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BUSINESS AND ECONOMY - October 2018

Oct 2018

Apr 25, 2023

LVMH becomes first European firm to cross market cap of $500 billion

The Paris-based luxury retailer has been able to reach that milestone on robust first quarter sales in China and a stronger euro. LVMH is the world's tenth biggest company.The Paris-based luxury retailer has been able to reach that milestone on robust first quarter sales in China and a stronger euro. LVMH is the world's tenth biggest company.Shares of LVMH Moet Hennessy Louis Vuitton SE climbed 0.10% at €902 on Monday. In April so far, LVMH shares have surged 6.9%, lifting its m-cap to about $500 billion.

SAIL-Bokaro Steel Plant sign MoU with Telecommunications Consultants India to explore 5G

SAIL-Bokaro Steel Plant (BSL) has signed a Memorandum of understanding with Telecommunications Consultants India (TCIL) to explore the potential of application of 5G/ IT/ telecom and other wireless communication technologies in SAIL-Bokaro Steel Plant.
SAIL-BSL has taken the initiative of becoming the first public sector undertaking (PSU) in the country to take initiative for setting up a dedicated 5G network with the help of TCIL which will pave way for the application of fifth-generation mobile system/information technology/telecom technologies in steel manufacturing
Besides the steel plant, this partnership will also be useful in providing innovative solutions in SAIL mines and collieries in Jharkhand, Smart Cities

HDFC Bank to Buy Stake in Griha, Gets Singapore Regulatory Body's Approval

HDFC Ltd received approval from the Monetary Authority of Singapore for the acquisition of shares in Griha Pte by HDFC Bank.
Griha Pte is a wholly-owned subsidiary of HDFC Investments. The company's ultimate holding corporation is HDFC Ltd.
The proposed agreement is subject to approval from the market regulator SEBI in respect of change in control of certain subsidiaries of HDFC Limited. After the acquisition, HDFC Bank will acquire directly or indirectly, 20 per cent or more of the issued share capital of Griha Pte.
Griha is a boutique private equity fund manager specialising in real estate private equity investments in India. The firm is registered with the Monetary Authority of Singapore as a fund management company.

Infosys, Aramco Ink Pact to Create Digitally Connected Employee Experiences

Infosys, a global leader in next-generation digital services and consulting signed a Memorandum of Understanding (MoU) with Aramco, one of the world's leading integrated energy and chemicals companies, to collaborate on accelerating their human resource (HR) technology.
Infosys and Aramco aspire to bring new insights to HR data and analytics, scale the use of automation tools, and enhance employee experience through artificial intelligence (AI) technologies.
Infosys also plans to embed digital transformation practices and tools into Aramco's HR platform, enhancing the overall digital experience for employees to engage more productively.
Additionally, Infosys aims to leverage AI to further bolster Aramco's employee learning and development experiences and reduce skill gaps. This will attempt to help Aramco unlock talent to match people to opportunities in the company.
The collaboration also intends to work on analysing how automation can optimize repetitive tasks related to HR management through AI-powered learning, reducing time and effort in training delivery.

Apr 24, 2023

Shantanu Roy to Become New CMD of BEML Limited

Shantanu Roy was recommended as the next Chairman and Managing Director (CMD) of BEML Limited, a Miniratna PSU under the Ministry of Defence. The Public Enterprises Selection Board (PESB) panel selected him for the position from a list of three candidates, all of whom were from BEML Limited. Roy is presently serving as Director (Mining & Construction Business) in the same organization and has over 30 years of extensive experience in capital goods sectors for defense, mining & construction, transportation, transmission, renewable, and large power projects.

Apr 23, 2023

South Indian Bank Debuts Two Flexible Savings Accounts for NRIs

South Indian Bank launched two flexible saving products for NRI customers dubbed as SIB SEAFARER and SIB PULSE for mariners and healthcare professionals.
With these products, NRIs can now take advantage of the freedom to either keep deposits or the required minimum amount in their savings accounts.
Here, the customer will get the flexibility to maintain a minimum balance of Rs. 10,000 in the linked accounts, eligible for the latest two non-resident accounts opened. There is no minimum balance required for maintaining the NRI term deposit of Rs. 2 lakh and above.

RBI Approves Appointment of Kaizad Bharucha as Deputy MD of HDFC Bank

The Reserve Bank of India (RBI) approved the appointment of Kaizad Bharucha as the Deputy Managing Director of HDFC Bank for three years from April 19, 2023.
The RBI also approved Bhavesh Zaveri's appointment as HDFC Bank's Executive Director for a period of three years, with effect from April 19.
HDFC Bank, which is India's largest private sector lender, had recommended the two appointments to the central bank back in November 2022. It appointed a Deputy Managing Director five years after Paresh Sukthankar resigned.
Bharucha has more than 35 years of experience in banking and he has been associated with HDFC Bank since 1995. Before his new assignment, Bharucha was executive director responsible for wholesale banking. He previously worked at SBI Commercial and International Bank.

