General Awareness

BUSINESS AND ECONOMY - January 2017

Jan 2017

May 28, 2024

TCS Secures Core Banking Transformation Deal with Kuwait's Burgan Bank

Tata Consultancy Services (TCS) signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait. Burgan Bank will deploy TCS BaNCS to consolidate multiple legacy applications into a contemporary universal banking solution, enhancing innovation and customer relationships.
Burgan Bank, one of the youngest commercial banks in Kuwait, operates a regional network of over 160 branches and 360 ATMs. The bank aims to leverage TCS BaNCS to digitally transform its technology landscape.

GoAir Temporarily Loses Slots and Foreign Bilateral Rights amid Insolvency

Trouble continues to mount for GoAir as the beleaguered airline temporarily lost its slots and foreign bilateral rights to other carriers, including Air India and IndiGo.
In the aviation industry, airlines of a particular country require a bilateral air services agreement with another country to operate international flights.
This agreement determines the number of flights (or seats) allowed per week between the two countries.
However, securing these flying rights is not sufficient; airlines must also obtain slots at both departure and arrival terminals to commence operations.

Nykaa Appoints Santosh Desai as Independent Director on its Board

FSN E-Commerce Ventures (Nykaa) announced the appointment of Santosh Desai as an Independent Director on its board, effective July 15, 2024, for a period of three years, subject to the approval of shareholders.
Desai served as the CEO of Future Brands for nearly 17 years. He has also served as the president of McCann, one of India's premier advertising agencies.
He is at present serving on the boards of Think9 Consumer Technologies, Dainik Jagran Group, and Breakthrough. He is also a member of the governing councils of Mudra Institute of Communication, Ahmedabad and Praxis Business School, Kolkata. He has earlier served on the boards of ING Vysya Bank and Oxfam India.

May 27, 2024

Maldives Plans Launch of RuPay to Enhance Bilateral Ties with India

In a move that reflects the strengthening ties between India and the Maldives, the island nation has announced its intention to launch India's RuPay service. This decision underscores the growing economic and financial cooperation between the two countries. While the specific launch date for the RuPay service has not yet been disclosed, the upcoming integration holds promise for enhanced financial inclusivity and cost-saving measures.
The introduction of RuPay in the Maldives is expected to enhance the value of the Maldivian currency, the rufiyaa (MVR). By facilitating transactions in local currencies, the need for currency conversion and associated costs can be minimised, potentially resulting in significant savings for both nations.

RBI Imposes Rs 3.1 Lakh Penalty on Hero FinCorp for Fair Practices Code Violation

The Reserve Bank of India (RBI) has imposed a penalty of Rs. 3.1 lakh on Hero FinCorp Limited due to non-compliance with certain provisions of the fair practices code. This penalty is based on deficiencies in regulatory compliance and does not affect the validity of any transactions or agreements the company has with its customers.
The RBI conducted a statutory inspection of Hero FinCorp with reference to its financial position as of March 31, 2023. This inspection revealed instances of non-compliance with RBI directives.

May 25, 2024

Aditya Birla Group Joins $100 Billion Market Cap Club

The combined market capitalisation of the Aditya Birla Group firms surged past the $100 billion mark (Rs. 8,51,460.25 crore), joining the likes of Tata Group, Adani Enterprises and Reliance. The group firms -- UltraTech Cement, Grasim, Hindalco, Aditya Birla Capital, Aditya Birla Sun Life AMC, Vodafone Idea, Aditya Birla Fashion and Retail, TCNS Clothing, Aditya Birla Money, Century Textiles, Century Enka and Pilani Investment -- have a combined market valuation of Rs. 8,51,460.25 crore on the BSE. Diversified conglomerate Aditya Birla Group's market capitalisation has crossed the $100 billion mark, joining the likes of Tata Group, Adani Enterprises Ltd. and Reliance Industries Ltd. In rupee terms, the combined market cap of 11 companies in the pack stood at Rs. 8.51 lakh crore. The group firms include UltraTech Cement Ltd., Grasim Industries Ltd., Hindalco Industries Ltd., Aditya

10th World Water Forum Opens in Bali, Indonesia

The 10^th World Water Forum, themed "Water for Shared Prosperity," officially commenced on May 21 in Bali, Indonesia. Attendees included numerous country leaders and United Nations representatives. The forum focused on four critical topics: water conservation, clean water and sanitation, food and energy security, and mitigation of natural disasters.
In his opening remarks, Indonesian President Joko Widodo highlighted the vulnerability of 500 million small farmers, who contribute 80 percent of the world's food, to drought by 2050. He emphasised the importance of global collaboration in tackling water-related challenges.

Google is Buying Minority Stake in Walmart-owned Flipkart

Google has proposed an investment in e-commerce major Flipkart to buy a minority stake during the company's fresh funding round. The Walmart group has announced the same. This investment would occur as part of Flipkart's current funding round led by Walmart, Flipkart's majority owner.
The company, however, neither disclosed the amount proposed to be invested by Google nor the details of the fund being raised by the firm. The announcement highlights a potential collaboration between the two companies on cloud technology, but did not disclose the investment amount or total funding Flipkart is seeking.

