General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jul 02, 2018

FPI Outflows Hits 10-year High

Overseas investors have pulled out nearly Rs. 48,000 crore from Indian capital markets in the first six months of 2018, making it the steepest outflow in a decade, following high crude oil prices and trade war worries.

The investors withdrew a net sum of Rs. 41,433 crore from the debt markets, besides, a net amount of Rs. 6,430 crore from equities during the January-June period of the year, taking the total outflow to Rs. 47,836 crore.

This was the biggest outflow since January-June 2008.

FDI Growth Hits 5-year Low

According to the latest data of the Department of Industrial Policy and Promotion (DIPP), foreign direct investment (FDI) in India seems to be petering out with the growth rate of inflows recording a five-year low of 3% at $44.85 billion in 2017-18.

Foreign inflows in the country grew by 8.67% in 2016-17, 29% in 2015-16, 27% in 2014-15 and 8% in 2013-14. However, FDI inflows recorded a negative growth of 38% in 2012-13.

Jul 01, 2018

RIL to Acquire Software Firm Radisys

Reliance Industries (RIL) has entered into a definitive agreement to acquire Nasdaq-listed Radisys Corporation, a global player in open telecom solutions, for $1.72 per share in cash.

The deal size works out to be $74 million or approximately Rs. 510 crore.

Infibeam to Set Up Payments Bank

E-commerce firm Infibeam has received shareholders' approval to expand its business in IT segment, set up a payments bank and raise Rs. 2,000 crore.

Shareholders of the company have also approved change in its name from Infibeam Incorporation Limited to Infibeam Avenues Limited.

Jun 30, 2018

Emasek Buys Stake in Adani Ports

Singapore-based investment firm Temasek Holdings has acquired stake worth Rs. 1,000 crore in Adani Ports and Special Economic Zone through open-market transactions.

ICICI Bank's New Chairman

ICICI Bank has appointed former bureaucrat Girish Chandra Chaturvedi as non-executive, part-time chairman and an independent director of the board for three years with effect from July 1. He replaces ICICI Bank's present chairman M.K. Sharma whose term is to expire on June 30.

Mr. Chaturvedi, a former Indian Administrative Service officer, retired in 2013 as the petroleum secretary. He has also served on the boards of Canara Bank, Bank of Baroda and IDBI Bank as a government nominee.

Rise in External Debt

According to RBI, India's external debt stood at $529.7 billion at the end of March 2018, recording an increase of $58.4 billion year-on-year, primarily on account of a rise in commercial borrowings, short-term debt and non-resident Indian deposits.

NITI Aayog and GNFC Sign SOI

NITI Aayog and Gujarat Narmada Valley Fertilisers & Chemicals Limited (GNFC) signed a statement of intent (SOI) to work together towards using the blockchain technology for fertiliser subsidy management.

Jun 29, 2018

Adani Ports to Acquire Kattupalli Port

Adani Ports and Special Economic Zone Ltd. (APSEZ) will spend Rs. 1,950 crore to acquire 97% stake in Marine Infrastructure Developers Pvt. Ltd. (MIDPL), the developer and operator of Kattupalli Port, near Chennai.
APSEZ and its unit Adani Kattupalli Port Pvt. Ltd. signed a share purchase agreement with Larsen and Toubro Ltd. (L&T), MIDPL and L&T Shipbuilding Ltd., for the acquisition.
Adani Ports is committed to make Kattupalli Port one of the largest ports in southern India.

Dalmia Cement (Bharat) Gets New COO

Dalmia Cement (Bharat) Limited has ppointed of Ujjwal Batria as the chief operating officer (COO).
''His rich experience and leadership will be a tremendous asset for driving further the growth of the company,'' said Mahendra Singhi, group CEO and whole-time director - Dalmia Cement.

GMR Forays into Seaports

GMR Infrastructure Ltd has been chosen the successful bidder under the Swiss Challenge mode to develop a greenfield commercial port in Andhra Pradesh. The proposed port would be located about 30 km north of Kakinada and is proposed to be developed as an all-weather, deep draft, multi-cargo port.

India May Cut Oil Imports from Iran

India's oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.
India has said that it does not recognize unilateral restrictions imposed by the US, and instead follows UN sanctions. India is the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the US financial system.

BHEL Inks Pact with Korean Firm NANO

BHEL has inked a pact with South Korean firm NANO Co Ltd for design and manufacture of emission controlling devices for coal-based power plants.
The pact will enable BHEL to enhance its offerings for emission control systems (De-NOx applications).
NANO Co is a leading manufacturer of SCR Catalysts and associated raw materials and has supplied the Catalysts to various countries such as Germany, France, Italy, China and Taiwan.

Jun 28, 2018

Capital Infusion for Export Guarantor

The Cabinet Committee on Economic Affairs approved a capital infusion of Rs. 2,000 crore into the Export Credit Guarantee Corporation (ECGC) to be infused over the three financial years 2017-20.

The break-up of the infusion would be Rs. 50 crore in 2017-18, Rs. 1,450 crore in 2018-19, and Rs. 500 crore in 2019-20.

Establishment of Strategic Petroleum Reserve Approved

The Cabinet approved the establishment of strategic petroleum reserve (SPR) facilities at Chandikhol in Odisha and Padur in Karnataka with a total capacity of 6.5 Million Metric Tonnes (MMT), which works out to another 12 days of reserves.

L&T Infotech Opens Johannesburg Facility

Larsen & Toubro Infotech (LTI), a technology consulting and digital solutions company, has opened a global delivery center in Johannesburg.

The center will provide an agile environment to create and deliver cutting-edge digital solutions for clients in the areas of Big Data, Cloud, SaaS, IoT and Digital Transformation.

Withdrawal of PF

Employees' Provident Fund Organisation (EPFO) members can soon avail the option to withdraw 75 per cent of their provident funds after one month of unemployment under the new provision in the Employee Provident Fund Scheme 1952.

PF members would can also withdraw the remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment.

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