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BUSINESS AND ECONOMY - May 2018

May 2018

Aug 20, 2021

HCL Tech Appoints Fabiano Funari as the Country Head for Brazil

Technology services firm HCL Technologies said it has appointed Fabiano Funari as the country head for Brazil.
Funari joined the organization to spearhead HCL's growth for all industries and capabilities in Brazil, where HCL employs more than 800 people across its national headquarters in Sao Paulo and delivery centers in Sao Paulo, Sau Leopoldo and Curitiba.
HCL services more than 30 clients across Brazil.
Funari has held leadership positions at various global technology companies.

IFSCA Does Pilot Run of International Bullion Exchange

The International Financial Services Centres Authority (IFSCA) chairperson did the pilot run of the International Bullion Exchange.
Scheduled to go live in October 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the Finance Minister in Union Budget 2020-21.
The IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the bullion imports for domestic consumption shall be channelised through the exchange.

GMR Group Can Operate Nagpur Airport

GMR group will be able to operate the Nagpur airport with the Bombay High Court ruling in its favour in a legal dispute against Mihan India Limited.
The Nagpur bench of Bombay High Court set aside Mihan's March 2020 order to cancel the award letter issued to GMR Group. The court has also ordered it to execute a concession agreement with the GMR Group in six weeks. The group plans to invest over Rs. 1,200 crore to build a new integrated terminal.
The GMR group operates Delhi and Hyderabad airports and is also constructing greenfield airpots in Goa and Bhogapuram in Andhra Pradesh. In October 2018 the group emerged as the highest bidder for operation and management of Nagpur airport for period of thirty years.

Govt. Appoints Shanti Lal Jain as MD and CEO of Indian Bank

The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years.
Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier.
Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31.
The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank.

Aug 19, 2021

Radhakishan Damani is among World's Top 100 Richest People

Reclusive investor and billionaire Radhakishan Damani who owns retail chain DMart is now among the 100 richest people in the world.
Damani is now ranked 98 on the Bloomberg Billionaires Index with a net worth of $ 19.2 billion.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people.
The other Indians in the top 100 are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.

RBI Issues New Guidelines for Locker in Banks

The Reserve Bank came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.

Uttar Pradesh Govt. Presents Supplementary Budget

The Uttar Pradesh government presented a supplementary budget of Rs. 7,301.52 crore in the state Legislative Assembly for financial year 2021-22 to meet additional expenditure.
The supplementary budget was presented by Finance Minister Suresh Kumar Khanna in the presence of Chief Minister Yogi Adityanath.
It is only 1.33 per cent of the annual budget of Rs. 5.5 lakh crore presented by the government earlier.

TCS: 2nd Indian Company to Cross M-cap of Rs 13 lakh crore

Tata Consultancy Services crossed the Rs. 13-lakh crore mark in market capitalisation, recording fresh highs. It recorded a fresh 52-week high of Rs. 3,530.00. The company's M-cap stood at Rs. 13,03,083.32 crore.
TCS became the second listed company in India after Reliance Industries and the first information technology (IT) company to cross the Rs. 13 trillion market capitalisation (market-cap) milestone.

SBI Life Launches New-age Term Insurance Policy "SBI Life eShield Next"

SBI Life Insurance announced the launch of a unique new age protection solution called 'SBI Life eShield Next', which 'levels up' the protection coverage as the insured achieves life's major milestones. This means that the policy is neither linked to the stock market nor shares any profit or dividends with the policyholders.
It is an individual, non-linked, non-participating, life insurance pure risk premium product and works by 'levelling up' the required insurance protection, through an increase in sum assured linked to the significant 'level-up milestones in one's life, like getting married, becoming a parent or buying a new house.

Tata Steel Commissions its First Steel Recycling Unit in Rohtak

Tata Steel has commissioned its new 0.5 MnTPA Steel Recycling Plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tech, as a 'Build, Own, Operate' (BOO) partner. It is the first such facility in India, equipped with modern & mechanised equipment such as Shredder, Baler, Material Handler etc. The scrap would be procured from various market segments such as end-of-life vehicles, obsolete households, construction & demolition, industrial etc., through an App FerroHaat.
The scrap would then be processed through mechanised equipment and the high-quality processed scrap would be supplied for downstream steel making. Steel produced through the recycled route entails lower carbon emissions, resource consumption & energy utilisation.
Simultaneously, Tata Steel has also launched two new brands - Tata FerroBaled and Tata FerroShred for the baled & shredded ferrous scrap produced in its new facility.

