General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Nov 16, 2018

Iconic Jawa Returns

The iconic Jawa motorcycle returns to the Indian roads after a gap of 25 years.

Classic Legends Pvt. Ltd. a subsidiary of the Mahindra Group, has unveiled two motorcycles, the Jawa and Jawa Forty Two.

The Jawa and Jawa Forty Two are priced at Rs. 1.64 lakh and Rs. 1.55 lakh, respectively.

India's Smart Cities Attract Chinese Investors

Chinese companies are showing an increasing interest in Indian start-ups and the government's ambitious Smart Cities Mission, with experts reminding that the investors should factor-in risks and challenges.

As per Global Times, India has become a major investment destination for the Chinese companies.

Recently, eight Indian startups managed to secure funding commitments to the tune of USD 30 million at the 2nd Startup India Investment Seminar held at Beijing. Around 20 Indian startups pitched for attracting Chinese investment from 350 representatives of leading Chinese Venture Capitalists.

India Rating Retained at BBB-

Fitch Ratings retained India's sovereign rating at 'BBB-', the lowest investment grade rating, although maintaining its stable outlook.

The company added that the economy would shrug off any lingering effects of demonetisation and GST during 2018-19 and 2019-20.

Mahindra Opens Manufacturing Hub in Bengaluru

Mahindra Electric Mobility has opened a Rs. 100-crore electric technology manufacturing hub in Bengaluru and rolled out its lithium-ion three-wheeler range.

Branded under the umbrella of +ME technologies, the facility will make battery packs, power electronics and motor assembly which are an integral part of an electric power train. The plant uses global standards of manufacturing processes and will increase the manufacturing capacity to 25,000 units per annum from the current 5,000 units.

Gujarat Government Shuts Its Agri Company

According to state Agriculture Minister R. C. Faldu, the Gujarat government has decided to wind up Gujarat State Land Development Corporation (GSLDC) following allegations of corruption and financial irregularities.

Formed in 1978, the state-run GSLDC's main task was to provide technical and financial help to farmers in constructing farm ponds for irrigation.

Aditya Ghosh Joins OYO

Aditya Ghosh, former president of IndiGo, had joined OYO Rooms as its CEO, South Asia. Ghosh said that he has signed up as the CEO for OYO Rooms, South Asia and partner with Ritesh Agarwal in its global expansion.

Nov 15, 2018

UltraTech's Bid for Binani Cement

The National Company Law Appellate Tribunal (NCLAT) approved the revised bid of Aditya Birla Group firm UltratTech Cement for debt-ridden Binani Cement. A two-member Bench of NCLAT, headed by Chairman Justice S. J. Mukhopadhaya, approved UltraTech's resolution plan and said that the plan submitted by the rival Dalmia Bharat Group firm Rajputana Properties was discriminatory against some financial creditors.

In July the Supreme Court had transferred all matters related to corporate insolvency resolution process of Binani Cement to the appellate tribunal from the National Company Law Tribunal, Kolkata.

Ageas to Buy Stake in Royal Sundaram

Globally known Ageas Insurance International N.V. will pick up 40% stake in Royal Sundaram General Insurance Co., a city-based company promoted by Sundaram Finance Ltd. of the TVS Group.

Ageas will fork out Rs. 1,520 crore to acquire 40% equity stake in the insurance venture. Currently, Sundaram Finance holds 75.9% stake in Royal Sundaram. It proposes to divest 25.90% and retain 50%. Some of the existing Indian shareholders will hold the balance 10% post the deal in Royal Sundaram.

Yes Bank Chairman Resigns

As per reports, Yes Bank chairman Ashok Chawla has resigned with immediate effect.

In July the CBI named Mr. Chawla in a chargesheet relating to the Aircel-Maxis case. Mr. Chawla has also been the chairman of the Competition Commission of India, and continues to be the chairman of the National Stock Exchange and is also on the Jet Airways board.

Renascent Inks Pact with Prayagraj

Renascent Power Ventures Private Ltd., a wholly owned subsidiary of Resurgent Power Ventures Pte. Ltd. has signed a share purchase agreement (SPA) with a consortium of lenders led by State Bank of India to acquire 75.01% stake in Prayagraj Power Generation Company Limited (PPGCL), which owns and operates a 1,980 MW supercritical power plant in Uttar Pradesh.

Resurgent Power is a joint venture between Tata Power International Pte. Ltd (TPIPL), ICICI Bank Ltd. and global investors, including Kuwait Investment Authority and State General Reserve Fund, Oman, set up to acquire assets in the Indian power sector.

