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Last Updated: October 19, 2019 12 hours ago

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  • India, US defence trade to reach Rs.1.2 lakh crore

    12 hours ago
    The US Department of Defence said that the bilateral defence trade between India and the US is expected to reach $18 billion (over Rs.1.2 lakh crore) by the end of 2019. The statement comes before the 9th India-US Defence Technology and Trade Initiative (DTTI) meeting in New Delhi in October. US-India: ♦ The US Department of Defence also reaffirmed its commitment to strengthening its partnership with India.  ♦ In 2008, the bilateral defence trade was zero between India and the US. ♦ The US also granted the India Strategic Trade Authority Tier 1 designation to Indian in August 2018. It provides India with greater supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under streamlined processes.

    RIL became the 1st Indian company to cross the Rs.9 lakh crore of mcap

    13 hours ago
    Mukesh Ambani-led Reliance Industries Limited (RIL) became the first Indian company to cross the Rs.9 lakh crore of market capitalization (m-cap). It is followed by Tata Consultancy Services (TCS) with a market capitalization of Rs.7,69,483 crore as its shares were trading up 1% at Rs.2050.70. Bank of America Merrill Lynch said that RIL could become India'sIndia's first company to hit $200 billion market capitalization in the next 24 months. RIL aims to double the revenue on retail and telecom segments by 2025. According to Shares of RIL were trading up 1.76% at Rs.1,420.75 in a firm Mumbai market. It valued RIL at Rs.9,00,666 crore, anticipating double-digit growth in profitability. The company has a 15% growth in profitability due to superior refining margins and corporate tax rate cut announced by the government. RIL's previous record: In August 2018, RIL became the first company to reach the Rs.8 lakh crore mark. RIL was also the first company to hit the $100 billion mark in market-cap in 2007.  Market-Cap: Market cap (market capitalization) is the total value of all a company's shares of stock. It can be calculated by multiplying the price of a stock and the total number of outstanding shares.

    Adani awards USD 68.30 mn contract to Martinus Rail

    13 hours ago
    India's Adani Enterprises awarded an A$100 million ($68.30 million) contract to Martinus Rail, an Australian based in the regional city of Rockhampton rail company. The deal aims to support its new thermal coal mine in Queensland state. The construction of Carmichael mine and rail project is on progress and has been lined up as to ramp up activity. Carmichael coal mine: The Australian government approves the Carmichael coal mine in the north of the Galilee Basin in Central Queensland, Australia. The mine was first acquired by Adani in 2010. The project has been estimated to produce 8 million-10 million tonnes of thermal coal a year initially that can cost up to $1.5 billion.  Australian environmentalists said that the Carmichael project is the major cause of climate change concerns in Australia. 

    Adani group inks MoU for $ 4 billion chemical venture

    1 day ago
    BASF and Adani have jointly announced the signing of a Memorandum of Understanding (MoU) with Abu Dhabi National Oil Company to undertake a joint feasibility study to evaluate collaboration on for the establishment of a chemical complex in Mundra. They are potential partners at various structure options for the chemical complex that will leverage the technical, financial, and operational strengths The joint feasibility study is likely to be finalized by the end of 2020. The total investment for the project is estimated to be up to $4 billion  Rs 28,500 crore (approximately). The collaboration includes evaluating a joint world-scale propane dehydrogenation (PDH) plant to produce propylene-based on propane feedstock supplied by ADNOC. The Propylene will be partially used as feedstock for a polypropylene (PP) complex, It is owned by ADNOC and Borealis - based on proprietary Borealis Borstar technology The PP complex will be the first overseas production joint investment by ADNOC and Borealis, as part of a strategic framework with their current joint venture Borouge. The international partners to establish a Chemical Manufacturing Complex at Mundra Port. We stand committed to the 'Make in India' initiative and serve the larger purpose of aligning growth opportunities with the creation of goodness for the nation. The work together with our partners in establishing a chemical cluster in Mundra, and to supplying the Indian market high-quality downstream products. Basic Products of BASF Oxo-C4 (butanols and 2-ethyl hexanol), butyl acrylate (BA) and potentially other downstream products as part of a joint venture of BASF and Adani. The products are predominantly for the Indian market, serving a range of local industries, including construction, automotive and coatings.The chemical complex in Mundra is intended to be entirely supplied by renewable energy resources. The partners are evaluating co-investment in a wind and solar park. The world's first world-scale CO2-neutral petrochemical site to be fully powered by renewable energy. BASF It is a German chemical company and the largest chemical producer in the world.

    CCI approves Kora to invest on Edelweiss Securities

    2 days ago
    The Competition Commission of India (CCI) approved the Kora Master Fund LP investment of $75 million up to 10% in Edelweiss Securities Ltd. US-based Kora signed an agreement with Edelweiss in August 2019. As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries. Kora Master Fund LP: Kora is a foreign portfolio investor. The principal activity of Kora is investment holding and related activities. The target entities that belong to the Edelweiss Group with Edelweiss Financial Services are the ultimate holding company. Competition Commission of India (CCI): Formed on: 14 October 2003 Chairman: Vijay Kumar Agarwal Secretary: PK Singh CCI is responsible to enforce the Competition Act 2002 across India. It aims to prevent activities that will cause an appreciable adverse effect on competition in India. CCI is a Trade Practices Commission.

