General Awareness

BUSINESS AND ECONOMY - November 2015

Nov 2015

Jul 23, 2021

Sterlite Tech to Acquire UK-based Network Integration Firm Clearcomm Group

Broadband technology company Sterlite Technologies will acquire Clearcomm Group, a leading Network Integration company in the UK, to further globalise its system integration business at an enterprise valuation of around Rs. 160 crore.
Sterlite Tech will acquire 100 per cent of the share capital of Clearcomm Group in two tranches.
The company will acquire 80 per cent stake in Clearcomm Group in the first tranche at enterprise valuation of around Rs. 158 crore and rest of the 20 per cent in 2023.

ICICI Bank, HPCL launch 'ICICI Bank HPCL Super Saver' Credit Card

ICICI Bank announced the launch of a co-branded credit card with Hindustan Petroleum Corporation Limited (HPCL) to enable users to get benefits and reward points for using multiple credit cards in one. Named, 'ICICI Bank HPCL Super Saver Credit Card', the card offers best-in-class rewards and benefits to customers on their everyday spends on fuel as well as other categories including electricity and mobile, departmental stores like Big Bazaar and D-Mart, and e-commerce portals, among others. Powered by VISA, the card is unique among its peers which typically offer benefits on only one category of spend.
Customers can apply for the 'ICICI Bank HPCL Super Saver Credit Card' through the Bank's internet banking platform or the mobile banking app, iMobile Pay. They get a digital card in a 100% contactless and paperless manner. The physical card is also sent to the customer by ICICI Bank within a few days. Further, customers can manage their transaction settings and credit limit conveniently on the iMobile Pay app.

SBI Selects Paisalo as its National Corporate Business Correspondent

State Bank of India has selected Paisalo Digital as the National Corporate Business Correspondent of the bank for financial inclusion. Paisalo Digital shall extend its services and its reach to the general public including its existing customers and new customers. As a business correspondent for the bank, it will focus and improve the synergy with the thrust of the already up and running fully digital small loan business under SBI-Paisalo Loan Co-origination. Santanu Agarwal, Deputy CEO, Paisalo Digital, said that the company is tapping into the Rs. 8000 billion market opportunity of small ticket loans for India's 365 million unbanked population. This engagement will help the company increase share of fee and service income in total income in future, he added. He also mentioned that coupled with the fully digital SBI-Paisalo Loan Co-origination Scheme, Paisalo will achieve its target of creating a seamless banking solution for India's Bottom of the Pyramid population.
Paisalo Digital Limited is a Systemically Important Non-Deposit taking NBFC registered with the Reserve Bank of India. The Company was incorporated in the year 1992 as a Private Limited Company, converted itself in a Public Limited Company in the year 1995 and got listed in the year 1996 through Initial Public Offer (IPO). Presently the company is listed on NSE & BSE.

Max Bupa Rebrands Itself as Niva Bupa

Standalone health insurer Max Bupa Health Insurance, backed by private equity firm True North and Bupa, has rebranded itself to Niva Bupa Health Insurance.
Max India, which owned 51 per cent in the insurer sold its stake to True North in February 2019 for Rs. 510 crore. While the erstwhile promoters exited the venture, it was decided that the use of the "Max" brand will be phased out over a period of two years and replaced with a suitable name. The Bupa brand name, however, would continue as before.
Niva Bupa is one of the five pure-play health insurers in the country. Others in the space are Start Health and Allied Insurance, Care Health Insurance, Manipal Cigna Health Insurance, and, Aditya Birla Health Insurance.

FCB India Names Debarpita Banerjee as CEO

FCB India, the newly created creative agency of FCB Group India, on Thursday announced its new leadership team. The agency will be led by Debarpita Banerjee as chief executive, Surjo Dutt as chief creative officer and John Thangaraj as chief strategy officer.

