General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jun 27, 2018

India Records Highest Number of IPOs

As per a report, Indian exchanges recorded the highest IPO activity globally as the country saw 90 IPO launches that raised $3.9 billion in the first half of this year.

No More Overtime Payment for Employees

The central government has decided that no government staff, apart from operational staff members, will be paid overtime. The Union Ministry for Personnel, Public Grievances and Pensions has made the decision on the basis of the recommendations of the seventh pay commission. It will be applicable for staff members of all ministries under the government of India.

Operational staff members are the non-ministerial non-gazetted members who take care of infrastructure and logistics in an office.

New MD of Sundaram AMC

Chief executive officer Sunil Subramaniam has been elevated as managing director of Sundaram Asset Management Company Limited. His elevation takes effect from June 26. Mr. Subramaniam succeeds Harsha Viji. Mr. Subramaniam is on the board of Sundaram Asset Management Singapore Pte. Ltd.

Tamilnad Mercantile Bank Limited Fined

The Reserve Bank of India has slapped a fine of Rs. 60 million on Tamilnad Mercantile Bank Limited (TMB) for contravention of its directive.

As per RBI, TMB had been fined for its lapses in adhering to the master directions issued by it on the issue and pricing of shares.

Jun 26, 2018

AIIB to Invest for India's Development Projects

The Beijing-based Asian Infrastructure Investment Bank (AIIB) announced an equity investment of $100 million in India`s National Investment & Infrastructure Fund (NIIF) to help various development projects in this country.

The NIIF is a collaborative investment platform for international and domestic investors keen on investing in commercially viable Indian infrastructure projects.

Oil India Discovers Hydrocarbon

Oil India Limited (OIL) has made its second hydrocarbon discovery in the on land KG Basin NELP VI Block �" KG-ONN-2004/1.

OIL is the operator of the block with 90% participating interest while the balance 10% is held by Geo Global Resources. Earlier, the company made a gas discovery at Dangeru-l well in the block.

Adnoc, Saudi Aramco to Invest in Ratnagiri Refinery

Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco will jointly invest in the $44 billion Ratnagiri refinery and petrochemical complex that is coming up in the Western Indian state of Maharashtra.

The two firms signed a memorandum of understanding in this regard in New Delhi.

Adnoc and Saudi Aramco will jointly have 50 per cent stake in the refinery while the remaining stake will be held by Indian companies.

IndiGo's Chief Commercial Officer Quits

IndiGo's Chief Commercial Officer Sanjay Kumar is leaving the airline and would be replaced by William Boulter.

Kumar has been associated with the no-frills carrier for the last 12 years.

His resignation would be effective from July 15.

Jun 25, 2018

Oil Field Bids Deferred

The government has deferred the bidding for 60 oil and gas fields being offered in the second round of bidding for discovered small field (DSF) by a month.

Varroc Eyes Global Acquisitions

Varroc Group, one of the largest auto component manufacturers in India, is scouting for acquisitions to emerge as one of the world's top three suppliers of external lighting systems to global original equipment manufacturers (OEMs).

Varroc Group entered the auto component business in 2012 when it acquired the lighting systems business of Visteon Group which was spun off from Ford Motors.

Jun 24, 2018

Lanco Kondapalli Power Projects for Sale

Axis Bank has put up for sale Lanco Kondapalli Power, which owns and operates 1,476 MW gas-based power plants, as the power producer failed to pay dues.

Without mentioning the name of the company Axis Bank, as a lead banker, called for Expression of Interest (EoI) for the sale of three gas-based power projects with a combined capacity of 1,476 MW.

Jun 23, 2018

Acquisition Alok Industries

Mukesh Ambani-led Reliance Industries Ltd. (RIL) along with JM Financial Asset Reconstruction Company (ARC) has won lenders' approval to buy insolvent textile firm Alok Industries for about Rs. 5,000 crore.

KEF Infra to Merge with Katerra

KEF Infra announced that it was merging with Softbank-backed Katerra, a U.S.-based company which designs and builds homes.

The merger is expected to be completed by the third quarter of this year. It will expand KEF Katerra's geographic reach, manufacturing capacity and market expertise.

M. K. Jain Fourth Deputy Governor of RBI

M. K. Jain assumed charge as the fourth Deputy Governor of the Reserve Bank of India (RBI). He has been allocated portfolios, including banking supervision and non-banking supervision.

He will also handle financial inclusion and customer education departments.

Deputy Governor N. S. Vishwanathan was handling the banking supervision department after S.S. Mundra retired in August last year.

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