General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 22, 2018

Diesel Costs More than Petrol

With diesel becoming costlier than petrol in Odisha, the ruling Biju Janata Dal and the opposition Congress blamed the "faulty" policy of the central government for the rise in price of diesel.

A litre of diesel costs 12 paise more than that of petrol in Bhubaneswar.

According to Utkal Petroleum Dealers Association general secretary Sanjay Lath, this was the first time that the price of diesel surpassed that of petrol in Odisha.

JNPT May Acquire 3 Ports

The country's largest container port Jawaharlal Nehru Port Trust (JNPT) is mulling to acquire three ports in Maharashtra.

The three ports that JNPT is looking to acquire are Vijaydurg, Revas and Dighi Ports.

JNPT is also going ahead with its efforts to develop an offshore port at Wadhawan, north of Mumbai.

Oct 21, 2018

HDFC Bank Q2 Net Profit Rises

HDFC Bank reported a rise of 20.6 per cent in its net profit for the second quarter ended September this fiscal.

Total income for the quarter grew by 21.2 per cent.

Himalayan Peaks Named after Vajpayee

Four Himalayan peaks near Gangotri Glacier have been named after former Prime Minister Atal Bihari Vajpayee.

The peaks are located at 6,557 m, 6,566 m, 6,160 m and 6,100 m on the right flank of Gangotri Glacier.

The peaks have been named Atal-1, 2, 3 and 4.

Fewer District Cooperative Representatives

Maharashtra State Cooperative (MSC) Bank, the apex bank for the cooperative banks in the state, passed a resolution to change the composition of its board and bringing down the directors' number of district cooperative bank from 12 to 6.

Oct 20, 2018

Anti-dumping Duty on Certain Steel Products

India has imposed anti-dumping duties of up to USD 185.51 per tonne for five years on certain varieties of Chinese steel to guard domestic players from cheap imports.

The duty has been imposed based on recommendations of the Directorate General of Trade Remedies (DGTR).

Move for Independent Payments Regulatory Board Opposed

The Reserve Bank of India has opposed the move to have an independent Payments Regulatory Board (PRB) as envisaged by the draft proposal for amendments to the Payment & Settlement Systems Act, 2007.

The Watal Committee had recommended the establishment of the PRB within the overall structure of the RBI.

Easing of NBFC Woes

The Reserve Bank of India has decided to increase the single-borrower exposure limit of banks for non-banking finance companies (NBFCs) which do not finance infrastructure, to 15% from the existing 10% of their capital funds.

This would be effective till December 31.

Oct 19, 2018

AIGP Developers' Proposal Gets Government Nod

The government has approved AIGP Developers (Pune) to set up IT/ITeS special economic zone in Maharashtra. The board also gave more time to seven units, including Q3 Infotech, JBF Petrochemicals and temple Packaging to complete their projects. The commerce ministry is taking steps to revive investors' interest in these zones.

Tatas Eye Stake in Jet Airways

Tata Sons is mulling acquiring stake in crisis-hit Jet Airways.

The diversified Tata Group owns majority stakes in two airline joint ventures, Vistara and AirAsia India.

Oct 18, 2018

Punjab to Increase Stamp Duty Rates

The Punjab Cabinet has approved an ordinance to amend Schedule 1-A of Indian Stamp Act, 1899, to enable an increase in the stamp duty rates.

Stamp duty rates for 17 of the 65 items in Schedule 1-A are set to double following the amendment.

The Cabinet found it essential to hike the stamp duty on 17 items in order to boost the revenue receipts of the state.

The ordinance would now be sent to the Legal and Administrative Affairs Department for its finalisation and later to Punjab Governor for its approval.

Arundhati Bhattacharya Joins RIL

Former chairman of State Bank of India Arundhati Bhattacharya has joined as additional director, designated as independent director, Reliance Industries.

Adani Group and Total Enter into Partnership

Adani and Total have signed an agreement to jointly develop multi-energy offerings for the Indian market, adding that the diversified portfolio will include LNG and fuel retail.

Total is the world's second largest LNG private player, and Adani will serve the fast-growing gas demand of the Indian market.

RIL Posts Record Profit in Q2

Reliance Industries reported its highest ever quarterly net profit of Rs. 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period.

RIL will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs. 5,230 crore.

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