General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

May 23, 2024

John Slaven Appointed Vice-Chairman of International Aluminium Institute

Vedanta Aluminium announced the appointment of its Chief Executive Officer (CEO), John Slaven, as the Vice-Chairman of the International Aluminium Institute (IAI). In this prominent role, Slaven will spearhead global initiatives aimed at promoting sustainable transformation within the aluminium industry and highlighting aluminium's crucial role in advancing the energy transition towards a Zero Carbon future.
Established in 1972, the International Aluminium Institute (IAI) is the sole organization representing the global primary aluminium industry. Its mission is to increase awareness of the industry's operations, advocate for responsible production, and emphasize the significant environmental benefits of aluminium.

May 22, 2024

RITES Signs Pact with Bangladesh Railway to Supply 200 Passenger Coaches

State-owned RITES Ltd signed a contract with Bangladesh Railways to supply 200 broad-gauge passenger carriages to the neighbouring country.
The export arm of Indian Railways, RITES, won the $111.26 million (approximately Rs. 915 crore) contract, funded by European Investment Bank, through a global competitive bidding process.
Besides supply, RITES will offer its expertise in design, spare parts support and training as per the terms and conditions of the contract.
The contract has a supply with a commissioning period of 36 months, followed by a warranty period of 24 months.
RITES Ltd, formerly known as Rail India Technical and Economic Service Limited, is a Navaratna central public sector undertaking under India's Ministry of Railways. It was incorporated on April 26, 1974.
It is headquartered in Sector-29, Gurgaon, Haryana, India.

Bandhan Bank Seeks External Candidate for CEO Role as Ghosh Set to Retire

Kolkata-based Bandhan Bank is considering an external candidate to succeed Managing Director and Chief Executive Officer (MD and CEO) Chandra Shekhar Ghosh, who announced his scheduled retirement on July 9.
In April, the bank appointed headhunting firm Egon Zehnder to search for candidates for the CEO position.

Serum Institute of India Marks a Significant Milestone with the Shipment of its First Set of R21/...

Serum Institute of India (SII), the world's largest manufacturer of vaccines by number of doses, marked a significant milestone in May 2024 with the shipment of its first set of R21/Matrix-M malaria vaccine to Africa. Around 43,200 doses of the vaccine were dispatched from India by SII in this shipment. Approximately 163,800 doses have been allocated for the Central African Region (CAR). SII shipped the vaccines to several African countries.
The vaccine, aimed at preventing malaria, has been developed in collaboration with University of Oxford and uses Novavax's adjuvant. Malaria is an infection caused by a plasmodium parasite transmitted by the bite of infected female Anopheles mosquitoes.
Serum Institute of India is an Indian biotechnology and biopharmaceuticals company, based in Pune. It was founded by Cyrus Poonawalla in 1966.

Samsung Replaces Chip Chief with Veteran Executive Jun as SK Hynix Takes AI Lead

Samsung Electronics replaced the chief of its semiconductor division in a bid to overcome a chip crisis, amid a booming market for AI chips where the world's biggest memory chipmaker has lagged peers.
The South Korean manufacturer appointed Young Hyun Jun effective immediately, shifting him from the role as head of its future business planning unit.
The move is likely aimed at catching up in the market for top-end chips used in artificial intelligence such as high bandwidth memory (HBM) chips, an area where Samsung has fallen behind rivals such as SK Hynix.

May 21, 2024

TaMo's Arms Partners with Bajaj Finance to Provide Financing to Dealers

Tata Motors said its passenger vehicles and passenger electric mobility subsidiaries have tied up with Bajaj Finance for providing supply chain finance solutions to their respective dealers.
Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have joined hands with Bajaj Finance to extend supply chain finance solutions to its passenger and electric vehicle dealers.
Under a Memorandum of Understanding (MoU), the participating companies will come together to leverage Bajaj Finance's wide reach to help dealers of TMPV and TPEM access funding with minimal collateral.

Yes Bank Launches Premium Services under 'Yes Grandeur' for Affluent, Elite Customers

YES Bank launched YES Grandeur, a banking program targeted at the emerging affluent section of the society. So, only banking customers with an average monthly balance (AMB) of Rs. 5 lakh or a net relationship value (NRV) of Rs. 20 lakh will be eligible for the program, with additional consideration to loan relationships.
YES Grandeur is aimed at enhancing and personalising the customer experience by offering unique banking, travel and lifestyle privileges. The banking benefits will include premium service, such as dedicated relationship managers, preferential rates on banking services, exemption across a host of charges, discounts on locker facilities, and a special 3-in-1 account with demat, trading and savings accounts.

Bank of Maharashtra Tops among PSU Banks in Business Growth in FY24

Bank of Maharashtra emerged as a top performer among public sector banks, showcasing impressive growth in total business and deposit mobilization. With a 15.94% rise in total business and a 15.66% increase in deposits, it outshined competitors like State Bank of India. The bank's focus on low-cost CASA deposits, coupled with robust loan growth and exemplary asset quality, positions it as a resilient and efficient player in the banking sector.
Bank of Maharashtra also maintained its leading position in terms of deposit mobilization growth, achieving a notable 15.66% rise in the last fiscal year.

