General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Apr 13, 2023

SEBI Unveils New Logo on 35th Foundation Day

The Securities and Exchange Board of India (SEBI) unveiled a new logo on the occasion of the market regulator's 35th Foundation Day. The new logo retains the traditional blue palette but also reflects on a more modern design.
"SEBI's new logo seeks to reflect the unique combination of its rich traditions and its new data and technology-based approach in all the three areas of its mandate in the securities market--development and regulation of the securities market and investor protection," said Sebi chairperson Madhabi Puri Buch, who is also the first woman to lead the market regulator in its 35-year history.
SEBI was established on April 12, 1988 under the Ministry of Finance. However, the body was granted statutory powers in 1992. SEBI functions as a quasi-judicial body and is said to have more statutory powers than other market regulators like the Securities Exchange Commission (SEC) of the United States.

Nepal and India to Sign Agreement for Cross-Border Digital Payments

Nepal and India are preparing to sign an agreement to allow cross-border digital payments through e-wallets, a move that is expected to boost trade and tourism between the two countries by eliminating currency exchange issues. The accord, expected to be signed during Nepali Prime Minister Pushpa Kamal Dahal's visit to India, will allow Indian tourists in Nepal to make digital payments through Indian e-wallets like BharatPe, PhonePe, Google Pay, and Paytm. The launch of digital payment services will eliminate the hassle of carrying large amounts of cash for Indian tourists and businessmen in Nepal and is expected to increase inter-operable real-time person-to-person (P2P) and merchant payment transactions (P2M) in Nepal.

South Korea to Conduct 1st Launch of Commercial-grade Satellite

South Korea plans to conduct its first launch of a commercial-grade satellite aboard a domestically built rocket next month as part of its space development program.
South Korea's officials said that its home-grown Nuri space launch vehicle has no military purposes. But some experts said that the development of such rockets would eventually help the country acquire technologies needed to build bigger missiles and launch reconnaissance satellites amid animosities with rival North Korea.
In June 2022, South Korea conducted its first satellite launch using the Nuri rocket. That launch involved what South Korean officials called a "performance verification" satellite mainly designed to examine the capacity of the rocket while next month's ((May 2023) event is meant to put a commercial-grade satellite into orbit for the first time.

MRF Second Strongest Tyre Brand in the World

MRF emerged as the second-strongest tyre brand in the world according to the latest report by Brand Finance on the 'Most Valuable and Strongest Tyre Brands' in the world.
MRF scored high in almost all parameters and is also featured as the second fastest-growing tyre brand in the world. It scored 83.2 out of 100 in brand strength and was awarded a AAA- brand rating.
The report, which also named MRF as the most valued Indian tyre brand, said that it scored high in the Sustainability Perception Value and is the only Indian tyre manufacturer to be featured in the top 10.
Brand Finance's annual report on the most valuable and strongest automobile, auto component, tyre and mobility 2023 analysed the value of brands in these industries.

Apr 12, 2023

Vikas Gupta New CEO of VLCC

Beauty and skincare brand VLCC, now controlled by Global investment firm Carlyle, appointed Vikas Gupta as CEO with immediate effect. The leadership change came after Carlyle, in December 2022 announced the acquisition of a majority stake in the home-grown firm.
Vikas Gupta succeeded Jayant Khosla.
Prior to this, Gupta was CEO of SuperStore, Nykaa's eB2B business. He has also worked with Walmart-owned e-commerce platform Flipkart as its Chief Customer and Marketing Officer between 2019-21.
He started his career with FMCG major HUL, where he spent 21 years in different roles.
Started in 1989 by Vandana Luthra and Mukesh Luthra as a beauty and weight management services centre, the VLCC group is among the first multi-outlet corporate operations in the Skincare, Beauty & Wellness Industry in India.

Citi, JICA Announce Co-finance Loan to IndusInd Bank for Agriculture Sector

Citi and the Japan International Cooperation Agency (JICA) announced a co-financing loan to IndusInd Bank to fund the farm sector.
This includes a $30 million loan by Citi and JPY 13 billion loan by JICA. This high-impact social finance offering that Citi arranged for IndusInd Bank is expected to improve financial access for farmers and catalyse capital investment in the agricultural sector in India.
This project will support the efforts of IndusInd Bank in strengthening its lending to the agricultural sector by leveraging its presence in rural areas. In this new collaborative agreement, Citi acted as the co-financing lender, arranger, coordinator, and facility agent.