Jul 22, 2021

ESR Inks MoU with TN Govt. to Build Industrial Parks

Industrial and logistics real estate platform ESR India signed an agreement with the Tamil Nadu government to develop two industrial parks with an estimated investment of Rs. 550 crore.
The MoU is signed for the launch of two industrial parks in Kancheepuram and Krishnagiri districts of the state over the next five years.
ESR India said the MoU will facilitate its proposed investment at Kancheepuram and Krishnagiri industrial parks by helping in streamlining land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the state government.
ESR is the largest APAC focused logistics real estate platform by gross floor area and by value of the assets owned directly and by the funds and investment vehicles it manages.
The ESR platform spans major economies across the APAC region, including the People's Republic of China, Japan, South Korea, Singapore, Australia, India, and Vietnam.

IBM Signs Partnership Deal with Bangalore International Airport

IBM and Bangalore International Airport Limited (BIAL), which operates Kempegowda International Airport, Bengaluru (KIAB/BLR Airport), announced a 10-year partnership under which IBM and Kyndryl will provide IT solutions to create a new "Airport in a Box" platform that will support transforming the end-to-end travel experience for passengers at BLR Airport.
IBM and BIAL will work to ensure that the platform supports BIAL's commitment to sustainability and the community at large. BIAL recently achieved its goal of net energy neutral status in the financial year 2020-21, consuming energy from renewable sources.

Dyson Enters Hyderabad, Chandigarh

British tech firm Dyson announced expansion of its retail sales network by adding more demo stores and mall demo zones, taking its total count to 12 in the country.
As part of its expansion, Dyson has entered two new markets -- Hyderabad and Chandigarh, besides strengthening its presence in Bengaluru and Chennai with new demo stores.
After this, South India emerges as a key market for Dyson.
At demo stores and mall demo zones, Dyson displays its range of products like vacuum cleaners, air purifiers and hair dryers, among others.
Dyson, which operates in four categories -- floor care, environmental care, personal care and professional care -- started operations in India in February 2018.

BoB, U GRO Capital Launch Co-lending Platform 'Pratham'

Bank of Baroda and fintech platform U GRO Capital have launched a co-lending platform 'Pratham', under which Rs. 1,000 crore loan will be disbursed to the MSME sector in the country.
Commencements of loan disbursements under Pratham mark the 114th Foundation Day of Bank of Baroda.
Pratham, a Rs. 1,000 crore co-lending programme, will allow the MSMEs to avail customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time.
The loan amount ranges from Rs. 50 lakh to Rs. 2.5 crore to be offered at an interest rate starting from 8 per cent with a maximum tenure of 120 months.

LIC Launches Arogya Rakshak Insurance Plan

The Life Insurance Corporation of India (LIC) has introduced Arogya Rakshak, a non-linked, non-participating, regular premium, individual, health insurance plan. The plan provides fixed benefit health insurance cover against certain specified health risks. It provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times.
The Arogya Rakshak policy is different from the regular comprehensive health insurance in terms of method of payment reimbursement.
Generally, the comprehensive health policies reimburse the actual cost incurred on the medical treatment, up to the limit of the sum insured.
On the other hand, the Arogya Rakshak policy pays a lump sum benefit equal to the sum insured irrespective of actual medical treatment costs.
Individuals can insure themselves (as the principal insured), their spouse, all children, and parents under one policy.

IBBI Amends Regulations for more Transparency and Accountability

In order to bring more discipline, transparency, and accountability into the corporate insolvency process, resolution professionals (RPs) will be required to inform the adjudicating authority about avoidance transactions of a corporate debtor, according to the amended Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016.
As per IBBI, this not only claws back the value lost in such transactions, increasing the possibility of reorganisation of the corporate debtor through a resolution plan, but also disincentivises such transactions, preventing stress to the company.
The new regulations for the insolvency resolution process for corporate persons allow the RP to appoint any professional, including registered valuers, to assist him in discharge of his duties during the corporate insolvency resolution process (CIRP).

Colliers Appoints Ramesh Nair as CEO for India Business

US-based property consultant Colliers announced the appointment of Ramesh Nair as the Chief Executive Officer (CEO) for India business, as part of its strategy to accelerate growth in the country.
Nair, an industry veteran, will also be the Managing Director, Market Development for Asia.
In January this year, Nair quit JLL India, where he held the position of CEO & Country Head and led a team of over 12,000 people.
Nair joined JLL as an analyst in 1999, and became the CEO of India business in 2017.

