General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Jun 02, 2020

Yes Bank Acquires 24.19% Stake in Dish TV

Yes Bank Ltd acquired a 24.19% stake in direct-to-home service provider, Dish TV India Ltd, by invoking pledges against 44.53 equity shares kept as collateral with the private lender for a loan.
This is the fifth instance in the past one year that Yes Bank has acquired majority stake in a non-banking businesses simply due to invocation of pledge against shares of a company that had availed loans from the bank and later failed to repay the dues.
According to data from the Telecom Regulatory Authority of India (Trai), the DTH market in the country is dominated by Dish TV (40%), followed by Tata Sky (25%) and Airtel TV (22%).

Indian Energy Exchange Launches Real-Time Electricity Market

Energy trading platform Indian Energy Exchange launched the real-time electricity market (RTM) on its platform, a move that will help utilities buy and sell power just an hour before the requirement.
The RTM enables consumers, including distribution companies (discoms) and captive users, to buy power on exchanges just an hour before delivery.
The real time market is an endeavour by the regulator, CERC, to make the power market dynamic by enabling trade in electricity through half-hourly auctions, Indian Energy Exchange (IEX) said in a regulatory filing.

May 31, 2020

Three Indian Companies Get Licence to Manufacture NASA's Ventilators

Three Indian companies have got licences from NASA to manufacture its indigenously developed ventilators for critical COVID-19 patients.
The three Indian companies are Alpha Design Technologies Pvt Ltd, Bharat Forge Ltd and Medha Servo Drives Pvt Ltd.
Apart from the Indian firms, 18 other companies, including eight American and three Brazilian, have been selected to manufacture the critical breathing devices.
The National Aeronautics and Space Administration (NASA) developed the ventilator specifically for coronavirus patients at its Jet Propulsion Laboratory (JLP) in Southern California.

May 29, 2020

Vakrangee Announced Corporate Agency Tie Up With LIC of India

Vakrangee announced Corporate Agency (Registration Code CA0249) tied up with Life Insurance Corporation of India (LIC) to distribute Micro Insurance products through Nextgen Vakrangee Kendra network.
Vakrangee shall provide the Solicitation and sale of the LIC's micro insurance products. Further it also includes, Follow up for Collection and remittance of renewal premium of LIC's micro insurance policies.

May 28, 2020

Airtel Payments Bank, Mastercard Tie up for Payment Solutions for Farmers, SMEs

Airtel Payments Bank has partnered with Mastercard to build customised solutions for payments such as tap-and-pay NFC, credit facility and other neighbourhood banking services for farmers and SMEs.
The companies aim to cater to underbanked spectrum of users and enable digital adoption via the partnership.
Airtel Payments Bank currently hosts 4 crore customers across 5 lakh banking points.

NCLT Approves Sale of IL&FS Stake in GIFT City to Gujarat Govt

The National Company Law Tribunal (NCLT) has allowed the debt-ridden IL&FS to sell its 50 per cent stake in the GIFT City to the Gujarat government for an aggregate consideration of Rs 32.70 crore.
A two-member NCLT bench headed by acting president B S V Prakash Kumar allowed IL&FS to sell its 3.27 crore shares, having a face value of Rs 10 each, of the Gujarat International Finance Tec-City Company Limited (GIFTCL) or GIFT City to the Gujarat Urban Development Company Ltd (GURDCL).

ADB, GoI Sign 177 Million Loan to Upgrade Major Roads, Highways in Maharashtra

The Asian Development Bank (ADB) and the Government of India signed a 177 million dollar loan to upgrade 450 kilometers of state highways and major district roads in Maharashtra.
Overall the project will upgrade two major district roads and 11 state highways, with combined length of 450 km, to two-lane standard across seven districts of Maharashtra, and improve connectivity to national highways, interstate roads, seaports, airports, rail hubs, district headquarters, industrial areas, enterprise clusters and agricultural areas.
It will also focus on training the Maharashtra Public Works Department project staff to build their capacity in climate change adaptation and disaster resilient features in road design, road maintenance planning and road safety.

ITC Acquired Spices Major Sunrise Foods for Rs 2K Cr

Fast-moving consumer goods (FMCG) major ITC shares surged as much as 4.6 per cent to Rs 194.95 apiece on the BSE after the company announced it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.
ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark 'Sunrise', subject to fulfilment of various terms and conditions as specified in the SPA.
The proposed acquisition is aligned with ITC's strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.

Flipkart Signs MoU With Karnataka State Mango Department to Support Mango Farmers

The Karnataka State Mango Department and Marketing Corporation Ltd.(KSMD&MCL) and Flipkart signed a memorandum of understanding (MoU) to support the mango farmers in this mango season to sell their produce through the online platform of Flipkart.
The Flipkart will provide the platform for the Mango Board Farmer Producer Organisations, sellers, growers and traders by enrolling on the platform.
The fruits from the Bengaluru urban, Kolar, Haveri, Hubballi-Dharwad and Belgaum will be available for the customers access through this platform.
The varieties like Alphonso, Badami, Apoos, Banganapalli, Kesar, Neelam, Himam Pasand, Sendur and Mallika will be available on the Flipkart platform in batches of 3Kg.

May 26, 2020

Lufthansa Agrees €9bn Rescue Deal with Germany

Lufthansa has agreed a rescue deal worth €9bn (£8bn) with the German government that saves it from collapse.
The German airline has been severely affected by a decline in travel due to the coronavirus and closed its budget airline Germanwings in April 2020.
The German government will take a 20% stake in the firm, which it intends to sell by the end of 2023.
But the deal still has to be approved by the firm's shareholders and the European Commission.

Fintech Startup Zaggle Joins Hands with Visa to Launch Payment Solutions for SMEs, Startups

Fintech startup, Zaggle, has announced a partnership with Visa to launch innovative payment solutions for SMEs and startups.
This partnership is aimed at helping SMEs and startups improve productivity, reduce costs and get access to faster credit through a card which would have both inbuilt forex and prepaid.
Zaggle will leverage Visa's expertise in the payments space to co-create and build new solutions for SMEs. Visa will also support Zaggle for new technological innovations and ideas.

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