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General Awareness

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BUSINESS AND ECONOMY - February 2017

Feb 2017

Nov 17, 2021

Hindalco Emerges as World's most Sustainable Aluminium Company

  • Hindalco Industries Ltd, the metals flagship of Aditya Birla Group, has once again emerged as the world's most sustainable aluminium company in the Dow Jones Sustainability Indices 2021.
  • Hindalco has achieved the No. 1 rank in the aluminium industry for its sustainability performance in the 2021 edition of the S&P Dow Jones Sustainability Indices (DJSI) corporate sustainability assessment (CSA) rankings.
  • Hindalco is the only aluminium company to enter the exclusive DJSI World Index in 2021 and retains its membership in DJSI Emerging Markets Index.
  • The DJSI World Index comprises the top 10 per cent of the largest 2,500 companies by market capitalisation in the S&P Global Broad Market Index based on long-term economic and ESG (environmental, social and governance) factors.

Myntra Forays into Luxury Segment, Unveils Myntra Luxe on its App

  • Online fashion retailer Myntra has unveiled a dedicated store for all things luxury, 'Myntra Luxe', on its app. This is another step for the firm towards strengthening its position as one of the leading fashion, beauty, and lifestyle brands in the country.
  • The new segment offers luxury connoisseurs access to a curated collection of their favourite luxury brands, which also includes many first-time luxury brands available on Myntra across categories. It is allowing brand partners an exclusive online storefront to showcase their collections to the luxury consumer base of India.
  • With this pro-position, Myntra forays into the luxury segment, strengthening its commitment to creating value for its wide customer base by making a vast range of brands and styles accessible to them.

PVR, Kotak Mahindra Bank Launch Co-branded Movie Debit Card

  • PVR Cinemas partnered with Kotak Mahindra Bank and launched a co-branded movie debit card.
  • "With the Kotak PVR Movie Debit Card, cardholders will receive joining vouchers and earn points on every transaction on the debit card at PVR and outside PVR as well, with no upper limit on the points earned, the points can be redeemed all year round on PVR movie tickets and on food and beverages at PVR.

Mensa Brands Becomes India's Fastest Start-up to Turn Unicorn

  • Mensa Brands, the brand aggregator and rollup firm founded by former Myntra CEO and Medlife cofounder Ananth Narayanan, is the latest startup in India to achieve unicorn status. The company began operations just six months ago but is now valued at more than $1 billion, making it the fastest Indian startup to join the unicorn club.

Nov 16, 2021

CCI Approves Blackstone Group Entity's Stake Buy in ASK Investment

  • The Competition Commission of India (CCI) gave its nod for the acquisition of over 71 per cent stake in ASK Investment Managers by a Blackstone Group entity.
  • The proposed combination envisages the acquisition of 71.25 per cent shareholding of ASK Investment Managers by BCP TopCo XII Pte Ltd.
  • The acquirer is an affiliate of funds advised or managed by the affiliates of The Blackstone Group Inc.
  • ASK Investment Managers is an asset and wealth management company.

Govt. Inks USD 61 mn Loan Pact with ADB for Development Projects in Agartala

  • The government and Asian Development Bank (ADB) signed a USD 61 million loan to improve liveability, harness technology and promote new developments to accommodate the expanding population in Agartala city while building the capacity of state agencies for improved service delivery.
  • The loan agreement for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the government and Takeo Konishi, Country Director of ADB's India Resident Mission.
  • The project is aligned to the vision of the government Smart City Mission to upgrade urban infrastructure services and will improve liveability in Agartala with the provision of better road connectivity, flood resilient measures and making tourist places more attractive.

BharatPe Launches World's 1st Merchant Shareholding Programme

  • BharatPe launched the World's 1st Merchant Shareholding Program (MSP) for its merchant partners. It is a $100 million worth program, under which the company offers its merchant customers an opportunity to buy BharatPe's equity shares and become a partner. The company plans a public listing by 2024 and targets a public listing value of $1 billion.
  • The merchant payments and financial services company will roll out the incentive to its more than 7.5 million existing merchant partners. The programme will also be offered to new merchants joining the platform.
  • The stock programme is designed to address the gap in wealth creation for merchants and recognize them as active growth partners, BharatPe said, adding that the programme aims to build and sustain loyalty among its merchant partners in a fast-growing fintech segment in India.

