General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Apr 23, 2018

Lanson Group Forays into Ready-to-eat Snacks

Lanson Group has announced its foray into ready-to-eat snacks segment in the Indian market with the launch of its B2C brand 'Popodax' - that has a range of flavoured appalams.

The products will be available in mom and pop stores, clubs and e-commerce websites such as Amazon from May.

The group exports appalams and variants to the UK, holding 80% market share. It also exports to the US and Australia.

TCS Scripts History

Tata Consultancy Services (TCS) Ltd became India's first company to hit market capitalisation of $100 billion.

Apr 22, 2018

GST Bumps Hit Export

Roadblocks such as the delay in GST refunds and the after effects of the note ban hit India's export prospects in 2017-18 amid a revival in global demand, mainly in the U.S. and the EU.

Exports grew 10% to $302.8 billion against expectations of $325 billion in the last fiscal.

Reliance General Profit Rises

Reliance General Insurance has reported a net profit of Rs. 165 crore in 2017-18, up 27% from a year earlier. The gross premium written by the company increased by 28% to Rs. 5,122 crore.

Apr 21, 2018

Nagarjuna Oil Goes for Liquidation

The beleaguered Rs. 4,700-crore Nagarjuna Oil refinery project at Cuddalore in Tamil Nadu has entered the liquidation process under the Insolvency and Bankruptcy Code (IBC) after the 270-day deadline, offered by National Company Law Tribunal's Chennai bench to identify a successful bidder ended.

With no successful bidder or a resolution plan in place, the Committee of Creditors (CoC) has recommended liquidation and the same has been informed by the resolution professional (RP) to NCLT. Nagarjuna Oil Corporation's books show a secured debt of Rs. 8,000 crore and an unsecured debt of Rs. 800 crore.The four bidders who had come forward - BPCL, Citax Ventures, Gulf PetroChem and Haldia Petrochemicals, had submitted bids lower than Rs. 1,450 crore set as liquidation valuation, hence rejected.

Yes Bank Opens Two Offices in London and Singapore

Yes Bank has received the RBI's approval to open two representative offices in London and Singapore. This comes on the back of the lender opening a representative office in Abu Dhabi last year followed by an office at the GIFT City.

Yes Bank will provide the Indian diaspora in London and Singapore services like private wealth management, non-resident account opening, foreign currency fixed deposits, rupee deposits, portfolio investment schemes and a virtual relationship manager.

These three international representative offices collectively will support the bank's global MNC as well as Indian-origin global entities for international corporate banking, commercial banking and corporate finance requirements

Renuka and Lalit on Fortis Panel

Renuka Ramnath, former MD and CEO of ICICI Venture, and Lalit Bhasin, president, Society of Indian Law Firms and managing partner, Bhasin & Co., have been named members of the advisory panel constituted by Fortis to evaluate binding proposals for the company. The expert committee will be headed by former PwC India chairman Deepak Kapoor.

Nokia Tax Dispute

The Income Tax Department has confirmed that India and Finland have reached an agreement under the Mutual Agreement Procedure (MAP) system and that the issue surrounding the alleged tax payable by Nokia 'has been resolved', paving the way for the company to sell its long-shuttered plant in Chennai.

Under the MAP system, settling an issue between two countries means settling or closing all pending tax proceedings as well.

Apr 20, 2018

Cash Crunch

State Bank of India has asked its customers to withdraw cash from PoS machines installed across various merchant locations amid the problem of cash crunch being faced by people in several states.
ATMs in cities of Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and poll-bound Karnataka were either not operating or showed no cash signs, reminiscent of post demonetisation scene. Some ATMs in the national capital too were reported to be out of service.

KG Satellite Gas Project

BP-Reliance Industries Limited combine announced the sanctioning of the 'satellite cluster' project in Block KG-D6.
The 'satellite cluster' is the second of the three projects in the Block KG-D6 integrated development.
Together, the three projects will develop a total of 3 trillion cubic feet of discovered gas resources with a total investment of Rs. 40,000 crore ($6 billion).

NTPC Decides To Exit JV with BHEL

India's biggest power producer NTPC Ltd. has decided to exit the joint venture with BHEL, saying it is not a manufacturer of equipment and would rather concentrate on setting up and operating power plants.
NTPC-BHEL Power Projects Pvt. Ltd. was set up in December 2007 as a 50:50 joint venture for manufacturing power equipment.
The joint venture's first manufacturing facility at Mannavaram in Chittoor district of Andhra Pradesh started operations in 2016 but had very little orders.
NTPC wants BHEL to buy its equity in the joint venture.

Textile and Clothing Exports Slip

Textile and clothing exports slid 0.4% in the last financial year (2017-2018) to $35 billion as apparel exports fell.
While exports of cotton yarn, fabrics and made ups grew, outbound apparel shipments registered a decline.

Fresh Bids Invited for ABG Shipyard

Fresh bids have been invited for debt-ridden ABG Shipyard under the insolvency law after lenders rejected an earlier resolution plan.
ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code(IBC, 2016) as per the orders of NCLT.
The shipbuilder is among the 12 companies identified by the Reserve Bank for bankruptcy resolution.
Incorporated in 1985, ABG Shipyard is the flagship company of ABG group with interests in shipping and cement sectors

Apr 19, 2018

Mindtree Net Profit Rises

Mindtree, a technology services company, announced that its consolidated net profit for the three months ended March rose 87.5% to Rs. 1,822 million on large deal wins. The firm's revenue grew 11.1% to Rs. 14,640 million in the same period. Mindtree was awarded its largest single contract to date by an existing customer in the airline industry in the US.

During the fourth quarter, it also got a contract for providing cutting-edge analytics for a large automotive company in the U.K. and an existing airline client in the U.S. had chosen Mindtree as a strategic partner to support application development, maintenance and quality assurance services.

FPI Cut Their Holdings in PNB

Foreign portfolio investors have cut their holdings in Punjab National Bank to 9.14% as of March 2018, when compared to 12.56% in the December quarter.

Lazard Emerging Markets Equity, the biggest FPI shareholder, cut its stake to 1.95% from 2.21%.

Essel Infra to Expand Footprint in Green Energy

Essel Infra is committed towards expanding its foot-print in the green energy sector.

Essel Infra's 11.5MW waste-to-energy plant in Jabalpur has been rated as the second best project in integrated Municipal Solid Waste-to-Energy category across India by the Housing and Urban Affairs Ministry.

Commissioned in May 2016, the plant generates 11.5 mw energy by recycling 600 tonnes of municipal solid waste per day and reducing over 37,000 tonnes of carbon emission for Jabalpur annually.

India among Top 3 Priority Markets for Thales

According to Thales Group chairman and CEO, India is among the top three priority markets for the manufacturing conglomerate and that the company will line up significant investments, into the country over the next three to five years.

Thales plans to not only manufacture more in India, but also use it as a hub for exports into other neighbouring regional markets.

The company has been present here since 1953 and draws bulk of its revenue of 300 million euros from the defence sector �" primarily through joint ventures

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