India's First REITs & InvITs index with Six Securities

NSE Indices launched a new index that will track the overall performances of listed real estate investment trusts (REITs) and infrastructure investment trusts (InvITs).
The weights of securities in the index will be determined by their free-float market capitalisation, with the exposure to a particular REIT or InvIT being capped at 33 per cent. Also, the aggregate weight of the top-three securities is capped at 72 per cent.
At present, there are six securities in the index, with Embassy Office Parks Reit having the highest weightage at 33 per cent. Powergrid Infrastructure Investment has the second highest weight, at 20 per cent.
REITs are investment trusts (like mutual funds) that own and manage real estate properties generating regular income and capital appreciation on their investments. InvITs are similar to REITs except that they use the pooled money to own and run functional infrastructure assets like highways, roads, pipelines, warehouses and power plants.
The index, which has a base date of July 1, 2019 and a base value of 1,000, will be reviewed and rebalanced on a quarterly basis.

Apr 11, 2023

Tim Cook set to inaugurate India's first Apple store on April 18

Tim Cook, the CEO of Apple is all set to visit India for the first time in seven years to inaugurate the country's first Apple store in BKC, Mumbai on April 18 says Bloomberg. Today, the world's richest tech brand confirmed to launch two new Apple stores in India in April, located in BKC Mumbai, and Saket New Delhi on April 18 and 20, respectively.
Tim Cook visited India back in 2016 for a country tour. Since then, Apple has seen enormous growth in the country and has even made several new initiatives such as local manufacturing of iPhones and the launch of the Apple store online.

Andhra Pradesh, Telangana, Karnataka among 5 states in front runner category of state energy effi...

Five states, including Andhra Pradesh, Karnataka and Telangana, have featured in the front-runner category of the State Energy Efficiency Index (SEEI) report for 2021-22, according to an official release.
Rajasthan and Kerala are the other two states in the front-runner category which shows that states scored more than 60 points on various parameters under SEEI to assess state-level energy efficiency initiatives.
Assam, Haryana, Maharashtra, and Punjab are in the achiever category, scoring points between 50-60 on the index parameters.
The index developed by the Bureau of Energy Efficiency (BEE) in association with Alliance for an Energy-Efficient Economy (AEEE), assesses the annual progress of states and UTs in energy efficiency implementation for FY 2020-21 and 2021-22. SEEI 2021-22 has an updated framework of 50 indicators aligned with national priorities.

In a first, ICICI Bank introduces EMI facility for UPI payments

The ICICI Bank has introduced an EMI facility for UPI payments made by scanning a QR code. The private sector lender said that customers, who are eligible for the PayLater facility, can avail of the EMI facility using the Bank's 'buy now, pay later' option.The EMI facility for UPI payments can be availed across a host of categories such as electronics, groceries, fashion apparel, travel, and hotel bookings, the private bank said.
Through this facility, ICICI Bank customers can pay transaction amounts above Rs 10,000 in easy installments in three, six, or nine months. The bank stated that the new facility will be extended shortly for online shopping as well.

Apr 10, 2023

WBPDCL Takes Top Spot among Power Generation Corporations in the Country

From a loss-making public sector undertaking struggling to pay its employees in 2019, the West Bengal Power Development Corporation Ltd. (WBPDCL) scripted a turnaround by becoming the best-performing power generation corporation in the country.
Three thermal power plants of the State-run WBPDCL established their places in the top five ranks in terms of performance and efficiency (as measured by the plant load factor or PLF). This is according to a list published by the Central Electricity Authority, Ministry of Power.
The Bakreswar power plant of the WBPDCL took the top spot (PLF of 92.38%) out of 205 plants operating in the country. The Santaldih plant was ranked second (PLF of 91.37%) and the Sagardighi plant fifth (PLF of 89.39 %) nationally.
WBPDCL which ranked the best power generation corporation in the country is much ahead of Central power sector undertakings like NTPC (third position) , DVC etc and also of private power companies like Reliance power (Sasan at 12^th position), Neyveli Lignite corporation (at 16^th position) , Adani power ( Dhanu at 35^th position) and Tata power (Jojobera at 15^th position).

South Indian Bank Ties up with Cholamandalam MS General Insurance

South Indian Bank partnered with Cholamandalam MS General Insurance to offer health and general insurance products.
This partnership would enable customers of South Indian Bank to access the diverse range of insurance products offered by Cholamandalam MS General Insurance, thus fulfilling their need for protection against damage/ loss. The arrangement aims to further enrich the bank's insurance offerings by enabling its customers to access the product via the wide network of bank branches PAN India.
The key product offerings include: personal accident cover, home and property insurance, farmer care, EMI insurance, home package and retail health.