Sanjiv Puri Elected CII President for 204-25

In a significant leadership transition, Sanjiv Puri, the Chairman and Managing Director of ITC Ltd., was elected as the President of the Confederation of Indian Industry (CII) for the term 2024-25. Puri succeeded R. Dinesh, Chairman of TVS Supply Chain Solutions, in this prestigious role. Alongside Puri, Rajiv Memani assumed the position of President-Designate, while R. Mukundan took on the role of Vice President for the same term.
Sanjiv Puri, an alumnus of IIT Kanpur and Wharton School of Business, brings a wealth of experience to his new role, having been actively involved in various initiatives to foster growth and sustainability in India's corporate landscape. Notably, Puri's leadership extends beyond ITC Ltd., as he has chaired expert groups and received accolades such as the 'Best CEO Award' from Business Today and the 'Transformational Leader Award' from the Asian Centre for Corporate Governance and Sustainability.

Mukesh Ambani and Gautam Adani Secure Positions among the World's Top 15 Super Rich

Mukesh Ambani and Gautam Adani made it to the top 15 world's super-rich list of the Bloomberg Billionaires Index. This marks a significant achievement, especially for Gautam Adani, who reclaimed his position after losing it in 2023. Notably, for the first time, all individuals in the top 15 have a net worth of $100 billion or more.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), is ranked 12th with a wealth of $110 billion. Gautam Adani, with a wealth of $100 billion, is ranked 14th.
Bernard Arnault, the founder and CEO of LVMH, continues to lead the world's richest list with a net worth of $222 billion.
Jeff Bezos: The founder of Amazon.com Inc. is the second richest person with a net worth of $208 billion.
Elon Musk: CEO of Tesla, ranks third with a net worth of $187 billion. Despite a significant drop of over $40 billion this year, Musk remains one of the wealthiest individuals globally.

May 20, 2024

Coal India, NMDC, ONGC Videsh Seek Overseas Critical Mineral Assets

The Indian government announced plans for public sector companies like Coal India, NMDC, and ONGC Videsh Ltd (OVL) to actively seek critical mineral assets overseas. This strategic move aims to secure vital mineral resources essential for various industries, including clean energy technologies and electric vehicles.
Coal India, NMDC, and ONGC Videsh Ltd (OVL) are set to explore critical mineral assets abroad under the guidance of a group of secretaries. These public sector undertakings (PSUs) are already established players in the international market and are well-positioned to expand their presence in search of essential mineral resources.

Pradeep Natarajan: Director of IDFC FIRST Bank

In May 2024, RBI approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank. Natarajan is designated as Executive Director of the bank for a three-year term. The bank will undertake necessary formalities to complete Natarajan's appointment as Executive Director.
The appointment is subject to shareholder approval. IDFC FIRST Bank reported a net profit of Rs 724 crore for the fourth quarter ended March 2024.
Gross NPAs reduced to 1.88% of gross advances as of March 31, 2024, from 2.51% in March 2023. Net NPAs decreased to 0.60% of advances from 0.86% at the end of 2024.

IFC Extends $500 Million Credit Line to HDFC Bank for Micro Loans

The International Finance Corporation (IFC) provided a $500 million loan to HDFC Bank on May 17, 2024. This loan will support women microfinance borrowers, specifically those in self-help groups (SHGs) and joint liability groups (JLGs) engaged in sustainable livelihood initiatives. Unlike non-banking finance companies, which charge higher rates, HDFC Bank can offer cheaper loans due to its access to lower-cost funds from CASA deposits.
Women, especially microloan borrowers in semi-urban and rural areas, will have increased access to finance on the back of the funding which is aimed to support lending for income generation purposes, fostering financial inclusion and socio-economic growth in the country.
The lender will use IFC's financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Satwik
Initiative (SLI).

Government-Backed ONDC Attracts 10 Unicorns and 125 Start-ups

The Open Network for Digital Commerce (ONDC), backed by the government, garnered significant interest from key players in India's digital ecosystem. Among the 125 start-ups committed to the platform are renowned unicorns like Zerodha, EaseMyTrip, and Cars24, signaling a strong push towards democratizing digital commerce.
At a event, which was organized by the Department for Promotion of Industry and Internal Trade (DPIIT), over 125 start-ups, including high-growth businesses and unicorns, pledged their preliminary commitment to ONDC. This list includes prominent names such as Of Business, Winzo, Livspace, GlobalBees, Pristyn Care, Physics Wallah, and Policybazaar.
ONDC aims to revolutionize digital commerce by offering visibility to products and services, thereby empowering small and local sellers who have previously been underserved by digital platforms. With over 500,000 sellers already on board, including a majority of small or medium-sized sellers, ONDC is poised to reshape the landscape of e-commerce in India.

May 19, 2024

Angel One Launches Fin One to Boost Financial Awareness among Young Indians

Angel One Ltd, a prominent fintech brokerage in India, announced the launch of Fin One, a digital-first initiative set to transform financial literacy for a billion Indians.
Fin One integrates engagement and entertainment to empower young Indians to make informed financial decisions and develop resilient investing habits. Young Indians, especially Gen-Z and millennials, are diving into the market now, and it's important for them to know about the virtues of early investing, staying in the market for the long term, the risks involved, and how to make the most of their investments. Fin One isn't just a social identity; it's a movement designed to make finance cool, engaging, and irresistibly fun, according to Angel One.

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