General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 01, 2019

SEBI Asks Banks To Disclose Bad Loan Divergences

India's markets regulator has asked publicly traded banks to disclose bad loan divergences with the Reserve Bank of India's assessment within a day of receiving a final report from the banking regulator, tightening norms for asset quality disclosures.
Terming the information about divergences with RBI's assessment material and price-sensitive, Sebi said it required prompt disclosures to shareholders.
The latest directive effectively ends listed banks' dilemma over how they should handle the information.

CCI Gives Nod To Hyundai, Kia's Stake Buy In ANI Tech

The Competition Commission of India (CCI) has approved Hyundai Motor Company (HMC) and Kia Motors Corporations (KMC) stake acquisition in ANI Technologies, which operates ride-sharing company Ola and Ola Electric, under the Competition Act, 2002.
The two companies -- HMC and KMC -- are a part of the Hyundai Motor Group (HMG), engaged in manufacturing and distribution of automobiles, automobile parts and accessories, after-sales service, research and development of automotive engineering across the world.

Yes Bank Gets $1.2 Billion Lifeline

Yes Bank Ltd said a global entity has made a binding offer to invest $1.2 billion in the cash-starved lender through an issue of new shares, boosting its stock by as much as 35%, even as concerns remain about whether the proposal will pass muster with the banking regulator.
The investment, if cleared by the Reserve Bank of India (RBI), will diminish the shareholding of Yes Bank's original promoters Rana Kapoor and late Ashok Kapur's wife Madhu Kapur. Such a large issuance, if made to a single investor, may result in a change of the bank's promoters.
Yes Bank's shares, which soared after its exchange filing, ceded some gains later to close the day 24% higher at ₹70.45 on the BSE, on a day the benchmark Sensex rose 0.19%.

Singapore-Based e-Commerce Platform Qoo10 Acquires ShopClues In All-Stock Deal

Online marketplace ShopClues is acquired by Singapore-based e-commerce platform Qoo10 in an all-stock deal bringing to an end a prolonged hunt by the Indian e-tailer for a buyer.
The transaction is learnt to have valued ShopClues at $70-100 million, in what is possibly the largest valuation meltdown for a venture-backed Indian startup, given that ShopClues at its peak was valued at $1.1 billion in late 2015.

WTO Panel Upholds US Case, Rules India's Export Subsidies Illegal

Upholding a complaint brought by the United States, a World Trade Organization (WTO) panel ruled that India's export subsidies were illegal and should be removed.
The panel largely agreed with US claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some US arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.
The US Trade Representative's Office, in a statement, said that the panel had agreed that India provided prohibited subsidies to Indian exporters worth more than $7 billion (5.4 billion pounds) annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.

Lupin Looks To Sell Japanese Arm Kyowa For $600 Million

India's Lupin Ltd is in advanced talks to sell its Japanese generics subsidiary Kyowa Pharmaceuticals for an enterprise value of $600 million to a local player as it steps up efforts to significantly cut operations in the world's third largest pharma market.
The name of the buyer could not be independently verified.
In August, 2019 Lupin sold its injectables business to neo ALA Co, a wholly owned subsidiary of Abu Dhabi based Neopharma group, for an undisclosed sum to help streamline Japanese operations and increase focus on branded generics.

Oct 31, 2019

DPIIT Kickstarts Exercise To Ease FDI Norms

The Department for Promotion of Industry and Internal Trade (DPIIT) kickstarted an exercise to relax India's foreign direct investment norms.
The department held an inter-ministerial meeting to discuss further opening up in sectors, especially where 100% FDI is not allowed on the automatic route.
The department has asked ministries and departments to submit specific proposals wherever they seek scope for relaxation.

RBI Imposes Penalty On Janata Sahakari Bank, Jalgaon Peoples Co-Operative Bank

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms.
The RBI has imposed, by order dated October 16, 2019 monetary penalty of Rs 1 crore on Janata Sahakari Bank, Pune, for non-compliance with directions issued on income recognition and asset classification (IRAC) norms, management of advances and exposure norms and statutory or other restrictions.
The apex bank has imposed a penalty of Rs 25 lakh on the Jalgaon Peoples Co-operative Bank, Jalgaon, Maharashtra (the bank) for non-compliance of these norms.

