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BUSINESS AND ECONOMY - June 2022

Jun 2022

Dec 07, 2022

Dish TV Appoints Three Independent Directors

  • Direct-to-home player Dish TV, which is part of the Essel group, appointed three new independent directors on its board. The three are: Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta.
  • This is the first major appointment on Dish TV's board after founder-chairman Jawahar Goel stepped down from his position in September.
  • The company also announced the resignation of Executive Director Rajeev Kumar Dalmia from the board, adding that he would continue as the company's chief financial officer.

NITI Aayog Objects to Certain Provisions in Proposed DESH Bill

  • NITI Aayog raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones.
  • In the Union Budget 2022-23, the government had proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH).
  • As per reports, NITI Aayog had concerns on provisions of the proposed bill such as partial de-notification of zones; and removal of NFE (net foreign exchange earnings) requirement.

Centre to Allow Foreign Funds to Invest over 51 % in IDBI Bank

  • The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd., according to a government clarification.
  • The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank's residency criteria for promoters applies only to newly set up banks and would not apply to an existing entity like IDBI Bank, the Department of Investment and Public Asset Management said in a response to interested bidders' queries.
  • The Indian government and the RBI would also consider relaxing the five-year lock-in period for shares if a non-banking financial company is merged into IDBI Bank.
  • The clarifications come ahead of a December 16 deadline to submit expressions of interest for a majority stake in IDBI Bank, one of the few lenders that the government is trying to offload its stake in.

Flipkart, Walmart ink MoU with NSIC to Speed up Capacity Creation for MSMEs

  • Home-grown e-commerce brand Flipkart and its parent, US retailer Walmart, signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to jointly accelerate capacity building for micro, small and medium enterprises (MSMEs) across India.
  • The partners also seek to support MSMEs in their quest to become part of local and global retail supply chains.
  • The MoU was signed at the Walmart Vriddhi Seller Summit in New Delhi, an event that marked the completion of training by 20,000 MSMEs under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi).

AU Small Finance Bank, ICICI Lombard Partner for Bancassurance

  • AU Small Finance Bank entered into a Bancassurance tie-up with ICICI Lombard General Insurance. The partnership would provide the Bank's diverse customers access to the insurer's portfolio and enhance penetration across India.
  • The bank is rapidly expanding its distribution footprints across India and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital & paperless solutions offered by ICICI Lombard. The entire suite of products will be offered across 980 plus banking touch points spread over 20 states & 2 union territories. The customer centric products will provide long term financial security to customers and their families. With both organizations believing in offering the best to the customers through innovation and consistency, this partnership would offer customers the best of both worlds.

Hitachi Rail Wins Bid to Run Automatic Metro Train Operations: CMRL

  • A consortium led by Hitachi Rail emerged winner for the largest signalling tender worth Rs. 1,620 crore that would enable automatic train operations, the Chennai Metro Rail Ltd said.
  • The ultra-modern communication-based train control system would allow Chennai Metro rail to take up automatic train operation without the need for a driver.
  • Hitachi Rail STS SPA and Hitachi Rail STS India Pvt Ltd was awarded the bid for the 'design, manufacture, supply, installation, testing and commissioning of signalling, train control and video management system.
  • This is the phase two project of the agency valued at Rs. 1,620 crore and the system would incorporate the metro rail technology currently being used around the world.
  • For safe transport of passengers, the system would undergo intensive testing on various safety parameters and it would be certified by an independent safety assessment team for highest level of safety as per the international standards.

Dec 06, 2022

Jindal Stainless Partners with ReNew Power for 300 MW Hybrid Power Project

  • Leading stainless player Jindal Stainless Limited (JSL) partnered with ReNew Power to develop its proposed 300 MW hybrid energy project.
  • The project will generate 700 million units of green energy annually through a mix of solar and wind technologies.
  • The project with ReNew Power is expected to start commercial operations by May 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year.
  • JSL is the country's largest stainless steel manufacturer with an annual melt capacity of 1.9 MT.

Samsung Electronics Appoints Lee Young-hee as its First Female President

  • Samsung Electronics promoted a female executive to the president of global marketing for its mobile business, in the first move to tap a female talent for the top post.
  • Lee Young-hee was promoted to the president of the Global Marketing Centre for Samsung's Device eXperience (DX) division that oversees its mobile business.
  • She is the first female president at Samsung, the country's biggest conglomerate, to come from outside the founding family.
  • Lee Young-hee joined the tech giant in 2007 and was promoted to vice president in 2012. Previously working at L'Oreal, she is credited with successfully promoting the image and brand of Samsung's Galaxy mobile phones.