Aug 18, 2021

Cognizant Acquires Hunter Technical Resources

IT services major Cognizant has acquired digital engineering assets from Hunter Technical Resources, a privately-held digital engineering and project management agency headquartered in Atlanta, Georgia.
This is Cognizant's sixth announced acquisition in 2021 as the company continues expanding in key strategic focus areas for digital -- digital engineering, data and artificial intelligence, cloud and the Internet of Things, to provide clients with capabilities to compete as modern digital businesses.
This acquisition expands Cognizant's access to the highly-specialized expertise our clients require to accelerate their digital transformation journey," said Rajesh Nambiar, President, Digital Business and Technology, Cognizant. Hunter Technical Resources has a long track record of sourcing high-value IT talent for blue chip clients.

JK Tech Rebrands Itself

JK Tech, an information technology services company, has rebranded itself with a new corporate website and logo, its first rebranding after two and a half decades.
The website features a clean and modern design, with seamless and simplified user interface, portraying JK Tech as a young and vibrant organisation.
The new branding features a curation of primary and secondary colours. Primary colours evoke the values that JK Tech is as an organisation strive to stand for.

Climate Group Appoints Sumant Sinha as Trustee on UK Board

London-based Climate Group announced the appointment of Sumant Sinha, chairman and managing director of domestic renewable energy company ReNew Power, as a trustee on its UK board for three years.
Besides, Meryam Omi, head (sustainability and responsible investment strategy) at Legal and General Investment Management (LGIM), has also joined as a trustee on the board of the non-profit organisation.

Govt. Announces RoDTEP Rates for Exporters

The government announced the much-awaited guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products (RoDTEP) for 8,555 export items.
The outlay for the scheme is Rs. 12,454 crore in the current fiscal, with the refund rates ranging from 0.5 per cent to 4.3 per cent.
The scheme replaced the controversial Merchandise Exports from India Scheme (MEIS) after a World Trade Organisation (WTO) ruling stated that it violated the provisions of the global trade body by giving export subsidies for a wide range of goods. RoDTEP aims to refund to exporters the embedded non-creditable central, state and local levies paid on inputs. These taxes were not being refunded till now.

RBI Allows HDFC Bank to Issue New Credit Cards

The Reserve Bank of India (RBI) allowed HDFC Bank to issue new credit cards after 8 months of imposing a ban as a penalty due to technical glitches.
However, RBI stated that its temporary ban on the lender for introducing new, digital initiative continues.
As per reports, the central bank has asked the lender to submit a board-approved letter indicating continued compliance with its IT examination report.
In December 2020, the RBI acted against repeated technological outages at HDFC Bank over two years by slapping unprecedented penalties, which included a ban on any new credit card issuance and also prohibition on launching new digital initiatives.

Aug 17, 2021

HDFC Launches 'Green and Sustainable' Deposits Programme

The country's largest mortgage lender, HDFC Ltd, launched a "green and sustainable" deposits programme for retail clients, funds from which will be used to finance sustainable housing credit solutions and services.
HDFC Ltd said that individuals can earn interest at 6.55 per cent on their deposits, whose period can range from 3-10 years. Also, senior citizens will be eligible for an additional 0.25 per cent per annum on their deposits of up to Rs. 2 crore. Further, an addi¬tional interest rate of 0.1 per cent per annum will be applicable on these deposits up to Rs. 50 lakh if the deposits are made through the company's online platform.

Tata Motors Signs up Bank of Maharashtra for Passenger Vehicle Financing

Homegrown auto major Tata Motors has partnered with Bank of Maharashtra to offer retail financing scheme for its passenger vehicles.
Under the partnership, Bank of Maharashtra will provide loans to Tata Motors' customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions.
Besides, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturist.
The partnership with Bank of Maharashtra is aimed at offering special finance schemes to support to the company's customers in these tough times.

HSBC Buys AXA Singapore for $575 Million

HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid increasing tension in China.
The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 million.
The London-based bank is in the midst of a pivot to Asia, pouring billions into the region as it exits unprofitable business elsewhere. Expanding in Singapore comes after years of tensions for the bank in Hong Kong, its biggest market, and mainland China.

Citibank First US Bank to Set up Unit in IFSC at GIFT City

Citibank, which is headquartered in the USA and has a strong international presence, received a license from the IFSC Authority to set up its banking unit at India's first International Financial Services Centre at GIFT City, Gujarat.
With this, Citibank will become the first US-based bank to set up a branch in GIFT-IFSC. Citibank will be servicing both Indian as well as its global customer base from this IFSC branch.
India's maiden IFSC at GIFT City has witnessed significant increase in banking sector activity, with the total banking transactions now crossing the $100 billion mark. These transactions include external commercial borrowings, foreign currency term loans and trade finance among others.