Raymond Apparel Chairman Steps Down

Gautam Hari Singhania has stepped down from as chairman of Raymond Apparel Limited. The company has appointed Nirvik Singh as non-executive chairman and inducted Anshu Sarin and Gautam Trivedi as board members. However, Mr. Singhania will continue to be on the board.

Nov 14, 2018

Make in Odisha Conclave 2018

The second edition of 'Make in Odisha Conclave 2018 (MIO 2018) received overall investment intent of Rs. 4,19,574 crore across 15 diversified sectors.

The first edition of the conclave which was held in 2016 had generated investment intent worth Rs. 2,03,000 crore.

A total of 183 investment proposals were received.

The top five among the proposals are Rs. 70,000 crore by Haldia Petrochemicals; Rs. 60,950 crore by Jindal Steel & Power Ltd.; Rs. 58,797 crore by Mahanadi Coalfields Ltd.; Rs. 43,000 crore by CPC Corporation of Taiwan and Rs. 41,040 crore by Steel Authority of India Ltd.

Vinod K. Dasari Quits Ashok Leyland

Hinduja group flagship firm Ashok Leyland Chief Executive Officer and Managing Director Vinod K. Dasari has quit and the company board has accepted his resignation

However, the board asked him to continue till the end of March 2019 to facilitate a smooth transition.

Dasari was appointed as Managing Director and CEO for a term of five years from April 1, 2016.

Cipla Arm to Acquire Avenue

InvaGen Pharmaceuticals Inc., a subsidiary of Cipla Ltd. has entered into definitive agreements for the proposed acquisition of Avenue Therapeutics, Inc. for total consideration of $215 million.

Avenue Therapeutics is focussed on the development and commercialisation of intravenous (IV) Tramadol.

Ashish Chowdhary Appointed Apple India Head

Apple has appointed Ashish Chowdhary, Chief Customer Operations Officer at Nokia Networks, as its India operation head, the Cupertino-based iPhone maker said.

Chowdhary will take over as Apple India head from January next year.

Apple India is currently under Michel Coulomb who took over from Sanjay Kaul in December last year.

Binny Bansal Resigns as CEO

Binny Bansal has announced his resignation as CEO of Flipkart Group, effective immediately, following an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct.

IHH Acquires Stake in Fortis

Fortis Healthcare has issued 23.53 crore equity shares through preferential allotment to IHH Healthcare Berhad for around Rs. 4,000 crore, a move that helps the Malaysian firm take 31.1% stake in the company.

IHH has now become the controlling shareholder in the company.

The board of Fortis has also approved appointment of four IHH nominees on the company's board.

Investment in Indian Startups

Chinese companies invested nearly $2 billion in Indian startups in 2017, a sharp increase from previous years and indicating their inclination to shift to India for its expanding market, cheaper labour and less domestic vulnerability.

Nov 13, 2018

Bharat Matrimony Ropes in MS Dhoni

Online matrimony service provider Bharat Matrimony has roped in cricketer Mahendra Singh Dhoni as its brand ambassador.

India's Strategic Oil Storage Hired

India signed an initial pact to lease out a part of its underground strategic oil storage at Padur in Karnataka to Abu Dhabi National Oil Co (ADNOC) for storing crude oil. This is the second such deal with the UAE firm this year.

India has built 5.33 million tonne (MT) of emergency storage - enough to meet its oil needs for 9.5 days, in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh. It has allowed foreign oil companies to store oil in the storages on condition that the stockpile can be used by New Delhi in case of an emergency.

Hyundai to Invest in Sriperumbudur Unit

South Korean automotive manufacturer Hyundai will be investing Rs. 7,000 crore to expand its facility at Sriperumbudur and to make new models and electric vehicles.

BKT to Set up Plant in the U.S.

Balkrishna Industries Limited (BKT), one of the leading off-highway tire manufacturers, is planning to invest $100 million to set up a new production site in the U.S. making its first manufacturing site outside of India.

Europe is presently BKT's largest sales market accounting for more than half of its overall turnover.

Nov 12, 2018

Four PSUs Included in CPSE ETF

The Finance Ministry has rejigged the CPSE Exchange Traded Fund (ETF) and has included in the basket the scrips of four State-owned companies NTPC, SJVN, NLC and NBCC.

The Ministry has removed three of the existing companies GAIL, Engineers India Ltd. (EIL) and Container Corporation of India in the ETF basket.

SEBI Shortlist's Seven Firms

The Securities and Exchange Board of India (SEBI) has shortlisted seven firms to build a private data storage cloud, automate its inspection of brokers and enhance analytic capabilities. Some of the firms are Wipro, L&T Infotech, Accenture and Capgemini Technology Services.

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