Shriram Finance Merges with Shriram City to Focus on MSMEs and Others

  • Commercial vehicle financing major Shriram Transport Finance Company and two-wheeler and MSME financier Shriram City Union Finance merged to form Shriram Finance Limited (Shriram Finance).
  • According to Shriram Finance, the company will be a diversified player with a robust net worth of Rs. 40,900 crore and Assets under Management (AUM) of Rs. 1,71,000 crore catering to over 6.7 million customers across India.
  • The growth strategy for the company will be focused on driving the self-employed and the micro, small and medium enterprises (MSME) economy.
  • Shriram Finance further announced the appointment of Jugal Kishor Mohapatra as Chairman of the Company and Maya Sinha as an Independent Director.

Biocon Biologics Elevates Shreehas Tambe as Managing Director and CEO

  • Biocon Biologics elevated Shreehas Tambe as Managing Director and CEO of the company with immediate effect.
  • Tambe was Deputy CEO of Biocon Biologics, a subsidiary of Bengaluru-based Biocon.
  • He took over from Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the Biocon Biologics board.
  • As per Biocon & Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw, Shreehas has taken on the responsibility of leading Biocon Biologics as MD & CEO at a time when the company is gearing up for global leadership in biosimilars with the closing of the Viatris acquisition.

Hyderabad Gets India's First Real-time Gold ATM

  • Unlike usual ATMs that dispense money, the Goldsikka ATM in Hyderabad dispenses gold coins. In what is India's first gold ATM, people can insert their debit or credit cards into the Goldsikka and buy gold coins.
  • The ATM has a capacity of storing 5 kg of gold. There are 8 available options for the quantity of gold starting from 0.5 grams to 100 grams.
  • Goldsikka Pvt Ltd launched its first Gold ATM with technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based start-up company. This is India's first and the world's first real-time gold ATM.

Biocon Biologics Elevates Shreehas Tambe as Managing Director and CEO

  • Biocon Biologics elevated Shreehas Tambe as Managing Director and CEO of the company with immediate effect.
  • Tambe was Deputy CEO of Biocon Biologics, a subsidiary of Bengaluru-based Biocon.
  • He took over from Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the Biocon Biologics board.
  • As per Biocon & Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw, Shreehas has taken on the responsibility of leading Biocon Biologics as MD & CEO at a time when the company is gearing up for global leadership in biosimilars with the closing of the Viatris acquisition.

Dec 05, 2022

UAE Emerges Second Biggest Tea Importer from India after CIS Bloc

  • The United Arab Emirates (UAE) emerged as the second largest importer of tea from India after the Commonwealth of Independent States (CIS) as a block, according to the latest data released by Tea Board. During the period from January to September 2022, UAE imported 28.58 million kilograms of tea from India, a rise of 159 per cent from the similar nine-month period of 2021.
  • CIS countries imported 38.06 million kilograms during that period in 2022, up from 33.34 million kilograms in the corresponding period of 2021.

NPCI Extends UPI Market Cap Deadline by 2 Years

  • The National Payments Corporation of India (NPCI) extended the deadline for Unified Payments Interface (UPI) players to limit to a market cap of 30 per cent by two years to December 31, 2024.
  • In November 2022, the NPCI had proposed a 30 per cent volume cap for third-party app providers (TPAP). Currently, there's no cap on volume and Google Pay and PhonePe hold the market share of about 80 per cent.
  • Taking into account the present usage and future potential of UPI, and other relevant factors, the timelines for compliance of existing TPAPs who are exceeding the volume cap, was extended by two (2) years.

Canara Bank Wins Banker's Bank of the Year Award at Global Banking Summit

  • Canara Bank won the "Banker's Bank of the Year Award 2022" for the India segment at the Global Banking Summit. The public sector lender was adjudged as the Best Bank in India for 2022.
  • The event was held in London where the bank's MD and CEO L. V. Prabhakar received the award from the organisers.
  • The Bankers' Bank of the year awards are considered to be like Oscar Awards for the banking sector and the winners are judged on their ability to deliver returns, strategy, innovation, technology and product and services in their respective geographies in the last 12 months.

Reserve Bank of India Implements 4 Tiered Regulatory Norms for UCB

  • The Reserve Bank of India (RBI) announced a four-tiered regulatory framework for categorisation of Urban Co-operative Banks (UCBs). Besides, the central bank came out with norms pertaining to the net worth and capital adequacy of these banks.
  • The Reserve Bank of India had constituted the Expert Committee on Urban Co-operative Banks, under the Chairmanship of N. S. Vishwanathan, former Deputy Governor, Reserve Bank to examine the issues in urban cooperative banking sector and to review regulatory/ supervisory approach for strengthening the sector. Based on the recommendations of the Expert Committee, RBI had released the Revised Regulatory Framework for Urban Co-operative Banks (UCBs) in July 2022. The four-tiered regulatory framework, based on size of deposits of the UCBs, came into force with immediate effect.

