General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Nov 16, 2023

GAIL Does World's First Ship-to-ship LNG Transfer

In a groundbreaking move, Gas Authority of India Limited (GAIL), the country's leading gas firm, successfully executed the world's first ship-to-ship liquefied natural gas (LNG) transfer. This innovative approach aims to reduce shipping costs and cut emissions significantly, marking a pivotal moment for GAIL as it explores unconventional methods to enhance its business operations.

India Inks IPEF Pact on Supply Chains in Bid to Reduce Reliance on China

India and 13 other members of the Indo-Pacific Economic Framework (IPEF) signed a supply chain resilience agreement that will provide benefits like potential shifting of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks.
The agreement was signed in San Francisco, where the IPEF was held along with the much larger Asia-Pacific Economic Cooperation. India was represented by Commerce Minister Piyush Goyal at the IPEF.
India joined the US and 12 other IPEF partners to ink the IPEF supply chain resilience agreement, a first-of-its-kind international pact that fortifies and strengthens global supply chains and foster adaptability, stability and sustainability.

Nov 15, 2023

India's Strategic Move: Auctioning 20 Critical Mineral Blocks for Economic and Energy Transition.

In a significant move to bolster its green energy transition, India is set to invite bids for 20 critical mineral blocks, including lithium and graphite, within the next two weeks.
In a significant move towards achieving its energy transition goals, the Indian government is set to invite bids for 20 critical mineral blocks, including lithium and graphite, within the next two weeks.
This initiative aligns with India's commitment to ensuring domestic resources for the green energy transition and enhancing national security.

Sahara Group founder Subrata Roy passes away

The Sahara Group chief Subrata Roy passed away on Tuesday at 10.30 pm due to cardiorespiratory arrest following a prolonged illness.
Subrata Roy, the founder of Sahara Group, passed away in Mumbai on Tuesday night at the age of 74 after battling a prolonged illness.
He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday and succumbed to cardiorespiratory arrest due to complications stemming from metastatic malignancy, hypertension, and diabetes. He is survived by his wife, son, and brother.

Ashok Leyland delivers India's first LNG-powered haulage truck

Ashok Leyland, the flagship Company of the Hinduja Group and India's leading commercial vehicle manufacturer, today, commenced the delivery of India's first LNG-powered haulage truck - AVTR 1922 to Mahanagar Gas Limited in Hosur.
With this, Ashok Leyland becomes the first Indian Original Equipment Manufacturer (OEM) to unveil an in-house LNG engine compliant with BSVI Stage II emission standards.
The AVTR 1922, powered by Liquified Natural Gas (LNG), is built on the AVTR platform and shares a high degree of commonality with Ashok Leyland's existing diesel truck range. This ensures that our customers benefit from streamlined service and maintenance processes.
Sanjeev Kumar, President- MHCV, Ashok Leyland, said, "Our steadfast commitment revolves around the dynamic needs of customers in the ever-evolving world of sustainable transportation. For over a decade, we have been at the forefront of the alternative energy landscape, beginning with our groundbreaking CNG buses. We firmly believe that our innovations in alternate energy space will not only provide eco-conscious solutions but also ensure long-term profitability for our esteemed customers."
With this significant milestone, Ashok Leyland further strengthens its extensive product portfolio by venturing into the alternate fuel segment, setting new standards in the Indian commercial vehicle industry.

Joe Biden and Xi Jinping to meet ahead of APEC Summit

United States President Joe Biden and Chinese President Xi Jinping are scheduled to meet prior to the 30th Asia Pacific Economic Cooperation (APEC) forum in San Francisco, aiming to mitigate tensions in what's viewed as a critical global rivalry.
White House press secretary Karine Jean-Pierre said in a statement the leaders would discuss the "continued importance of maintaining open lines of communication" and how they "can continue to responsibly manage competition and work together where our interests align, particularly on transnational challenges that affect the international community."

ICICI Bank receives RBI nod to make Securities a wholly owned subsidiary

The central bank's nod is subject to certain conditions, while it awaits other required statutory and regulatory approvals, the company said in an exchange filing on Thursday.
In June, the private lender had approved a proposal to delist ICICI Securities and become a wholly owned subsidiary of the bank after delisting. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank.
As of the quarter ending September, ICICI Bank held 74.79% stake in ICICI Securities. Shares of ICICI Securities closed 2.91% higher at Rs 659.60 apiece on the BSE, while the parent firm's stock ended 0.30% up at Rs 937.45 per share before the announcement, as compared with a 0.22% fall in the benchmar k Sensex.