    World Bank forecasts Indias GDP forecast to 6 percent

    4 days ago
    World Bank said that India's growth rate is projected to fall to 6% in 2019-20 following the deceleration in the initial quarters of this fiscal. World Bank said that India is expected to gradually recover to 6.9% in FY21 and 7.2% in FY22 in its latest edition of the South Asia Economic Focus. In April 2019, World Bank projected India's growth rate as 7.5%. The World Bank report said that in the first quarter of 2019-20, the Indian economy experienced a significant and broad-based growth deceleration with a sharp decline on the demand side and the weakening of growth in both industry and services on the supply side. In 2018-19 the headline inflation averaged 3.4%. It reflected the below-trend economic momentum and low food prices. It remained well below the RBI's mid-range target of 4% in the first half of 2019-2020. This also allowed the RBI to ease monetary policy via a cumulative 135 basis points (bps) cut in the repo rate from January 2019.

    India, China to set up high level group to tackle Indias trade deficit

    October 14, 2019
    Indian Prime Minister Narendra Modi and Chinese President Xi Jinping agreed to set up a high-level group to tackle India's trade deficit at the summit held in Mamallapuram, Tamil Nadu. The high-level group will be led by Finance Minister Nirmala Sitharaman from the Indian side and Chinese Vice Premier Hu Chunhua.  Highlights: ♦ The leaders discussed to improve bilateral ties  ♦ The summit aimed to break through distrust over border disputes, trade rows, and China’s close military ties with Pakistan ♦ The leaders also said that a new mechanism would be established to discuss trade, investment, and services ♦ China urged India to take an independent decision on Huawei’s bid for India’s proposed 3G network without heeding to U.S. pressure It was also suggested that the two sides to expand cooperation in the military sector to boost trust ♦ India-China relationship: In 2018, the bilateral trade between India and China reached $95.54 billion the biggest India has with any country. The bilateral trade favored China with a trade deficit of $53 billion.

    Union Govt may restrict palm oil import from Malaysia over Kashmir stand

    October 13, 2019
    India is restricting imports of some products from Malaysia including palm oil in reaction to the Southeast Asian country's leader criticizing New Delhi for its actions in Kashmir. India is looking for ways to limit palm oil imports and may place restrictions on other goods from the country, said a government source and an industry source who participated in discussions led by the Ministry of Commerce and Industry on the planned restrictions. India's government was angered after Malaysian Prime Minister Mahathir Mohamad said last month at the United Nations that India had "invaded and occupied" Jammu and Kashmir and asked New Delhi to work with Pakistan to resolve the issue. Muslim-majority Kashmir is divided between India and Pakistan, which both claim it in full and have twice gone to war over the territory. India revoked the special constitutional status of its portion of Kashmir in August, angering Pakistan. The government wants to send a strong signal of its displeasure to Malaysian authorities. India, the world's biggest importer of edible oils, is planning to substitute Malaysian palm oil with supplies of edible oils from countries such as Indonesia, Argentina, and Ukraine. The Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. In the first nine months of 2019, India was the biggest buyer of Malaysian palm oil, taking 3.9 million tonnes, according to data compiled by the Malaysian Palm Oil Board.A spokeswoman for India's commerce ministry said the ministry could not comment on things that were under consideration.

    India jumps to 7th spot in Brand Finance Nation Ranking

    October 12, 2019
    India jumped two levels to 7th position in the Brand Finance Nation ranking of 2019 The overall economic growth due to slowdown in the manufacturing and construction sectors. The latest report by independent brand valuation consultancy Brand Finance, India has jumped to the seventh position from 9th last year, after recording a solid 19 percent growth in brand value to USD 2.6 trillion. The Indian economy to recover after the global financial crisis with growth now reduced by a recent slowdown in both the manufacturing and construction sectors. Canada secured 7th position dropped to 8th position. South Korea was at the 10th position last year managed to jump a level up to reach the 9th position. Italy which was at 8th position last year, slipped to the 10th.US, China and Germany continued to be the top three nations, respectively even in 2019. Brand Finance Nation Ranking Brand Finance is an independent branded business valuation consultancy. It advises branded organizations or those with intangible assets, on how to maximize their value through effective management, of their brand and other intangible assets. Founded: 1996 Headquarters: London, United Kingdom CEO: David Haigh