Maldives to Launch India's Rupay Service Amid Bilateral Tensions

The Maldives wants to make its own currency, the Maldivian Rufiyaa (MVR), stronger, so it has announced plans to accept India's RuPay payment service. This is a step forward in working together financially, even though there have been political problems between India and the Maldives lately because President Mohamed Muizzu supported China.
India's first world card payment network is RuPay, run by the National Payments Corporation of India (NPCI). It can be used at ATMs, Point of Sale (POS) terminals, and online stores in India. The Maldivian Minister of Economic Development and Trade, Mohamed Saeed, announced that the launch would take place in the Maldives. Even though the exact launch date hasn't been released yet, this project is meant to help the Maldivian economy by making the MVR more useful and stable.

N.P. Singh to Step Down as MD & CEO of Sony Pictures Networks India

NP Singh announced his decision to step down as MD and CEO of Sony Pictures Networks India after a 25-year tenure; he will focus on social change and advisory roles.
Singh, who joined Sony in 1999 as CFO and became CEO in 2014, emphasised his commitment to a smooth transition and continued success for the company.
NP Singh, MD & CEO of Sony Pictures Networks India has announced to step down from his role in the company and has decided to focus on social change and shift to advisory roles. But he will continue to lead the company till his successor is chosen, he said in a communication to journalists.
"After nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO," he said in a letter.

India Records Positive Growth among Top 5 World Steel Producers in April

India is the only country among the world's top five crude steel producers to record positive growth in April 2024, according to the World Steel Association. India, the second-largest crude steel producer globally, achieved a growth rate of 3.9% compared to April 2023.
World crude steel production in April 2024 was 155.7 million tonnes, a 5.0% decrease from April 2023. China, the largest steel producer, saw a 7.2% decline to 85.9 million tonnes. Japan, the third-largest producer, registered a 2.5% decline to 7.1 million tonnes. The United States, the fourth-largest producer, produced 6.7 million tonnes, a 2.8% decline. Russia, the fifth-largest producer, experienced a 5.7% decline to 6.2 million tonnes.

May 24, 2024

India's Market Capitalisation Reaches $5 Trillion Milestone

In a significant stride, India's market capitalisation has surged to $5 trillion, marking a historic achievement. This remarkable feat was accomplished in under six months since surpassing the $4 trillion mark, showcasing the nation's robust economic resilience and investor confidence.
Joining the elite league of countries with a $5 trillion market cap, India stands alongside stalwarts like the US, China, Japan, and Hong Kong. However, on a closing basis, India's market cap currently stands at $4.97 trillion on the BSE and $4.93 trillion on the NSE.
India's market cap witnessed a staggering surge of over 60% from its lows in March 2023, propelled by a rally in shares of small- and mid-sized firms. This uptick is attributed to a re-rating of valuations, fueled by improved economic and earnings growth prospects, surpassing global and emerging market peers.

SIDBI Partners with Airbus Helicopters to Finance Helicopter Purchases in India

SIDBI, in collaboration with Airbus Helicopters, has entered the realm of helicopter financing in India through a recent Memorandum of Understanding (MoU). This partnership aims to facilitate the financing of Airbus helicopters for potential civil operators in the country.
Under the MoU, SIDBI and Airbus Helicopters will jointly identify and evaluate potential helicopter operators in India seeking financing for Airbus helicopters. Airbus will leverage its technical expertise and industry knowledge to support SIDBI in assessing these prospects.
Rahul Priyadarshi, Chief General Manager at SIDBI, expressed optimism about this new venture, emphasising its potential to open up financing avenues for MSMEs in the helicopter segment.
Sunny Guglani, Head of Airbus Helicopters for India and South Asia, highlighted the significance of this collaboration in making civil helicopters more accessible in India, thereby contributing to national development.

Rushabh Gandhi Appointed as MD and CEO of IndiaFirst Life Insurance

The board of IndiaFirst Life Insurance has approved the promotion of Rushabh Gandhi, the current Deputy Chief Executive Officer, to the position of Managing Director and Chief Executive Officer (MD and CEO). Gandhi's appointment marks a significant milestone for the company, aligning with its succession strategy.
Succession Plan and Regulatory Approvals
Gandhi will assume his new role on July 1, 2024, or upon receiving the necessary regulatory approvals, whichever is later. His appointment is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI), the company's shareholders, and other statutory clearances. Gandhi will succeed R.M. Vishakha, the outgoing Managing Director and CEO, who will retire on June 30, 2024.

May 23, 2024

John Slaven Appointed Vice-Chairman of International Aluminium Institute

Vedanta Aluminium announced the appointment of its Chief Executive Officer (CEO), John Slaven, as the Vice-Chairman of the International Aluminium Institute (IAI). In this prominent role, Slaven will spearhead global initiatives aimed at promoting sustainable transformation within the aluminium industry and highlighting aluminium's crucial role in advancing the energy transition towards a Zero Carbon future.
Established in 1972, the International Aluminium Institute (IAI) is the sole organization representing the global primary aluminium industry. Its mission is to increase awareness of the industry's operations, advocate for responsible production, and emphasize the significant environmental benefits of aluminium.

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