General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

May 16, 2020

ONGC Awards 49 Marginal Fields to Seven Bidders

Oil and Natural Gas Corporation Limited (ONGC) has awarded 49 marginal oil and gas fields to seven successful bidders.
These fields span across 13 contract areas in Gujarat, Tamil Nadu, Andhra Pradesh and Assam.
The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held

Centre, WB Govt, AIIB Sign Agreement for USD 145 Million Project to Improve Irrigation

Government of India, West Bengal Government and the Asian Infrastructure Investment Bank, AIIB today signed a loan agreement for a 145 million dollar project to improve irrigation services and flood management in the Damodar Valley Command Area in West Bengal.
The West Bengal Major Irrigation and Flood Management Project will benefit about 27 lakh farmers from five districts of the state with better irrigation services and improved protection against annual flooding.
The agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs and Rajat Misra, Director General on behalf of the AIIB.

May 15, 2020

MoneyGram Partners With Federal Bank

MoneyGram Payment Systems, Inc., a wholly owned subsidiary of MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India.
Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.

Jeff Bezos Could be World's First Trillionaire by 2026, Mukesh Ambani by 2033

Despite losing an estimated $38 billion as part of his recent divorce, the Amazon CEO Jeff Bezos' colossal wealth is growing at such a rate that Bezos could become inaugural member of the 13-figure club by 2026, at an age of 62, says a new study by Comparisun.
Amazon founder Jeff Bezos is still by far the world's richest person and his net worth has grown by 34 per cent on average over the last five years, said the study by Comparisun, a company which helps organisations compare different business products.
India's Reliance Industries Limited CEO, Mukesh Ambani could become a trillionaire in 2033 when he will be aged 75.

May 14, 2020

March Industrial Output Contracts 16.7%

India's retail inflation as measured by the Consumer Price Index fell to 5.84% in the month of April as compared to 5.91% reported in the month of March while industrial output as measured by IIP contracted by 16.7% in the month of March 2020 as compared to the year-ago period.
It may be noted that the sharp contraction in March IIP was just because of one week of lockdown, which was announced on March 25. The lockdown announced to contain the spread of the virus led to huge disruption in activity across sectors. Small and medium scale businesses saw massive disruption with factories being shut down.
The contraction in IIP was mainly due to lower output from mining, manufacturing and electricity sector due to the nationwide lockdown, government data showed on Tuesday. In the corresponding month of last year, IIP had grown by 2.7%.

May 11, 2020

Carlyle to Buy 74% Stake in SeQuent for Rs 1,587 Crore

The US based private equity firm The Carlyle Group has agreed to acquire 74% stake in SeQuent Scientific Limited, the largest pure-play animal healthcare company in India, for $210 million (Rs.1587 crore). Carlyle will buy shares at a price of Rs.86 a piece.
ET was the first to report about the transaction in its Friday edition.
Carlyle will buy 56.15% (94 million shares) stake held by promters including founders Arun Kumar and KR Ravishankar, and 26% stake (64 million) from public through open offer

GSK sells $3.35 Billion Stake in Hindustan Unilever

GlaxoSmithKline sold its stake in Unilever's Indian business for $3.35 billion, which Refinitiv says is the largest block trade ever to have been carried out in India.
The funds will help GSK in its goal of reinvigorating its drug development pipeline, having made costly bets on experimental cancer treatments and future cell and gene therapies amid sluggish revenue growth.

May 09, 2020

Vista Equity Partners Picks 2.32% Stake in Jio Platforms

Vista Equity Partners, a US-based private equity firm that runs the world's largest exclusively tech-focused fund, picked up a 2.32 percent stake in Jio Platforms for Rs. 11,367 crore, making it the third high-profile investment in the Reliance Industries Ltd (RIL) unit and underlining its status as a next-generation software and platform company.
This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

India INX, NSE IFSC Launch Rupee-USD Derivative Trading

Two exchanges at International Financial Services Centre in Gift City, India INX and NSE IFSC, launched trading in rupee-USD derivative contracts to enable participants to hedge, trade and settle in the dollar.
With the launch, trades that have been migrated to other international financial centres will now bring rupee trading home.
Besides, trading of INR-USD futures and options will enable participants to hedge, trade and settle in USD with market rules and ecosystem at GIFT City IFSC that is at par with other global markets.
The launch was done virtually by Finance Minister Nirmala Sitharaman, where she rang the bell electronically and declared Rupee-Dollar Futures and Options contract open for trading on India INX and NSE IFSC.

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