General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jul 17, 2018

Top Executives of Apple India Quit

Apple has lost a trio of pivotal executives in India as it struggles to boost iPhone sales in the world's fastest-growing major smartphone market.

Among the executives who've departed are Rahul Puri who was national sales, distribution head and head of operator business, Jayant Gupta who used to head iPhone sales, modern trade and the franchisee-owned Apple Premium Retail stores in the country and Manish Sharma who was national sales head, telecom.

LIC's Stake in IDBI Bank

The LIC board gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank.

Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator SEBI.

LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore.

Minda Industries and Kasei Group Form JV

Auto component maker Minda Industries has formed a joint venture (JV) with Japan's Kasei Group to manufacture moulds for alloy wheels. The proposed name for the JV company is Kasei Minda Mould Pvt Ltd. in which Minda would hold 49.9% equity. The JV firm would be set up in Bawal, Haryana.

PNB Appoints Merchant Bankers

State-run Punjab National Bank (PNB) has appointed merchant bankers to sell a controlling stake in PNB Housing Finance. The deal is expected to be finalised in the next few months.

Last week, the bank and Carlyle Group, which owns over 32% in PNB Housing Finance, had announced their plans to sell at least 51% stake in the company.

India's Growth Forecast Cut

The International Monetary Fund (IMF) projected a growth rate of 7.3% in 2018 and 7.5% in 2019 for India as against 6.7% in 2017, making it the fastest growing country among major economies.

Jul 16, 2018

Biggest Spenders on Research and Development

Home-grown companies Tata Motors and Mahindra & Mahindra were the biggest spenders on research and development in 2016-17 among the 25 automakers in India which together invested Rs. 6,344 crore, latest industry data showed.

The five biggest spenders on R&D were Tata Motors, M&M, Maruti Suzuki India (MSI), Honda Cars India and Ashok Leyland, according to the data sourced from SIAM and CMIE.

India's First Debt ETF

Debt advisory services firm A. K. Capital Services is likely to manage India's first debt exchange traded fund (ETF) proposed to be set up for PSUs and public sector banks to raise long terms funds from the market.

A. K. Capital Services has emerged as the front-runner for managing the proposed debt ETF.

Bhushan Steel Gets New Chairman

Bhushan Steel, acquired by Tata Steel under corporate resolution process, has approved the appointment of T. V. Narendran as chairman and non-executive, additional director of the company. Mr. Narendran is the CEO & MD of Tata Steel. A new management team has been put into place at Bhushan Steel after it was acquired by Tata Steel via the insolvency and bankruptcy process.

Jul 15, 2018

Iran Bank in Mumbai

Just weeks before US sanctions on Iran begin, the Centre has approved a proposal from Iranian private lender Bank Pasargad to open a branch in Mumbai. The Finance Ministry has conveyed to the RBI that it has no objection to allowing the Tehran-based Bank Pasargad to open its branch in India.

Apart from the Iranian Bank, branch licence proposals of two South Korean banks, KEB Hana Bank and Kookmin Bank, have also been approved by the Centre.

Jul 14, 2018

Berger Scouts for Russian Acquisition

Berger Paints India Ltd. is scouting for an acquisition in Russia, where its business has gained traction on the back of the 2018 FIFA World Cup. The company is keen to leverage the recognition it had gained through the winning of tenders to paint three stadiums and two airports.

The Rs. 7.5-crore project was executed by Berger Paints Russia, a wholly owned subsidiary.

Fortis Takeover Ends

The second largest hospital chain in the country, Fortis Healthcare, will be acquired by Malaysian group IHH Healthcare with an infusion of Rs. 4,000 crore, bringing to an end the uncertainty for the stakeholders.

The cash-strapped Fortis Healthcare, with its registered office at Mohali, was founded by Malvinder and Shivinder Singh and was the main business of the Singh family after they sold their controlling stake in Ranbaxy Laboratories.

Mukesh Ambani Asia's Richest Person

According to a report by Bloomberg, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani became the richest Asian, pushing Alibaba Group founder Jack Ma to the second spot.

HSBC India Gets New Head

The Hongkong and Shanghai Banking Corporation Ltd. has appointed Amitabh Malhotra as the head of investment banking for HSBC India. Mr. Malhotra will lead the Investment Banking and Equity Capital Markets business.

Malhotra has worked at Rothschild India, KPMG and J.P. Morgan.

Jul 13, 2018

China to Give Swift Approvals to Indian Drugs

China is preparing to give swift regulatory approvals to India-manufactured drugs as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States.

Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice.

According to officials from both nations, no concrete deals have been signed but the outlook for pharmaceutical sales from India is positive.

India Becomes 69th Shareholder of EBRD

India has become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD).

This would enable more joint investment with Indian companies across EBRD's regions of operation.

The Indian government had applied for membership in the EBRD in December 2017.

European Bank for Reconstruction and Development (EBRD) was set up in 1991.

Threshold for Tax Litigation Hiked

The amount locked up in tax litigation will come down by Rs. 5,600 crore as the government has decided to hike the threshold monetary limit to file appeals in tribunals and courts.

As of March, 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals, High Courts and the Supreme Court.

In order to reduce litigation, the government hiked the threshold limit for filing appeals in tribunals to Rs 20 lakh, while the same for High Courts and the Supreme Court has been raised to Rs 50 lakh and Rs 1 crore, respectively.

Sahara saves Aamby Valley

Sahara Group has managed to save its flagship property Aamby Valley near Lonavala in Pune district of Maharashtra after no buyer turned up to buy it during an auction ordered by the Supreme Court.

SEBI will lift the order attaching the property after the company pays Rs 982.80 crore by September 12, 2018.

RIL Joins TCS

Reliance Industries shares hit an all-time, breaching the $100-billion mark for market capitalisation, a feat achieved by the company only once before in 2007. RIL joins Tata Consultancy Services in the $100-billion market cap club, leading the leader-board for India's most-valued companies.

Airtel's Bank Can Now Add Customers

Airtel Payments Bank has received the requisite approvals from the Reserve Bank of India to start onboarding customers.

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