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BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 24, 2024

Switzerland-India Free Trade Agreement Concluded After 16-Year Negotiation Saga

In a historic breakthrough, Switzerland and India finally sealed a free-trade agreement (FTA) following a 16-year negotiation period. The announcement came from Swiss Economy Minister Guy Parmelin, who, after attending the World Economic Forum in Davos, swiftly headed to India for crucial discussions with his counterpart, Piyush Goyal.
The protracted negotiations signify a landmark achievement in diplomatic and economic relations between the two nations. The FTA holds immense promise for fostering stronger ties and economic collaboration.

HDFC Bank First Lender to Issue 20 Million Credit Cards

HDFC Bank, India's largest private sector bank, became the first lender in the country to achieve the milestone of 20 million credit cards in force.
The lender forayed into the credit card business in 2001 and hit the 10-million mark in 2017.
HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall card market in terms of numbers.
HDFC Bank is followed by SBI Card, ICICI Bank, and Axis Bank, in terms of the number of credit cards issued.

India Overtakes Hong Kong as World's Fourth-largest Stock Market

India's stock market overtook Hong Kong's for the first time in another feat for the South Asian nation whose growth prospects and policy reforms have made it an investor paradise.
The combined value of shares listed on Indian exchanges reached $4.33 trillion as of January 22 close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg. That made India the fourth-biggest equity market globally.
The surge in India's stock market was attributed to several factors.

Jan 23, 2024

Sony Terminates $10 Billion Merger Deal with Zee Entertainment

Sony issued a notice terminating the merger agreement with Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Private Limited (CME), formerly known as Sony Pictures Networks India Private Limited. The $10-billion deal, signed in December 2021, faced challenges in meeting closing conditions within the specified timeframe.
Despite engaging in good faith discussions to extend the merger cooperation agreement's end date, Sony and Zee failed to reach an agreement by the January 21 deadline. The termination came after over two years of negotiations, with disappointment expressed by Sony over unmet closing conditions.

InterGlobe Enterprises Appoints Aditya Pande as its Group Chief Executive Officer

InterGlobe Enterprises, the parent company of domestic carrier IndiGo, announced the appointment of Aditya Pande as its Group Chief Executive Officer.
Pande would report to Rahul Bhatia, CEO, InterGlobe, and all the existing direct reports would, in turn, report to Pande.
This move by InterGlobe was to strengthen its current leadership team as it moves ahead with its ambitious and diversified global plans.
Pande joined InterGlobe after a successful stint of over three years as Group CFO at India's largest business-to-business e-commerce firm Udaan.

Four DISCOMs Secured A+ Rating in the Latest CSRD Report for Exceptional Consumer Service

Four electricity distribution companies (DISCOMs) from Delhi and Uttar Pradesh achieved the prestigious A+ rating in the latest Consumer Service Rating of DISCOMs (CSRD) report. The report, unveiled by Power Minister R. K. Singh, is a comprehensive evaluation of DISCOMs across the country, aimed at enhancing their accountability towards consumers.
Out of the 62 DISCOMs evaluated, Delhi emerged as the frontrunner, with three companies securing the top A+ rating. The notable achievers included BSES Rajdhani Power Limited (BRPL), BSES Yamuna Power Limited (BYPL), and Tata Power Delhi Distribution Limited (TPDDL). This recognition reflects their commitment to delivering exceptional customer service and operational efficiency.
Adding to the accolades, Noida Power Company Limited (NPCL) from Uttar Pradesh also earned an A+ rating, showcasing a dedication to outstanding customer service and operational excellence.

Jan 22, 2024

RBI Approves Praveen Achuthan Kutty as DCB Bank MD & CEO

The Reserve Bank of India (RBI) granted approval for the appointment of Praveen Achuthan Kutty as the Managing Director and Chief Executive Officer (CEO) of DCB Bank.
Praveen Achuthan Kutty brings a wealth of experience, boasting over 32 years in Retail and SME banking. He has been an integral part of DCB Bank's leadership for the past 16 years. His was earlier with Citibank.

SEBI Chairperson Launches CDSL's Multi-Lingual Initiatives for Investor Ease

SEBI Chairperson Madhabi Puri Buch launched two multi-lingual initiatives of Central Depository Services (India) (CDSL) aimed at increasing inclusivity and accessibility in the capital market landscape. CDSL introduced an upgrade in investor CAS through the 'Apka CAS – Apki Zubaani' initiative, enabling investors to receive their statements in their preferred language amongst 23 diverse Indian languages.
A unique multi-lingual chatbot, 'CDSL Buddy Sahayta 24*7,' on the CDSL website seeks to simplify investors' journeys towards 'Atmanirbharta' or self-sufficiency. Starting with support in four languages, the chatbot provides round-the-clock assistance, becoming a constant companion for investors navigating the complexities of the securities markets.

Jan 21, 2024

HDFC Bank Aims for Singapore Expansion with Banking License Application

HDFC Bank Ltd, India's biggest private sector lender, is seeking to open its first branch in Singapore, signalling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corporation in 2023.
The bank applied to the Monetary Authority of Singapore for a banking license and is awaiting approval.
As per reports, the banking giant is seeking a bigger presence abroad to tap the Indian diaspora for savings and term deposits, as well as to cross-sell more products, including mortgages.

Jan 20, 2024

Coal India's Venture into Power Generation Gets Cabinet Approval

The Union Cabinet Committee of Economic Affairs (CCEA) approved the Rs. 22,000 crore two maiden thermal power generation units planned by Coal India Ltd (CIL) in collaboration with its subsidiaries.
These units, slated to come at pithead (in the vicinity of coal mines), are also part of the Centre's increased efforts to have more pithead units.
The CCEA approved 660 megawatt (Mw) Amarkantak supercritical coal-based thermal power plant (TPP) in Anuppur district of Madhya Pradesh, through a joint venture between CIL subsidiary South Eastern Coalfields Limited (SECL) and Madhya Pradesh Power Generating Co Ltd (MPPGCL), owned by the state government.
The Cabinet also approved 1,600 Mw supercritical thermal power plant in Sundargarh district through Mahanadi Basin Power Ltd (MBPL), a wholly-owned subsidiary of Mahanadi Coalfields Ltd (MCL), another arm of Coal India.

PepsiCo India Appoints Jagrut Kotecha as New CEO

PepsiCo India appointed Jagrut Kotecha as its Chief Executive Officer (CEO). Kotecha took over from Ahmed El Sheikh, who held the position for seven years.
Kotecha was the company's chief marketing officer in Africa, Middle East, and South Asia (AMESA).

DMI Group Acquires BNPL Start-up ZestMoney

DMI Group, a pan-India financial services platform, acquired the beleaguered 'buy now pay later' (BNPL) ZestMoney (Zest) platform. DMI, which raised over $1.5 billion of equity investment and is supported by global institutional investors and international banks.
This development came more than a month after Bengaluru-based ZestMoney, shut down amid an unsuccessful attempt to revive its business under new management and regulatory uncertainty.
DMI Finance, the NBFC arm of DMI, will be a preferred lender on the ZestMoney platform. Through this acquisition, DMI will have the exclusive right to the use of all ZestMoney brands.

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