General Awareness

BUSINESS AND ECONOMY - July 2016

Jul 2016

Apr 21, 2023

India Retains Third Spot as a Unicorn Hub

In the Hurun Research Institute's Global Unicorn Index 2023, India retained its 3rd spot as the country with the highest number of unicorns worldwide after the US and China. With 68 new unicorns, India lags behind the US and China, which have 666 and 316 unicorns, respectively.
India added 14 new unicorns since the pandemic began. Despite the rise, none of the start-ups made it to the top 10. According to the report, BYJU's is the top-most unicorn in India, with a valuation of $22 billion, followed by Swiggy and Dream11, valued at $8 billion each. BYJU'S is also among the top 10 unicorns that saw the highest increase in valuation since pre-Covid.
The report also mentioned that India and China produce more offshore unicorns than any other country. Founders from India co-founded 70 unicorns outside, while China co-founded 32 outside of China, compared with 316 in China.

Vodafone IDEA Reappoints Kumar Mangalam Birla as Non-executive Director

Kumar Mangalam Birla rejoined the board of Vodafone Idea (Vi) as an additional non-executive director. The company's board of directors approved his appointment. It also accepted the resignation of non-executive director K. K. Maheshwari from the board.
Birla had stepped down from the post of non-executive chairman of the company in August 2021 barely two months after offering his entire stake to a public sector or a domestic finance company. Birla handed over the reign to group veteran Himanshu Kapania. Ravinder Takkar took charge as non-executive chairman replacing Kapania in August 2022.

IndusInd Bank Signs $100 mn Loan Deal with JBIC to Push Japanese Equipment

IndusInd Bank and the Japan Bank for International Cooperation (JBIC) signed a $100 million long-term loan agreement to foster the growth of Japanese construction equipment companies in India, through need-based credit facilities to upstream and downstream companies. The loans will be further co-financed by Mizuho Bank, Japan, the Shizuoka Bank, Singapore, and Joyo Bank, Japan.
Under this initiative, IndusInd Bank will offer credit to companies that make up the supply chain of Japanese original equipment manufacturers (OEMs) in India. The programme will initially cover component suppliers and dealers of select Japanese OEMs, and final buyers of the construction machinery made by those companies.
The agreement was signed by the Gujarat International Finance Tec-City (GIFT City) branch of IndusInd bank, which is an IFSC Banking Unit (IBU). An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products, and services across borders.

Apr 20, 2023

Tata Electronics Appoints Randhir Thakur as CEO & MD

Tata Group, appointed Randhir Thakur, as the CEO and MD of Tata Electronics Pvt Ltd (TEPL), as the group drew a strategy to strengthen its semiconductor manufacturing capabilities in an attempt to gain an edge over rivals in the country's thriving precision machining business. Previously, Thakur was associated with global electronic chip and circuits manufacturing giant Intel. Thakur, a veteran in the manufacturing space, was serving as the president of Intel Foundry Services before taking charge at the helm of TEPL.
Tata Electronics Pvt Ltd (TEPL) was founded in 2020 as a greenfield venture of the Tata Group with expertise in manufacturing precision components and has a roadmap that extends to semiconductor fabrication and packaging segments. TEPL, a greenfield venture of the conglomerate, is essentially an electronic component manufacturing firm, with its primary manufacturing facility located in the Krishnagiri district of Tamil Nadu, India. Through TEPL, the salt-to-software conglomerate intends to gain a beachhead in the country's precision machining and assembly capabilities space.

AU Small Finance Bank Launches Bill Payments Via Video Banking

AU Small Finance Bank became the country's first commercial bank to connect with the Bharat Bill Payment System (BBPS) and deliver bill payment services via video banking. The fundamental goal of this effort is to increase digital accessibility and economic capabilities, which will lead to greater financial inclusion.
Customers can make payments directly from their AU account to more than 20,000 billers in 20+ categories with the assistance of the banking staff. "Using AU SFB's video banking service, people can now make payments such as FASTag, loan repayment, insurance, investments, education fees, municipal taxes, utility payments including gas, electricity, mobile, landline, water, DTH bills, and other payments.