RBI Imposes Rs 35 Lakh Penalty On TMB

The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamil Nadu Mercantile Bank for violating norms on frauds classification and notification.
The RBI said in a release that it imposed the fine via an order dated October 24, 2019.
It stated that the bank has been penalised for non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting by commercial banks and select FIs directions 2016.

Reliance Industries Surpasses Strategic Partner BP In Terms Of m-Cap

Reliance Industries Ltd (RIL) has surpassed its strategic partner British oil major BP Plc in terms of market capitalization.
The rise in market value of the Indian company was, however, driven by its retail and telecom businesses.
RIL hit a market cap of $132.24 billion compared with BP's $130.51 billion. At closing, shares of RIL traded at ₹1,478.70 on BSE, up 0.8% from its previous close. So far in 2019, it has gained 31.9%.

Oct 30, 2019

Microsoft Set To Invest $200 Mn In Ola, Boost Connected Car Tie-Up

Ride-hailing company Ola is set to unveil a connected car project in partnership with Microsoft Corp., which will also invest around $200 million in Ola's parent, ANI Technologies Pvt. Ltd.
Microsoft will acquire around 4.5% in ANI Technologies as part of the deal.
The project, which began in 2017, aims to connect cars with Internet of Things sensors, and the transmitted data is stored in the cloud.
The car is thus tracked not only for its location through GPS, but also for the quality of its engine and for relaying information needed by vehicle insurers.

Oct 29, 2019

DGCA asks Indigo to Replace A320 Neo plane PW engines Used for More than 3,000 Hours

The country's civil aviation regulator, DGCA asked IndiGo not to use such A320 Neo planes which are fitted with PW engines already used for over 3,000 hours, or face grounding of aircraft, officials said.
A Directorate General of Civil Aviation official said there are 16 aircraft in IndiGo's fleet in which both the Pratt and Whitney (PW) engines have been used for more than 2,900 hours.
All such 16 aircraft have to be fitted with at least one modified LPT engine within next 15 days, said the official.

World Bank to Continue with $ 6 bn Annual Lending Support to India

World Bank President David Malpass said that the multi-lateral funding agency will continue with $ 6 billion lending target for India.
As many as 97 projects are being currently executed with loan assistance from the World Bank.
The visiting head of the World Bank met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

Oct 28, 2019

UPI Achieves Milestone of 1 Billion Transactions

India's very own Unified Payments Interface (UPI)- a real-time payment system has achieved the double milestone of one billion transactions as well as has crossed 100 million users in October 2019.
This makes it the fastest adoption of any payments system anywhere else in the world.
The National Payments Corporation of India (NPCI) which launched the domestic payments platform three years ago and operates it as well, aims to take the fund transfer system to other countries such as Singapore and the United Arab Emirates (UAE).

EPFO Warns Provident Fund Account Holders of Fraud

As the Employees' Provident Fund Organisation (EPFO) has started crediting interest to its 6 crore subscribers spread throughout India, provident fund account holders have been warned against a fraud.
Scamsters might call you up posing as EPFO officials and seek personal details like Aadhaar card number, PAN card number or even UAN (Universal Account Number), its password or an OTP to siphon off money from your EPF account.
The EPFO has asked subscribers to not share these details with anyone over phone or email as this could lead to fraud.

Tata Sons Board Okays ₹6,500 cr Equity Infusion in Tata Motors

Tata Motors Ltd board has approved an equity infusion of ₹6,500 crore from its promoter Tata Sons Pvt. Ltd. Tata Motors will allot ordinary shares and warrants to the promoter in return, subject to shareholder approval.
The board also approved raising ₹3,500 crore via external commercial borrowing, which will be used to refinance its existing debt.
P.B. Balaji, group chief financial officer of Tata Motors, said its total debt stands at around ₹50,000 crore, of which ₹20,000 crore is in its stand-alone business.

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