Jul 21, 2021

IOC to Build India's First Green Hydrogen Plant

India's largest oil firm IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy.
Indian Oil Corporation (IOC) has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses while making bigger inroads into petrochemicals, hydrogen and electric mobility over the next 10 years.

BBNL Invites Global Bids for BharatNet Broadband Project

Special purpose vehicle BBNL invited bids for Rs. 19,041 crore BharatNet project to roll out high-speed broadband services in the rural areas across 16 states.
The government will only provide viability gap funding under the project.
Bharat Broadband Network Limited (BBNL) has invited a global tender for the development (creation, upgradation, operation and maintenance and utilisation) of BharatNet through a public-private partnership model in 9 separate packages across 16 states for a concession period of 30 years.
Under the project, the government plans to cover an estimated 3.61 lakh villages (including gram panchayats) across Kerala, Karnataka, Rajasthan, Himachal Pradesh, Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, West Bengal, Assam, Meghalaya, Manipur, Mizoram, Tripura, Nagaland and Arunachal Pradesh.

Wipro to Invest $1 bn in Cloud Technologies

IT Services major Wipro announced the launch of Wipro FullStride Cloud Services and its commitment to invest $1 billion in cloud technologies, capabilities, acquisitions and partnerships over the next three years.
Wipro has seen consistent growth in its cloud business and today employs over 79,000 cloud professionals and more than 10,000 people certified by the leading cloud service providers.
Over the past 12 months, Wipro has announced significant cloud-related wins with Telefónica Germany / O2, Verifone, and E.ON in addition to METRO AG, one of the largest deals in Wipro's history.
Wipro FullStride Cloud Services will work with clients to better align business and IT with the cloud imperative, create significant business value and increase competitive differentiation. It will also improve their business agility, embed resilience and significantly optimize their technology investments in favor of change and innovation.

NTPC Bags 325 MW Solar Projects at Shajapur Solar Park

State-owned power giant NTPC bagged solar projects 325 megawatts (MW) at Shajapur Solar Park in Madhya Pradesh.
As per NTPC, the projects have been won by its wholly-owned subsidiary NTPC Renewable Energy Ltd (NTPC REL).
NTPC REL has emerged winner at the Rewa Ultra Mega Solar Limited auction for 450 MW of solar projects at the Shajapur Solar Park in MP. NTPC Renewables has won 105 MW capacity and 220 MW capacity, quoting the lowest tariffs of Rs. 2.35 per kWh, and Rs. 2.33 per kWh, respectively.
NTPC, under the Ministry of Power, is the country's largest power producing company. Currently, it has an installed capacity of 66 GW across 70 power projects, with an additional 18 GW under construction.

Bank of Maharashtra Signs MoU with NABARD

To boost priority sector lending in Maharashtra, Bank of Maharashtra (BoM) has signed a Memorandum of Understanding (MoU) with National Bank for Agriculture & Rural Development (NABARD) to boost ongoing developmental initiatives linked to priority sector lending in Maharashtra.
The MoU envisages joint initiatives for the benefit of farmers, farmer producer organisations, joint liability groups, self-help groups, rural artisans, weavers, agri-preneurs, agri start-ups, micro, small and medium enterprises in the state.

Tamil Nadu Receives Rs. 28,508 crore Investment Commitments

Tamil Nadu received investment commitments to the tune of Rs. 28,508 crore from 49 companies across various segments that will create 83,482 jobs in the state.
The event was organised by the industries department and 'Guidance Tamil Nadu. Chief Minister M. K. Stalin layed the foundation stone for nine projects, entailing investments of Rs. 4,250 crore that will generate 21,630 jobs.
35 Memorandums of Understanding were signed in the presence of the Chief Minister, with a cumulative investment of Rs. 17,141 crore, which would create 55,054 jobs.
General Electric (GE) has proposed to establish a Centre of Excellence to enhance production of aircraft and aeronautical components for industries in the aerospace and defence sector, using advanced manufacturing technologies.

Godrej Forays into Dishwashers

Godrej & Boyce, the flagship company of the Godrej Group, announced its foray into the dishwashers market and is eyeing 15 per cent market share by the end of this financial year in this segment.
Godrej Appliances Business Head and Executive Vice President Kamal Nandi stated that the dishwasher segment is at a very nascent stage and the total market size is expected to cross USD 90 million (Rs. 667-700 crore) by 2025-26.
Godrej Eon Dishwasher is available in pan-India in 3 variants with a starting price at Rs. 37,900 plus taxes.

