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BUSINESS AND ECONOMY - May 2018

May 2018

May 21, 2021

Reserve Bank Imposes Penalty on City Union Bank, 3 other Lenders

  • The RBI has imposed monetary penalty on City Union Bank, Tamilnad Mercantile Bank and two other lenders for contravention of certain directions issued by the central bank.
  • A penalty of Rs. 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture Agricultural Loans Waiver of Margin/Security Requirements.
  • the RBI imposed penalty of Rs. 1 crore on Tamilnad Mercantile Bank for non-compliance with certain provisions of directions issued by it on Cyber Security Framework in Banks.
  • The Reserve Bank of India also imposed a penalty of Rs. 90 lakh on Nutan Nagarik Sahakari Bank, Ahmedabad for non-compliance with directions Interest Rate on Deposits, Know Your Customer (KYC) and Circular on Frauds Monitoring and Reporting Mechanism.

Andhra Finance Minister Presents Annual Budget

  • Andhra Pradesh Finance Minister Buggana Rajendranath Reddy presented the state's annual budget for the year 2021-22 with an outlay of Rs. 2,29,779 crore and a focus on welfare, health, agriculture and education.
  • Andhra Pradesh currently ranks 3rd at the national level across 17 strategic development goals. It shall be our endeavour to be at the forefront of the achievement of the SDGs at the national level. To invest in the future of our citizens and empower them to realise their true potential shall continue to be the constant endeavour of our government.
  • The presentation of the budget, which is generally done in March, was delayed by two months, as the YS Jagan Mohan Reddy deferred the budget session on account of elections to urban local bodies and by-elections to Tirupati parliamentary constituency.

Kotak Mahindra Bank Issues India's First FPI Licence to GIFT AIF

  • Kotak Mahindra Bank has issued the first-ever foreign portfolio investor (FPI) licence to the GIFT IFSC alternative investment fund (AIF) of True Beacon Global.
  • This is the first FPI licence issued to an AIF incorporated in GIFT IFSC by any custodian bank or designated depository participant (DDP) in the country.

India is the 2nd Largest Insurance-technology Market in Asia-Pacific

  • According to S&P Global Market Intelligence data, India is the second largest insurance technology market in the Asia Pacific, accouting for 35% of the $3.66 billion of the venture capital coming into the sector in the region.
  • At least 335 private insurtech firms are operating in the Asia-Pacific, with about 122 of them disclosing $3.66 billion in aggregate capital raised via private placement deals.
  • "China and India are collectively home to nearly half of private insurtech companies in the APAC region and attracted about 78% of the investments," a report by S&P Global Market Intelligence said. The two markets will continue to corner the lion's share of investor interest on account of their large and fast-growing insurance markets.

Indian Oil Corporation will buy Iranian Oil if US Sanctions are Lifted

  • India will resume buying crude oil from Iran once the US sanctions are eased, an Indian Oil Corporation (IOC) executive said, adding Iranian crude was beneficial for Indian refineries.
  • India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration.
  • US President Joe Biden's administration and Iran have been involved in talks to revive the nuclear deal in exchange for the lifting of sanctions.
  • Indian refiners have begun preparatory work and can swiftly enter into contracts once the sanctions are lifted.

Mindtree to Acquire NxT Digital Business of L&T Group

  • Mid-cap IT services player Mindtree signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a consideration of Rs. 198 crore.
  • The NxT Digital Business was founded as a startup in FY19 with broad digital capabilities within L&T. The revenue of NxT Digital Business was Rs. 37.59 crore for FY21, a drop of almost 25 per cent when compared to revenues of FY20 at Rs. 49.73 crore.

May 20, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.

May 19, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

India's First Agriculture Export Facilitation Centre Launched in Pune

  • The Mahratta Chamber of Commerce, Industry, and Agriculture (MCCIA) launched India's first agro-export facilitation centre in Pune, in collaboration with National Bank for Agriculture and Rural Development (NABARD). The new Facilitation Centre will work as a one-stop-centre for the exporters in the agricultural sector as well as boost agricultural exports from the region, as per global standards.
  • The center would guide the prospective exporters on various relevant aspects of the farm-to-fork chain of agro-exports through its experts. It would organise awareness programs, training programs and workshops on the related aspects, organise visits to export houses for getting practical guidance, organise buyer-seller meetings etc.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.

May 18, 2021

TVS NTORQ crosses 1 lakh sales mark in international markets

  • TVS Motor Company's scooter brand NTORQ 125 crossed one lakh sales milestone in the international markets. The company currently sells the scooter, which comes with various industry first technologies like bluetooth connectivity feature, in 19 countries across South Asia, Latin America, Middle East, and ASEAN.
  • "This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers," TVS Motor Company Director and CEO KN Radhakrishnan said.