Federal Bank Signs Agri Fintech Start-up KiVi as Banking Correspondent

Federal Bank entered into a Banking Correspondent agreement with Chennai-based KiVi, an agri fintech start-up operated by Agrosperity Tech Solutions, with a view to scaling and expanding its agri lending portfolio in Tamil Nadu.
Federal Bank launched the instant KCC platform in September 2022. Claimed to be the first of its kind in agriculture lending, it offers farmers convenience and turnaround time. It aims at providing small-value loans to small and marginal farmers, and is designed to facilitate efficient credit flow to underserved rural populations.
KiVi employs a phygital model that combines features of the lending technology platform and the last-mile channel to serve farmer households and MSMEs such as input retailers, output aggregators or other village entrepreneurs. It provides a frictionless and secure customer experience through seamless API integrations with bureaus and other service providers, along with user-friendly WhatsApp journeys.
Under the agreement, KiVi will acquire, service and augment Federal Bank's underwriting capability.

Apr 22, 2023

Kevin Vaz Resigns from Disney Star, to Join Viacom18 as its New CEO

Kevin Vaz, the virtual second-in-command in the Disney Star ecosystem, resigned from the company after a tenure of more than 20 years.
The TV broadcast executive will become Viacom18's next CEO. Also, significant organisational changes at Viacom18 are anticipated to occur in the next months.
Currently, Jyoti Deshpande is the CEO of Viacom18, and the CEO of the sports business is Anil Jayaraj. Deshpande also oversees Jio Studios and is president of Reliance Industries' media division.

Tata Steel Named Sustainability Champ for Sixth Time

Tata Steel was recognised as 2023 Steel Sustainability Champion by the World Steel Association.
The Sustainability Champions were announced at the World Steel Special General Meeting of the Board of Members held in Vienna, Austria.
Recognised for the sixth consecutive year, Tata Steel has bagged the honour every year since the programme's launch in 2018.
Being recognised as a Sustainability Champion for the sixth consecutive year by World Steel Association reinforces the company's commitment to sustainable development.

RBI Allows AU Small Finance Bank, Equitas Bank to Deal with Foreign Exchange

AU Small Finance Bank received permission from Reserve Bank of India to deal in foreign exchange. Reserve Bank of India granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange.
Equitas Small Finance Bank also received Authorized Dealer Category-I (AD-I) License from RBI.

TCS Tops LinkedIn's 2023 Best Place to Work in India

At a time when several IT giants are on a laying off spree, software major Tata Consultancy Services (TCS) topped LinkedIn's 2023 Top Companies India list and emerged as the best place to work in the country.
Amazon and Morgan Stanley bagged the second and the third spots, respectively, in the seventh edition of the report, which featured 25 best workplaces for professionals in India.
Bengaluru led the workplace location list, followed by Mumbai, Hyderabad, Delhi and Pune.
In what could be called a startling trend, the list this year witnessed a shift from the tech companies towards e-sports and gaming sector. Companies such as Dream11 (20th spot) and Games24x7 (24th spot) made their way to the chart, marking the growing popularity of the gaming space. Out of the 25 companies, 10 are from the financial, banking sector and fintech sector.

Apr 21, 2023

India Retains Third Spot as a Unicorn Hub

In the Hurun Research Institute's Global Unicorn Index 2023, India retained its 3rd spot as the country with the highest number of unicorns worldwide after the US and China. With 68 new unicorns, India lags behind the US and China, which have 666 and 316 unicorns, respectively.
India added 14 new unicorns since the pandemic began. Despite the rise, none of the start-ups made it to the top 10. According to the report, BYJU's is the top-most unicorn in India, with a valuation of $22 billion, followed by Swiggy and Dream11, valued at $8 billion each. BYJU'S is also among the top 10 unicorns that saw the highest increase in valuation since pre-Covid.
The report also mentioned that India and China produce more offshore unicorns than any other country. Founders from India co-founded 70 unicorns outside, while China co-founded 32 outside of China, compared with 316 in China.

Vodafone IDEA Reappoints Kumar Mangalam Birla as Non-executive Director

Kumar Mangalam Birla rejoined the board of Vodafone Idea (Vi) as an additional non-executive director. The company's board of directors approved his appointment. It also accepted the resignation of non-executive director K. K. Maheshwari from the board.
Birla had stepped down from the post of non-executive chairman of the company in August 2021 barely two months after offering his entire stake to a public sector or a domestic finance company. Birla handed over the reign to group veteran Himanshu Kapania. Ravinder Takkar took charge as non-executive chairman replacing Kapania in August 2022.

IndusInd Bank Signs $100 mn Loan Deal with JBIC to Push Japanese Equipment

IndusInd Bank and the Japan Bank for International Cooperation (JBIC) signed a $100 million long-term loan agreement to foster the growth of Japanese construction equipment companies in India, through need-based credit facilities to upstream and downstream companies. The loans will be further co-financed by Mizuho Bank, Japan, the Shizuoka Bank, Singapore, and Joyo Bank, Japan.
Under this initiative, IndusInd Bank will offer credit to companies that make up the supply chain of Japanese original equipment manufacturers (OEMs) in India. The programme will initially cover component suppliers and dealers of select Japanese OEMs, and final buyers of the construction machinery made by those companies.
The agreement was signed by the Gujarat International Finance Tec-City (GIFT City) branch of IndusInd bank, which is an IFSC Banking Unit (IBU). An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products, and services across borders.

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