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BUSINESS AND ECONOMY - May 2018

May 2018

May 04, 2024

ICICI Bank Joins India's Top 5 Companies with Market Cap Surpassing Rs. 8 Trillion

ICICI Bank etched its name among India's top five companies by market capitalization, surpassing the Rs. 8 trillion mark.
ICICI Bank become the second bank in India to cross the Rs. 8 trillion market capitalization milestone, following the footsteps of HDFC Bank. This achievement underscores the bank's strong financial performance, robust growth prospects, and investor confidence.
The elite club of India's top five companies by market capitalisation is led by Reliance Industries with a staggering Rs. 19.8 trillion, followed by Tata Consultancy Services (TCS) at Rs. 14 trillion. Among banks, HDFC Bank holds the top position with a market capitalisation of Rs. 11.6 trillion, while State Bank of India stands at Rs. 7.4 trillion.

NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System

In a groundbreaking move, NPCI International Payments Limited (NIPL) joined hands with the Bank of Namibia (BoN) to introduce a real-time payment system akin to India's Unified Payment Interface (UPI) in Namibia. This partnership marks NPCI's first collaboration with a central bank for deploying the UPI stack in an international market, aiming to revolutionise digital payments in Namibia.
The agreement focuses on leveraging India's UPI expertise to enhance accessibility, affordability, and connectivity within Namibia's financial ecosystem. By providing BoN access to cutting-edge technology and insights from NIPL, the initiative aims to create a robust platform for digital transactions, driving financial inclusion and modernization in Namibia.

May 03, 2024

Worldline ePayments India Receives RBI Approval as Payment Aggregator

Worldline ePayments India received approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. This approval underscores the company's dedication to the Indian market and emphasises its commitment to compliance within a well-regulated payments landscape.
Ramesh Narasimhan, CEO of Worldline ePayments India, expressed gratitude for the RBI's authorisation, highlighting the company's focus on compliance and dedication to the Indian market. This approval came in the wake of the RBI granting an in-principle approval to Prosus-backed PayU to also operate as a payment aggregator.

Micron's Venture in India: Rollout of First India-Made Chips

Micron India's Sanand unit gears up to unveil its inaugural batch of domestically manufactured semiconductor chips in 2025, with a focus on global exportation. Anand Ramamoorthy, the managing director, underscores the burgeoning global demand, strategic partnerships, and the diverse applications spanning various sectors, notably emphasizing agility and the scarcity of talent in niche domains such as cybersecurity.
The chips packaged at the Sanand unit are slated for utilization across diverse sectors including data centers, smartphones, notebooks, IoT devices, and automotive applications.

MCA Approves Hitesh Sethia as Jio Financial Services' MD and CEO for 3 Years

The Ministry of Corporate Affairs (MCA) granted its approval for the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services for a three-year period, effective from November 15, 2023.
The MCA's approval came with a condition that Sethia must hold a valid Employment Visa throughout his tenure in India.
The ministry's nod is subject to the provisions of the Companies Act 2013 and does not cover security clearance requirements, for which the company and appointee are responsible.

May 02, 2024

Indian Oil Corporation's Investment in Renewable Energy: Rs. 5,215 Crore for 1 GW Capacity

Indian Oil Corporation (IOC) announced a significant investment of Rs. 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC's broader diversification strategy beyond traditional oil and gas ventures.
The investment plan, approved by the board, focuses on establishing standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects.
IOC will inject Rs. 1,304 crore in equity for this initiative.
The projects will be implemented through a proposed wholly-owned subsidiary dedicated to low-carbon, clean energy ventures.

Uttarakhand Suspends Licences of 14 Patanjali Ayurved Products

The Uttarakhand government has suspended the manufacturing licenses of 14 products from Patanjali Ayurved, founded by Baba Ramdev, citing misleading advertisements about their efficacy. This move comes amid ongoing scrutiny and legal proceedings against Ramdev for non-compliance with directives to cease misleading advertising.
The drug regulator of Uttarakhand has suspended the manufacturing licenses of 14 products made by Patanjali Ayurved due to repeatedly publishing misleading advertisements regarding their effectiveness. The government's order, dated April 24, highlights the company's failure to comply with regulations regarding truthful advertising.

RBI Cancels Acemoney (India) NBFC License for Irregular Lending Practices

The Reserve Bank of India (RBI) cancelled the license of Acemoney (India) Limited, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices. This action stems from the company's violation of RBI guidelines regarding excessive interest charges and inadequate protection of customer information. Specifically, the RBI noted discrepancies in Acemoney's management of risks and code of conduct in its digital lending operations through third-party apps.
The RBI exercised its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934, to cancel Acemoney India's NBFC license. The company, registered in February 2017, operated loan services through various apps such as AgMoney, NiceCash, Leading Cash, and others. This enforcement action underscores the RBI's commitment to maintaining the integrity and stability of India's financial system.