    WTO to host first World Cotton Day celebrations in Geneva

    October 8, 2019
    World Trade Organisation, WTO will host the first World Cotton Day (WCD) celebrations in Geneva . This event stems from the application by the Cotton-4 countries (Benin, Burkina Faso, Chad and Mali) to the United Nations General Assembly for its official recognition of a World Cotton Day, reflecting the importance of cotton as a global commodity. The five-day event of World Cotton Day being observed at Geneva beginning today. The plenary session will be attended by heads of states, heads of international organisations and executives from the private sector. World Cotton Day will celebrate the many advantages of cotton, from its qualities as a natural fibre, to the benefits people obtain from its production, transformation, trade and consumption. World Cotton Day will also serve to shed light on the challenges faced by cotton economies around the world because cotton is important to least developed, developing and developed economies worldwide. The World Cotton Day launch will give more than 30 countries exposure to producers, processors and businesses and more than 400 participants will be celebrating cotton in Geneva with thousand more around the world. A cotton exhibition is also being held where TEXPROCIL, Handloom Export Promotion Council (HEPC), Cotton Corporation of India (CCI) and the National Institute of Fashion Technology (NIFT) will be setting up their stalls. A sculpture of Mahatma Gandhi made out of cotton will be displayed to commemorate the 150th birth anniversary of the Father of the Nation. The Cotton Textiles Export Promotion Council (TEXPROCIL) will be displaying India’s high quality cotton textiles at the exhibition. HEPC will be displaying hand woven products from prominent clusters of India and will also have a live demonstration of the charkha by Pitta Ramulu, National Awardee weaver. The charkha will be donated to the WTO after the event. Cotton is a global commodity that is produced all over the world and a single tonne of cotton provides year-round employment for five people on average. Cotton is a drought-resistant crop ideal for arid climates, it occupies just 2.1 per cent of the world’s arable land, yet it meets 27 per cent of the world’s textiles need. In addition to its fibre used in textiles and apparel, food products are also derived from cotton-like edible oil and animal feed from the seed. World Trade Organisation WTO Headquarters: Geneva, Switzerland Membership: 164 member states Founded: 1 January 1995

    Mahindra agrees for JV with Ford

    October 4, 2019
    Ford Motor Co has agreed for a joint venture (JV) with Mahindra and Mahindra. A joint announcement was made by Anand Mahindra, chairman of the Mahindra Group, and Bill Ford, chairman of Ford. The transaction is expected to be completed by 2020. About the JV: ♦ As per the agreement, M&M will take control of most of Ford Motor Co. India. ♦ Ford's engine plant in Sanand, Gujarat, and Chennai-based Global Business Services unit will be controlled by a new joint venture company controlled by M&M. The employees in the plants will be acquired by M&M. ♦ M&M will acquire a 51% stake and will invest Rs.657 crore in the JV. Ford Motor Company: Ford is an American multinational automaker. Industry: Automotive Founded on: 16 June 1903 Founder: Henry Ford Headquarters: Michigan, U.S. Executive Chairman: William Clay Ford Jr. President & CEO: Jim Hackett

    CCI approved the acquisition of GAL

    October 1, 2019
    The Competition Commission of India (CCI) gave its approval to an arm of Tata Group, and its two overseas partners to acquire a majority stake in GMR Airports Limited (GAL) under Section 31(1) of the Competition Act, 2002. The announcement was made by the Ministry of corporate affairs. Deal: The approval relates to the acquisition of up to 55.2% equity stake in GAL collectively by TUTPL, Valkyrie, and Solis. It is expected that the deal will pump Rs.1,000 crore into GMR Airports. It also includes the purchase of Rs.7,000 crore of the airport unit’s equity shares from the parent. GMR currently operates Delhi international airport and the Hyderabad International airport, in India. Stake holders are: ♦ TATA group's arm TRIL Urban Transport Private Limited (TUTPL) ♦ Valkyrie Investment Pte. Ltd. (Valkyrie) ♦ Solis Capital (Singapore) Pte. Limited (Solis)

    Google partners with Dineout for reservations for consumers via Google Maps

    October 1, 2019
    Google to enhance the user experience by adding more features to Google Maps with the help of technology powered by Dineout. The users will now have more actions to explore within Google Maps by discovering dining out options near them, choosing from the available offers at restaurants and also reserve a table for their preferred time and date. Finding a restaurant with the best available offers at any day and time will now be easy on Google Maps via this partnership with Dineout. The Offers shortcut on Google Maps the service can be leveraged by Google Maps users across 15,000+ Dineout partner restaurants in 17 cities such as Mumbai, Delhi NCR, Bangalore, Hyderabad, Kolkata, Pune, Chennai, Surat, Ahmedabad, Indore, Lucknow, Kochi, Nagpur, Ludhiana, Chandigarh, Jaipur and Goa. Dineout has been a pioneer in technology and innovation in the food-tech industry and now has moved a step forward to provide both a convenient and instant experience that allows users a seamless dining out experience with their auto-reservations and confirmed bookings technology. This collaboration with Google is a perfect blend for the customers and is all set to enhance the dining out experience for them. Google enables users to have a personalized experience using machine learning and user preferences. With the dining-out contributing more than 70% to the total restaurant industry and a user dining out for an average of 6.6 times a month, there is a growing need for innovation in this industry and ‘Offers’ on Google Maps at restaurants powered by Dineout will help users to make a much more informed decision and quick access the ease of digitization. Google Founded: 4 September 1998 CEO: Sundar Pichai Parent organization: Alphabet

