General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Dec 26, 2022

Jitendra Agrawal New CEO of Surya Roshni's Lighting, Consumer Durables Business

Surya Roshni appointed Jitendra Agrawal as the CEO of the lighting and consumer durables business. He will be responsible for driving profitable growth in all areas of the lighting business and building of categories within the consumer durable space.
Agrawal joined Surya from Luminous Power Technology Pvt Ltd, (a 100% Subsidiary of Schneider Electric), where he was senior vice president and responsible for the company's home electrical business. Prior to that, he spent 19 years with Philips India Limited, where, in his last role, he was a senior director at Philips Lighting.
Agrawal brings with him a rich experience of 27 years in the field of business and people management, business strategy, multi-sales channels, product marketing, marketing communication, new business, R&D, quality, and sourcing. He is an electrical and electronics engineer from Mangalore University.

The 10th North East Festival Begins with Promise to Boost MSME Sector in Region

The 10^th edition of the North East Festival began at Jawaharlal Nehru Stadium, Delhi with focus on small and medium enterprises as well as the start-up ecosystem in the region.
The cultural event was inaugurated by Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane, who said that the festival will help create more job opportunities and boost the start-up ecosystem of the northeast.
The primary goal of this festival organised in Delhi was to showcase the best of northeast India's cultural resources and act as an enticing gateway for the exceptional talents of the region.

P. N. Vasudevan to Continue as Equitas Small Finance Bank MD, CEO

After announcing earlier this year (2022) that he would step down from his post, P.N. Vasudevan, founder of Equitas said that he decided to continue as Managing Director and Chief Executive Officer of Equitas Small Finance Bank.
The Board believes that continuity of management and his leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly the present ongoing process of identifying a successor to him stands terminated.

Honda Cars India Ties up with Indian Bank to Provide Vehicle Loans

Honda Cars India (HCIL) tied up with Indian Bank to provide vehicle finance for its customers.
The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process.
The customers can avail financing benefits across over 5,700 branches of Indian Bank and HCIL dealer network across the country.

NSE Gets SEBI Nod to Set up Social Stock Exchange

The National Stock Exchange of India (NSE) received in-principle approval from market regulator Securities Exchange Board of India (SEBI), to set up a Social Stock Exchange (SSE) as a separate segment of the NSE.
First floated by Finance Minister Nirmala Sitharaman in her Budget speech for the financial year 2019-20, SSE is a novel concept in India and the framework for this was notified in July 2022 based on the recommendations of a working group and technical group constituted by SEBI.
It is meant to serve the private and non-profit sectors by availing more capital to them. The union government issued a gazette notification declaring a new security 'zero coupon zero principal'under the Securities Contracts (Regulation) Act, 1956.
An SSE allows the listing of non-profit or non-government organisations on stock exchanges, providing them with an alternative fund-raising structure.
Countries like the UK, Canada and Brazil have SSEs.

JSW Energy Gets Shareholders' Nod to Appoint Parth Jindal as Director

JSW Energy received the shareholders' approval to appoint Parth Jindal as a director on the company's board.
He is the son of the company's Chairman and Managing Director Sajjan Jindal.
The e-voting process for the resolution to appoint Parth Jindal as a director was started on November 23 and ended on December 22.
The resolution to appoint Parth Jindal was with requisite majority.
Presently, he is the Managing Director of JSW Cement Ltd, Managing Director of JSW Paints Pvt Ltd and founder of JSW Sports Pvt Ltd.

Dec 25, 2022

UP Govt. Approves Warehousing Logistics Policy 2022

The Uttar Pradesh Cabinet approved the 'UP Warehousing and Logistics Policy-2022', a move will help it become a USD 1-trillion economy.
The policy's approval comes ahead of the Global Investors' Summit scheduled to be held in Lucknow in February 2023.
The objective of this policy is to create a strong transport infrastructure network, upgrade and improve the existing warehousing and logistics infrastructure.

JK Cement Enters Paint Segment, Acquires 60% Stake in Acro Paints

JK Cement announced its foray into the paints business by acquiring 60 per cent stake in Rajasthan-based Acro Paints in a Rs. 153 crore deal.
Its wholly-owned subsidiary JK Paints and Coatings Ltd entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 per cent controlling stake in the company.
The remaining 40 per cent shall be acquired over a period of 12 months as per the definitive agreement entered between the parties.
Acro Paints is a manufacturer of architectural and high-performance paints and coatings.
This acquisition is a step towards fast-tracking JK Cement's entry into the paints business, expanding its product offerings and potentially forays into new markets.

Flipkart Forays into Home Product Service Business

E-commerce firm Flipkart entered into the home product services domain by launching services like repairs, maintenance, and installation for all appliances on its app.
Leveraging network of its service arm Jeeves, the company had started pilot for home product services few months back. The services will now be available across 19,000 pin codes at the customers' doorstep, including the pick and drop services.
With this, Flipkart will be competing with unicorn Urban Company and startups like Mr Right, OnSiteGo etc.

Dec 24, 2022

Tata Communication to Acquire US-based Switch Enterprises

Tata Communications will acquire New York-based end-to-end live video production company The Switch Enterprises in an all-cash deal for Rs. 486 crore.
With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring live production capabilities helping organisations to produce high quality immersive content faster and efficiently.
Tata Communications (Netherlands) B.V., a wholly-owned indirect subsidiary of Tata Communications Limited, will acquire 100 per cent equity stake of Switch Enterprises, LLC, USA and, as part of the transaction.
The company will acquire the assets of the subsidiaries of Switch Enterprises, LLC based out of Canada, the United States of America and the United Kingdom.

