IndiaMART and Four other Indian Markets Figure in US Notorious Markets List
IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai figured in the latest annual edition of the Notorious Markets List of the US.
Released by the US Trade Representative (USTR), the 2022 Notorious Markets List identified 39 online and 33 physical markets that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy.
The Indian markets in the list were IndiaMART, Heera Panna in Mumbai, Kidderpore in Kolkata, Sadar Patrappa Road Market in Bengaluru, and Tank Road in Delhi.
The Notorious Markets List is an important tool that urges the private sector and trading partners to take action against these harmful practices.
Reliance Announces Partnership with Sri Lanka's Maliban
Reliance Consumer Products Limited, the FMCG firm and a wholly-owned subsidiary of Reliance Retail Ventures Limited announced a strategic partnership with Sri Lanka-headquartered Maliban Biscuit Manufactories Limited.
Maliban, a biscuit manufacturer, has been well-known for the last 70 years for its range of quality products including biscuits, crackers, cookies, and wafers. According to the partnership, the company has expanded its product's reach to global markets and exports to over 35 countries across five continents.
RBI Appoints V. Ramachandra as Member of Advisory Committee of SIFL, SEFL
The Reserve Bank appointed V. Ramachandra, former chief general manager of Canara Bank, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).
The Advisory Committee shall advise the administrator in the operations of SIFL and SEFL during the corporate insolvency resolution process.
The other two members of the committee are Venkat Nageshwar Chalasani, former deputy managing director, State Bank of India; and T. T. Srinivasaraghavan, former managing director, Sundaram Finance Limited.
New India Assurance (NIA) Launches 'Pay As You Drive' Vehicle Insurance Policy
New India Assurance (NIA) launched its "Pay as You Drive" (PAYD) policy, dubbed as revolutionary with features like discounts on renewals, coverage beyond distance limit, and enhanced protections such as nil depreciation, roadside help, return to invoice, etc.
The policy comes with various benefits. For instance, the customer can save money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers. The discount is applied on the basic own damage premium.
In addition, the coverage will continue for the policy's remaining duration even if the vehicle has been driven beyond the threshold limit.
Gautam Adani out of World's Top-10 Billionaires List
Gautam Adani has fallen out of the exclusive group of the top 10 wealthiest billionaires in the world after losing $36 billion of his wealth so far in January as a result of a collapse in firm share prices in the wake of the Hindenburg report.
According to Bloomberg Billionaires Index, the Indian tycoon who has his headquarters in Ahmedabad, is currently ranked 11th in terms of wealth with $84.4 billion in assets.
Adani Takes over Haifa Port for $1.15 bn
Gautam Adani, Chairman of the Adani Group, took over Haifa Port in Israel in the presence of Israel Prime Minister, Benjamin Netanyahu.
Addressing a gathering of top politicians and Indian officials at the handover ceremony, Adani said that the group has struck many critical partnerships in Israel that include Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority.
In July last year (2023), the group announced the acquisition of Haifa Port with a local partner, Gadot, for $1.15 billion.
Jan 31, 2023
Unilever Appoints Hein Schumacher as New CEO
Unilever announced the appointment of Hein Schumacher as its new Chief Executive Officer. Hein will replace Alan Jope, who announced in September 2022 his intention to retire from Unilever. Hein is currently CEO of the global dairy and nutrition business Royal FrieslandCampina and became a Non-Executive Director of Unilever in October last year. He will begin as Unilever CEO on 1 July 2023, after a one-month handover period.
Hein is a business leader with an excellent track record across multiple leading companies in the consumer goods industry. As CEO of Royal FrieslandCampina, an €11bn turnover business operating in over 40 countries, he has delivered significant portfolio and organisation change as part of transforming it into a more focused, growth-driven and sustainable business.
Prior to joining Royal FrieslandCampina as CFO in 2014, Hein worked for H.J. Heinz for over a decade – during a time of significant change at the company – across the US, Europe and Asia. In his last four years at Heinz, he was based in China, where he led a turnaround of the Asia Pacific zone. Hein began his career in finance at Unilever, before joining Royal Ahold NV.
M. Jagannath and Tablesh Pandey Recommended for Post of MDs at LIC
The Financial Services Institutions Bureau recommended M. Jagannath and Tablesh Pandey for the vacancies of Managing Director (MD) positions in state-owned Life Insurance Corporation (LIC).
Currently, LIC has four MDs, two of whom are retiring from their positions very soon. Raj Kumar, the senior most MD, who got a years' extension, is set to hang up his boots on January 31. And, B. C. Patnaik's term as MD is to end on March 31 this year.
Jagannath and Pandey are likely to succeed Kumar and Patnaik, respectively.
Morgan Stanley Names Arun Kohli as New Country Head for India
Morgan Stanley named Arun Kohli as its new country head for India.
Kohli replaced Sanjay Shah, who retired from service. The latter was with Morgan Stanley since 1996 and rose through the ranks to become its India head in 2021.
Kohli, also a veteran in the field of investment banking, is presently serving as Morgan Stanley's managing director and chief operating officer for Europe, Middle East, and Africa (EMEA) regions.