    Bharti Airtel is planning to raise via a bond issue

    October 1, 2019
    India’s second-largest operator by revenue Bharti Airtel is planning to raise via a bond issue by its subsidiary Network i2i. For this purpose, the company appointed seven joint bookrunners and joint lead managers to kick start the process of a potential fundraising exercise through dollar-denominated perpetual bonds. Fundraising: Beginning on 2 October, bankers including BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, HSBC, J.P. Morgan, and Standard Chartered Bank will be conducting a series of fixed income investor meetings/calls across Asia, Europe, and the US. The fundraising will be in the range of $750 million to $1 billion, and the final figure will be arrived at based on the market response. The proceeds from the issue will be utilized to clear off the debt of Bharti Airtel. Bharti Airtel's debt stood at Rs.1.16 lakh crore as of June 2019. Bharti Airtel: Founded on: 7 July 1995 Founder: Sunil Bharti Mittal Headquarters: New Delhi Chairman: Sunil Bharti Mittal MD & CEO: Gopal Vittal  It is a global telecommunications services company that operates in 18 countries across South Asia and Africa, and also in the Channel Islands.

    ITI Limited enters Cloud Services business

    September 30, 2019
    Public sector telecom firm ITI Limited launched its cloud services and solutions platform for central and State government entities, banks, public sector undertakings, small and medium enterprises and Start-ups in India. The services, which include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS) and Storage as a Service (STaaS) will be offered through a partnership with Connectivity IT Solutions,which is a data center provider. ITI claimed that its cloud facility is expected to achieve optimum utilisation of the infrastructure and speed up the development and deployment of various ICT-IOT based applications for customers help government and non-government enterprises to procure ICT services on demand. The data will be stored in Connectivity IT Solutions’ data center facility while the systems integration firm will also support ITI with Cloud infrastructure, R&D capabilities and technical manpower. The new cloud service offered by ITI Data Center are expected to provide end-to-end IT infrastructure . They including new age cloud services to all its customers in the coming years. The initiative also exhibits ITI’s commitment to the Government of India’s flagship initiatives like Digital India. The ITI cloud initiative is one of the outcomes of the guidelines recommended by Government of India in 2017 on setting up of IT infrastructure by government departments using cloud computing technology with a clause mandating that all data must be stored within the country. The cloud services of ITI Data Center will enable PSU Banks, Central, and State Government undertakings, MNCs, corporates and large enterprises to have their data located within the country.

    Pilot Project for ushering in Industry 4.0 in the country is launched

    September 29, 2019
    A Pilot Project for ushering in the Industry 4.0 in the country, is launched for implementation at the Modern Coach Factory (MCF), Raebareli. The Ministry of Railways and Department of Science & Technology have joined hands in partnership with IIT Kanpur for taking up a unique project on Industry 4.0 launching a Pilot Project for implementation at Modern Coach Factory, Raebareli. The launch ceremony exchange of Ideas between Railway Board (Member Rolling Stock), Shri Rajesh Agrawal, Secretary Department of Science & Technology Shri Ashutosh Sharma, Professor N.S.Vyas of IIT Kanpur, DG RDSO Shri Virendra Kumar, General Manager MCF Shri V.M. Srivatsava some other senior Officials of the Railway Board and the Ministry of HRD. The department recently launched a new programme “Interdisciplinary Cyber Physical Systems (ICPS)” to foster and promote R&D in this emerging field of research.  Around  4000 crore rupees are expected to be spent in years to come in this area. Railway Board (Member Rolling Stock), Shri Rajesh Agrawal, said that today's initiative is expected to make India an advanced Industrial economy with exponential growth in jobs. Industry 4.0 ‘Industry 4.0’ commonly referred to as the fourth industrial revolution, is a name given to the current trend of automation, interconnectivity and data exchange in manufacturing technologies to increase productivity. Industry 4.0 is a complex Cyber-Physical Systems which synergizes production with digital technologies, the Internet of Things, Artificial Intelligence, Big Data & Analytics, Machine Learning and Cloud Computing.Prime Minister Shri Narendra Modi in his address in Houston, USA on 22nd Sept 2019 had highlighted the importance of ‘Industry 4.0’ in global economy and India's advantage. The project launched undertake under the aegis of “Technology Mission for Indian Railways” (TMIR). It would be implemented by a consortium of Ministry of Railways, Ministry of Human Resource Development and Ministry of Science & Technology on an investment sharing model for taking up identified railway projects for applied research and use on Indian Railways for advancement and modernization.  It is a complex cyber/physical digital system. Therefore, the architecture to be conceptualized and formulated in MCF initially would be gradually expanded in a phased manner to encompass all complexities that constitute Industry 4.0 in all manufacturing spheres in the country.  The Full transition to the digital factory using ‘Industry 4.0’ across entire value chain from design to production will help enhance productivity hugely by providing insight into production process to take the decisions in real time basis, minimizing human errors by effective monitoring to ensure that resources are put to the best utilization measured by, what is called the Overall Equipment Effectiveness (OEE). The National Policy for Advanced Manufacturing envisages that manufacturing sector should contribute at least 25% to GDP.  All over the world, countries who have been able to achieve phenomenal growth, could do that with the advent of rapid strides in manufacturing sector. This initiative in Railways may have wider ramifications to spur growth in defence production as well as in private manufacturing sector also.  History - Modern Coach Factory (MCF), Raebareli  Modern Coach Factory (MCF), Raebareli established as a State of the Art coach manufacturing unit with the capacity to manufacture 1000 passenger coaches annually and has modern automated machines and robotic fabrication lines. During last one year, MCF has increased its production phenomenally to 1425 LHB coaches in 2018-19 vis-à-vis 710 LHB coaches in 2017-18. This was enabled significantly by the adoption of elements of Industry 4.0. on sophisticated machines. Inspection of MCF by the Prime Minister in December 2018 has been an inspiration to proliferate this initiative. The continuous demand for higher speed coaches with the comfort of international level and to meet the demand of a continuously growing economy, there is a need to employ the tools which will improve the productivity to next higher level with greater product flexibility. Industry 4.0 would be based cyber/physical-digital system and would involve various packages, systems, applications and Hardware within Design/Planning, Networking and Production to be added in a modular and incremental manner in MCF The Industry 4.0, areas such as Inspection, Machining, Welding, Measurement etc., will also be provided with the initial & Bigdata Analytics, Artificial-Intelligence.

