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BUSINESS AND ECONOMY - May 2018

May 2018

Mar 10, 2021

Puravankara Forays into Mumbai with Ultra-luxury Project

  • Marking its entry into the Mumbai-market, Bengaluru-based realty player Puravankara is investing Rs. 450 crore to launch a residential-cum-commercial luxury project in the city's Chembur suburb. This project will have four towers with a total of 233 residential units with 2-,3- and 4-BHKs and one tower of 79 commercial units.
  • Puravankara has already launched two luxury projects under its World Home Collection brand in Bengaluru and Chennai.

Ministry of Electronics & Information Technology (MeitY) Releases Scorecard

  • The Ministry of Electronics & Information Technology (MeitY) has released the list of "Digital Payment Scorecard". In the list, the State Bank of India (SBI) has topped for the third consecutive month.
  • The digital payment scorecard tracks the performance of the Commercial Banks on several digital parameters. SBI maintained the top remitter bank by recording the highest UPI transaction volume which accounted for nearly Rupees 640 million.
  • SBI has also emerged as the largest issuer of debit cards. It issued over 290 million debit cards with a 30% market share with respect to card spends and 29% share with respect to transaction volume. The Bank has also made steady progress with respect to increasing payment acceptance infrastructure.

Threshold for Mandatory E-invoicing Lowered

  • The Central Board of Indirect Taxes and Customs (CBIC) notified that the finance ministry has decreased the threshold for mandatory e-invoicing from rupees 100 crores to rupees 50 crores. This new rule will come into effect from April 1, 2021.
  • E-invoicing involves the reporting details of the specified Goods and Services Tax documents to the government-notified portal and to obtain a reference number. The IT systems provider for GST called GSTN claims that there exists not a larger difference between the present system and the new one. The registered persons also seek to create the GST invoices on their own accounting or billing or ERP systems. These invoices are reported to the "Invoice Registration Portal (IPR)". When the reporting is done, the IRP returns the e-invoice with unique Invoice Reference Number (IRN) after the e-invoice is signed digitally and a QR Code ID added. This invoice was issued to the receiver along with the QR Code. This GST invoice will be valid only with the valid IRN.

Indian Oil Corp, IDCO sign MoU for Paradip Plastic Park

  • The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip, Odisha.
  • As per the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
  • An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.

OECD Interim Economic Outlook

  • The Organisation for Economic Co-operation and Development (OECD) published its interim Economic Outlook in March 2021. It has projected that the Indian economy will grow at the rate of 12.6% in Financial Year 2022. This will be the highest among G20 countries.
  • Economic Outlook is the twice-yearly analysis, published by Organisation for Economic Co-operation and Development (OECD). It comprises economic analysis and the forecasts for future economic performance of the member countries of OECD. The main version of the report is published in English however, it is also published in French and German languages. Apart from the economic outlook, OECD also publishes Monthly Economic Indicators to complement the Economic Outlook.
  • Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation comprising 37 member countries. It was founded in the year 1961 to look after the economic progress and the world trade. It is also an official United Nations observer.

Mar 09, 2021

Five Foreign Courts Confirm $1.4 bn Arbitration Award against India

  • Courts of five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay.
  • Cairn Energy had moved courts in nine countries to enforce its USD 1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax.
  • The December 21 award from a three-member tribunal at the Permanent Court of Arbitration in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France.
  • Cairn has started the process to register the award in Singapore, Japan, the United Arab Emirates and Cayman Islands.
  • The registration of the award is the first step towards its enforcement in the event of the government not paying the firm.

YES Bank Launches YES Essence

  • Yes Bank announced the launch of women-centric ''Yes Essence'' services that will offer preferentially-priced loans and healthcare benefits, among other services. It has been launched on the occasion of the International Women's Day. ''Yes Essence'' is a holistic banking proposition for women across customer segments, homemakers, salaried professionals, entrepreneurs and senior citizens, which covers lifestyle, wellness, education, protection and investment.
  • Yes Bank will celebrate the launch of this proposition with women customers throughout the bank's network of branches across India from March 8-10, 2021.
  • The bank will offer a bouquet of solutions, including complimentary healthcare benefits, preferential pricing on loans, fee waiver on demat and trading account, wealth management, offers on upskilling through partnerships, attractive lifestyle and shopping offers.

