General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jun 12, 2018

Vedanta Acquires Management Control of Electrosteel Steels

Metals and mining giant Vedanta has acquired management control of debt-laden Electrosteel Steels, according to the company's regulatory filing. In March, Vedanta was declared as a successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels.

RBI Turns Net U.S. Dollar Seller

After remaining net buyer of the U.S. dollar for the past many months, the Reserve Bank of India (RBI) became a net seller in April, after it sold $2.483 billion of the U.S. currency in the spot market.

TPREL Bags 150 MW Solar Project

Tata Power Renewable Energy Ltd. (TPREL), wholly owned subsidiary of Tata Power, has won a 150 MW solar PV project on a long term basis in Maharashtra.

TPREL had received the letter of award to develop the project and would sign a 25-year power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Co. Ltd, subject to the approval of the Maharashtra Electricity Regulatory Commission with applicable tariff.

Jun 10, 2018

HTL Aircon Announces Overseas Expansion

HTL Aircon Private Ltd, a leading heating, ventilation and air conditioning (HVAC) contractor, has announced overseas expansion plans.

The company has identified Dubai, Africa and Sri Lanka as potential overseas growth markets.

Private Firms Renew Call to Supply ATF

Private sector oil companies have renewed their demand to have access to Mumbai airport and supply aviation turbine fuel (ATF) to airline customers.

Currently, the entire ATF demand of 1.4 MMTPA (million metric tonnes per annum) at the Mumbai airport is solely met by public sector oil companies �" IOCL, BPCL and HPCL �" through two pipelines originating from the two refineries belonging to BPCL and HPCL in Mumbai.

ACME Bags Solar Project

ACME Group has bagged a 75 MW solar PV capacity project for Parasan Solar Park in Uttar Pradesh under a tariff-based reverse auction by the Solar Energy Corporation of India.

ACME Solar is an independent power producer which constructs, owns and operates solar power plants in India.

Jun 09, 2018

Mukesh Ambani Keeps Salary Capped

Mukesh Ambani has kept his annual salary from company Reliance Industries capped at Rs. 15 crore for the tenth year on the trot.

Tariq Joins Wipro Enterprises

Tariq Premji the younger son of billionaire Azim Premji, has been appointed to the board of Wipro Enterprises as a non-executive director.

The board of directors of the company is headed by Mr. Azim Premji, India's second richest man.

FDI Rose in 2017-18

Foreign direct investment (FDI) in India increased by about 3% to $61.96 billion in 2017-18 on account of steps taken by the government to improve business climate and liberalised policy norms.

FDI inflows stood at $60 billion in the previous fiscal. The figure includes equity inflows, reinvested earnings and other capital.

Deocha-Pachami Coal Block Allotted to Bengal

The Centre has handed over the Deocha-Pachami coal mine to the West Bengal government. The coal block, located in Birbhum district, is spread over an area of almost 9 sq. km. and has been a bone of contention between the two governments for a while now.

Deocha Pachami Harinsingha Dewanganj Coal Mine with an estimated reserve of 2,102 million tonnes, is the second largest coal mine in the world.

Jun 08, 2018

Increase in Lending Rate

HDFC Bank increased its marginal cost of fund-based lending rate (MCLR) by 10 basis points (bps) across various loan tenures.

The move comes after all major banks, including State Bank of India (SBI) and ICICI Bank, increased MCLR by an equal amount last week.

Nabha Power Shut

L&T Group firm Nabha Power Ltd. (NPL) has been forced to shut a 700 MW unit of Rajpura thermal power station due to shortage of coal.

Earlier, unit-1 of 700 MW was shut from April 4-13 this year due to shortage of the dry fuel. The plant has two units of 700 MW each.

William Grant Inks Bottling Deal with Modi Group

The world's largest family-run scotch whisky marker, William Grant & Sons, has finalised a local bottling deal with Modi Distilleries, part of the Umesh Modi Group, signalling its heightened ambitions in the Indian market.

This would be the 130-year-old scotch giant's only bottling arrangement outside Scotland currently.

ACME Group Bags Solar Power Project

ACME Group has won a 50 MW solar power project at Gujrai solar park, Uttar Pradesh in an auction conducted by Solar Energy Corporation of India (SECI).

ACME has 30 MW operational project in UP and decided to expand its footprints in the state. By winning this bid, ACME will now sign a 25 year PPA with SECI who will sell power to state utilities of Uttar Pradesh.

Jun 07, 2018

London Branch of Canara Bank Fined

The U.K.'s financial sector regulator FCA imposed a fine of £8,96,100 (about Rs. 8 crore) on the London branch of Canara Bank and also stopped it from accepting deposits for almost five months for not adhering to anti-money laundering (AML) regulations.

HCC Bags Contract from Russia's Nuclear Company

Hindustan Construction Company Ltd. (HCC), in a joint venture with Bangladesh construction firm MAX Group has been awarded a $110 million (Rs. 737 crore) contract by Russia's State Nuclear Company, JSC Atomstroyexport, for civil works of turbine island for Unit 1 of Rooppur Nuclear Power Plant.

The Rooppur Nuclear Power Plant, about 190 km northwest of Dhaka, would be built with Russian technology and equipped with two VVER Reactors of 1,200 MW each.

IDFC Bank Gets RBI's Nod for Merger

IDFC Bank received the RBI's approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company.

The amalgamation is subject to the receipt of approval from the respective shareholders and creditors of the companies, the National Company Law Tribunal, and other statutory and regulatory approvals.

RBI Raises Repo Rate

The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points to 6.25%.

The MPC arrived at the unanimous decision as the outlook for inflation had become 'uncertain' following a surge in international crude oil prices.

This is the first rate hike in four-and-a-half years; the last was in January 2014.

IBC Amendment Gets President's Nod

The President gave his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.

The ordinance provides significant relief to homebuyers by recognising their status as financial creditors. It will also enable homebuyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers. Another major beneficiary would be micro, small and medium sector enterprises (MSME), which form the backbone of the Indian economy as the biggest employer, next only to the agriculture sector.

Co-op Banks Can Become Small Finance Banks

The Reserve Bank of India has decided to allow urban co-operative banks (UCB) to convert into small finance banks (SFB), a move aimed at bringing these entities into mainstream banking.

It has been decided to allow voluntary transition of UCBs meeting the prescribed criteria into SFBs.

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