General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

May 02, 2018

GAIL Signs Loan Agreement with SBI

State-owned gas utility GAIL India has taken a loan of Rs. 2,000 crore from State Bank of India to meet its general capital expenditure requirements. The loan is for a 15-year tenure.

L&T Sells Electrical and Automation Business

Engineering major Larsen & Toubro (L&T) sold its electrical and automation (E&A) business to France Schneider Electric (France) for Rs. 14,000 crore in an all-cash deal.

The Rueil-Malmaison, France headquartered Schneider Electric SE is a 180-year-old multinational corporation that specialises in energy management, automation solutions, spanning hardware, software, and services.

New Chairman of IRDAI

Former IAS officer Subhash Chandra Khuntia has been appointed as the Chairman of Insurance Regulatory Development Authority of India (IRDAI) for three years. Mr. Khuntia succeeds T S Vijayan, who completed his five-year term in February.

Growth in Foreign Exchange Earnings

The Ministry of Tourism has declared that there has been 17 per cent growth in Foreign Exchange Earnings (FEEs) through tourism in India in March 2018 over March 2017.

According to a statement released by the government, FEEs during the month of March 2018 were Rs. 17, 294 crore as compared to Rs. 14, 667 crore in March 2017 and Rs.12, 985 crore in March 2016.

Maruti Posts Best-ever Monthly Sales

Automaker Maruti Suzuki India (MSI) posted its best-ever monthly wholesale figures in April for the domestic market.

Mahindra & Mahindra and Tata Motors also reported robust double-digit sales growth during the month while Hyundai clocked single-digit growth.

MSI said that its domestic sales stood at 1,64,978 units in April, up 14.2% from 1,44,492 units a year earlier.

May 01, 2018

Growth in Pharma Exports

Pharmaceutical exports from India, a key component of the country's foreign trade basket, are estimated to have grown to $17.25 billion in the financial year ended March 31 or almost 2.5% higher than the previous fiscal.

New CMO of Intex Technologies

Intex Technologies, an Indian mobile and consumer electronics company, announced the appointment of Rajiv Bakshi as its Chief Marketing Officer (CMO).

Prior to Intex, Rajiv had a 13-year stint at Discovery Networks India and South Asia region, as the vice president and head of marketing and products.

In his new role, Bakshi will lead the generation of consumer insights for incisive product development and planning, augment sales and distribution network across the general trade, e-commerce portals, large format stores and retail network. Additionally, he will pioneer the digital strategy and boost international operations.

Government identifies 4 RRBs

The government has identified 4 Regional Rural Banks (RRBs) for listing on stock exchanges in line with the Union Budget 2018-19.

The four RRBs are eligible to come out with initial public offerings (IPOs) and they may hit the capital markets this year.

In a bid to make RRBs eligible and successfully raise capital from the market, a slew of reforms have been implemented including compliance with corporate governance, technology upgradation and capacity building.

There are 56 RRBs in the country with a combined balance sheet size of Rs 4.7 lakh crore.

Pilot Scheme to Buy 2.5 GW from Power Plants

The government has launched a pilot scheme to procure 2,500 MW electricity for 3 years under medium term arrangement from commissioned power plants without power purchase agreements.

The bids under the scheme will be invited in the first week of May. The main purpose of the scheme is to revive commissioned power plants which are unable to sell electricity in the absence of valid power purchase agreements. These plants can bid for power supply under the scheme.

Apr 30, 2018

Foreign Fund Flow Lowest Since 2011

The current calendar year has been the worst, till date, for Indian stock markets in seven years in terms of flows from foreign investors who are often considered as the prime drivers of any liquidity-driven equity rally.

Data showed that foreign portfolio investors (FPIs) had put in only Rs. 8,460 crore this year till date in equities, the lowest in the January-April period since 2011.

Apr 29, 2018

PNB to Hire Private Detectives

Scam-hit Punjab National Bank (PNB) has decided to hire the services of detective agencies to help with recovery of dues from non-performing asset accounts. The bank has invited applications from interested agencies.

Idea Q4 Loss Widens

Idea Cellular reported a close to threefold loss at Rs. 930.6 crore for the fourth quarter of 2017-18 compared to Rs. 325.6 crore a year earlier.

The loss for the full fiscal swelled to Rs. 4,139.9 crore from Rs. 404 crore in 2016-17.

Apr 28, 2018

Ghosh Quits as IndiGo President

As per reports, Aditya Ghosh President of IndiGo has resigned from the company and promoter Rahul Bhatia would serve as interim CEO. Mr. Ghosh also resigned from the board.

IndiGo announced the appointment of Gregory Taylor as a senior advisor to the company. He will report directly to Mr. Bhatia.

Syrma to Foray into Domestic Market

Syrma Technologies Pvt. Ltd., an electronics product design and solutions company, will enter the domestic market by setting up one more manufacturing unit in India.

So far, Syrma has been focusing only on the export market and now is entering the domestic market.

The unit, the fifth for the company, will come up on the New Delhi-Mumbai corridor and start functioning by the end of 2018.

GST Revenue

According to official date, revenue from the Goods and Services Tax touched Rs. 7.19 lakh crore between August 2017 and March 2018, which pegs average monthly revenue at Rs. 89,885 crore for the period.

Merger of Accelyst with Freecharge Approved

Private sector Axis Bank said that its board of directors has approved merger of two of its wholly owned subsidiaries Accelyst Solutions with Freecharge Payment Technologies.

The merger is subject to statutory and regulatory approvals including from the National Company Law Tribunal, stakeholders and transferor company and the transferee company.

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