Aloke Singh to be Chief of Air India's Low Cost Carrier Business

The Air India management appointed Air India Express CEO Aloke Singh as the chief of Air India's low-cost airline business from January 1, 2023.
The Low Cost Carrier (LCC) business will consist of AirAsia India and Air India Express. In November 2022, Air India signed agreements to complete the acquisition of 100 per cent shareholding in AirAsia India (AAI) and to subsidiarise it under Air India.

SBI Funds Management Appoints Shamsher Singh as New MD, CEO of Company

SBI Funds Management Ltd appointed Shamsher Singh as Managing Director and Chief Executive Officer of the company.
Singh, who was Deputy Managing Director at State Bank of India (SBI), took over the charge from Vinay M. Tonse following his repatriation to the public sector lender.
Singh has more than 32 years of rich experience working with SBI in various verticals, including investment banking, treasury, corporate banking and branch banking. He had joined SBI as probationary officer in June 1990 and moved up the ranks to become deputy MD by successfully managing leadership roles across domains besides serving international stints in the US, Bahrain and UAE.

HPCL Forays into Petrochemical Business, Launches HP Durapol

Maharatna oil company Hindustan Petroleum Corporation made a foray into the petrochemical business through polymer marketing with the launch of polymer brand 'HP Durapol'.
The Secretary for Petroleum and Natural Gas, Pankaj Jain, launched the HPCL's first polymer brand in the presence of HPCL Chairman and Managing Director Push Kumar Joshi and senior officials from the ministry. They inaugurated the brand, logo, product brochure and package for the polymer products.
As per the Ministry of Petroleum and Natural Gas, HP Durapol would cover various grades of high-density polyethylene, linear low-density polyethylene and poly propylene.

Dec 23, 2022

Delhi Leads with Highest Crypto Adoption in India: CoinSwitch

CoinSwitch, a cryptocurrency trading platform in an annual investor report informed that New Delhi had the highest cryptocurrency adoption in India followed by Jaipur, measured in terms of value invested.
According to the report, India's Portfolio 2022, providing an insight into how the country responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge.
An insight from the report was that investing patterns followed by men and women were largely similar in India, though, at 8%, women represent a small albeit growing pie of India's crypto investors.

Worldline ePayments India Receives RBI Nod to Act as Payment Aggregator

Digital payments services platform Worldline ePayments India received in-principle approval from the Reserve Bank of India to act as a payment aggregator (PA).
The authorisation by the RBI was under the provisions of the Guidelines on Regulation of Payment dated March 17, 2020.
Worldline ePayments India, part of Worldline group, offers solutions for all sorts of payment needs offering in-store, online, and omnichannel payments to its customers.

Dec 22, 2022

Jammu & Kashmir Tops Scheme to Assist Microenterprises

Jammu & Kashmir generated the most number of jobs among all the states and Union territories under the Prime Minister's Employment Generation Programme (PMEGP) in the current fiscal year. The credit-linked subsidy scheme facilitates employment generation opportunities by assisting in setting up of new self-employment projects and microenterprises in the non-farm sector.
Under the central sector scheme notified in 2008, 62,808 jobs were created by 7,851 assisted projects in Jammu & Kashmir till November 30, 2022, followed by Uttar Pradesh (50,904 jobs), Karnataka (27,944 jobs) and Tamil Nadu (27,232 jobs), according to the information provided by the Minister of State for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma.
The scheme by the Ministry of Micro, Small and Medium Enterprises (MSME) is implemented by Khadi and Village Industries Commission (KVIC), functioning as the nodal agency at the national level. At the state level, the scheme is implemented through State KVIC Directorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centres (DICs) and Banks.
The scheme seeks to provide continuous and sustainable employment to all segments of traditional and prospective artisans and rural/urban unemployed youth in the country, so as to prevent migration of rural youth to urban areas. The maximum cost of the project eligible in the manufacturing sector is Rs. 25 lakh and in the service sector, it is Rs. 10 lakh.

NCLT Approves Merger of Kalpataru Power Transmission, JMC Projects

According to Kalpataru Power Transmission Ltd (KPTL), the National Company Law Tribunal approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country's largest listed engineering and construction companies.
The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure.

Steel Minister Launches First Green Steel Brand of India

Steel Minister Jyotiraditya Scindia launched India's first Green Steel Brand – KALYANI FeRRESTA in New Delhi. This first-of-its-kind steel has been manufactured by a Pune-based Steel company, Kalyani Group by using renewable energy resources, leaving zero carbon footprints in the environment.
Scindia termed the launch as a paradigm shift in the Steel industry. He said, with the green steel manufacturing going on, India is leading the countries which have committed to achieving carbon neutrality.
The Minister expressed confidence that from now onwards, many countries will take inspiration from India to move towards green steel manufacturing and decarbonising of the industry.

Paytm in Collaboration with HDFC ERGO Launches Insurance for Digital Transaction

Paytm launched a group insurance plan called 'Paytm Payment Protect'.
According to Paytm, the insurance plan is in association with HDFC ERGO General Insurance and it is aimed to insure transactions made through UPI across all apps and wallets.
This product is expected to further enhance the trusted digital payments experience and increase the adoption of the same in India.
With the new insurance offering, which will come at a cost of Rs. 30 per annum, users would be able to secure themselves against mobile fraudulent transactions up to Rs. 10,000.
The partnership with HDFC ERGO is aligned with the mission of spreading financial awareness and propelling safer digital payments adoption, said Gupta.

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