Jio and OneWeb Secure Licenses for Satellite Internet Services

The Department of Telecom (DoT) has granted Internet Service Provider (ISP) licenses to Jio Satellite Communications and OneWeb. In a significant leap forward for the telecommunications landscape in India, the Department of Telecom (DoT) has granted Internet Service Provider (ISP) licenses to Jio Satellite Communications and OneWeb.
This developmental follows a year after both companies obtained permits to offer satellite communication services, marking a crucial milestone in their efforts to revolutionize internet connectivity.
The newly acquired ISP licenses empower Jio Satellite Communications and OneWeb to provide internet services by seamlessly integrating satellite capabilities with terrestrial networks.
Additionally, they can utilize Very Small Aperture Terminal (VSAT) technology to establish direct connections with end consumers. This move reflects a commitment to bridging the digital divide and expanding internet access to previously underserved regions.

India's Wholesale Price Index (WPI) Records Seventh Consecutive Month of Deflation in October

India's Wholesale Price Index (WPI) continued its deflationary trend for the seventh consecutive month in October, reaching a three-month low of minus 0.52%.
India's Wholesale Price Index (WPI)-based inflation rate continued its downward trend, reaching a three-month low of -0.52% in October.
This marks the seventh consecutive month of deflation, with various factors contributing to the sustained negative trajectory.
The persistent deflation in factory gate prices can be attributed to the high base effect and declines in the prices of several key sectors. Notably, chemicals, chemical products, electricity, textiles, basic metals, food products, and paper and paper products have experienced reductions in prices compared to the same period in the previous year.

Nov 14, 2023

Karnataka Signs MoU with Tehri Hydro Development Corp for Rs. 15,000 crore Power Projects

Karnataka Power Corporation Limited (KPCL) and Tehri Hydro Development Corporation Limited (THDCL), a Central power generating entity, signed an MoU to enable accelerated development of various power projects -- including hydro, solar, and pumped storage ones, worth Rs. 15,000 crore.
The MoU was signed by Bhupender Gupta, Director, Technical, THDCL, and Gaurav Gupta, Additional Chief Secretary, Energy Department. The MoU encompasses the development of a 100 MW floating solar photovoltaic plant at Kadra Dam reservoir, the establishment of 170 MW of ground-mounted, rooftop solar PV plant on the premises of KPCL plants, and the establishment of 1500 MW of pumped storage plant at Varahi.

SIDBI Launches 'Sumpoorn' MSME Economic Activity Index with Jocata

Jocata, a digital lending transformation platform, collaborated with SIDBI and launched a one-of-its kind MSME Economic Activity Index Sumpoorn.
For the first time ever, this MSME specific high-frequency indicator will capture the state of India's growth engine, its MSMEs, that contribute more than a quarter of the country's overall Gross Value Added (GVA) and more than 40 per cent of its total exports.
The currently available macro indices capture business expectations and rely on opinion or survey-based data.
It is a relative amplitude adjusted composite diffusion index developed using consent-led and anonymised monthly sales data reflected in official GSTN returns of more than 50,000 credit-seeking MSMEs over time.

Nov 13, 2023

Italian Luxury Brand, Brioni, Enters Indian Market

Luxury Italian menswear brand Brioni, best known for its James Bond connection during Pierce Brosnan's stint as 007, opened its first boutique in India. The store opened in the luxury retail complex The Chanakya in Delhi.
This marks another significant milestone for DS Luxury as it continues to introduce the world's iconic luxury brands across segments, to discerning Indian consumers.
Brioni offers made in Italy, ready-to-wear, leather goods, shoes, and accessories, both for formalwear and leisurewear, as well as fragrances. The brand was founded in Rome and is part of the Kering Group.

Nov 12, 2023

GAIL's Deepak Gupta Appointed as Nominee Director on SEAGP Board

Deepak Gupta, who is serving as Director (Projects) of GAIL (India) Limited was appointed as Nominee Director on the board of South-East Asia Gas Pipeline Company Limited (SEAGP).
Gupta has been serving as Director (Projects) of GAIL since October 2022. He is a Mechanical Engineer, a DCE alumnus, with more than three decades of rich and diverse experience in oil and gas sector encompassing project management, construction management and business development functions.

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