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BUSINESS AND ECONOMY - December 2015

Dec 2015

Sep 27, 2019

TVS Motor Company Strengthens Presence In UAE; Appoints New Distributor

Hosur-based TVS Motor Company has expanded its presence in the United Arab Emirates (UAE), and announced its new distribution partnership with Al Yousuf MC; a subsidiary of Al Yousuf LLC.
As part of the association, the two-wheeler manufacturer has opened a 2700 sq.ft. showroom along Sheikh Zayed road in Dubai, and the outlet is the first-of-its-kind in the region for the brand.
The 3S dealership will not only cater to sales but will also carry spares and feature a service facility.
With the new showroom, TVS will be retailing its extensive range of offerings in the UAE that includes commuters as well as premium motorcycles.

Tata Motors Ranked 31 In Forbes' World's Best Regarded Companies

Tata Motors, India's leading automotive brand ranked 31 of the 2000 on Forbes' World's Best Regarded Companies 2019 list.
The company has also emerged amongst the top five ranked global automobile manufacturers, joining 16 other Indian Companies in this global list.
Tata Motors rank leaped from 70th rank in 2018 to rank 31 in 2019. The Best Regarded Companies are selected on the evaluations of over 15,000 survey participants from more than 50 countries, who assess global enterprises on parameter such as trustworthiness, social conduct, company as an employer and performance of the product or service.

UNCTAD Sees India Growth Moderating To 6% In 2019

The United Nations Conference on Trade and Development (UNCTAD) has forecast India's growth to moderate to 6% in 2019 from 7.4% in 2018 due to lower-than-targeted tax collections and limited public spending.
India's economic growth had plunged to a 25 quarter low of 5% in April-June 2019. The central bank has revised downward the FY20 GDP growth rate to 6.9% from 7% earlier after cutting the key lending rate four times in succession, adding up to a total of 110 basis points.
One basis point is one-hundredth of a percentage point.

RBI Hikes Withdrawal Limit To Rs 10,000 From Rs 1,000 For PMC Depositors

In a major relief to the hapless customers of crippled Punjab & Maharashtra Cooperative Bank, the Reserve Bank increased cash withdrawal limit to Rs 10,000 per account-holder from Rs 1,000 set earlier over the next six months.
The regulator also said the relaxation in withdrawals will take care of over 60 percent of the customers of the cooperative bank focused on low-income customers.

HDFC Bank, IOC Launch Co-Branded Fuel Credit Card For Users From Non-Metro Cities

HDFC Bank in partnership with Indian Oil launched a co-branded fuel card for users from non-metro cities and towns, which will be available on both RuPay and Visa platforms.
The card was launched at an event by IOCL's Executive Director (Retail Sales) Vigyan Kumar and HDFC Bank's Country Head, Payments Business and Marketing, Parag Rao.
The card offers customers highest rewards and benefits on fuel consumption and will be available on both RuPay and Visa platforms. Customers earn reward points known as 'fuel points' at over 27,000 IOCL outlets.
They also earn 'fuel points' on all other spends such as groceries, bill payments, utilities and other shopping. These points can be redeemed for up to 50 litres of fuel annually.

Sep 26, 2019

NTPC Signs MoU With HP To Set Up 520mw Hydro Plants

NTPC Ltd signed a Memorandum of Understanding (MoU) with the Himachal Pradesh government to set up two hydro projects totalling 520 MW in the state.
The projects, Seli & Miyar HEPs, are located in Chenab Basin at Lahaul & Spiti district. While Seli HEP (400 MW) is a Run of River Project with pondage scheme, Miyar HEP (120 MW) is a Run of river project without pondage scheme, on Miyar tributary of Chenab River.
NTPC has presence in Himachal Pradesh with Koldam Hydro Power Station, the first hydro power project of NTPC Ltd, with an installed capacity of 800 MW.
The power station is commercially operational since July 2015 and provides 28% power to the state of Himachal Pradesh.

Rivigo Becomes Eighth Unicorn Startup Of 2019

Trucking logistics firm Rivigo is the eighth Indian startup to become a unicorn — valued a billion dollars or more — after it raised $4.9 million from a South Korean fund, KB Platform Fund.
It is now valued at $1.05 billion, from the $950 million in February 2018, when it raised $50 million from SAIF Partners and private equity major Warburg Pincus.

PM's Economic Advisory Council Reconstituted

The government announced that it had reconstituted the Prime Minister's Economic Advisory Council for a period of two years.
Dr. Bibek Debroy and Shri Ratan P. Watal will continue to be the chairman and member secretary, respectively, of the reconstituted EAC-PM.
The EAC-PM would have two part-time members apart from the two full-time members. Ashima Goyal will be retained as a part-time member and joined by Sajjid Chenoy, currently JP Morgan's chief India economist.

PNB launches Preventive Vigilance portal

Punjab National Bank launched a Preventive Vigilance portal to facilitate its staff members to check procedural lapses and promote good practices.
In order to promote vigilance awareness, a function was held at PNB Corporate Office, chaired by Central Vigilance Commissioner Sharad Kumar.
Besides other activities, such as inauguration of e-pledge mission, social outreach through technological platforms for promoting the central theme of 'Integrity - A way of Life', the bank introduced technology based solutions through the Preventive Vigilance (PV) portal.