    FM Reviews Capital Expenditure and Payments of Maharatnas and Navratnas CPSEs

    September 29, 2019
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to review their capital expenditure till date and plans for the next two quarters of this financial year. This meeting was held as part of the series of meetings that the Finance Minister has been having with various stakeholders and the measures that have been taken to accelerate the economic growth rate. The Meeting was attended by Finance Secretary  Shri Rajeev Kumar , Secretary DEA Shri Atanu Chakraborty & Secretary Expenditure Shri GC Murmu & Heads /Representatives  of 32 CPSEs . The combined capital expenditure by the Central Public Sector Enterprises (CPSEs) and Departmental Undertakings (DUs) such as the NHAI and the Indian Railways contribute in substantial measure to fixed assets creation in the economy. The Public procurement as a percentage of GDP in the country is estimated between 20% to 22%. For a size of Indian economy at USD 2.7 trillion, this amounts to public procurement to the tune of USD 500 billion annually. CPSEs are a major contributor to public procurement of works, goods and services. GDP - CPSE Impact The Government introduced performance-based evaluation and has also empowered the Boards of Maharatna and Navratna companies for taking operational decisions. The Government wants the CPSEs to double their contribution to the gross domestic product (GDP) and be the “third major source” of revenue for the Centre after direct and indirect taxes. CPSEs must make efforts to reduce the country’s imports bill and expanding India’s global strategic reach by 2022.The Government by setting up Government e-Marketplace (GeM) and the Central Public Procurement Portal. CPSEs presented their Capital Expenditure (CAPEX) till August 2019 with the Finance Minister and explained their plans for the next two quarters. The ONGC has a capex plan of Rs. 32921 crore for FY 2019-20. Its capex till August 2019 was Rs. 8,777 crore which was 26.66% of the total planned capex. Indian Oil Corporation has a capex plan of Rs. 25,083 crore of which 8,173 crore ( 32%) has been spent. NTPC has made CAPEX of Rs. 8490 crore (42%) out of a plan of Rs. 20,000 crore. The CPSEs which participated in the meeting have plans of making capital expenditure of Rs. 50,000 crore in the next quarter. CAPEX plans to be firmed up and followed up with ground-level execution. Ministry of Finance would monitor the capital expenditure regularly. CPSEs must ensure that regular payments are cleared expeditiously as it spurs investment cycle and establish e-Billing portal for enabling stakeholders to track the status of payments. Special efforts must be made to clear dues of MSMEs and resolve cases on the SAMADHAN portal of Department of MSME.

    Amazon India to train individuals with autism

    September 27, 2019
    Amazon India announced its partnership with a non-governmental organisation (NGO) - Sol's ARC  They planned to launch an industry first pilot programme to train young adults with autism and intellectual disabilities. This programme will enable their successful integration into the workforce and help them gain financial independence. Amazon.in will work closely with Sol's ARC to create internship opportunities for them across different parts of its fulfilment network. The NGO would also help create awareness among Amazon employees about autism and intellectual disabilities. More than 350 associates who are deaf with speech disabilities are part of the Amazon network across the country's fulfilment centres, sortation centres and delivery stations. Amazon Headquarters: Seattle, Washington, United States CEO: Jeff Bezos Founder: Jeff Bezos

