General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Aug 31, 2018

Exporters In a fix

According to the Federation of Indian Export Organisations, exporters are facing uncertainty due to continuous depreciation of the domestic currency as they are not able to negotiate prices of goods in the global markets.

Kochhar Reappointed

Chanda Kochhar has been reappointed as a director on the board of ICICI Securities with ICICI Bank, which has a 79.22% stake in the broking and investment banking entity.

While 100% of the votes from the promoter group were in favour of Ms. Kochhar's reappointment, 26.35% of the votes by institutional investors were against the resolution.

African Carrier to Buy Mahindra's Airvan 10

Mahindra Aerospace, which manufactures 8-seater and 10-seater planes in Australia, has signed Botswana's Major Blue Air Ltd. as its first worldwide customer for its Federal Aviation Administration's (FAA) certified 10-seater turboprop aircraft, the Airvan 10.

Major Blue Air already has a fleet of Mahindra's Airvan 8, which has the capacity to carry six passengers and two crew members.

MRPL to Merge With HPCL

ONGC-owned Hindustan Petroleum Corporation Limited (HPCL) plans to merge its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) with itself.

Early this year, the government transferred its 51% stake in HPCL to ONGC. HPCL owns 17% stake in MRPL while its parent ONGC holds a majority 71.63% stake in the company.

Aug 30, 2018

Rise in Outlay for Postal Bank

The Cabinet approved an increase of 79.3% in the project outlay for setting up the India Post Payments Bank to Rs. 1,435 crore. The move comes three days ahead of the nationwide roll-out of the payment bank by Prime Minister Narendra Modi. The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs. 400 crore for technology costs and Rs. 235 crore for human resource expenses.

Principal Financial Acquires PNB Stake in AMC

Principal Financial Group has completed the acquisition of Punjab National Bank's stake in Principal PNB Asset Management Company, thereby giving the U.S.-based financial services group the complete ownership of the mutual fund entity.

RInfra Completes Sale of Mumbai Power Business

Reliance Infrastructure Ltd. (RInfra) has completed the sale of its 100% shareholding in integrated Mumbai power distribution business to Adani Transmission Limited (ATL) for a total transaction value of Rs. 18,800 crore.

Aug 29, 2018

Vedanta Bags Oil Blocks

Mining mogul Anil Agarwal-led Vedanta Ltd. has bagged 41 out of 55 oil and gas exploration blocks offered in India's maiden open acreage auction.

State-owned Oil India Ltd (OIL) won nine blocks, while Oil and Natural Gas Corp (ONGC) managed to win just two.

LIC to Pick Up 7% More in IDBI Bank

As the first step in acquiring controlling stake in the state-run lender IDBI Bank, Life Insurance Corporation (LIC) of India has decided to pick up a further 7% stake in the lender through a preferential issue. Currently, LIC holds 7.98% in the bank.

Lupin Gets USFDA Nod

Drug firm Lupin has received approval from the U.S. health regulator to market its generic Gabapentin tablets used for treatment of postherpetic neuralgia in the U.S.

Berkshire Hathaway Purchases Stake in Patym

Warren Buffett's Berkshire Hathaway Inc has acquired a Rs. 2,500-crore stake in India's biggest digital-payments firm Paytm, its first investment in the country's burgeoning startup ecosystem.

Aug 28, 2018

Prachi Mishra Appointed as Chief India Economist

Global investment bank Goldman Sachs appointed Prachi Mishra as the managing director and chief India economist.

Prior to joining Goldman Sachs, Mishra was the deputy division chief of the Western Hemisphere Department at the International Monetary Fund (IMF).

Escorts Inks JV Pact with Tadano

Farm and construction equipment maker Escorts is setting up a joint venture (JV) with Japan's Tadano to manufacture rough terrain and truck-mounted cranes in the country. Tadano, which is Japan's largest mobile crane manufacturer, would hold 51% stake in the JV with Escorts chipping in with the rest 49%

RCom Sells Fibre Assets to Jio

Anil Ambani-led Reliance Communications Ltd. (RCom) sold its fibre and related infrastructure assets, worth Rs. 3,000 crore, to the Mukesh Ambani-led Reliance Jio Infocomm (RJio).

Deadline to Restructure Loan

A deadline set by India's central bank to restructure an estimated 3.6 trillion rupees ($52 billion) of stressed loans may push dozens more companies into bankruptcy.

The Reserve Bank of India in February introduced new rules and a 180-day timeline for banks to recast loans once payments are missed, scrapping previous methods that could take an indefinite amount of time.

India has one of the worst bad-loan ratios among the world's 10 largest economies.

Aug 27, 2018

TransportHub to Foray into West Asia and Africa

TransportHub (TH), an online platform that provides technology ecosystem and a whole gamut of IoT and analytics solutions to transport and logistics businesses, has chalked out plans to foray into West Asia and Africa.
TransportHub will either enter into joint ventures or establish offices in these locations.

Anil Ambani Resigns

As per reports, Anil Ambani has resigned as director of Reliance Naval and Engineering Ltd.
The company operates the country's largest integrated shipbuilding facility. It has licence and contracts to build warships.

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