General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Oct 27, 2018

New Brand Ambassador for Maruti Suzuki Arena

Bollywood actor Varun Dhawan has been announced as the brand ambassador for Maruti Suzuki Arena channel.

The actor will be the face of the automobile company's new marketing campaign, 'A destination called you. A feeling called Maruti Suzuki ARENA'.

ArcelorMittal to Take over Essar Steel

Lakshmi Mittal-led ArcelorMittal has won a bid to acquire debt-laden Essar Steel for over Rs. 42,000 crore, a deal that will help fulfil the world's largest steelmaker's long-time ambition of having an India mill.

Huawei Taps Enterprise Unit to Grow

Chinese telecom equipment provider Huawei expects India to be among the top five revenue generating countries for the company's enterprise business in the next five years.

According to Derek Hao, President, Enterprise Business Group, Huawei India, India is currently one of the fastest growing markets for us, In the first three quarters of current year, we saw a growth of 60% in the enterprise business here, which is more that the global average of around 43%.

RBI to Inject Rs. 40,000 crore into the System

The Reserve Bank of India would inject Rs. 40,000 crore into the system in November through purchase of government securities as it looks to meet festive season demand for funds.

This month the bank has already injected Rs. 36,000 crore into the system through open market operations (OMO).

Oct 26, 2018

Arundhati Bhattacharya Joins Wipro Board

IT services major Wipro announced that Former SBI chairperson Arundhati Bhattacharya has joined the company's board as an independent director.
Earlier this week, Reliance Industries also appointed Bhattacharya on its board as independent additional director.

EoI from Investors to Buy out Bridge & Roof Co

The government has invited bids from investors for buying out 100% stake in PSU construction firm Bridge & Roof Company. The bidders have been asked to submit their Expression of Interest (EoI) for buying the company by December 25, 2018.
The company had posted a Profit after Tax of Rs. 16.37 crore and total revenue of Rs. 1,751 crore in 2016-17.

Paytm Payments Bank's MD and CEO

Paytm Payments Bank appointed Satish Kumar Gupta as its MD and CEO.
Gupta has held senior roles at SBI and NPCI.

Oct 25, 2018

Zydus to Buy Heinz India Business

Consumer products firm Zydus Wellness announced the acquisition of India business of Complan-maker Kraft Heinz Co for Rs. 4,595 crore in a bid to expand product portfolio in the world's fastest growing economy.

Ahmedabad-based Zydus will get global rights for Glucon-D, Nycil and Sampriti Ghee and will acquire rights for India, Bangladesh, Nepal and countries where the seller has intellectual property rights for Complan.

IFFCO Ranks First

In the World Cooperative Monitor's latest report for 2018, IFFCO has been ranked as the number one cooperative in the world based on the ratio of turnover over gross domestic product (GDP) per capita.

IFFCO has retained this position from 2016. The report also ranks IFFCO at the pole position amongst the top 20 cooperatives in the world in the agriculture and food industries sector (based on the ratio of turnover over GDP per capita).

Trade Deal to Boost Exports

As per reports, India is devising a plan to boost shipments of around 200 products to China and narrow the deficit with its biggest trading partner.

The plan includes seeking duty waiver on a raft of products under the Asia Pacific Trade Agreement.

New Delhi wants China to scrap levies on items including uncombed single cotton apart from castor oil, menthol, granite, diamonds and glass envelopes for picture tubes when negotiations for expansion come up in April 2019.

Infosys Finacle and R3 Partnership

Infosys subsidiary Finacle and blockchain software firm R3, have entered into a partnership to collaborate on blockchain solutions. This will enable banks to easily access and deploy Finacle's blockchain solutions on Corda, R3's open-source blockchain platform, a company statement said. Blockchain will help banks automate inter-organisational processes to drive efficiencies.

Sale/Purchase of Diesel and Petrol

The Gujarat Government has scrapped the requirement to obtain permit for purchase, storage and sale of petrol and diesel in the state.

From now on, dealers need not seek permission of the Food and Civil Supplies and Consumer Affairs Department under the Essential Commodities Procurement Storage and Distribution Order-1981 for purchase, storage and sale of petrol and diesel.

However, those who want to set up a petrol pump will have to obtain permission of the Petroleum and Explosive Safety Department as per the existing rules.

Gujarat has joined 12 states where no permission is needed for sale and purchase of petrol and diesel.

Oct 24, 2018

Operationalisation of Chabahar Port

India, Afghanistan and Iran have decided to hold a meeting within two months to finalise a protocol on transit, customs and consular matters for operationalising the agreement on Chabahar Port.

The Indian side presented the protocol to make the route attractive, decrease logistic costs and pave the way for smooth implementation of the Trilateral Chabahar Agreement.

Chabahar is crucial to India's plans to ferry supplies to Afghanistan while bypassing Pakistan. Under an agreement signed between India and Iran in May 2016, New Delhi is to equip and operate two berths in the first phase of Chabahar Port with a capital investment of $85.21 million and annual revenue expenditure of $22.95 million on a 10-year lease.

Acquisition of Mirren Completed

Cipla's South African subsidiary Cipla Medpro South Africa (Pty) Ltd. has completed the acquisition of pharma firm Mirren.

Foreign Labour Certification for H-1B Visas

According to data from the US Department of Labour, Tata Consultancy Services (TCS) is the only Indian company among the top 10 firms to get foreign labour certification for H-1B visas for the fiscal year 2018.

London-headquartered Earnst and Young, a multinational professional services firm, has emerged as the top employer to have received the certification.

Oct 23, 2018

IL&FS Appoints Advisers

Infrastructure Leasing & Financial Services (IL&FS) has appointed advisers to assist the recently-appointed board in monetising assets and preparing a resolution plan.

The board of directors has appointed Arpwood Capital and JM Financial Consultants as financial and transaction advisers to the group while Alvarez & Marsal has been appointed restructuring advisers.

Tejas Wins Indian Navy Order

Tejas Networks, a maker of networking products, has received a Rs. 111-crore purchase order from Sterlite Technologies to implement Indian Navy's country-wide next-generation digital communications network.

New Appointees at Cyient

IT firm Cyient has appointed Vikas Sehgal, executive vice-chairman of Rothschild Global Advisory for South and Southeast Asian region and global head of the automotive sector, as an independent director.

The firm also announced the appointment of Peter F. Longo, who retired from United Technologies Corporation (UTC), to the board of Cyient Inc.

Mphasis and BAE Sign Pact

Mphasis announced a partnership with BAE Systems to set up a centre of excellence for fraud detection and prevention solution.

The solution called NetReveal, enables customers to accelerate the adoption of the next generation solutions in financial crime prevention and detection functions.

Crorepatis in India

According to the Central Board of Direct Taxes (CBDT), the number of taxpayers earning above Rs. 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent.

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