General Awareness

BUSINESS AND ECONOMY - January 2018

Jan 2018

May 11, 2023

A. M. Naik to Step Down as L&T's Non-executive Chairman

Anil Manibhai Naik, the firebrand group chairman of India's biggest infrastructure firm Larsen & Toubro (L&T), is stepping down as non-executive Chairman after 58 years of association with the company.
Naik will continue to guide the top leadership of the company as chairman emeritus after the end of his tenure on September 30, 2023.
L&T's board of directors also appointed S. N. Subrahmanyan as Chairman and Managing Director (MD) with effect from October 1, 2023. He is currently the Chief Executive Officer (CEO) and MD.
Naik, who passed out from Birla Vishvakarma Mahavidyalaya in Anand as an engineer, steadily rose through the ranks after joining L&T as a junior engineer in 1965. He became CEO in 1999 and became group chairman in July 2017.

NCLT Admits Go First's Plea for Voluntary Insolvency, Appoints IRP

The National Company Law Tribunal (NCLT) admitted Go First's plea for voluntary insolvency and initiate a corporate insolvency resolution process (CIRP). It appointed Abhilash Lal as the insolvency resolution professional and asked him to keep the company as a going concern.
It also granted Go First protection under a moratorium from recovery by lessors and creditors. The banks will not be able to recover their dues during the insolvency process.
The suspended board of directors was asked to cooperate with the IRP.
This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate its contracts and debts.

Microsoft Invests in India's Builder.ai, Marking another Tie-up for AI

US technology giant Microsoft invested an undisclosed sum in Builder.ai, an Indian start-up that helps companies develop applications without needing any coding experience.
The investment marked Microsoft scaling up its efforts in artificial intelligence (AI) and competing with rival Google. Microsoft and Builder will collaborate in creating AI-powered solutions that help businesses become digitally savvy without needing technical expertise.
Established in 2016, Builder.ai provides an AI-powered software platform that allows anyone to build an app (web or mobile), quickly and cheaply. It breaks software down into its reusable lego-like features, coupled with customisation from its network of designers and developers.

Bengaluru Tops List for Best High Streets

Bengaluru tops a list of 10 Indian cities ranked for the best high streets, "bustling and vibrant" places lined with businesses, restaurants and cafes.
Bengaluru's MG Road is the best high street and the city has three other such shopping hubs, said a report by Knight Frank, a real estate consultant. Linking Road in Mumbai comes third. Hyderabad, Mumbai and Delhi follow Bengaluru in terms of quality high streets. Delhi's upscale Khan Market is not in the top 10 list but South Extension is.
Somajiguda in Hyderabad is second on the list in terms of quality.
Ahmedabad and Pune are not in the top 10 high streets. The top ten high streets are convenient in terms of access, parking and they have a varied assortment of retailers, Knight Frank said.

MG Motor India Will Sell Majority Stake to Indians in 2-4 Years

MG Motor India, which is owned by Chinese company SAIC Motor, plans to sell a majority stake to Indian investors to raise more than Rs. 5,000 crore in 2-4 years.
MG Motor India will use these funds to build a second plant in Halol, Gujarat, and boost its annual capacity to about 300,000 units by 2028, said its CEO Emeritus Rajeev Chaba. The second facility is projected to have an annual capacity of 180,000 units, while the current Halol plant has a capacity of 120,000 units per year.
The company, which has invested about Rs. 4,000 crore in India till 2022, is trying to bring foreign direct investment from its Chinese parent for the last few years. However, it has not been able to get the necessary approvals from the Indian government to do so.

May 10, 2023

Amara Raja Launches Gigafactory in Telangana

Amara Raja Batteries Limited launched the first gigafactory in Telangana. Considered to be one of India's largest gigafactory, it will manufacture lithium-ion batteries, with a planned investment of Rs. 9,500 crore over the next 10 years.
This new facility in Telangana by Amara Raja plans to create employment opportunities for nearly 4,500 people and a similar number of indirect jobs. It is also expected to contribute significantly to the socio-economic development of the region.

Fitch Retains India's 'BBB-' Rating with Stable Outlook

Fitch Ratings affirmed India's long-term foreign-currency issuer default rating (IDR) at 'BBB-' with a Stable outlook, backed by robust growth outlook and abating core inflation pressure, but concerns of high deficits linger.
S&P and Fitch rated India 'BBB-' while Moody's rated 'Baa3', all indicative of the lowest-possible investment grade. They have a stable outlook.
India has been vying for sovereign credit rating upgrade that remain at the lowest-possible investment grade, as key officials and leaders believe its economic metrics have improved significantly following the pandemic.
These ratings are crucial as they are used to decide on a country's creditworthiness, which often impact its lending costs.

Vedanta Appoints Terry Daly as Advisor for Semiconductor Business

Former IBM executive Terry Daly was appointed as 'Advisor' by Vedanta for its semiconductor business. Daly has over 30 years of experience in the industry.
Daly would be responsible for providing strategic counsel and inputs as the conglomerate looks at setting up a state-of-the-art semiconductor unit and semiconductor assembling and testing unit in India.
Daly previously spent over 25 years at IBM working in the semiconductor division. Before joining IBM, he spent five years as an officer in the United States Army.

May 09, 2023

Reserve Bank of India Imposes Penalty Worth Rs 1.75 Crore on HSBC

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.73 crore on the Hongkong and Shanghai Banking Corporation (HSBC) for violating the Credit Information Companies Rules.
The supervisory evaluation revealed that the bank furnished incorrect credit information about expired credit cards with nil dues to all the four Credit Information Companies.