Coal India Approves 32 Mining Projects

  • National miner, Coal India limited (CIL), has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs. 47,000 crore.
  • Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield. The combined incremental peak capacity of these projects is projected at 193 million tonnes per annum (MTPA). This will be in addition to the already sanctioned capacity of 303.5 MTPA.
  • The incremental production by FY'24 from the approved 32 expansion and the new greenfield projects would be to the tune of around 81 MTPA.

HDFC Bank Launches 'SmartUp Unnati' for Women Entrepreneurs

  • On the occasion of International Women's Day HDFC Bank announced the launch of a dedicated programme for mentoring women entrepreneurs by women leaders at the bank.
  • Under the SmartUp Unnati programme, over the next one year, senior women leaders from HDFC Bank will mentor women entrepreneurs in helping them achieve their goals.
  • This programme is available only to existing customers and will initially target more than 3,000 women entrepreneurs associated with the bank's SmartUp programme.

Panasonic to Buy Blue Yonder in Biggest Deal Since 2011

  • Panasonic Corp said that it will buy U.S. software firm Blue Yonder for 700 billion yen ($6.45 billion), which is the Japanese electronics firm's biggest acquisition since 2011.
  • While Panasonic last year bought a 20% stake in Blue Yonder for 86 billion yen, it is now in the final stages of acquiring the rest from shareholders including Blackstone Group Inc.
  • The move comes as the Japanese company aims to expand hardware that combines software, sensors and other devices to help companies improve operational efficiency.

Mar 08, 2021

Aston Martin's Electric Sports Models to be Made in the UK

  • Luxury car giant Aston Martin has pledged to manufacture all of its electric cars in the UK from 2025.
  • Owner Lawrence Stroll said that all of its battery sports cars will be made at its plant in Gaydon, Warwickshire.
  • Its electric SUV models will be made at St Athan in Glamorgan.
  • The company is due to start making hybrid versions of its cars over the next four years, followed by battery-only models.

Govt. Proposes to Hike in LIC's Authorised Capital

  • The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India (LIC) to Rs. 25,000 crore to facilitate its listing slated for the next fiscal.
  • Currently, the paid-up capital of the life insurance company with over 29 crore policies is Rs. 100 crore. Starting with an initial capital of Rs. 5 crore in 1956, LIC has an asset base of Rs. 31,96,214.81 crore.
  • The authorised share capital of LIC shall be Rs. 25,000 crore divided into 2,500 crore shares of Rs. 10 each, as per the amendments proposed in the Life Insurance Corporation Act, 1956.
  • The amendments proposed as part of Finance Bill 2021 will lead to the setting up of a board with independent directors in line with listing obligations.

Tata, Mahindra and Ashok Leyland Eye BEML Stake

  • At least six companies, including Tata Motors Ltd , Mahindra and Mahindra Ltd and Ashok Leyland Ltd, are looking to buy a 26% stake in state-run defence equipment maker BEML Ltd.
  • Bharat Forge Ltd and Megha Engineering and Infrastructure Ltd may also submit expressions of interest for the government's stake in BEML.
  • Companies such as Tata Motors, Mahindra and Ashok Leyland are looking to seek control of BEML as part of their strategy to grow their defence manufacturing businesses and cut dependence on the core commercial vehicle business, which is cyclical in nature.

Fairfax to List Anchorage, its Vehicle for Airport and other Infra Funding

  • Indian born Canadian billionaire Prem Watsa-owned Fairfax India is planning to list Anchorage Infrastructure, its flagship investment vehicle for airports and other infrastructure investments in India. Meanwhile, Fairfax controlled Bangalore International Airport (BIAL) to invest around $2.2 billion to create infrastructure to handle around 90 million passengers by 2034.
  • As per Prem Watsa, chairman, Fairfax since its inception in June 2019, Anchorage has actively participated in bidding for Indian airports' and railway stations' privatisation processes.
  • He added, in March 2021, Fairfax India expects to close the transaction whereby it will transfer 43.6 per cent out of the 54% that it owns in BIAL to Anchorage and will sell 11.5 per cent of Anchorage for cash consideration of $130 million.
  • The transaction values 100 per cent of BIAL at $2.6 billion and will result in OMERS indirectly owning approximately five per cent of BIAL.