    TVS Motor Company Strengthens Presence In UAE Appoints New Distributor

    September 26, 2019
    TVS Motor Company expanded its presence in the United Arab Emirates (UAE) and announced its new distribution partnership with Al Yousuf MC; The two-wheeler manufacturer has opened a 2700 sq.ft. showroom along Sheikh Zayed road in Dubai, and the outlet is the first-of-its-kind in the region for the brand. The 3S dealership sales but will also carry spares and feature a service facility TVS will be retailing its extensive range of offerings in the UAE that includes commuters as well as premium motorcycles. The marquee showroom inaugurated here in Dubai will help us consolidate our presence in the region. The showroom demonstrates our commitment to the market, will host products across segments and fulfill the diverse requirements of customers in the region. Its strategic location in the prominent automobile hub of Dubai. TVS Model Names - New The brand's line-up for the UAE includes the flagship TVS Apache RR 310, Apache RTR 200 4V, RTR 160 4V, and the RTR 180 Race Edition.They introduce the TVS Jupiter, TVS NTorq 125 and the TVS Wego scooters in the region, along with the HLX 150 and the HLX 125 global motorcycles. The HLX series has sold over one million units globally and is available across multiple international markets.TVS is working on upgrading its line-up to BS6 norms in India. The updated models are expected to arrive in dealerships by the end of the year or by early next year, ahead of the April 2020 deadline. The manufacturer recently launched the TVS NTorq 125 Race Edition in the country with new graphics, color option and a new LED headlamp, just in time for the festive season.

    Honda to stop sale of diesel cars in Europe by 2021

    September 25, 2019
    Honda Motor Co Ltd phase out all diesel cars by 2021 in favor of models with electric propulsion systems, as the Japanese automaker moves to electrify all of its European cars by 2025. According to European Union emission targets, Carbon dioxide must be cut to 95 gram per km for 95 percent of cars from the current 120.5-gram average, a figure that has increased of late as consumers spurn fuel-efficient diesel vehicles and embrace SUVs. The new cars in the EU must be compliant in 2021. Japan's No. 3 automaker cut the number of car model variations to a third of the current offerings by 2025 reducing global production costs by 10 per cent and redirecting those savings towards advanced research and development. Maruti Suzuki and Renault announced that they plan to stop the sale of diesel-powered vehicles from April 2020 onwards due to the high cost of meeting BS-VI emissions norms. Honda Motor  Founded: 24 September 1948, Hamamatsu, Shizuoka Prefecture, Japan Founders: Soichiro Honda, Takeo Fujisawa

    Infosys is worlds third best regarded company

    September 25, 2019
    Indian companies Infosys, TCS and HDFC named as in the list of World’s Best Regarded Companies compiled by Forbes. Infosys ranked third in the list of World’s Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position respectively.  Companies in the list The other top ten companies in the list for 2019 are Netflix at the 4th position, followed by PayPal (5), Microsoft (6), Walt Disney (7), Toyota Motor (8), Mastercard (9), Costco Wholesale (10). Indian companies Tata Consultancy Services (22nd position) and Tata Motors (31) featured among the top 50 in the coveted list. The Indian companies in the list include Tata Steel (105), Larsen & Toubro (115), Mahindra & Mahindra (117), HDFC (135), Bajaj Finserv (143), Piramal Enterprises (149), Steel Authority of India (153), HCL Technologies (155), Hindalco Industries (157), Wipro (168), HDFC Bank (204), Sun Pharma Industries (217), General Insurance Corporation Of India (224), ITC (231) and Asian Paints (248). The next three most-represented countries are Japan, China and India. Japan, China and India together house 82 companies on the list, up from 63 last year. Forbes partnered with Statista to cull our annual list of the world’s 2,000 largest public companies down to the top 250 best-regarded businesses ranked based on trustworthiness, social conduct, the strength of their products and services and how they fare as employers. Statista surveyed 15,000 respondents from more than 50 countries.

    Infosys, TCS, HDFC among 17 Indian firms in Forbes

    September 24, 2019
    The 17 Indian companies, including Infosys, TCS and HDFC named in the list of World's Best Regarded Companies compiled by Forbes. IT major Infosys has been ranked third in the list of World's Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position, respectively. Infosys jumped to the third spot from 31st position in 2018. The Infosys leading position headlined an Asian invasion in the rankings," Forbes said. The other top ten companies in the list for 2019 are Netflix at the 4th position followed by PayPal (5), Microsoft (6), Walt Disney (7), Toyota Motor (8), Mastercard (9), Costco Wholesale (10). Indian companies Tata Consultancy Services (22nd position) and Tata Motors (31) featured among the top 50 in the coveted list. Indian Companies The Indian companies in the list include Tata Steel (105), Larsen & Toubro (115), Mahindra & Mahindra (117), HDFC (135), Bajaj Finserv (143), Piramal Enterprises (149), Steel Authority of India (153), HCL Technologies (155), Hindalco Industries (157), Wipro (168), HDFC Bank (204), Sun Pharma Industries (217), General Insurance Corporation Of India (224), ITC (231) and Asian Paints (248). The US dominated the list as it is home to 59 of the 250 companies in the list. The next three most-represented countries are Japan, China and India. Japan, China and India together house 82 companies on the list, up from 63 last year. Forbes partnered with Statista to cull our annual list of the world's 2,000 largest public companies down to the top 250 best-regarded businesses ranked based on trustworthiness, social conduct, the strength of their products and services and how they fare as employers. To gather data, Statista surveyed 15,000 respondents from more than 50 countries.