Jul 20, 2021

Google Cloud Adds 2nd Cloud Region in country

Google Cloud has announced the launch of its new Cloud Region in Delhi NCR, for customers and the public sector in India and across the Asia Pacific. With the new region, the customers operating in the country will benefit from lower latency and higher performance of their cloud-based workloads and data.
This new Google Cloud region is the second such in India after Mumbai and the 10th in Asia-Pacific. As the second cloud region, customers are expected to benefit from improved business continuity planning, while maintaining data sovereignty. Totally, 26 Google Cloud regions are present across the world.

Importers of Pulses Exempted from Stock Limits

The Central Government has relaxed stock limits for Millers and wholesalers and exempted importers from the stock limits after considering the softening of the prices and feedback received from State Governments and various stakeholders.
These entities will however continue to declare stocks on the web portal of the Department of Consumer Affairs.
The Stock Limits will be applicable only to Tur, Urad, Gram and Masur.
The Ministry said, for wholesalers, the stock limit will be 500 Metric Tonnes, provided there should not be more than 200 Metric Tonnes of one variety, for retailers, the stock limit will be 5 Metric Tonnes and for Millers, stock limits will be last the 6 months' production or 50 percent of annual installed capacity, whichever is higher.

India's First Monk Fruit Cultivation Exercise Begins in HP's Kullu

The 'monk fruit' from China, which is known for its properties as a non-caloric natural sweetener, was introduced for field trials in Himachal Pradesh by the Palampur-based Council of Scientific Research and Industrial Technology Institute of Himalayan Bio-resource Technology (CSIR-IHBT) in Kullu.
The field trials have begun three years after the CSIR-IHBT imported its seeds from China and grew it in the house.

Microsoft Acquires Cybersecurity Firm RiskIQ for $500M

Microsoft has reached a deal to acquire RiskIQ, a San Francisco-based provider of cybersecurity services, including malware and spyware monitoring and mobile app security.
RiskIQ's services and solutions will join Microsoft's suite of cloud-native security products, including Microsoft 365 Defender, Microsoft Azure Defender, and Microsoft Azure Sentinel.
While Microsoft hasn't valued the deal, Bloomberg reported that the company is said to be paying more than $500 million for RiskIQ.

India Emerges as 5th Largest Forex Reserves Holder in the World

With India's forex reserves at $608.99 billion as on June 25, 2021 stood, India has emerged as the fifth largest foreign exchange reserves holder in the world after China, Japan, Switzerland and Russia.
This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha.
The Minister stated that India's foreign exchange reserves position is comfortable in terms of import cover of more than 18 months and provides cushion against unforeseen external shocks. Government and RBI are closely monitoring the emerging external position calibrating policies or regulations to support robust macroeconomic growth.
Giving more details, the Minister said that RBI takes regular steps for diversification of forex reserves by scaling up operations in forex swap and repo markets, acquisition of gold and exploring new markets/products, while adhering to safety and liquidity standards. Variation in India's forex reserves is primarily the outcome of RBI's intervention in the foreign exchange market to smoothen exchange rate volatility, valuation changes due to movement of US dollar against other international currencies in the reserve basket, movement in gold prices, interest earnings from deployment of foreign currency assets and inflow of aid receipts.

Jul 17, 2021

Zomato IPO Receives 38 Times Oversubscription

Zomato's mega initial public offering (IPO) ended with a bumper 38 times oversubscription as institutional investors poured money to get a pie of the hottest online food delivery platform.
Zomato got bids for 2,751.25 crore shares against 71.92 crore shares on offer, stock exchange data showed.
The IPO is India's biggest since March 2020.
Institutional investors, who shied away in the first two days of the IPO, bid several times over the number of shares reserved for them.
While qualified institutional buyers or QIBs bid almost 52 times the quota reserved for them, non-institutional investors sought 640 crore shares against their quota of 19.43 crore.
Retail investors bid 7.45 times against the 12.96 crore shares reserved for them.

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