GE Nears Deal to Combine Aircraft-leasing Unit with AerCap

  • As per reports, General Electric Co is nearing a $30 billion-plus deal to combine its aircraft-leasing business with Ireland's AerCap Holdings NV.
  • The unit, known as GE Capital Aviation Services, or GECAS, is one of the world's biggest jet-leasing companies and leases passenger aircraft made by companies including Boeing Co and Airbus SE . It owns services or has on order about 1,650 aircraft, according to its website.

ArcelorMittal to Invest over Rs. 50,000 crore in Gujarat

  • The world's leading steel and mining company ArcelorMittal will invest more than Rs. 50,000 crore in Gujarat, Chief Minister Vijay Rupani said, a day after its executive chairman Lakshmi Mittal called on him.
  • As per Vijay Rupani, all industrialists from India and abroad, including Lakshmi Mittal, are coming to Gujarat for making investment as they count Gujarat as the best (investment) destination.
  • During his trip to Gujarat, Mittal met Prime Minister Narendra Modi, who attended the Combined Commanders' Conference in Kevadia in the state.

Windy Lakeside Investment Picks Stake in Adani Ports

  • The Board of Directors of Gautam Adani-led Adani Ports and SEZ Limited has approved the issuance, offer and allotment of up to 10,000,000 equity shares of face value of Rs. 2 each to global private equity form Windy Lakeside Investment Ltd, not belonging to the promoter or promoter group of the company,
  • The shares will be issued on a preferential basis in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws, at a price of Rs 800 per equity share (at a premium of Rs. 798 per equity share) aggregating to Rs. 800 crore.
  • The stake pick is subject to the approval of regulatory/ statutory authorities and the shareholders of the company.

Mar 07, 2021

Indian Bank to Monetise Non-core Assets, Divest Stake in ASREC (India)

  • Public sector lender Indian Bank is planning to divest its stake in ASREC (India) Ltd, an asset reconstruction company. The bank said that this is part of its plan to monetise its non-core assets.
  • The Board of Directors of the bank gave in-principal approval for partial/full disinvestment of the lender's stake in its joint venture ASREC (India) Ltd. Indian Bank holds 38.26 per cent stake in ASREC (India).
  • ASERC acquires non-performing assets (NPAs) from banks and financial institutions at mutually agreed prices with the objective of maximising returns through innovative resolution strategies.

IndiGrid to Buy NER II Transmission from Sterlite Power

  • Investment trust IndiGrid inked an agreement to acquire 100 per cent equity stake in NER II Transmission from Sterlite Power for about Rs. 4,625 crore.
  • The completion of acquisition would depend upon receipt of unit holders' consent, regulatory and other relevant approvals.
  • India Grid Trust (IndiGrid) signed share purchase agreement on March 5, 2021 for acquisition of 100 per cent shareholding and economic interest, in one or more tranches, in NER II Transmission Ltd from Sterlite Grid 4 Ltd.
  • Sterlite Grid is a wholly-owned subsidiary of Sterlite Power Transmission Ltd, one of the sponsors of IndiGrid.

India and other Countries Face US Anti-Dumping Tax

  • The United States Department of Commerce is all set to tax aluminium sheet exporters from the 18 countries including India after the department determined that these countries had benefited from subsidies and dumping.
  • This decision was taken by the US Department of Commerce after several U.S. aluminium alloy manufacturers complained that they were being harmed because of imports at the lower prices. A U.S. investigation on India states that, in the year 2019, imports from India have benefited from subsidies for 35 per cent to 89 per cent.