    SEBI imposes penalty on Aurobindo Pharma

    September 24, 2019
    Securities Exchange Board of India (SEBI) has imposed penalties of Rs.22.7 crore on Aurobindo Pharma and its promoters on 23 September.  The penalty was laid as the company has violated the provisions of insider trading in relation to a licensing deal it had entered with Pfizer in 2009. SEBI has ordered Aurobindo and its promoters to pay the penalty within 45 days of the receipt of the order. Reason: SEBI conducted an investigation into the trading in the script of Aurobindo Pharma during the period from 22 July 2008 to 20 March 2009. Aurobindo Pharma has failed to disclose immediately and continuously to the stock exchange on price-sensitive information (PSI) pertaining to the licensing and supply agreements as soon as they were entered into with Pfizer.

    Wipro launches first phase of noomis to help financial services sector

    September 24, 2019
    Wipro company announced the successful launch of the first phase of noomis.The new online platform of FEBRABAN an industry association that represents the financial services sector in Brazil. The announcement made after market hours yesterday, 23 September 2019. Meanwhile, the S&P BSE Sensex was down 164.20 points or 0.42% to 39,254.23. The 17,000 shares were traded in the counter so far compared with average daily volumes of 3.42 lakh shares in the past two weeks.  The noomis serve as a meeting point and a discussion platform for the finance professionals in Brazil who participate in CIAB FEBRABAN.  CIAB  CIAB is an information technology trade show for financial services in Latin America. The digital cloud technologies, the platform is envisaged to change the way companies collaborate and share information. The noomis will provide reliable, analytical, and unbiased information via news reports, blogs, videos, and newsletters that will enable participants to stay up to date on financial market trends. Wipro Wipro is a leading global information technology, consulting and business process services company.

    Ola drivers to get healthcare benefits under Ayushman Bharat

    September 21, 2019
    Ola and Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) announced a partnership to facilitate comprehensive health insurance for Ola’s 2 million driver-partners. Vijay Ghadge, Vice President-Operations, Ola signed an MoU with Praveen Gedam, Deputy CEO of AB-PMJAY and National Health Authority to extend the benefits of the Centre-sponsored healthcare scheme to provide secondary and tertiary care to driver-partners and their families. A representative from Common Service Centres (CSC), Ministry of Electronics and Information Technology, Government of India signed the MoU in the capacity of a third-party administrator. Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) AB-PMJAY provides 10.74 crore economically backwards and vulnerable families in India with hospitalization benefits through a health cover of Rs. 5 lakh in government and empanelled private hospitals. As a part of the partnership, the two organizations will work in tandem to identify driver-partners eligible for the scheme and provide them with access to benefits under the PM-JAY scheme. Through this collaboration, hundreds of thousands of eligible driver-partners will be able to access in-patient care for serious illnesses at a country-wide network of 18,073 government and private hospitals empanelled under PM-JAY. The driver-partners can get their AB-PMJAY e-cards issued at the nearest Ola office. The milestone development follows a series of benefits Ola has extended to its driver-partners towards their financial inclusion, including access to credit, tailored financial products and subsidized insurance and interest rates for their personal and professional needs. Eligible driver-partners, as well as Ola employees across verticals, will be able to avail the benefits of the program and obtain an Ayushman Bharat card at Rs. 30. Officials from the National Health Authority will work closely with the concerned department at Ola to carry out efficient handling of the process from checking eligibility to handing out AB-PMJAY e-cards. They will also train Ola staff to execute the process independently.

    Centre reduces corporate tax

    September 21, 2019
    Government has announced a huge rate cut in the corporate tax rates from 30% to 22%. The announcement was made by the Finance Minister Nirmala Sitharaman at 37th GST council meeting in Goa. For this, the Ministry of Finance has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Aim: The reduction in corporate tax aims to boost manufacturing in the country.  Key Highlights: For Domestic company: ♦ The provision will also allow any domestic company to pay an income-tax at the rate of 22% with the condition that they will not avail any exemption/incentive. ♦ The effective rates will be 25.17% inclusive of surcharge & cess. ♦ The new law cancels the Minimum Alternate Tax (MAT) for the companies. For New domestic company: ♦ Any new domestic company which is incorporated on or after 1st October 2019 will make fresh investment in manufacturing is to pay an income-tax at the rate of 15%. ♦ The effective tax rate for these companies will be 17.01% inclusive of surcharge & cess.  ♦ These companies need not be required to pay Minimum Alternate Tax (MAT).