India's Petronet Aims to Extend Long-term LNG Buy Deal with Qatar

As per reports, India's top gas importer Petronet LNG hopes to extend its long-term deal to purchase liquefied natural gas (LNG) from Qatar to beyond 2028.
Petronet has a deal to buy 7.5 million tonnes per year (mtpa) of LNG from Qatar under a long-term deal expiring in 2028.

Aug 16, 2021

Indian Bank Signs MoU with Paralympic Committee

Public sector Indian Bank has signed an MoU with the Paralympic Committee of India (PCI) as one of the banking partners of the Paralympic Games scheduled to commence from August 24 in Tokyo, Japan. The bank, through its year-long association with PCI, will provide financial assistance to paralympic athletes. The President of the Paralympic Committee of India is Deepa Malik.
In a year-long association, the bank will provide financial assistance to Paralympic athletes to prepare for the coveted sporting events in the domestic arena as well as global platforms. Timely financial aid provided to these sportspersons will encourage them to focus their efforts on the game and win laurels for the country.

Jindal Stainless Hisar Ties up with MNIT Jaipur

Jindal Stainless (Hisar) Ltd has signed a pact with Jaipur-based Malaviya National Institute of Technology (MNIT) to conduct product research and development in the iron and steel industry.
The partnership is for three years.
JSHL said it has "signed an MoU (memorandum of understanding) with MNIT, Jaipur... With this partnership, JSHL envisions to take up research, new product development, solid waste management, and skill development along with MNIT."
It added that the three-year partnership kicked off with a joint research proposal submission under the government's 'promotion of research and development in iron and steel sector's scheme.

HCL Technologies Becomes 4th IT Firm to Hit Rs 3 Trillion Market-cap

HCL Technologies' market capitalisation (market-cap) touched Rs. 3 trillion for the first time. HCL became the fourth Indian information technology (IT) firm to achieve this milestone after Tata Consultancy Services (TCS), Infosys and Wipro.
HCL Tech is the third-largest Indian IT services company by revenue, after TCS and Infosys. The company has a strong globally diversified presence and provides comprehensive IT services to an established customer base. It has strong expertise in engineering and R&D services and its end customers are spread across industry segments.

Bharti Airtel, Reliance Jio Close Spectrum Trading Deal

Bharti Airtel closed a pact to transfer the 'Right to Use' of its 800 MHz spectrum in three circles to rival Reliance Jio for Rs. 1,004.8 crore. In addition, Jio will assume future liabilities of Rs. 469.3 crore relating to the spectrum.
In April, Jio had signed an agreement with Airtel to acquire a portion of spectrum in 800 MHz band for Andhra Pradesh, Delhi, and Mumbai circles at an aggregate value of Rs 1,497 crore. Jio now has its holding in these circles to 10MHz, 10MHz and 15MHz, respectively.
This was the first such deal between the two competitors.

Tata Power Solar Bags Battery Storage System Project at Leh

Tata Power Solar Systems has received a notice of award to build 50MWp solar PV plant with 50MWh battery energy storage system project at Phyang village in Leh, Ladakh.
The order value is Rs. 386 crore and the commercial operation date is set for March 2023.
This will be India's first co-located large-scale battery energy storage system solution as well as the first large-scale solar PV project in the union territory of Ladakh to be set up at a high altitude of 3,600 meters above sea level.

MoHUA Launches Brand and Logo for Urban SHG Products 'SonChiraiya'

Ministry of Housing & Urban Affairs has launched 'SonChiraiya', a brand and logo for marketing of the urban Self-Help Group (SHG) products. To make urban SHG products popular, the ministry has signed MoUs with e-Commerce Portals like Amazon and Flipkart, with an underlying narrative of women empowerment. Due to this partnership, more than 2,000 products of nearly 5,000 SHG members have been onboarded on the e-commerce portals.
This initiative is a significant step of increasing visibility and global access for the products made by urban SHG women. Under the initiative, a variety of professionally packaged and hand-crafted ethnic products will reach the doorsteps of customers worldwide.

RBI Cancels Licence of Karnala Nagari Sahakari Bank, Panvel in Maharashtra

The Reserve Bank has cancelled the licence of Karnala Nagari Sahakari Bank, Panvel in Maharashtra for not having adequate capital and being unable to pay its present depositors in full.
The bank ceased to carry on banking business with effect from August 13, 2021.
As per the data submitted by the bank, 95 per cent of the depositors will receive full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC)," the central bank said while announcing cancellation of the bank's licence.
The licence of the bank is cancelled as it does not have adequate capital and earning prospects.

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