General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Aug 23, 2021

GAIL to Foray into Hydrogen Generation

India's top gas company GAIL will foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe.
As part of a push to embrace cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio.
The firm is laying around 6,000-kilometres of pipeline, including a west coast to east coast pipeline from Mumbai to Jharsuduga in Odisha via Nagpur. It currently has around 13,700-km of natural gas pipeline network.

Adani Total Gas Buys Stake in Smartmeters Technologies Pvt Ltd

Adani Total Gas Ltd - the city gas joint venture of Adani Group and TotalEnergies of France - has acquired 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business.
The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs. 1 crore.
Smartmeters, which had a turnover of Rs. 4.83 crore in the year up to March 31, 2021, manufactures gas meters which are used to measure consumption of gas piped into household kitchens.
The objective of the acquisition is "to manufacture gas meters with a focus on prepaid smart meters.

Zetwerk Joins Unicorn Club

Global manufacturing platform Zetwerk has raised $150 million in a Series E funding round led by D1 Capital Part¬ners. The investment has taken the valuation of the firm to over $1 billion, making it the newest member of the coveted uni¬corn club.
This is the second fundraise for the Bengaluru-based company in 2021. In February, Zet¬werk raised $120 million in a Series D round led by US-ba¬sed Greenoaks Capital and Lig¬h¬tspeed Venture Partners, to continue helping customers translate their digital designs into physical products via flexible manufacturing capacity from small manufacturers (SM¬¬Es). Sequoia Capital India and Kae Capital had also participated in the round.
The round has mo¬re than doubled the valuation of Zet¬werk to about $600 million.

USAID, DFC Tie-up with Kotak Bank for $50 mn Loan Guarantee for Women, Small business in India

Two American institutions have jointly sponsored a $50 million (about Rs. 372 crore) loan guarantee for Indian women and small business borrowers by tying up with private sector lender Kotak Mahindra Bank.
This is a loan portfolio guarantee to Kotak Mahindra Bank (KMB) by the United States Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) to support increased access to finance for women borrowers, and micro, small and medium enterprise.
It explained that KMB will be providing loans for on-lending to non-bank lenders operating in the MSME and micro lending space. The programme is likely to benefit 30,000 women borrowers and 7,500 MSMEs.

Kotak Mahindra Bank Launches 'Neo Collections' Digital Repayment Platform

Kotak Mahindra Bank has launched a platform named 'Neo Collections', which is a Do It Yourself Digital Repayment Platform for missed loan repayments. Kotak Mahindra Bank has launched the Neo Collections platform in tie-up with Creditas Solutions. The main objective of this DIY digital repayment platform is to make repayments for outstanding loans more convenient for customers.
Powered by artificial intelligence and machine learning, the 'Neo Collections' platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.

FM Sitharaman Launches Ubharte Sitaare Fund

Nirmala Sitharaman, the Union Finance Minister, inaugurated the Ubharte Sitaare Fund (USF) for export-oriented small and mid-sized businesses and start-ups in Lucknow. During her Budget speech in 2020, Sitharaman proposed the fund in reference to the challenges experienced by small and mid-sized businesses in fulfilling their export goals.
The fund, co-sponsored by Exim Bank and SIDBI, comprises Rs. 250 crore in total, with a greenshoe option of Rs. 250 crore. The funds will invest in export-oriented businesses in the manufacturing as well as services industries using equity and equity-like products. The fund's goal is to find Indian businesses that have competitive advantages in terms of technology, products, or processes, as well as export potential, but are either underperforming or unable to reach their full potential.

NTPC Commissions 15 MW Floating Solar Capacity at Andhra's Simhadri

NTPC announced commercial commissioning of a 15MW capacity at the floating solar PV project in Simhadri, Andhra Pradesh.
With this, the installed capacity of the floating solar PV project at Simhadri stands at 25 MW.
Consequent upon successful commissioning of 15 MW capacity, Simhadri Floating Solar PV Project at Simhadri, Andhra Pradesh is hereby declared on commercial operation w.e.f. 10:00 Hrs. of 21.08.2021.
With this, the installed capacity of NTPC and NTPC Group stands at 53,475 MW and 66,900 MW, respectively.

Aug 22, 2021

World Bank Launches New Cybersecurity Multi-Donor Trust Fund

The World Bank announced the launch of a new Cybersecurity Multi-Donor Trust Fund under the broader Digital Development Partnership (DDP) umbrella program.
Digital transformation is accelerating in many countries, offering new opportunities for economic growth and enabling low- and medium-income countries to leapfrog development through increased productivity and improved service delivery across key sectors, including finance, health, education, and agriculture.
Embracing technological transformation has increased cyber risks and threats to digital infrastructure, services, and data, which rely on increasingly connected systems.