Jamshyd Godrej and Smita Crishna, Godrej & Boyce's Owner after Split

The 127-year-old business empire of the Godrej Group is all set for a shareholding realignment. In the redistribution, the billion-dollar company will now be split between Adi and Nadir Godrej and their cousins Jamshyd Godrej and Smita Crishna Godrej.
While Adi and Nadir will lead Godrej Industries, Jamshyd and Smita will inherit Godrej & Boyce, along with its affiliates and substantial real estate assets, including prime property in Mumbai.
Jamshyd Godrejis presently the Chairman and Managing Director of Godrej & Boyce, a flagship company within the Godrej Group, known for products ranging from consumer goods to engineering solutions.
He was awarded the Padma Bhushan, the third-highest civilian award in India, in 2003.
Smita Crishna Godrej is India's third-richest woman, according to Forbes, with a substantial net worth of $3.8 billion.
She was honoured with the Extraordinary Leadership Award by Education World at their Education World Grand Jury Awards in 2016.

May 01, 2024

RBI Issues Draft Framework for Electronic Trading Platforms

The Reserve Bank of India proposed a revised regulatory framework for Electronic Trading Platforms (ETPs) in the wake of increased integration of the onshore forex market with offshore markets. Market makers too have been requesting the Reserve Bank to allow access to offshore ETPs offering Indian Rupee (INR) products.
ETP refers to any electronic system, other than a recognised stock exchange, on which transactions in eligible instruments are contracted. Eligible instruments mean securities, money market instruments, foreign exchange instruments, derivatives, or other instruments of like nature.
As per the 'Draft Master Direction - Reserve Bank of India (Electronic Trading Platforms) Directions, 2024' an entity seeking authorisation as an ETP operator should maintain a minimum net-worth of Rs. 5 crore and continue to maintain the minimum net-worth prescribed all times.
Also, the entity should be a company incorporated in India. Further, shareholding by non-residents, if any, in the entity seeking authorisation as an ETP operator should conform to all applicable laws and regulations, including the Foreign Exchange Management Act, 1999.

Telecom Industry Seeks Ban on Illegal WiFi 6E Routers

The Cellular Operators Association of India (COAI), representing major telecom players like Reliance Jio, Airtel, and Vodafone Idea, has urged the government to ban the sale of WiFi 6E routers that utilise the 6 GHz spectrum band for data transmission. The association alleges that these routers are being sold illegally through online platforms such as Amazon, Flipkart, and Moglix, as well as offline traders.
The Department of Telecom (DoT) has not yet decided on the utilisation of the 6 GHz spectrum band.
COAI argues that selling equipment for 6 GHz band utilisation, which has not been assigned or declared as licence-exempt by the government, is illegal.
The sale of such WiFi 6E products results in unauthorised transmissions in the country.

Apr 30, 2024

Sri Lanka Lifts Import Restrictions on Trucks and Heavy Vehicles

In a notable development, Sri Lanka has decided to lift the ban on imports of trucks and heavy vehicles, marking the first rollback of such restrictions since March 2020. The decision, outlined in a gazette notification, signifies a shift towards economic recovery under President Ranil Wickremesinghe's leadership.
Sri Lanka, amidst a financial crisis stemming from a severe shortage of dollars, has taken a significant step by partially lifting import restrictions. This move aims to rejuvenate the economy, which has been struggling since March 2020.

IREDA Granted Prestigious 'Navratna' Status by Government

The Indian Renewable Energy Development Agency (IREDA), a public sector enterprise, was granted the coveted 'Navratna' status by the government. This prestigious designation takes the total number of Navratna PSEs (Public Sector Enterprises) in India to 17.
With the Navratna status, IREDA gains significant autonomy and financial flexibility. The company now has the authority to invest up to Rs. 1,000 crore without seeking prior approval from the government, allowing for faster decision-making and project execution.
The Navratna designation is awarded to public sector undertakings in India that have demonstrated exceptional financial performance, operational efficiency, and global competitiveness. These companies are granted enhanced autonomy in areas such as capital expenditure, investment in joint ventures or subsidiaries, and human resources management.
Established in March 1987 and headquartered in New Delhi, IREDA is an Indian public sector enterprise that offers financial assistance to projects that produce electricity using fresh and sustainable sources. With the government holding a 75% ownership stake, IREDA has been at the forefront of promoting renewable energy projects across the country.

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