HSBC India Ropes in Virat Kohli as Brand Influencer

HSBC India appointed former Indian men's cricket team captain Virat Kohli as brand influencer.
"Virat Kohli is a symbol of an ambitious India that is striving forward, going global and leaving its indelible mark on the global stage across various fields. We're keen to partner the country in its upward trajectory of growth and our association with Virat Kohli will provide a significant impetus to this journey. Virat's appeal and pursuit of excellence is aligned to our growth ambitions in India," said Hitendra Dave, CEO, HSBC India.

Apr 19, 2023

CBIC Likely to Introduce New System of Publishing Daily Currency Exchange Rates

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly set to replace the existing fortnightly notification system for currency exchange rates with a daily publishing system on the integrated customs portal. The move is expected to capture daily fluctuations in exchange rates, enabling importers and exporters to calculate customs duties with greater precision.
The current system requires the CBIC to manually notify exchange rates of 22 currencies every fortnight, based on rates from the State Bank of India. The exchange rate data will now be automatically forwarded by SBI to ICEGATE, adjusted to the nearest five paise, and integrated with the Indian Customs EDI System before being published on the ICEGATE portal by 6:00 pm each day.
This new daily publishing system is expected to provide greater accuracy, time efficiency, and a contingency plan in case of technical snags. Experts believe the change will help prevent incorrect customs duties calculations, while giving importers and exporters a more informed understanding of their transactions.

Essar Oil Appoints Corporate Governance Expert Tony Fountain to Board

Essar Oil (UK) appointed Tony Fountain, managing partner at Essar Energy Transition (EET), as a non-executive board director.
Fountain's appointment came at a time as Essar works on its investment plan to become a low-carbon refinery. Tony's appointment will support EET's ambition to lead the UK's energy transition and invest $3.6 billion in developing low-carbon energy transition projects in the next five years. Of these investments, $2.4 billion will be at the Essar site in Ellesmere Port, between Liverpool and Manchester.
Fountain started his career at BP and he later worked as the Chief Executive Officer (CEO) of refining and marketing at Reliance Industries. This was followed by a period as the CEO of the UK Nuclear Decommissioning Authority.

Karnataka Bank Launches Home Loan Campaign

Karnataka Bank launched a special campaign 'KBL Centenary Mahotsav' for home loan till July 17 to mark its centenary year.
Customers may avail the benefits of digital banking and offers of the special campaign across all its 901 branches with discount in upfront fee, attractive rate of interest starting from 8.75%, nil processing charge for home loan, and other benefits.
Karnataka Bank developed digital loan products for home loans, allowing customers to enjoy seamless digital processing and immediate in-principle approvals at their convenience and comfort.

Apr 18, 2023

Origins by Mahindra Signs Mitsubishi Electric for $222 mn Chennai Project

Mitsubishi Electric India Pvt. Ltd. will set up a $222 million plant to manufacture air-conditioners and compressors at Origins by Mahindra, near Chennai.
It will be Mitsubishi Electric's first AC and compressor manufacturing facility in India and is expected to begin operations by October 2025.
Once fully operational, it will enable Mitsubishi Electric to achieve an annual production capability of 3,00,000 units of room ACs and 6,50,000 units of compressors.
An announcement to this effect was made by Mahindra Industrial Park Chennai Ltd., a joint venture between Mahindra World City Developers Ltd. and Sumitomo Corporation of Japan.

SBI Reintroduces 400 Days 'Amrit Kalash' Retail Term Deposit Scheme

State Bank of India (SBI) reintroduced its retail term deposit scheme, Amrit Kalash. The scheme offers a special tenor of 400 days and provides an interest rate of 7.6% for senior citizens and 7.1% for others. This deposit scheme had previously been launched by SBI on February 15, 2023, and was valid till March 31, 2023. The reintroduction of this scheme provides customers with another opportunity to avail themselves of the attractive interest rates offered by SBI.
The bank has reintroduced a scheme starting from April 12, 2023, which will remain valid until June 30, 2023. This scheme is applicable to domestic retail term deposits, including NRI Rupee Term Deposits that are below Rs. 2 crore.