Wipro, HCL Feature among 12 Indian Firms in Hurun Global 500 List

Wipro, HCL Technologies and Asian Paints were the new Indian entrants among the top 500 companies in the world, as per the latest Hurun Global 500 list.
A total of 12 Indian companies featured in the list, which saw India rise above Australia to the ninth position.
With $188 billion, Reliance Industries (RIL) is the most valuable company, followed by Tata Consultancy Services ($164 billion) and HDFC Bank ($113 billion).
Globally, Apple was ranked the most valuable company, up 15 per cent to $2.4 trillion.
The 'Big 4' -- Apple, Microsoft, Amazon and Alphabet -- doubled in value since Covid, adding $4 trillion to take their combined value to $8 trillion, and making up 14 per cent of Hurun Global 500 Most Valuable Companies.
The US led with 243 companies, followed by China with 47 firms. Japan was third with 30 companies, followed by the UK with 24 companies.

Facebook India Launches Loans Programme for Small Businesses

Facebook India announced a new programme called the "Small Business Loans Initiative", in partnership with online lending platform Indifi, to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit through independent lending partners.
India is the first country where Facebook is rolling out this programme. It is open to businesses registered across 200 towns and cities of India.
Indifi is the first lending partner that Facebook has tied up with and the programme is built with the potential to bring more partners on board.

NPCI Global Arm Ties up with Mashreq Bank for UPI Payments in UAE

NPCI's global arm NPCI International Payments Ltd (NIPL) has partnered with UAE-based Mashreq Bank to provide its mobile-based real-time payment system UPI in the gulf nation.
This strategic partnership will be a significant game-changer in the digital payment ecosystem in the UAE.
With this tie-up, more than 2 million (20 lakh) Indians travelling to the UAE are expected to benefit from Unified Payments Interface (UPI) enabled mobile applications to pay for their purchases in a shop or merchant establishment across the country.
Developed by National Payments Corporation of India, UPI facilitates inter-bank transactions.

Ujjivan SFB Likely to Elevate Carol Furtado as Interim MD, CEO

Troubled with huge NPAs and top-level exits, Ujjivan Small Finance Bank is expected to elevate its head of operations Carol Furtado as an interim chief early next week.
The bank's managing director and chief executive Nithin Chugh has resigned, citing personal reasons.
The bank in a concall with analysts, presided by founder Samit Ghosh, hinted about the appointment of Furtado as the interim MD and CEO.
Carol Furtado is the Head of Operations at the bank. She has worked with foreign banks before joining Ujjivan in 2005 and has good experience in the microfinance space.

Aug 21, 2021

Nitin Chugh Resigns as MD & CEO of Ujjivan Small Finance Bank

Nitin Chugh the Managing Director and Chief Executive Officer (MD&CEO) of Ujjivan Small Finance Bank, has resigned from his position sighting personal reasons, effective September 30, 2021.
Further, Chugh will cease to be a director of the bank from the same date. And, he will also cease to be key mana¬gerial personnel of the bank in terms of section 203 of the Companies Act, 2013.
The board of the bank has taken note of the letter it received from Chugh, resigning from his position as the MD&CEO of the bank, and has appreciated his valuable contribution to the board and the bank during his association.
Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 per cent stake in the bank.

Government Amends FEMA to Enable FDI Hike in Insurance Sector to 74%

The government has amended the Foreign Exchange Management (non-debt instruments) Rules, 2019 to enable the increase in foreign direct investment limit in the insurance sector to 74 per cent.
According to the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021, applications for FDI in private banks having joint ventures or subsidiaries in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India to ensure that the limit of foreign investment of 74 per cent for the insurance sector is not breached.
According to the notified rules, if insurance companies--with foreign ownership above 51 per cent--repatriate profit in the form of dividend to their shareholders, but cannot meet the 180 per cent margin requirement, they will have to set aside 50 per cent of their net profit in a general reserve.
The rules also require such insurance companies to have 50 per cent of their directors as independent directors unless the chairperson of its board is herself or himself one. In that case at least one-third of its board should have independent directors. Foreign-owned insurance companies are also mandated to have the majority of its directors and key management persons as resident Indians.
The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.

India Ranks Second in Terms of Crypto Adoption in the World

India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.

BARC Appoints Nakul Chopra as CEO

Broadcast Audience Research Council announced the appointment of Nakul Chopra as its chief executive.
Chopra will replace Sunil Lulla, who is leaving the TV audience body to pursue entrepreneurial ambitions.
He has served as the chairman of BARC in FY19, after being appointed to the board in 2016.
The resignation of Lulla, who had joined the body in October 2019, succeeding Partho Dasgupta, had come few days back.

