General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jul 22, 2018

GST Slashed on More Items

The Goods and Services Tax (GST) Council cut tax rates on more than 50 items ranging from air conditioners and refrigerators to batteries used in mobile phones, delivering a big boost to the consumer economy.
The federal indirect tax body also gave relief to small businesses and merchants by simplifying procedures and by allowing them to file quarterly rather than monthly returns, which is expected to benefit about 93% of the over 10 million registered GST payers.

Ebix Buys Indus Software

Ebix, an international supplier of on-demand software and e-commerce services, announced that it had acquired Pune-based Indus Software Technologies for about $29 million, including $5 million of contingent earn-out.
Indus will be integrated into Ebix's financial exchange EbixCash offering in India and abroad.

GKN Fokker Elmo Signs Pact with Maharashtra

GKN Fokker Elmo has signed an MoU with Maharashtra government to set up its second manufacturing facility for wiring interconnection systems in India with an investment of $10 million.
The new site, a fully owned GKN Aerospace business, is located in Pune.

BPCL Transfers Gas Business

The board of directors has approved the proposal to transfer BPCL's Gas Division on a going concern basis to Bharat Gas Resources Limited being a wholly owned subsidiary of BPCL by way of slump sale.

Allahabad Bank to Close Branch in Hong Kong

State-owned Allahabad Bank proposes to close its only foreign branch in Hong Kong. In compliance with the government's directives under the PSBs' reform agenda.

Jul 21, 2018

Alight's India Operations Taken Over

India's third-biggest software services exporter, Wipro Ltd, will buy US-based Alight Solutions' India operations for $117 million in cash.

The deal is expected to be completed in the quarter ending September.

UPL to Buy Arysta Life

In one of the largest overseas deals by India Inc. in recent years, chemicals producer UPL (formerly United Phosphates) teamed up with Abu Dhabi Investment Authority and TPG to snap up Florida-based Arysta Life Science Inc. for $4.2 billion in an all-cash deal.

The transaction will enhance the position of UPL as a global leader in the agriculture solutions market.

JV Pact for N-E Natural Gas Pipeline Grid

Five central oil PSUs - IOCL, ONGC, GAIL, OIL and NRL signed a joint venture agreement for executing the North-East Natural Gas Pipeline Grid as a step towards the Urja Ganga Gas Pipeline Project.

The JV company shall develop, build, operate and maintain the Natural Gas Pipeline Grid connecting Guwahati to the other major North-Eastern cities and major load centres and integrating it with gas producing fields, wherever feasible, in the region.

Tata Steel to Recast SE Asian Operations

After restructuring its loss-making European operations by forming an equal joint venture with Thyssenkrupp, Tata Steel is now looking at simplifying its Southeast Asian operations.

In Southeast Asia, Tata Steel operates through NatSteel Holdings Pte. Ltd. (Singapore) and Tata Steel Thailand.

Both units have reported contraction in operational profit, despite improved selling prices.

Ashok Leyland to Supply Buses to Burkina Faso

Hinduja flagship firm Ashok Leyland has bagged a third project order to supply 147 buses worth USD 9.57 million to Burkina Faso.

The buses will be supplied to the Ministry of Higher Education Scientific Research and Innovation.

The buses will be supplied over the next 180 days and the order includes delivery of vehicles, spare parts, and an effective after sales support system in Burkina Faso.

Third-party Insurance to Be Made Mandatory

As per the Supreme Court, third party insurance of four-wheelers and two-wheelers be made "mandatory" so that victims of road accidents could get compensation and insurance firms should look into it from a "human point of view" and not from commercial point.

The apex court said this while referring to the recommendations of the Supreme Court Committee on Road Safety.

The committee is headed by former apex court judge Justice K. S. Radhakrishnan.

Jul 20, 2018

NCLT Clears AION-JSW Bid

The National Company Law Tribunal approved a bid by a consortium of Aion Investments Pvt. Ltd. and JSW Steel Ltd. to acquire the bankrupt Monnet Ispat & Energy Ltd.

The Aion-JSW consortium was the sole bidder for the 1.5 million tonne asset in Chhattisgarh.

The bankrupt Monnet owes over Rs 11,000 crore to a clutch of lenders.

India tops Skilled Visa Immigrants' List

Data released by Australian Bureau of Statistics shows India contributed the maximum number of individuals on skilled visa. The data comes at a time when Australia is witnessing fierce public debate on immigration amidst concern about jobs and overcrowding in major cities.

Acquisition Not To Open Offer Obligation

According to SEBI, an acquisition following a scheme of arrangement not involving the target company would be exempt from open offer obligation, in case the cash and its equivalent is less than 25 per cent of the total consideration paid in the scheme.