Mar 06, 2021

Optiemus Infracom Completes Asset Sale

  • Electronics contract manufacturer Optiemus Infracom announced completion of sale of one of its real estate assets in Noida for Rs. 285 crore, which it plans to invest in expansion of mobile phone production business.
  • Optiemus is one of 16 entities whose proposal under the PLI scheme has been approved by the government. The PLI scheme for large-scale electronics manufacturing was notified on April 1, 2020.
  • The company said the sale of the real estate asset is in the overall best interest of the company as after exiting from its non-core asset, the company will now mainly focus on its core business of manufacturing of mobile and other mobility products to achieve maximum advantage of the PLI scheme.
  • Optiemus Infracom and Wistron jointly made mobile phones for LG, Blackberry, HTC, Oppo, OnePlus, JioPhones through their joint venture Optiemus Electronics. Optiemus Infracom has now purchased the entire stake of Wistron in Optiemus Electronics.

Kotak Mahindra Bank to Handle Salary Account of Indian Army Personnel

  • Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel.
  • The bank has signed a memorandum of understanding (MoU) with the Indian Army for salary account.
  • The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel – both active and retired.
  • Through the Kotak salary account, all personnel of the Indian army will get access to the full range of Kotak's products and services including a zero-balance salary account that earns up to 4 per cent interest per annum with free unlimited ATM transactions on all VISA ATMs and anywhere banking across the bank's network of 1,603 branches and 2,573 ATMs across India.
  • The salary account will cover other benefits such as a bespoke salary account for the army personnel, enhanced complimentary personal accident insurance cover - for both on-duty and off-duty incidents.

Singapore Top Source of FDI in Apr-Dec into India

  • Singapore was the top source of foreign direct investment (FDI) into India in the first nine months of FY21 at $15.7 billion, followed by the US at $12.82 billion with Mauritius at the third position at $3.47 billion.
  • As per the government, FDI equity inflows rose 40% year-on-year in the April-December of FY21 at $51.47 billion compared to $36.77 billion in the year ago period.
  • Gujarat garnered the highest share of FDI in the period at $21.23 billion followed by Maharashtra at $13.63 billion.
  • India's high foreign inflows come at a time when the global FDI collapsed in 2020, falling 42% to an estimated $859 billion from $1.5 trillion in 2019, according to UNCTAD.

Axis Bank Partners WhatsApp to Offer Basic Banking Services

  • Axis Bank said that it will be available on popular social messaging app WhatsApp and will allow basic banking services, including account balance, and transactions history.
  • The third largest private sector lender said the service will allow customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • The facilities will be available to both the bank and non-bank customers.

SBI Mutual Funds Launches First Overseas Fund

  • The State Bank of India (SBI) Mutual Funds has launched its first overseas offering in March 2021. The fund titled SBI International Access — US Equity FOF is an open-ended fund of funds scheme investing in a mutual fund scheme/ETFs that invest in US markets, which are domiciled overseas. The scheme will invest 95-100 per cent of its net assets generally in Amundi Funds.
  • The customers interested in the scheme are required to invest at least Rs. 5,000 for the first time. However, for additional purchase, the minimum application amount is Rs. 1,000.
  • There is no upper cap for the investment in this fund.

Indian Bank to Monetise Non-core Assets, Divest Stake in ASREC (India)

  • Public sector lender Indian Bank is planning to divest its stake in ASREC (India) Ltd, an asset reconstruction company. The bank said that this is part of its plan to monetise its non-core assets.
  • The Board of Directors of the bank gave in-principal approval for partial/full disinvestment of the lender's stake in its joint venture ASREC (India) Ltd. Indian Bank holds 38.26 per cent stake in ASREC (India).
  • ASERC acquires non-performing assets (NPAs) from banks and financial institutions at mutually agreed prices with the objective of maximising returns through innovative resolution strategies.

ICICI Bank Targeting to Serve 20 lakh Customers of Rival Banks

  • Private sector lender ICICI Bank said that 10 lakh customers of rival banks are using its mobile application for transactions. The lender expects the number of such customers, who are using the app for instant UPI-based payments and recharges, to double in the next three months.
  • Its head of digital channels and partnership Bijith Bhaskar said the bank is using NPCI''s interoperable infrastructure to serve customers of other banks as well through its app called "imobile pay".
  • Users like the ''Pay to Contacts'' feature the most. The functionality enables users to send money either to a mobile number or a UPI ID of their friends/contacts, to any payment app or a digital wallet, it said.
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