Tata Steel Inks MoU with Punjab Govt. to Set up Steel Plant in Ludhiana
Tata Steels signed a Memorandum of Understanding (MoU) with the Government of Punjab for setting up a 0.75 million tonne per annum (MnTPA) long products steel plant with a scrap-based electric arc furnace (EAF).
This initiative to set up the greenfield facility at Kadiana Khurd, Hitech Valley, Ludhiana in Punjab is a part of Tata Steel's commitment to investing in a circular economy and transitioning to low-carbon steelmaking through the steel recycling route. It is a step aligned to the Company's goal of achieving Net Zero carbon emission by 2045.
The state-of-the art EAF-based steel plant would produce construction grade steel rebar under the company's flagship retail brand 'Tata Tiscon', which would enable Tata Steel to further augment its market presence in the construction segment.
Harsh Shah Steps down as CEO of Azure Power
Harsh Shah has stepped down from the position of CEO of New York Stock Exchange-listed renewable energy company Azure Power, in just two months of taking up the role. The company has now appointed Rupesh Agarwal as the acting CEO. Agarwal had joined Azure in the capacity of Chief Strategy & Commercial Officer.
Shah was earlier CEO of IndiGrid, India's first power transmission InvIT. In an exchange notification, IndiGrid said it has reinstated Shah as the CEO.
Azure was founded by Inderpreet Wadhwa in 2008 and was listed at NYSE in 2016.
Aug 29, 2022
Yoddha: BOB Finance with Indian Army Launches Contactless Credit Card
BOB Finance launched a Yoddha co-branded RuPay credit card for Indian Army troops by Bank of Baroda-backed BOB Financial Solutions in collaboration with National Payments Corporation of India (NPCI). The new co-branded credit card is available on the RuPay platform and has contactless characteristics.
Credit cards are BOB Financial Solutions' main line of business, and the company prides itself on offering straightforward, uncomplicated solutions that are reasonably priced and quickly handled. Additionally, it provides a wide range of goods that appeal to all customer groups.
Yoddha, the co-branded credit card, had been specially crafted to provide Indian Army troops with the best features and advantages available.
Essar Signs $2.4 Billion Deal to Sell Ports Business to ArcelorMittal
Essar Group announced a USD 2.4 billion (Rs. 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd.
Essar signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.
The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal.
Ananth Narayan Gopalkrishnan Appointed as Whole-time Member of SEBI
The Appointments Committee of Cabinet (ACC) appointed Ananth Narayan Gopalakrishnan, an associate professor at SP Jain Institute of Management and Research (SPJIMR), as a whole-time member of the Securities and Exchange Board of India (SEBI).
He would hold office for three years from the date he assumes charge of the post or until further orders, whichever is earlier, said an executive order issued by the Department of Personnel and Training.
With this appointment, Gopalakrishnan becomes the fourth whole-time member of SEBI, which had been functioning with a vacancy for the position since November 2021.
HDFC Leads Credit Card Market While SBI Tops Chart in Debit Card Market
The State Bank of India (SBI), the largest bank in the nation, maintained its leadership position in the debit card market and HDFC Bank in the credit card market as of June 2022, according to the most data, despite a 6% decline in year-over-year growth. According to data compiled by PGA Labs, public sector banks hold a larger percentage of the debit card market than private banks, whereas reverse in the Credit card market. Bank of Baroda came in second with an 8% market share, followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank, each with 5%.
HDFC Leads Credit Card Market While SBI Tops Chart in Debit Card Market
The State Bank of India (SBI), the largest bank in the nation, maintained its leadership position in the debit card market and HDFC Bank in the credit card market as of June 2022, according to the most data, despite a 6% decline in year-over-year growth.
According to data compiled by PGA Labs, public sector banks hold a larger percentage of the debit card market than private banks, whereas reverse in the Credit card market.
Bank of Baroda came in second with an 8% market share, followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank, each with 5%.
NHPC Inks Pact with Himachal Pradesh for 500 MW Dugar Hydro Project
State-owned hydro power giant NHPC has inked a pact with the Himachal Pradesh government for the implementation of 500 MW Dugar Hydroelectric Project in Chamba district.
The agreement was signed in the presence of Jai Ram Thakur, Chief Minister, Himachal Pradesh, and A. K. Singh, Chairman & Managing Director, NHPC Limited. The document was signed by Suresh Kumar, General Manager (E), NHPC, and Harikesh Meena, Director (Energy), Directorate of Energy (DoE), Himachal Pradesh.
The Dugar Hydroelectric Project is expected to generate 1,759.85 million units in a year.
Aug 28, 2022
Godrej Agrovet Signed Agreements with Assam, Manipur, and Tripura for Palm Oil
Godrej Agrovet, a diversified agribusiness conglomerate, announced that it has signed an MoU with the governments of Assam, Manipur, and Tripura to advance and promote oil palm growth in the area under the National Mission on Edible Oils-Oil Palm initiative.
The partnership between Godrej Agrovet and the state governments will create new chances for expansion of oil palm plants in these states as well as support for farmers.
RBI Report: Bank Credit Rise Expedites 14.2% in the June 2022 Quarter
The Bank credit growth increased from 6% in the quarter that ended in June 2021 to 14.2% in the quarter that concluded in June 2022 as per the data released by the Reserve Bank of India.
The Bank credit has increased by 10.8% in the three months that ended in March 2022.
The last five quarters have seen a consistent 9.5 to 10.2% annual growth in aggregate deposits.
Adidas CEO Kasper Rorsted to Step Down Next Year
Adidas CEO, Kasper Rorsted will step down next year, the sports apparel maker. Rorsted, who has been CEO since 2016, and its supervisory board mutually agreed that he will hand over during the course of 2023.
Rorsted's departure was a mutual decision of the supervisory board and the CEO following confidential discussions. Besides the pandemic slump, Rorsted had to contend with criticism that the company had done too little to promote diversity.
Sivakumar Gopalan, Gopal Jain Appointed as Non-Executive Directors of RBL Bank
The private sector lender RBL Bank has appointed Gopal Jain and Dr. Sivakumar Gopalan as the non-executive directors.
RBL Bank has been working on adding a diverse set of leaders with relevant experience to accelerate its 2.0 strategy.
With the new additions, the bank's board will have 14 members. The board of RBL Bank approved raising up to Rs. 3,000 crores through the issue of debt securities on a private placement basis, on a "time-to-time basis".
Aug 27, 2022
RBI Report: Bank Credit Rise Expedites 14.2% in the June 2022 Quarter
The Bank credit growth increased from 6% in the quarter that ended in June 2021 to 14.2% in the quarter that concluded in June 2022 as per the data released by the Reserve Bank of India.
The Bank credit has increased by 10.8% in the three months that ended in March 2022.
The last five quarters have seen a consistent 9.5 to 10.2% annual growth in aggregate deposits.
Aug 24, 2022
"All things EV": HDFC Launches India's First EV Ecosystem
HDFC has launched India's first one-stop solution portal for Electric Vehicles Ecosystem, "All things EV". HDFC EGRO, General Insurance Company, which is a leading private sector general insurance company has claimed that the "All things EV", fulfills the needs of the existing and potential Electric Vehicles or EV users. The company has also launched a dedicated platform for existing and prospective EV ecosystem users as a part of the initiative which also hosts end-to-end information related to the EV sector. This platform welcomes all Indians who have purchased EVs or are planning to buy EVs in the future or are making an earning out of the growing EV sectors.
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