India Loses Iranian Gas Field Discovered by OVL

  • India lost the ONGC Videsh Ltd (OVL)-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.
  • The National Iranian Oil Company has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf. The deal was signed in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran. The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60% is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas.
  • The buyback contract signed envisages daily production of 28 million cubic meters of sour gas over five years.

May 17, 2021

Warburg Pincus Ends JV with Lemon Tree Hotels

  • Warburg Pincus has ended a two-year-old joint venture (JV) with Lemon Tree Hotels for student housing and co-living spaces.
  • As per reports, Warburg was not happy with the way the JV had progressed in the last two-three years.
  • Lemon Tree promoters bought back the stake from Warburg, adding that Rahul Pandit, chief executive officer (CEO) and managing director (MD) of the company also quit.
  • Warburg was an early investor in Lemon Tree. In 2018, Warburg shed 12 per cent stake in Lemon Tree Hotels after 13 years during the company's initial public offering (IPO) and remaining 12.4 per cent a year later.
  • Recently, Warburg bought a 24.48 per cent stake from HDFC in Goldman Sachs-backed student housing company Good Host Spaces for Rs. 216 crore.

Adani Green in Advanced Talks for SoftBank-backed SB Energy

  • As per reports, Adani Green Energy Ltd., majority-owned by Indian billionaire Gautam Adani, is in advanced talks to acquire privately-held SB Energy Holdings Ltd.
  • The deal could value SB Energy, owned by SoftBank Group Corp. and Bharti Enterprises Ltd., at more than $650 million. Adani Green is exploring a buyout of the renewable energy company through an all-stock deal.
  • The deal could help Adani Green to reach its planned generation capacity of 25 gigawatts by 2025. Shares in Adani Green have risen more than 370% in the past year, giving the company a market value of about $23 billion.

Flipkart Hires Bain & Co Partner Dinkar Ayilavarapu as VP-corp Strategy

  • Flipkart has appointed Dinkar Ayilavarapu, a partner at consulting firm Bain & Company, as vice president for corporate strategy at the e-commerce firm. In this role, Ayilavarapu will report to Flipkart Group chief executive officer Kalyan Krishnamurthy. The development comes at a time when the company is aiming for an initial public offering (IPO) by next year.
  • Ayilavarapu will lead the corporate strategy team working closely with our business leaders to further strengthen our vision and OKR (objectives and key results) planning.
  • Ayilavarapu comes with 18 years of rich experience. Prior to joining Flipkart, he was a partner at Bain & Company. He spent 14 years at Bain, in their India, New York and South Africa offices and was a part of their technology, media, telecom and M&A practices.
  • He was a key member of Bain's Results Delivery and Technology, Media and Telecommunications (TMT) practices in the Asia-Pacific region.

India's Anti-dumping Probe

  • The Ministry of Commerce initiated the anti-dumping investigation against China, Vietnam and Thailand. The investigation is against the import of solar cells from these countries. The investigation has been started by the Ministry following the application submitted by the Indian Solar Manufacturer Association.
  • The solar cells are the basic ingredients in the manufacturing of solar modules. The solar cells that are being imported from China are 15% to 20% less expensive as compared to that of the solar cells produced in India. This is affecting the business of solar modules produced using locally available raw materials. Ultimately it is increasing the price of domestic solar modules.
  • The Government of India in 2018 had imposed 25% of safeguard duty on solar imports from Malaysia and China. This was later extended to July 2021 at a rate of 15%. After the imposition of this safeguard duty, the imports from Thailand and Vietnam have increased. Between 2018 and 2020, the import of solar cells from Thailand and Vietnam grew at 5,750% and 800% respectively!
  • Also, an anti-dumping investigation against the import of solar cells from Malaysia, Taiwan and China was initiated by the Government in 2017. However, it was eventually called off on 2018.
  • The GoI has introduced Rs 4,500 Production Linked Incentive Scheme for solar module manufacturing.

Route Mobile Appoints Owen as Chief Executive Officer

  • Route Mobile (UK) Ltd, a wholly-owned subsidiary of Route Mobile Ltd, appointed John Owen as the chief executive officer (CEO) of its Europe and Americas operations.
  • The appointment, effective immediately, marks a new chapter in Route Mobile's exciting journey as the company embarks on an ambitious trajectory of growth for the next decade.
  • Owen brings over 30 years of international senior executive leadership experience. He most recently served as the group CEO at Mastek Ltd.
  • Prior to Mastek, Owen held senior executive roles in organisations like Serco, HP, Sycamore Networks and Nortel.
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