The open offer obligation would also not be triggered if after the implementation of the scheme of arrangement, persons directly or indirectly holding at least 33 per cent of the voting rights in the combined entity are the same as those who held the entire voting rights prior to its execution.

New Hundred Rupee Notes

The Reserve Bank will soon issue new Rs. 100 notes in lavender colour having motif of 'Rani ki vav' - a stepwell located on the banks of Saraswati River in Gujarat's Patan.

All Rs. 100 banknotes issued earlier will also continue to be legal tender.

Allahabad Bank Gets Capital Infusion

The government has approved capital infusion of Rs 1,790 crore through preferential allotment of equity shares in 2018-19 for Allahabad Bank.

Earlier this week, the Finance Ministry had approved capital infusion into five public sector banks including Allahabad Bank.

Jul 19, 2018

Pepsi, Mondelez Cut Salt/Sugar Content

Mondelez International, which makes Cadbury chocolates, and PepsiCo India are responding to changing consumer preferences by cutting salt, fat and sugar.PepsiCo India has cut salt content by 13% in Lay's India's Magic Masala variant and 15% in the Spanish Tomato Tango variant, the company said. PepsiCo India introduced a healthier 'multi-grain' variant of Kurkure in April this year with 21% less salt content.

Mondelez India, which sells Cadbury Dairy Milk, 5 Star and Perk chocolates, said it is planning to cut sugar content in its offerings.

Both Mondelez and PepsiCo recently signed up for food regulator Food Safety and Standards Authority of India's Eat Right Movement, along with 12 other firms including ITC Ltd, Hindustan Unilever Ltd, Nestle India Ltd and Patanjali Ayurved Ltd. They have pledged to cut sugar, salt and fat content and launch healthy products over a period of three to seven years.

India-EU FTA on verge of death

The India-EU free trade agreement is on the brink of collapse. In a few days, both sides are expected to formally state FTA talks may no longer be resumed. The EU has asked for two weeks to decide on whether to go back to the table at all after India wrote to it. There have been no talks since 2013. This comes at a time when EU has just signed its biggest ever trade deal with Japan and is negotiating another with New Zealand.

Jana Bank Launches Commercial Operations

Jana Small Finance Bank announced the commercial launch of its banking operations, the last microfinance company to convert itself into a small finance bank (SFB), three years after the Reserve Bank of India (RBI) gave its in-principle approval.

The Bengaluru-based small finance bank, which was earlier called Janalakshmi Financial Services and weathered huge losses on account of demonetization, said it is confident of turning profitable before the end of fiscal year 2019.

Jana was the worst affected during demonetization when it saw its asset quality slip, leading to capital erosion. Rating agency Crisil had recently downgraded its ratings on the bank loan facilities and debt instruments of Janalakshmi Financial Services because of losses made by the company as a result of lower disbursement and weak collection efficiency.

Standard Life, HDFC to cut stake in MF arm

HDFC and Standard Life Investment, the joint venture partners in the IPObound HDFC Mutual Fund, will witness a substantial change in their shareholding pattern in three years after the listing of the fund house.To comply with the regulatory requirement of 25% public shareholding in listed entities within three years after IPO, HDFC and Standard Life both will sell their stakes in the MF in tranches.

The final holding structure in the fund house would see HDFC holding slightly more than 50% in the country's second-largest fund house by assets under management, with Standard Life holding slightly less than 25%, while the balance 25% will be with the public.

Jul 18, 2018

Grofers to Foray into FMCG Space

Online grocery firm Grofers is entering the Fast Moving Consumer Goods segment and is eyeing an overall revenue of Rs. 2,500 crore in FY19.
The firm has rolled out seven brands under two categories, Budget and Popular G-Brands.

Capital Infusion in 5 PSU Banks

The finance ministry approved infusion of Rs. 11,336 crore in five state-owned lenders to help them meet regulatory capital requirement,. This is the first ever capital infusion in the current fiscal and the remaining amount of Rs. 53,664 crore would be disbursed during the course of the year. The five banks are Punjab National Bank (PNB), Allahabad Bank, Andhra Bank, Indian Overseas Bank and Corporation Bank.

Oman Asked to Cut Customs Duties on Chemical Products

India has asked Oman to cut customs duties on chemical products like dyes to provide greater market access for its goods in that country.
India requested for reduction in customs tariff on Indian chemical products exported to Oman, which is about 5 per cent.
Further, both the countries agreed to obtain their respective internal approvals for early finalisation of Double Taxation Avoidance Agreement (DTAA) between the nations.

Glenmark Pharma Gets USFDA Nod

Glenmark Pharmaceuticals has received final approval from the U.S. health regulator for Colesevelam Hydrochloride for oral suspension, used to lower cholesterol levels in the blood.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

October GK, September GK, August GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services and Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26