Adani Group Gets Financial Support from Three Japanese Banks

Multinational conglomerate Adani Group received financial assurances from three Japanese banks - Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking and Mizuho Financial Group.
Earlier, these three banks were not lenders to the group and as the group embarked on a series of expansion plans, their financial support will include loans for new projects and refinancing of high-cost debts. After a January report by Hindenburg Research which eroded the group's market capitalisation, the assurances came as a result to the group's investor road shows held across Asia and Europe to win back trust.
Existing lenders, including Standard Chartered and Barclays too have reaffirmed their confidence in the group's operations. All banks have pledged support to refinance bonds maturing in FY24 and FY26, and existing & new debt.

May 08, 2023

Visa Launches CVV-Free Payments for Tokenised Cards in India

Visa, the global card transaction company, launched a new feature in India that allows users to make online payments without the need for a CVV number. The feature applies to tokenised credit and debit cards and is only available for domestic transactions in India. When a user tokenises their card, it is secured with a unique code and transactions are completed using a two-factor authentication process, which does not require the 16-digit card number or any other card details. The new authentication method protects users from cyber fraud as the token cannot be used on another platform.
Merchants such as Zomato and Razorpay are already using the new CVV-free service offered by Visa. The move comes as Visa's other service, Visa Safe Click, has been paused due to regulatory pressure to tighten security standards.

Accenture India Chief Rekha Menon to Retire

Accenture India announced leadership changes as Rekha M. Menon, senior Managing Director and Chairperson, retires from the global professional services company on June 30.
Ajay Vij will take up the newly created role of country Managing Director, and Sandeep Dutta will lead the India Market Unit. The Chairperson's primary responsibilities will now be undertaken by the two new appointees.
During her 20-year career at Accenture, Menon held various roles across markets. As chairperson, she expanded Accenture's business, strengthened its presence in communities and built relationships with key industries, governments, and clients. She pioneered the India corporate citizenship strategy and championed the company's inclusion and diversity agenda.

SEBI Introduces the Legal Entity Identifier (LEI) System

The Securities and Exchange Board of India (SEBI) introduced the Legal Entity Identifier (LEI) system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts. This unique global identifier for legal entities participating in financial transactions aims to create a global reference data system that uniquely identifies every legal entity that is a party to a financial transaction.
The LEI code is a 20-character code that identifies legally distinct entities that engage in financial transactions. Its purpose is to provide a unique global identifier for legal entities participating in financial transactions. The LEI system helps to improve transparency in financial markets and mitigate systemic risk by providing a comprehensive and standardized database of legal entity information.

Aurionpro Payments Gets RBI Approval to Operate as Payment Aggregator

Aurionpro Payment Solutions Ltd (APSL) received in-principle approval from the Reserve Bank of India (RBI) to operate as payment aggregator under the Payment and Settlement Act, 2007. AuroPay can commence payment aggregator business upon receiving the final certificate of authorisation from RBI.
APSL is founded by Aurionpro Solutions Ltd which offers solutions in the fintech space.
AuroPay' seeks to offer a bouquet of e-payment options which are safe, secure, user-friendly and affordable. The aim is to become a one-stop shop, offering a wide range of services in the payment ecosystem globally, catering to e-commerce businesses as well as SMEs which are rapidly adopting digital technologies.

Lupin Acquires Entire Stake in French Pharma Company Medisol

Pharmaceuticals firm Lupin Ltd acquired the entire share capital of the French pharmaceutical company, Medisol, subject to approval from the French Ministry of Economy and Finance, for 18 million euros.
With this acquisition, Lupin will gain access to Medisol's portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases and obstetrics.
Founded in 2011 and headquartered in Lyon, Medisol specialises in generic injectable products and is engaged in developing and commercialising its products in France, both in pharmacies and hospitals.

Marico Re-appoints Saugata Gupta as MD & CEO

FMCG major Marico's board re-appointed Saugata Gupta as its Managing Director and Chief Executive Officer for another term of two years. Gupta's reappointment is effective from April 1, 2024.
He had joined Marico in 2004 as the Head of Marketing and was elevated to CEO of India Business in 2007. In 2014, he took over as Managing Director of the company.
Besides, the company's board has appointed Rajan Bharti Mittal as an independent director for a term of five years, beginning from July 1, 2023 to June 30, 2028.
Mittal is the Vice-Chairman of Bharti Enterprises, one of India's leading conglomerates with diversified interests in Telecom, Space Communications, Digital Solutions, Financial Services, Real Estate, Agri-Processed foods in addition to other ventures.
Both the appointments are "subject to the approval of the shareholders.

May 07, 2023

IndusInd Bank Likely to Get Added to MSCI India Index

IndusInd Bank is likely to get added to the MSCI India Index during the rebalancing exercise in August following a sharp increase in the investment legroom for foreign portfolio investors (FPIs). The addition will be a boost for the private sector lender's stock price as it could result in inflows of over $300 million (Rs. 2,500 crore).
IndusInd Bank was removed from the MSCI India Index at the February 2012 quarterly index review following a drop in foreign room.

Adani Ports Completes Sale of Myanmar Port

India's largest private port operator Adani Ports and Special Economic Zone (APSEZ) announced the sale of the controversial Myanmar Port for a total consideration of $30 million, which is $120 million less than its last-known investment value in the port.
As per Karan Adani, Chief Executive Officer and whole-time Director of APSEZ, this exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.

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