Kohli is associated with Morgan Stanley since the past 15 years.
Coal India Ltd to Launch M-Sand Projects in Broader Schemes
Coal India Ltd (CIL) envisaged processing the overburdened rocks for sand production in mines where fragmented rock or overburden material contains about 60 per cent sandstone by volume which is harnessed through crushing and processing of Overburden. During Opencast mining, the overlying soil and rocks are removed as waste to extract coal and OB is heaped in dumps.
Jan 30, 2023
GRSE Signs Pact with Rolls Royce Solutions to Make Marine Diesel Engines
Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd signed a memorandum of understanding (MoU) with Rolls Royce Solutions of Germany for manufacture of high-quality marine diesel engines at the former's plant in Ranchi.
The Indian Navy's Chief of Material Vice Admiral Sandeep Naithani was present at the signing of the MoU.
The MoU deals with transfer of technology related to engine assembly, painting, parts sourcing and after-sales service for these engines that are to be assembled at GRSE's Diesel Engine Plant in Ranchi.
Under the agreement, GRSE and Rolls Royce Solutions will co-operate in the licence production and localisation of the technologically advanced MTU S4000 governmental marine engines.
NSE Emerges as the World's Largest Derivatives Bourse for 4th Year in a Row
The National Stock Exchange of India (NSE) again emerged as the world's largest derivatives exchange in 2022, in terms of the number of contracts traded, according to the Futures Industry Association (FIA). This is the fourth consecutive year when the exchange earned the top spot.
In addition, the exchange was ranked third in the equity segment by the number of trades (electronic order book) in 2022, an advancement from the previous year when it was in the fourth position, as per statistics maintained by the World Federation of Exchanges (WFE).
Gautam Adani Slips to Seventh on Rich List after US Short Seller Report
India's Gautam Adani dropped four places to become the world's seventh-richest person as the companies in his empire lost a combined $48 billion in market capitalisation following a scathing report by a U.S. short-seller.
Hindenburg Research had raised concerns about high debt at the group and accused it of improper use of entities set up in offshore tax havens - a charge the group denied.
Adani has regularly been in the news in his home country due to the meteoric rise of his business empire and numerous deals.
According to Forbes, Gautam Adani's net worth dropped to $96.6 billion from $121 billion before the Hindenburg report.
Jan 29, 2023
Nomura Hires Mahesh Natarajan to Head India ECM Business
Nomura Holdings hired Mahesh Natarajan to head its equity capital markets business in India.
Natarajan is due to join the Japanese firm's Indian unit in the coming months.
Natarajan currently heads the equity capital markets, including initial public offerings and block deals, for Nomura's domestic rival ICICI Securities and has spent nearly 17 years with the firm. He worked with Morgan Stanley earlier.
He replaced MangeshGhogre, who headed Nomura's equity capital market business in India until last month.
Kishore Biyani Resigns as Executive Chairman and Director of Future Retail
Kishore Biyani resigned as executive chairman and director of Future Retail and his resignation was placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code.
Troubles began mounting for Future Retail because of high debt which was compounded by its operations taking a hit due to the Covid-19 induced lockdowns, which impacted its sales and its net worth.
Jan 28, 2023
Shamalbhai B. Patel Appointed as Chairman of Amul
Gujarat Cooperative Milk Marketing Federation (GCMMF) that markets milk and dairy products under the Amul brand announced the appointment of Shamalbhai B. Patel as its chairman and ValamjibhaiHumbal as vice chairman. The announcement was made after an election was carried out by the deputy collector, Anand, in presence of 17 out of 18 members who're chairmen representing their district milk unions within the state. GCMMF is made up of 18 member unions overlaying 33 districts.
Shamalbhai B. Patel is the chairman of Sabarkantha District Cooperative Milk Producers Union Ltd., Sabar dairy and related to dairy cooperatives of Gujarat since 33 years.
ValamjibhaiHumbal, has been chairman of Kutch District Cooperative Milk Producers Union Ltd., Sarhad Dairy for 14 years. Humbal's nomination was proposed by Mansinhbhai Patel, chairman, Surat milk union and supported by VihabhaiSabhad, chairman, Surendranagar milk union.
GCMMF is India's largest meals merchandise group with annual gross sales turnover of Rs. 46,481 crore. It markets a variety of milk and milk merchandise underneath the model title Amul. At the moment, the member unions of GCMMF procure a mean 264 lakhs litres of milk day-after-day from 36 lakhs milk producers in 18,154 villages of the state.
Chairman Arun Kumar Singh to Take Charge as ONGC's CEO
More than a month after Arun Kumar Singh was appointed chairman of India's largest oil and gas producer ONGC, the retired BPCL head is also the CEO of the company now.
Oil and Natural Gas Corporation (ONGC) has been traditionally headed by a chairman and managing director. It, however, did not have a full-time head after ShashiShanker superannuated on March 31, 2021.
The government on December 7 named Arun Kumar Singh, who had a couple of months back retired as head of Bharat Petroleum Corporation Ltd (BPCL), as the chairman of ONGC but not as its managing director.
Now, he has been appointed the CEO of the company as well.
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