Aug 20, 2021

HCL Tech Appoints Fabiano Funari as the Country Head for Brazil

Technology services firm HCL Technologies said it has appointed Fabiano Funari as the country head for Brazil.
Funari joined the organization to spearhead HCL's growth for all industries and capabilities in Brazil, where HCL employs more than 800 people across its national headquarters in Sao Paulo and delivery centers in Sao Paulo, Sau Leopoldo and Curitiba.
HCL services more than 30 clients across Brazil.
Funari has held leadership positions at various global technology companies.

IFSCA Does Pilot Run of International Bullion Exchange

The International Financial Services Centres Authority (IFSCA) chairperson did the pilot run of the International Bullion Exchange.
Scheduled to go live in October 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the Finance Minister in Union Budget 2020-21.
The IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the bullion imports for domestic consumption shall be channelised through the exchange.

GMR Group Can Operate Nagpur Airport

GMR group will be able to operate the Nagpur airport with the Bombay High Court ruling in its favour in a legal dispute against Mihan India Limited.
The Nagpur bench of Bombay High Court set aside Mihan's March 2020 order to cancel the award letter issued to GMR Group. The court has also ordered it to execute a concession agreement with the GMR Group in six weeks. The group plans to invest over Rs. 1,200 crore to build a new integrated terminal.
The GMR group operates Delhi and Hyderabad airports and is also constructing greenfield airpots in Goa and Bhogapuram in Andhra Pradesh. In October 2018 the group emerged as the highest bidder for operation and management of Nagpur airport for period of thirty years.

Govt. Appoints Shanti Lal Jain as MD and CEO of Indian Bank

The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years.
Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier.
Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31.
The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank.

Aug 19, 2021

Radhakishan Damani is among World's Top 100 Richest People

Reclusive investor and billionaire Radhakishan Damani who owns retail chain DMart is now among the 100 richest people in the world.
Damani is now ranked 98 on the Bloomberg Billionaires Index with a net worth of $ 19.2 billion.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people.
The other Indians in the top 100 are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.

RBI Issues New Guidelines for Locker in Banks

The Reserve Bank came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.

Uttar Pradesh Govt. Presents Supplementary Budget

The Uttar Pradesh government presented a supplementary budget of Rs. 7,301.52 crore in the state Legislative Assembly for financial year 2021-22 to meet additional expenditure.
The supplementary budget was presented by Finance Minister Suresh Kumar Khanna in the presence of Chief Minister Yogi Adityanath.
It is only 1.33 per cent of the annual budget of Rs. 5.5 lakh crore presented by the government earlier.

TCS: 2nd Indian Company to Cross M-cap of Rs 13 lakh crore

Tata Consultancy Services crossed the Rs. 13-lakh crore mark in market capitalisation, recording fresh highs. It recorded a fresh 52-week high of Rs. 3,530.00. The company's M-cap stood at Rs. 13,03,083.32 crore.
TCS became the second listed company in India after Reliance Industries and the first information technology (IT) company to cross the Rs. 13 trillion market capitalisation (market-cap) milestone.

SBI Life Launches New-age Term Insurance Policy "SBI Life eShield Next"

SBI Life Insurance announced the launch of a unique new age protection solution called 'SBI Life eShield Next', which 'levels up' the protection coverage as the insured achieves life's major milestones. This means that the policy is neither linked to the stock market nor shares any profit or dividends with the policyholders.
It is an individual, non-linked, non-participating, life insurance pure risk premium product and works by 'levelling up' the required insurance protection, through an increase in sum assured linked to the significant 'level-up milestones in one's life, like getting married, becoming a parent or buying a new house.

Tata Steel Commissions its First Steel Recycling Unit in Rohtak

Tata Steel has commissioned its new 0.5 MnTPA Steel Recycling Plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tech, as a 'Build, Own, Operate' (BOO) partner. It is the first such facility in India, equipped with modern & mechanised equipment such as Shredder, Baler, Material Handler etc. The scrap would be procured from various market segments such as end-of-life vehicles, obsolete households, construction & demolition, industrial etc., through an App FerroHaat.
The scrap would then be processed through mechanised equipment and the high-quality processed scrap would be supplied for downstream steel making. Steel produced through the recycled route entails lower carbon emissions, resource consumption & energy utilisation.
Simultaneously, Tata Steel has also launched two new brands - Tata FerroBaled and Tata FerroShred for the baled & shredded ferrous scrap produced in its new facility.

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