Andhra Pradesh Govt. Changes Name of Greenfield Seaport in Srikakulam

The Andhra Pradesh government renamed the Bhavanapadu Port as Mulapeta Port, respecting the sentiments of local villagers in Srikakulam district.
Chief Minister Y. S. Jagan Mohan Reddy laid the foundation stone for the greenfield port on April 19.
Infrastructure and Investments (Ports) Special Chief Secretary Karikal Valaven said that the state government took this decision as farmers from Mulapeta and Vishnuchakram villages requested for the name change since Bhavanapadu village has no scope in the proposed port area, considering all the lands of Mulpeta and some from Vishnuchakram have been earmarked for acquisition.

Coca-Cola to Buy Minority Stake in Food Delivery Platform Thrive

Coca-Cola will acquire a minority stake in online food delivery platform Thrive. Set up in 2020, Thrive is a food search and delivery platform that competes directly with Swiggy and Zomato.
The strategic investment will give Coca-Cola a distinct edge over rivals, as it will push consumers to order only Coca-Cola's beverages along with the food orders they place on the Thrive app, help them to customise orders, sell package deals and meal combinations, and push loyalty codes.
Coca-Cola sells packaged Coke, Thums Up, Minute Maid juices, Georgia coffee, and Kinley water in India. It already has exclusive partnerships with the fast food chain McDonald's. In September, Coca-Cola launched its global meals platforms called Coke is Cooking in India.
The partnership with Thrive is expected to drive consumer demand for Coca-Cola's beverages.

Apr 17, 2023

YES Bank first Indian company with over 50 lakh shareholders

Private sector lender YES Bank has become the first Indian company to have over 50 lakh shareholders, according to the shareholding pattern of the bank on March-end.
Tata Power was a far second with 38.5 lakh shareholders, followed by Reliance Industries with 33.6 lakh shareholders, according to the December 2022 shareholding disclosures.
The bank had 50.6 lakh shareholders as of March 31, 2023, all of whom were public shareholders. This was an increase from 48.1 lakh shareholders as of December 2022, most likely owing to the end of the three-year lock-in period for shareholders that held equity shares of the bank when it underwent the reconstruction scheme in March 2020.

U.S. emerges as India's biggest trading partner in FY23 at $128.55 billion; China at second position

According to the provisional data of the Commerce Ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.
Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion, the data showed.
On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to $113.83 billion as against $115.42 billion in 2021-22.
Exports to China dipped by about 28% to $15.32 billion in 2022-23, while imports rose by 4.16% to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.
Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion
The U.S. has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.

Kumar Mangalam Birla Gets Business Leader Of Decade Award

Kumar Mangalam Birla, Chairman of Aditya Birla Group, received the Business Leader of the Decade Award. In his acceptance speech, Birla said, "It is a very special award because it recognises longitudinal contribution over a period of ten years."
Jyotiraditya M Scindia, Union Minister of Civil Aviation and Steel, presented the 13th AIMA Managing India Awards to India's high-performing management leaders and institutions for their contribution to nation-building at a spectacular ceremony on Monday.
Scindia congratulated the awardees and called the awards a wonderful portrayal of Indian capability.
He emphasised that India has seen massive structural shifts combined with sustained strategic efforts to create an ecosystem of partners.

Karnataka Bank appoints Sekhar Rao as interim CEO

Karnataka Bank on April 15, 2023 said that it has appointed Sekhar Rao as interim managing director and CEO following the completion of the term of the incumbent CEO.
Mahabaleshwara M S, the incumbent managing director and Chief Executive Officer (MD & CEO) of Karnataka Bank, demitted the office on April 14, after successful completion of his second term of three years, the bank said in a regulatory filing.
Rao, Executive Director, assumed charge as an interim MD and CEO with effect from April 15, 2023, in terms of RBI approval dated April 12, 2023

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