Ladakh Woodcarvings Receive GI tag, Locals hopeful of getting Opportunities in Domestic, Internat...

The people of the region have expressed joy after Ladakh woodcarvings received a Geographical Indication (GI) tag which came as a significant step towards promoting their unique industry.
The local artisans are hopeful of their works getting new opportunities in the domestic as well as international markets.
According to a report, the initiative, which was initiated by NABARD in consultation with the Department of Handicrafts and Handlooms, and the product being registered at the GI Registry Chennai earlier this year, has been widely appreciated and acknowledged by various stakeholders, including Lt Governor of Ladakh Brigadier BD Mishra, Prime Minister Narendra Modi, and Ladakh MP Jamyang Sering Namgyal.
"The GI tag provides legal protection to the original producers, preventing unauthorised use by third parties. It also promotes goods internationally, boosts exports, and brings economic prosperity to producers and stakeholders. This recognition is expected to further promote Ladakh wood carving globally, raise awareness about this unique art form from the region, and benefit the local artisans and the economy of Ladakh," the report said.
The GI tag is a prestigious recognition that acknowledges the unique qualities and characteristics of a product or art form associated with a particular geographical region.

Anshuman Singhania New Chairman of Tyre Makers' Body ATMA

The Automotive Tyre Manufacturers' Association (ATMA) announced that Anshuman Singhania, who is currently serving as the Managing Director of JK Tyre & Industries Ltd, was chosen as its new Chairman. Arnab Banerjee, Managing Director & CEO of CEAT Ltd took over as the Vice-Chairman.
The Automotive Tyre Manufacturers' Association (ATMA) is a representative body that was formed in 1975 in India to represent the interests of tyre manufacturers. It includes companies such as Apollo Tyres, JK Tyre & Industries, CEAT, MRF, and others. ATMA works towards advancing the tyre industry by creating a sustainable and supportive environment for its members. The association is involved in activities such as policy advocacy, promoting research and development, and conducting safety awareness campaigns for motorists. Additionally, ATMA also plays a critical role in enhancing the skill development of employees in the tyre manufacturing sector.

Web Portal on Unclaimed Deposits

BI Governor Shaktikanta Das announced a centralised web portal for the public to search their unclaimed deposits. According to official data, the total unclaimed deposits with banks currently stand at Rs. 35,012 crore, lower as compared with Rs 48,262 crore a year ago.
"At present, the depositors or beneficiaries of unclaimed bank deposits of 10 years or more have to go through the websites of multiple banks to locate such deposits. Now, in order to improve and widen the access of depositors/ beneficiaries to information on such unclaimed deposits, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits," the RBI governor said, while also announcing monetary policy on Thursday keeping the repo rate unchanged.
He added that this will help depositors/beneficiaries in getting back unclaimed deposits.
An unclaimed deposit is an account that does not see any infusion or withdrawal of funds or similar activities by a depositor for 10 years or more and is deemed inactive.

Apr 09, 2023

Citi Launches its Branch in GIFT IFSC

Citi launched its branch at Gujarat international Financial Tec-City — International Financial Services Center (GIFT-IFSC).This branch will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within the India Standard Time (IST) zone.
The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions, as well as emerging mid-corporates.

Odisha Receives Investment Intent Worth Rs. 26K crore at Business Meet in Tokyo

Odisha received investment intent of Rs. 26,000 crore in various sectors as Chief Minister Naveen Patnaik met Japanese industrialists in Tokyo.
The investment intent was received in sectors such as logistics, steel, Green Hydrogen, and IT/ITeS.
An MoU for collaboration in the skill development sector was also signed between Nihon-Utkal and IIIT, Bhubaneswar.
The business meeting was attended by representatives of more than 200 leading companies in Japan and the Indo-Pacific region.

MCL Beats Chhattisgarh-based SECL in Coal Production

Chhattisgarh-based South Eastern Coalfields (SECL) remained a runner-up in terms of coal production among eight entities of the state-run Coal India (CIL) in the financial year 2022-23.
With 193.3 million tonnes (mt) of output in FY23, neighbouring Odisha-based Mahanadi Coalfields Limited (MCL) continued to be the largest coal-producing company in the country for a second successive financial year.
The SECL was holding the top position till FY21. Its output, however, dropped to 142.5 mt in FY22.
The SECL and MCL had set a target to produce 182 mt and 173 mt of coal, respectively, in FY23. Despite its production growing by over 17 per cent, the SECL could record an output of 167 mt in 2022-23.

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