HDFC Bank Launches the Second Edition of "Mooh Band Rakho"

  • HDFC Bank launched the second edition of its "Mooh Band Rakho" campaign in support of International Fraud Awareness Week 2021. Through this initiative the bank aims to increase awareness on all types of frauds and the importance of keeping your mouth shut to ensure their prevention. This year, HDFC Bank through its Mooh Band Rakho campaign is urging customers to take a pledge and not share confidential banking information with anyone. The bank has rolled out this campaign to commemorate the global movement to minimise the impact of fraud which is being held from November 15 – 21, 2021.

Rivigo Names Rohan Mittal CFO

  • Rivigo, a leading full-stack logistics services provider, announced the appointment of Rohan Mittal as its new Chief Financial Officer (CFO). As per the company Mittal's appointment at Rivigo demonstrates Rivigo's focus on making logistics safer, efficient, and more human.
  • Founded in 2014, Rivigo has been at the forefront of transforming the sector with their relay trucking model and a strong interplay of technology, data, culture and operations to consistently provide unparalleled delivery times and reliability to their clients.

Nov 15, 2021

UP Gets its First Operationalised Private Sector Defence Manufacturing Facility

  • Defence Minister Rajnath Singh inaugurated the first operationalised private sector defence manufacturing facility in the Uttar Pradesh Defence Industrial Corridor (UPDIC) in Lucknow.
  • The facility, run by Aerolloy Technologies, a wholly owned subsidiary of PTC industries, will manufacture parts for aircraft engines, helicopter engines, structural parts for aircrafts, drones and UAV, submarines, Ultra-Light Artillery guns, space launch vehicles and strategy systems.
  • Singh also laid the foundation stone for an integrated metal manufacturing facility under PTC Industries that will produce key raw materials in titanium and other exotic alloys for aerospace applications.
  • PTC Industries recently obtained clearance certificate for critical On-line Fittings (OLF) for defence applications from the Defence Ministry.

UP Gets its First Operationalised Private Sector Defence Manufacturing Facility

  • Defence Minister Rajnath Singh inaugurated the first operationalised private sector defence manufacturing facility in the Uttar Pradesh Defence Industrial Corridor (UPDIC) in Lucknow.
  • The facility, run by Aerolloy Technologies, a wholly owned subsidiary of PTC industries, will manufacture parts for aircraft engines, helicopter engines, structural parts for aircrafts, drones and UAV, submarines, Ultra-Light Artillery guns, space launch vehicles and strategy systems.
  • Singh also laid the foundation stone for an integrated metal manufacturing facility under PTC Industries that will produce key raw materials in titanium and other exotic alloys for aerospace applications.

Nov 14, 2021

NTPC Ties up with Indian Oil to Collaborate in Renewable Energy

  • State-owned power giant NTPC inked an initial pact with Indian Oil to collaborate in the field of renewable energy.
  • This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country's commitment to achieving renewable energy targets and reduce greenhouse gas emissions.
  • The MoU was signed in the presence of Gurdeep Singh, CMD-NTPC; Shrikant Madhav Vaidya, Chairman, Indian Oil and other officials of the companies.

Amazon Unifies Grocery Stores into Single Online Store Called Amazon Fresh

  • E-commerce giant Amazon completed the integration of its grocery stores Fresh and Pantry into a single unified store called Amazon Fresh. The new store, available across over 300 cities in India, continues to offer customers unbeatable savings, a wide selection of products, and fast and convenient delivery options in one single online destination.
  • Amazon Fresh will offer a selection of perishable products such as fruits and vegetables, frozen and chilled products like dairy and meats, dry grocery items, beauty, baby, personal care, and pet products, across our top 14 cities including Bengaluru, Delhi, Faridabad, Gurgaon, Ghaziabad.

