General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

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.

Apr 27, 2018

Yes Bank Q4 Net Surges

Private sector lender Yes Bank reported a rise of 29 per cent in standalone net profit in the March quarter, 2017-18.

On yearly basis, the net profit (consolidated) of the bank was up 26.7 per cent.

The bank's board at a meeting recommended a dividend of Rs. 2.70 per share or 135 per cent per share for the year ended March 31, 2018, subject to approval of shareholders.

Vistara Becomes Member of IATA

Vistara has become the third Indian carrier to be a member of the International Air Transport Association (IATA), the trade association of more than 280 airlines, which will help it provide a seamless travel experience through an extended global network to travellers to and from India.

Vistara, the full-service carrier promoted by Tata Sons Limited and Singapore Airlines Limited (SIA), recently became eligible to start international operations. Air India and Jet Airways are the two other airlines in India that are IATA members.

Cyient to Buy Belgian Firm

IT major Cyient is acquiring AnSem N.V. a Belgian firm specialising in application-specific integrated circuit (ASIC) design, in an all-cash transaction worth $17 million.

The transaction would allow Cyient to offer turnkey ICs, starting from concept circuit to final production.

New Jobs Generated in 6 Months

According to Government think tank Niti Aayog, 35.3 lakh new jobs were generated between September 2017 and February this year.

As per data released by retirement fund body Employees' Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA)," 35.3 lakh new payrolls were generated during this six-month period.

TCS Expands Operations in Texas

Tata Consultancy Services (TCS) has expanded operations in Texas by recruiting more than 200 former employees of U.S. insurer Transamerica as part of a $2.5 billion contract.

TCS will enhance Transamerica's digital capabilities, simplify the service of more than 10 million policies into an integrated modern platform, and drive growth opportunities through customer service.

Texas is a key U.S. business hub for TCS, with more than 3,500 employees currently working across the State.

NHAI Inks Pact with Macquarie

The National Highways Authority of India (NHAI) entered into a pact with Macquarie for road projects under the highway monetisation drive.

Last month, Macquarie won the maiden bundle of 9 highway projects under toll-operate-transfer (TOT) model that will bring Rs. 10,500 crore cash to NHAI's kitty under the first tranche of monetisation drive.

Apr 26, 2018

Manipal-TPG Submitted Revised Fortis Offer

The Manipal-TPG combine has submitted a revised, unsolicited binding offer for Fortis Hospitals Ltd. that includes a fresh proposal for buying the hospital business and diagnostic arm.

The move comes a day before an expert committee is expected to review binding offers for Fortis and make appropriate recommendations to the Fortis board.

The combine has now also offered to buy up to 5% of the paid-up capital of SRL from Fortis at the same price it would pay private equity investors in SRL.

Pacts for Export of Iron Ore Approved

The Union Cabinet approved a long-term agreement for export of iron to Japan and South Korea through state-owned trading firm MMTC.

The range of quantity of iron ore to be exported would be 3.8 million tonnes per annum to 5.5 million tonnes per annum.

The agreement will enable India to secure international market for its ores and ensure stable economic ecosystem which provides direct and indirect employment in mining, logistics and related sectors.

Anmol Ambani Joins Boards of RNAM and RHF

The board of directors of Reliance Nippon Life Asset Management (RNAM) and Reliance Home Finance (RHF) have inducted Anmol Ambani into their respective boards. Mr. Ambani is currently the executive director of Reliance Capital, the holding company of the group's financial services businesses.

Zydus Cadila Gets USFDA Nod

Drug firm Zydus Cadila has received final approval from the US health regulator to market two drugs used for the treatment of various conditions, including blood disorders, certain types of cancers, kidney and lung ailments.

The United States Food and Drug Administration (USFDA) has given its nod to market Zydus Cadila's Methylprednisolone tablets and Cinacalcet hydrochloride tablets in the American market.

Merger of Tower Arm Bharti Infratel Approved

Bharti Airtel has approved the merger of its listed tower arm Bharti Infratel with the privately-held Indus Towers, making the combine the world's largest telecom tower company outside of China, with more than 1.63 lakh towers.

The combined company's name would remain Indus Towers Limited.

Vodafone India and Bharti Infratel hold 42% each in Indus Towers while Idea Cellular owns 11.15% stake in the company and the balance is owned by U.S.-based private equity firm Providence.

Apr 25, 2018

ICICI Bank Not to Sell ICICI Home Finance

ICICI Bank has scrapped plans to sell its home loan subsidiary ICICI Home Finance, and is now working on a plan to boost its business by focusing on small loans in semi-urban and rural centres.

Private investment firm TPG Capital was in talks with the bank for acquiring the home loan arm.

ICICI Home Finance targets loans with an average size of Rs. 10 lakh to Rs. 12 lakh as compared with large banks and mortgage players where the average ticket size is about Rs. 30 lakh.

Anirudh Kamani, who was heading rural banking in ICICI Bank, has been appointed as the CEO of the home finance arm.

India Signs Loan Pact with World Bank for MP Roads

India has signed a USD 210 million loan agreement with the World Bank to improve rural connectivity in Madhya Pradesh.

The project will cover 10,510 km stretch of rural roads in Madhya Pradesh that fall under the Chief Minister's Gram Sadak Yojana (CMGSY) programme.

Bharti Net Slumps to 15-year Low

India's largest telecom operator Bharti Airtel reported its lowest quarterly profit in almost 15 years, hurt mainly by 'below cost, artificially suppressed pricing'. Net profit plunged 77.8% in the fourth quarter ended March 31. This was the eighth consecutive decline in quarterly profit.

The telecom sector has been seeing a race to the bottom on the pricing front since the entry of Mukesh Ambani-led Reliance Jio.

Apr 24, 2018

Tata Sons Appoints Jaishankar as President

Tata Sons has appointed former Foreign Secretary S. Jaishankar as President, Global Corporate Affairs.

Jaishankar will report to N. Chandrasekaran, executive chairman of Tata Sons.

Dr. Jaishankar joined the Indian Foreign Service in 1977 and was High Commissioner to Singapore, Ambassador first to China and later to the U.S. He was Foreign Secretary for three years till January 2018.

Haryana Signs Pact with IOC

The Haryana government has signed a Memorandum of Understanding with the Indian Oil Corporation for setting up a biomethenation plant in Faridabad.

The plant will produce cooking gas and compost from organic waste.

The plant will produce 18 cylinders of gas every day which will be supplied to Iskcon, which is also engaged in cooking mid-day meal for 60,000 school children in Faridabad, free of cost.

The plant will also produce about four tonnes of compost per day from five tonnes of organic waste. This compost will be supplied to HSVP for parks.

Munjals and Burmans Extend Validity of Offer for Fortis

Hero Enterprise Investment and the Burman Family have extended the validity of their improved, joint binding offer to invest Rs. 1,500 crore in the company till May 4.

The development follows the Fortis board forming an expert panel last week to evaluate binding offers and make the final recommendation by April 26.

India Highest Recipient of Remittances

According to the World Bank, India retained the top position as a recipient of remittances with its diaspora sending about $69 billion back home last year.

Remittances to India picked up sharply by 9.9%, reversing the previous year's dip.

India continued to top in terms of receiving remittance, and was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).

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