Dec 04, 2022

BCG Carves Out a New Unit for its Digital Transformation Capabilities

  • Management consulting firm Boston Consulting Group (BCG) announced the launch of BCG X – "a hybrid tech, build, and design unit" for accelerated digital transformation, tech and business innovation, Artificial Intelligence, and advanced analytics.
  • As per the global consulting major, the new unit will bring together nearly 3,000 technologists, builders, and designers. The unit will offer solutions for AI, software, design, digital growth, deep tech, and green tech.

Serum Institute, Byju's Top Burgundy-Hurun Unlisted Companies List

  • Serum Institute of India and edtech firm Byju's topped the list of India's most valuable unlisted companies, according to the 2022 Burgundy Private Hurun India 500 study.
  • The Pune-based vaccine producer's value increased 20 per cent to Rs. 2.2 trillion in the past one year. Byju's market value grew 35 per cent to Rs. 1.82 trillion, replacing the country's top bourse, National Stock Exchange (NSE), as the second-most valuable company on the list. NSE saw its market value erode 17 per cent to Rs. 1.39 trillion. Among the top 10 unlisted companies, Swiggy, Parle Products, Razorpay, and Ola saw their market value double.
  • To arrive at the value of unlisted companies, Hurun Research's uses metrics such as price to earnings, Price to Sales, EV to sales, EV to EBITDA of comparable listed companies.

SJVN, Grid Corporation of Odisha to Form JV for Hydro, Solar Projects

  • State-run SJVN Ltd said that its arm SJVN Green Energy and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000 MW hydro electric project and 2,000 MW solar project entailing an investment of Rs. 20,000 crore.
  • The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company.
  • This MOU paved a way for formation of Joint Venture between SGEL and GRIDCO for generating green power, new direct & indirect employment opportunities, boost to local businesses, carbon emission reduction, sustainable and overall development of the state.

Dec 03, 2022

Coca-Cola India Partners with Adani Digital Labs for Product Sampling

  • Beverage major Coca-Cola India partnered with Adani Group subsidiary -- Adani Digital Labs -- to optimise the reach of its brands to consumers across the country.
  • As part of this, Coca-Cola India is working with Adani Digital Labs to use the consumer-centric platform for product sampling and develop deep consumer insights.
  • Coca-Cola is among the first brands to make its products available on this platform.
  • Adani Digital Labs is the digital arm of Adani Group, which allows brands to interact with large numbers of travellers and target customers with high spending and purchasing power.
  • The platform is currently live at the seven key airports located in Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangalore, and Thiruvananthapuram & Adani CNG Stations.

Reliance most Valued Indian Firm

  • Reliance Industries is India's most valued listed company at Rs. 17.2 trillion, said a report.
  • Reliance was followed by Tata Consultancy Services (TCS) and HDFC Bank with a valuation of Rs. 11.6 trillion and Rs. 8.3 trillion. Tech giant Infosys was at fourth place, followed by ICICI bank, Bharti Airtel, HDFC, and ITC. Adani Total Gas (ATG) and Adani Enterprises were new entrants in the Top 10 firms of 2022 Burgundy Private Hurun India 500. The rankings are by Hurun India and Burgundy Private, Axis Bank's private banking business.
  • Ranked 9th and 10th, ATG and Adani Enterprises were valued at Rs. 3.96 trillion and Rs. 3.81 trillion. Sun Pharma and Wipro exited the top 10 rankings from last year. The 500 companies ranked in the list are worth $2.7 trillion, an amount equal to India's Gross Domestic Product (GDP).
  • With a market cap of Rs 17.2 trillion, Reliance Industries is India's most valued listed firm, followed by Tata Consultancy Services (TCS) and HDFC Bank, with a valuation of Rs 11.6 trillion and Rs 8.3 trillion, respectively.

ICICI Bank Launches STACK for Companies in Real Estate Sector

  • ICICI Bank announced the launch of a novel solution named STACK for real estate companies. This is a combination of digital and physical solutions, which enables participants from the real estate sector, namely builders, real estate investment trusts (REITs) and alternate investment funds (AIFs), to undertake banking transactions expeditiously ― all on one platform.
  • STACK for real estate will focus on tech efficiency, which will help the companies save on time and resources.
  • STACK for the real estate sector is an extension of the 'ICICI STACK for Corporates', which the bank had launched in 2021 to provide a set of customised banking solutions for corporates and their entire ecosystem.
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