Sep 25, 2019

Asian Development Bank Sharply Cuts India's GDP Growth Forecast To 6.5 Pc For FY20

The Asian Development Bank sharply cut India's growth forecast to 6.5 per cent for the current fiscal, weighed down by the GDP growth rate dipping to a six-year low in the first quarter.
In its supplement to the Asian Development Outlook, the Manila-headquartered multi-lateral funding agency cut the country's GDP growth estimate to 7 per cent for 2019-20 on the back of fiscal shortfall concerns.
Abrupt declines in manufacturing and investment reflect uncertainty ahead of general elections, subdued lending by banks and other financial institutions, stress in the rural economy, and a weakening external outlook.

Infosys Ranks 3rd In Forbes' List Of 'The World's Best Regarded Companies'

As many as 17 Indian companies, including Infosys, TCS and HDFC, have been named in the list of World's Best Regarded Companies compiled by Forbes.
IT major Infosys has been ranked third in the list of World's Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position, respectively.
Tata Consultancy Services (22nd position) and Tata Motors (31) featured among the top 50 in the coveted list.
Other Indian companies in the list include Tata Steel (105), Larsen & Toubro (115), Mahindra & Mahindra (117), HDFC (135), Bajaj Finserv (143), Piramal Enterprises (149), Steel Authority of India (153), HCL Technologies (155), Hindalco Industries (157), Wipro (168), HDFC Bank (204).

Sep 24, 2019

Kharif Foodgrain Production Estimated At 140.57 Million Tonnes In 2019-20

India's Kharif foodgrain production in the 2019-20 crop year is estimated at 140.57 million tonnes, which is 8.44 million tonnes more than the average foodgrain production of the previous five years.
According to the first advanced estimate of 2019-20 Kharif crops, rice production is estimated to be 100.35 million tonnes, which is 6.80 million tonnes more than the last five year's average production of 93.55 million tonnes.

KTM Launches 790 Duke Bike In India

Austria's sports bike maker KTM launched its super bike 790 Duke in India priced at Rs 8.63 lakh.
The bike is powered by a four-stroke 799-cc engine with 105 BHP of power. It comes with features like motorcycle stability control with cornering anti-lock braking system, motorcycle traction control, motor slip regulation and four-ride mode.
Bookings for the bike have been opened across nine cities - Bengaluru, Mumbai, Pune, Hyderabad, Surat, Delhi, Kolkata, Chennai and Guwahati.

RBI Places Restrictions On Punjab & Maharashtra Co-Op Bank's Biz

The Reserve Bank of India (RBI) has placed curbs on the business of Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) for six months following detection of alleged irregularities.
PMC Bank had business of Rs 20,000 crore comprising deposits of Rs 11,617 crore and advances to the tune of Rs 8,383 crore at the end of March 2019.
RBI said depositors would be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account.

Sep 23, 2019

Petronet To Invest $2.5 Billion In US Company For LNG Supply

Prime Minister Narendra Modi gave a big push to securing India's energy interests when he met CEOs of 17 global energy companies in Houston and the two sides signed an MoU for Indian investment of $ 2.5-billion LNG supply from the US for four decades.
Hours after landing in Houston, Modi headed straight into his maiden engagement of his first US trip in his second term.
CEO of 17 global energy companies participated in the Roundtable addressed by the PM.
The combined net net worth of companies present in the meet was $1 trillion with a presence in 150 countries.
All companies have some engagement with, and presence in India The round table focussed on working together for energy security and expanding mutual investment opportunities between India and the United States.
The PM is understood to have responded to the queries of each and every CEO present on the occasion.

178-Yr-Old Company, Thomas Cook Files For Bankruptcy As Bailout Talks Fail

Thomas Cook Group Plc, the 178-year travel company that became one of the U.K.'s best-known brands, has collapsed under a pile of debt, leaving tens of thousands of British tourists stranded across Europe.
The company filed for administration at the High Court in London after talks to raise additional funding failed.
AlixPartners LLP was named an adviser and will work with the country's Civil Aviation Authority to get holidaymakers back home, in the coming days. The government called it the "largest repatriation in peacetime history.''

GI Tag Validity Of Kamalapur Red Banana Lapses

In a major embarrassment for the Horticulture Department, the Geographical Indication (GI) tag accorded to 'Kamalapur red banana' of Kalaburagi district in 2009 has lapsed as the department failed to renew the certification.
Kamalapur red banana got GI tag on September 4, 2009, and the certification was valid till September 3, 2018. The Office of GI Registry, Chennai, had issued a notice of expiration of GI registration in January 2018 and asked the applicant to get the tag renewed.
Six varieties of banana across the country have GI tag. The certifications of five of them — all except Kamalapur red banana — have been renewed.
Nanjangud banana of Karnataka got GI tag in 2005 and has validity till 2025. Two varieties of banana in Tamil Nadu — Virupakshi Hill banana and Sirumalai Hill banana — got GI tags in 2008 and have validity (post-renewal) until 2028.
The Chengalikodan Nendran banana grown in Kerala and Jalgaon banana of Maharashtra got GI tag in 2014; both certifications are valid till 2024.
Mizo banana (Long Cavendish) of Assam filed application for GI tag in 2018, and is yet to be certified.

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