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BUSINESS AND ECONOMY - December 2015

Dec 2015

Feb 04, 2020

With Few Takers for SSRC, RBI Pushes Deadline

  • Lacklustre response by the Reserve Bank of India (RBI) staff to opt for specialised supervisory and regulatory cadre (SSRC) has forced the central bank to the extend the deadline by six months.
  • The SSRC came into effect on November 1, 2019.
  • The RBI had invited applications from its staff, from grade B to grade F, to apply for the specialised cadre in January.
  • They were given the option to either opt in or opt out. The deadline to exercise the option ended on January 31, 2020.

RIL Shuts Down D1/D3 Gas Field

  • More than a decade after being put to production, Reliance Industries shuttered its D1/D3 gas field in the KG D6 block as it ceased to produce. Touted as India's first deep-water gas field located in the Bay of Bengal, D1/D3 was put to production in April 2009.
  • Production started declining from April 2010 after hitting a peak of 61.43 million metric standard cubic meters per day (mmscmd) in March 2010. RIL had an estimated 10 trillion cubic feet (tcf) of gas, but due to the reservoir's complexity and sand and water ingress, production declined.

SEBI Suspends Trading in Coffee Day

  • Market regulator Securities and Exchange Board of India (SEBI) suspended trading in shares of Coffee Day Enterprises (CDEL).
  • As per reports, breach of listing obligations by not submitting audited financial statements in time could be the reason behind suspension of trading. The shares of the firm were last traded on February 1, 2020 when the market was open for the Budget announcements.
  • Earlier, the market regulator had informed CDEL that delay in declaration of earnings beyond January 29, 2020 could lead to halting of trade in the company's shares due to breach of listing regulations. However, the Bengaluru-headquartered firm had sought more time for submission of audited results citing to non-completion of internal investigations.

Nirma in Talks with Apollo, Bain for Emami Cement Bid

  • Nirma Ltd. is considering partnering with either Apollo Global Management Inc. or Bain Capital to bid for the cement unit of Indian conglomerate Emami Group.
  • Nuvoco Vistas Corp. a cement unit of detergent maker of Nirma, has held separate discussions with the private equity firms for a potential offer for Emami Cement.
  • Nuvoco is among the bidders for Emami Cement, which has picked Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale of the unit. The company is seeking a valuation of about $1 billion.

ALL is World's Third-largest Bus Maker

  • Ashok Leyland Ltd, the flagship of the Hinduja Group, has been ranked as the number three globally in the medium and heavy commercial vehicle (M&HCV) bus maker segment for the calendar year 2019.
  • During the period, ALL sold 23,100 buses.
  • The ranking is based on reports released by SIAM (Society of Indian Automobile Manufacturers), OICA (Organisation Internationale des Constructeurs d'Automobiles) and IHS Markit (a London-based global information provider).

Chabahar Port Plan Gets Big Boost

  • India's decision to more than double the outlay for developing the strategic Chabahar port in Iran in fiscal 2020-21 signals the government's determination to push ahead with the project after a clear signal from the US that it won't be affected by sanctions.
  • The budget for the external affairs ministry shows the allocation for the port on the Gulf of Oman in southeastern Iran has gone up from Rs. 45 crore in fiscal 2019-20 to Rs. 100 crore in fiscal 2020-21. However, the official figures showed even the allocation of Rs. 45 crore was not expended.

TCS Bags $1.5 bn Deal from U.S. Firm

  • IT major Tata Consultancy Services bagged a $1.5 billion (about Rs. 10,650 crore) contract from pharma company Walgreens Boots Alliance, spread over a period of 10 years.
  • Under the contract, TCS would provide managed services including application maintenance and support, required infrastructure and security operations.
  • Tata Consultancy Services has expanded its long-standing partnership with Walgreens Boots Alliance, a global leader in retail and wholesale pharmacy, to transform the latter's IT operating model.
  • The expansion of WBA and TCS strategic partnership is based on WBA's review of its IT operating model and vendor landscape.

Feb 03, 2020

Oil Firms Prepare for Potential Investments

  • Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) are preparing to receive investments from Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) even as the state-run oil marketing companies await the Maharashtra government's decision on providing a fresh patch of land for the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project.
  • IOCL, BPCL and HPCL will invest a total of Rs. 100 crore to complete preliminary work on the project, following which they intend of make a presentation to Aramco and Adnoc. IOCL will put in Rs. 50 crore and BPCL and HPCL will contribute Rs. 25 crore each.
  • With a 60 million tonnes per annum capacity, the Ratnagiri project is a joint venture of Aramco, Adnoc, IOCL, BPCL and HPCL. Aramco and Adnoc are expected to jointly own 50% of the refinery, with the remainder split between the three Indian oil companies.