NPCI Bharat BillPay Ties up with ICICI Prudential Life Insurance

  • NPCI Bharat BillPay Ltd., the wholly-owned subsidiary of National Payments Corporation of India has tied up with ICICI Prudential Life Insurance to provide its marquee offering – ClickPay to the insurer's customers. ICICI Prudential Life Insurance is the first insurance company to offer this facility of ClickPay to its customers empowering them to make renewal premium payments with ease.
  • To offer an automated and valuable insurance premium payment experience, ICICI Prudential Life Insurance will generate the ClickPay link and share it with the customers which will redirect them to the payment page comprising payment details. This convenient and secure two-step process will help customers pay the bills without the hassle of putting in the premium amount, remembering premium payment dates, and going through arduous steps to make the payment.

Myntra Announces Appointment of Nandita Sinha as CEO

  • Walmart-owned online fashion retailer Myntra, has announced the appointment of Nandita Sinha as Chief Executive Officer, effective January 1, 2022. Nandita will join Myntra from group company Flipkart, where, as vice president, Customer Growth and Marketing, she is currently leading the overall charter for marketing.
  • As a seasoned leader in the consumer internet space, Sinha has deep expertise in leading businesses, and driving tech-pivoted growth and innovation.

Nov 13, 2021

Tata Projects Bags $120mn Order for Power Transmission Project in Bangladesh

  • Tata Projects Limited received an order for a 400kV double circuit transmission line project valued at around $120 million (around Rs. 900 crore) from the Power Grid Company of Bangladesh Limited (PGCB).
  • This 120-km project from Barapukuria to Bogura has been secured on a turnkey basis. It will be executed in 30 months and the funding shall be done by EXIM Bank India under Indian Line of Credit.

Nykaa Falguni Nayar Becomes India's Richest Self-made Woman Billionaire

  • Nykaa founder Falguni Nayar became India's seventh woman billionaire and the wealthiest self-made billionaire in an ongoing initial public offering (IPO) boom which saw the e-commerce giant making a blockbuster debut on Dalal Street, its parent company FSN floating on the Mumbai stock exchange. According to the Bloomberg, the market cap of the beauty and fashion retailer hit an overall valuation of 1 trillion rupees ($13.5 billion) in the first five minutes of trade. Within an hour and a half, Nykaa's market cap had already matched industry giants such as Britannia, Godrej, and IndiGo.
  • Nykaa, India's first unicorn start-up headed by a woman, was founded by Falguni Nayar in 2012, selling beauty and personal care products via its mobile app and website. Eight years later, the 58-year-old Nayar has joined only six other Indian women billionaires, as she joined the ranks as the wealthiest self-made billionaire.

Ashok Leyland Inducts Shom Ashok Hinduja as Additional Director on Board

  • The board of Ashok Leyland has inducted another Hinduja family member Shom Ashok Hinduja as an additional director on its board. The appointment is seen as a move by the company to focus further on the electric vehicles segment.
  • The appointment based on the recommendation of the nomination and remuneration committee, is subject to the approval of the shareholders.
  • Shom drives the execution of Sustainability initiatives globally across various companies of the Group and has led the Group's foray into the alternative energy sector. He serves as the chairman of the Group's renewable energy business. Under his leadership, the Hinduja Group is venturing into next generation transformative spaces like electric mobility, battery technology, and cyber security amongst others, the company said in a statement. He is also leading to transform the group's digital experience for internal stakeholders, offerings for consumers and building a digital ecosystem.

Ashu Suyash Appointed Independent Director on HUL Board

  • Hindustan Unilever Limited (HUL) appointed of Ashu Suyash as an Independent Director on its Board.
  • Suyash comes with over 33 years of experience in the financial services and global information services sector. She was until recently the Chief Executive Officer and Managing Director at CRISIL and a member of the Operating Committee of S&P Global. She serves on the advisory boards and committees of several institutions including the Securities and Exchange Board of India (SEBI), the Insolvency and Bankruptcy Board of India, and the National Institute of Securities Markets.
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