Geospatial Platform

  • Walmart-owned digital payments firm PhonePe has launched PhonePe Pulse, India's first interactive platform with data, insights and trends on digital payments in the country. The PhonePe Pulse website showcases more than 2000 crore transactions by consumers on an interactive map of India. With over 45 per cent market share, PhonePe's data is representative of the country's digital payment habits.
  • PhonePe also launched the Pulse Report, an in-depth study on the evolution of digital payments over the past 5 years. The report also has insights about how digital payment adoption across India has evolved since 2016, and includes detailed geographical and category-specific trends.
  • PhonePe Pulse is a first-of-its-kind product in India and is the culmination of months of research and collaboration by a cross-functional team. It included corporate communications professionals, business analysts, marketers, designers, writers, engineering and business teams from across the company.

Australia, Malaysia, Singapore and South Africa Launch CBDC Scheme

  • Central banks in Australia, Singapore, Malaysia and South Africa launched a Central Bank Digital Currencies (CBDC) Scheme.
  • CBDC scheme is a cross border payments trial that uses different central bank digital currencies (CBDC) in order to assess if this allows transactions to be settled in a cheap and easy manner.
  • Many governments and central banks across the world are exploring the use of CBDCs.
  • CBDCs are digital forms of existing currencies.
  • Countries like China, are trialling retail-focused CBDCs that have been designed to replicate cash in circulation.
  • Other countries are considering using wholesale CBDCs in order to improve the internal workings of financial systems.

ArcelorMittal Nippon Steel India Commissions 6 Million Tonne Pellet Plant

  • ArcelorMittal Nippon Steel India, a joint venture between ArcelorMittal and Nippon Steel, commissioned its second six million tonne pellet plant, taking the total capacity at Paradeep complex in Odisha to 12 million tonnes, making it the largest single-location pelletisation complex in India.
  • AM/NS India's total pelletisation capacity now stands at 20 million tonnes with 12 million tonnes at Paradeep and eight million tonnes at Vishakhapatnam, Andhra Pradesh.

Sep 02, 2021

IMF Raises India's Special Drawing Rights Allocation

  • The International Monetary Fund (IMF) has sharply increased its allocation of Special Drawing Rights (SDR) to India, in line with the country's existing quota in the fund.
  • SDR is an alternate reserve currency floated by the IMF, which the member countries can freely exchange between themselves instead of relying on currency of any one particular country.

El Salvador Congress Backs $150 Million Fund for Bitcoin

  • El Salvador's Congress approved a law to create a $150 million fund to facilitate conversions from bitcoin to U.S. dollars ahead of the Central American country's planned adoption of the cryptocurrency as legal tender next week.
  • With 64 votes in favour and 14 votes against, Congress approved the fund as El Salvador, which already uses the U.S. dollar, prepares to officially adopt bitcoin on September 7.

EIL Technical Director Vartika Shukla Takes Charge as Chairperson

  • Vartika Shukla has taken charge as Chairperson & Managing Director of Engineers India Limited (EIL). Prior to this, she was the Director (Technical) of EIL.
  • A graduate in Chemical Engineering from the Indian Institute of Technology, Kanpur, Shukla joined EIL in 1988 as a Management Trainee in EIL's Process Division. She possesses over 32 years of consulting experience comprising Design, Engineering and Implementation of complexes in Refining, Gas Processing, Petrochemicals, Fertilizers etc. She has led to the successful completion of many projects in the Oil & Gas and Petrochemical Industry both in India and overseas.

BHEL Bags Order from NPCIL

  • BHEL secured the largest ever order worth Rs. 10,800 crore from NPCIL for EPC of Turbine Island for 6 units of 700 MWe.
  • The six orders, received envisage setting up of four units of 700 MWe at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga, Karnataka.

Amarinder Launches 'Innovation Mission Punjab' to Boost Start-up Sector

  • Chief Minister Amarinder Singh launched 'Innovation Mission Punjab' (IMPunjab), a public-private partnership that brings in global investors and experts to catalyze start-ups.
  • The Mission will mobilise a global pool of ambassadors and partners for investment, mentorship and market accessand will also leverage the strength of the Punjabi diaspora, allowing them to partake in this renewed growth story of the state besides running focused programmes to encourage entrepreneurship amongst women.

Equitas Small Finance Bank Launches Digital FDs

  • Equitas Small Finance Bank (SFB) has launched a new initiative that enables Google Pay users to book fixed deposits (FDs) on Google Pay in just 2 minutes without opening a bank account.
  • This functionality of booking FDs will be available for Google Pay users who are using the app from Android devices.
  • Collaboration between SFB and Google Way was done ahead of the SFB's 5th anniversary on September 5th, 2021.
  • Under this functionality, principal and interest of the FD will go directly to the Google Pay user's existing bank account once the FDs are matured.

Sri Lanka Receives $787 Million SDR from IMF and $150 Million Swap from Bangladesh

  • Sri Lanka has received $787 million from the International Monetary Fund's (IMF) special drawing rights (SDR) allocation and $150 million from Bangladesh Central Bank as a currency swap arrangement, boosting the island nation's depleting foreign exchange reserves as it struggles to recover from the coronavirus pandemic.
  • The IMF distributed a total SDR allocation of equivalent to $650 billion among its member countries on August 23, in proportion to their existing quotas in the IMF.
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