Centrum Raises Rs. 190 crore from MS-run Fund

  • Centrum Housing Finance Ltd. said that a fund managed by Morgan Stanley Private Equity Asia agreed to invest Rs. 190 crore to acquire a significant minority stake in the affordable housing finance company. The investment is the first such external institutional funding in the Mumbai-based lender promoted by Centrum Capital Ltd. The proceeds will be used to expand its operations and enter new geographies.

Won't Tax Global Income of NRIs

  • Finance Minister Nirmala Sitharaman said that the government has no intention of taxing the global income of non-resident Indians (NRIs), with a proposal announced in the Union budget only covering their earnings generated in India.
  • While presenting the Union budget in Parliament, the Finance Minister proposed to tax those NRIs who neither pay tax in India nor in any other country. It is also proposed to provide that an Indian citizen who is not liable to tax anywhere would be deemed to be resident in India.
  • The Union budget for 2020-21 offered an estimated ₹40,000 crore of tax concessions to individual taxpayers resorting to a budgetary stimulus to revive the economy. It also increased government spending, the second way to deliver a budgetary stimulus, albeit by a modest amount, but with a focus on capital expenditure. The 2020-21 budget comes against the backdrop of the slowest rate of growth in 10 years.

Feb 02, 2020

SBI Posts Highest ever Net on Essar Steel Recovery

  • State Bank of India reported its highest-ever quarterly profit of Rs. 5,583 crore in the October-December period, up 41% year-on-year, mainly due to a lower provision for bad loans and higher interest income.
  • A Rs. 11,000-crore recovery from Essar Steel, which was resolved though the bankruptcy courts during the quarter, helped the lender to write back provisions as well as boost its net interest income. Provisions for bad loans dropped 41% to Rs. 8,193 crore.

Maharashtra Metro Signs Loan Agreement with EIB

  • The Maharashtra Metro Rail Corporation Limited (Maha-Metro) and European Investment Bank (EIB) have signed a 'project loan agreement' for disbursement of the first instalment of Rs. 1,600 crore.
  • The agreement was signed by Brijesh Dixit, managing director, Maha-Metro and Andrew McDowell, vice-president, European Investment Bank, in the presence of Chief Minister Uddhav Thackeray and Eknath Shinde, Minister Urban Development.
  • The tenure of the loan is 20 years with four-year moratorium and 16 year repayment period. The interest rate is floating and linked to Euribor.
  • This is the first instalment worth 200 million euros (Rs. 1,600 crore) out of the total loan amount of 600 million euros which EIB had agreed upon.

Indiabulls Real Estate to Merge Certain Projects of Embassy Property

  • Indiabulls Real Estate Ltd (IBREL) approved proposal of merger of certain ongoing, residential & commercial projects of Embassy Property Developments with itself.
  • The merged entity will be IBREL's development arm for both commercial and residential assets.
  • Embassy Property Developments is in discussions with financial investors like Blackstone to raise up to $200 million before merger. Equity investment of $200 million will bring significant cash in merged IBREL for expanding its business operations.
  • IBREL board has constituted a reorganisation committee to examine and evaluate options to implement merger proposal.

Enfield to Stop 500cc Single-cylinder Bikes

  • Bullet motorcycle maker Royal Enfield announced the end of production of 500cc motorcycles for the domestic market. Royal Enfield Classic, Bullet and Thunderbird 500cc motorcycles will be available for retail in India only till March 31, 2020 while continuing to be sold in global markets.
  • Royal Enfield 'Bullet Classic 500' was launched in 2008. Since then, the company's hallmark UCE 500cc single-cylinder motorcycle has echoed Royal Enfield's tradition of the long-stroke cylinder.
  • Announcing the end of production of the 500cc single-cylinder, long-stroke, unit construction engine motorcycles in India, Royal Enfield today announced an end to the production of special series motorcycles, the Classic 500 Tribute Black Limited Edition.
  • These motorcycles will be the last in India to carry the long-stroke single cylinder UCE 500cc engine and will be exclusively made to order under a limited production run. Service and spares, however, will remain available for current owners across all dealerships in India.

Feb 01, 2020

Adani Energy Subsidiary to Set Up Hybrid Energy Plant

  • Rosepetal Solar Energy Private Ltd, a wholly-owned subsidiary of Adani Green Energy Ltd, received the requisite approvals to set up a 700 MW grid-connected hybrid renewable energy power plant.
  • The hybrid plant will be a mix of solar and wind power, according to a filing in the exchanges. Out of the 700 MW capacity, around 300 MW has a "Green shoe option". Greenshoe options are used to provide price stability and liquidity.
  • The project is expected to be commissioned by September 2022.
  • The Power Purchase Agreement (PPA) for the 700 MW plant has been fixed at Rs. 3.24/kWh for 25 years and the minimum Capacity Utilisation Factor (CUF) has been set at 50 per cent by the regulators.

Kotak to Withdraw Case against RBI

  • Private sector lender Kotak Mahindra Bank will withdraw a case concerning dilution of promoters' shareholding in the bank which it had filed against the Reserve Bank of India (RBI) in the Bombay High Court.
  • Kotak Mahindra Bank said that RBI has given its in-principle acceptance for reducing promoters' shareholding to 26% of the paid-up voting equity share capital (PUVESC) of the bank within six months from the date of final approval of the regulator. The RBI had asked the bank to cut promoter shareholding to 20% of paid-up capital by December 31, 2018, and 15% by March 31, 2020.
  • RBI vide its letter dated January 29, 2020 has conveyed its in-principle acceptance for promoters' voting rights in the bank to be capped to 20% of PUVESC until March 31, 2020; and promoters' shareholding in the bank to be reduced to 26% of PUVESC of the bank within six months from the date of final approval of the RBI.

Amazon India's Second Pickup Kiosk

  • After a successful pilot in Mumbai, Amazon India announced to expand pickup points to Kolkata, with launching a kiosk at the Sealdah railway station that would act as a convenient and easy pickup point for customers.
  • The pick-up kiosk is in partnership with the Eastern Railways. In 2019, the company partnered the Indian Railways to launch pickup kiosks at four railway stations in Mumbai.
  • With a daily customer footfall of millions of people, Sealdah railway station will help Amazon customers in the region pick up their packages while commuting to work, home or even on vacation.

Jan 31, 2020

Govt. Discusses Air India's Sale with Nine Companies

  • Indian officials met with as many as nine companies to gauge interest in a stake sale in the nation's loss-making flag carrier.
  • Officials from the South Asian nation met executives of companies including British Airways parent IAG SA, IndiGo, India's biggest airline that's operated by InterGlobe Aviation Ltd., SpiceJet Ltd. as well as Tata Sons Ltd.
  • A successful sale of Air India Ltd. after a failed attempt in 2018 is crucial for Prime Minister Narendra Modi to help bridge a widening fiscal deficit exacerbated by dismal tax collections and a $20 billion corporate tax cut. Air India, which started as Tata Airlines in 1932 and later acquired by the government, hasn't made money since 2007. The airline posted a loss of $1.2 billion last year -- its highest ever -- and has $8.4 billion in total debt.

Boeing Posts First Annual Loss since 1997

  • Boeing reported its first annual loss in more than two decades as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.
  • The aerospace giant reported a $1 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997.

Huawei Pips Apple to be Second Largest Smartphone Brand

  • As per a study by Hong Kong based analytics firm Counterpoint Research, China's top telecom company Huawei surpassed Apple Inc to become the second largest smartphone brand globally in 2019 despite US sanctions. The company shipped 238.5 million handsets in 2019, following close on the heels of world leader Samsung that sold 296.5 million units. Apple was at the third spot, having shipped 196.2 million units last year.
  • The world's most populous country alone accounted for over 60% of Huawei's global shipments.

Sequoia and Tiger Global Invest in InterviewBit

  • Bengaluru-based ed-tech startup InterviewBit raised $20 million in a Series A round led by Sequoia India and Tiger Global. Part of Sequoia's early-stage accelerator, Surge, Interviewbit will use the capital to scale up enrolment and launch its product in new markets, besides improving its curriculum and live teaching product to enhance the student-teacher experience. Founded in 2015 by Abhimanyu Saxena and Anshuman Singh, the startup runs an advanced online computer science programme for college graduates and young engineering professionals.

UrbanClap Renamed Urban Company

  • Home services start-up UrbanClap, which has now expanded to Australia, Singapore and the UAE, announced that it has renamed itself as Urban Company. The new umbrella brand captures the company's ambition to be a horizontal gig marketplace with a global footprint across categories like beauty & wellness and home repairs & maintenance.
  • Urban Company, which was launched in Delhi in November 2014 with a handful of service professionals as UrbanClap, now claims to be India's and the UAE's largest home services company.
  • The startup offers services related to salon, makeup, spa massages, grooming, repairs, cleaning, painting, pest control, etc. It also offers fitness and yoga services at home.

Amazon India's Second Pickup Kiosk

  • After a successful pilot in Mumbai, Amazon India announced to expand pickup points to Kolkata, with launching a kiosk at the Sealdah railway station that would act as a convenient and easy pickup point for customers.
  • The pick-up kiosk is in partnership with the Eastern Railways. In 2019, the company partnered the Indian Railways to launch pickup kiosks at four railway stations in Mumbai.
  • With a daily customer footfall of millions of people, Sealdah railway station will help Amazon customers in the region pick up their packages while commuting to work, home or even on vacation.
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