    Reliance Jio added 8.5 million subscribers in July Airtel and Vodafone Idea lost 6 million

    September 19, 2019
    Reliance Jio added 8.5 million subscribers in July, after almost three months of slow addition, even as the older incumbents lost a cumulative six mn, according to data from the Telecom Regulatory Authority of India (TRAI). Bharti Airtel reported 2.5 million subscribers exiting its network. Vodafone Idea had 3.4 million exits. Jio’s highest reported monthly addition this year has been 9.4 million in March. Both Jio and Airtel have inched up their broadband market share, to 56.2 percent and 20.5 per cent, respectively. The active subscriber base reported by Trai has reduced to 83.2 per cent, compared to 84.4 per cent in June. Reliance Jio adds 8.5 mn subscribers in July; Airtel gains 2.5 mn users The top five wired broadband service providers were BSNL (9.05 million), Bharti Airtel (2.4 million), Atria Convergence Technologies (1.47 million), Hathway Cable & Datacom (0.85 million) and You Broadband (0.75 million). The wired broadband base is expected to undergo some changes as Jio starts offering commercial fibre services; Airtel has also launched competitive plans. The top wireless broadband operators are Jio (339.8 million subscribers), Airtel (121.5 million) and Vodafone Idea (110.9 million). The number of telephone subscribers in India increased from 1,186.63 million at the end of June to 1,189.28 mn at the end of July, up 0.2 percent. Urban subscription increased from 675.58 million to 678.02 million; rural subscription from 511.05 million to 511.25 million. The Teledensity increased from 90.11 at the end of June to 90.23. The urban figure rose from 160.78 to 161.12; rural teledensity slightly declined from 56.99 to 56.98.

    T-Hub signs MoU with VentureLink and US-based Choose New Jersey

    September 18, 2019
    Hyderabad-based incubator T-Hub signed a tripartite memorandum of Understanding (MoU) with Choose New Jersey an economic development organisation and VentureLink a community hub for technology companies at the New Jersey Institute of Technology (NJIT)for Northern New Jersey.  They will provide growth-stage startups in India with business opportunities,market understanding and access to clients in the USA. The two individuals per startup will get complimentary space for two months. The MoU will promote technology and investment exchange between New Jersey and India through this collaboration between T-Hub, VentureLink, and Choose New Jersey. The three organisations will also support joint research and development in the areas of common interest between the parties. It will offer reciprocal services, as and when required, to VentureLink which is a community hub for technology companies at NJIT members interested in exploring business and investment opportunities in India. The Hyderabad-based incubator will also initiate the call for applications for startups to participate in this opportunity. Only high potential and growth startups will be selected based on the quality of technology solutions, product/solution readiness, revenue model and growth potential, after a thorough screening process. Through the MoU, startups will get an opportunity to tap into one of the biggest fintech ecosystems in the world in New Jersey. T-Hub The T-Hub will enable the selected startups to get direct access to relevant funding opportunities via VentureLink. New Jersey is one of the top sites in the world for access to innovation capital, with some of the biggest names in venture capital located there. In the last five years, it has recorded over $60 billion pin venture capital investments. Jayesh Ranjan, principal secretary (Industries and IT).T-Hub, which was setup by the government of Telangana, is a public-private-partnership situated inside the International Institute of Technology-Hyderabad campus. It uses the Triple Helix model of innovation based on interaction and collaboration between industry, academia and the government.

    Mahindra and Mahindra constitute MBPL as wholly-owned subsidiary

    September 18, 2019
    Home-grown auto major Mahindra and Mahindra incorporated Mahindra Bangladesh Private Limited (MBPL) as its wholly-owned subsidiary. MBPL has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh, The Companies Act (Act XVIII) of 1994, Mahindra and Mahindra said in a regulatory filing. The objective of the move is to carry on the businesses of trading, distributing, supplying, storing, exporting, importing, servicing, manufacturing, developing, assembling, leasing, selling on hire-purchase or instalment systems, research and development, of all kinds of passenger, transportation and utility vehicles including but not limited to tankers, tractors, agricultural machinery, multi-utility vehicles, trailers, lorries, trucks, buses, motor cars, motorcycles, three-wheelers or other motor vehicles. Mahindra and Mahindra Parent organization: Mahindra Group CEO: Anand Mahindra

    BEML and Wipro to work together in aerospace AI and 3D printing

    September 17, 2019
    Defence PSU BEML Ltd and Wipro Infrastructure Engineering signed an MoU to work together in the areas of aerospace, industrial automation, 3-D printing artificial intelligence and hydraulic system engineering. The MoU entails the two firms working together on projects, products, systems, services and projects for DRDO Labs and other government entities in India as well as overseas. The key focus areas include aerospace components and parts through SEZ, metal additive manufacturing and design optimization for new critical aggregates, legacy components & spares, and process automation. This partnership will help both companies make a significant contribution to indigenisation and the Make in India’ initiatives of the government. BEML has a strong lineage of being a heavy engineering company. The main focus on emerging technologies like 3-D printing and industrial automation. Bharat Earth Movers Limited Bharat Earth Movers Limited known as BEML. It is an Indian Public Sector . It manufactures a variety of heavy equipment, such as that used for earth moving, transport and mining. Headquarters: Bengaluru  

    Air India posts Rs 4,600 crores operating loss in 2018-19 its aim to operating profit fiscal

    September 16, 2019
    Air India denotes an operating loss of around Rs 4600 crore within the last fiscal year due to higher oil costs and exchange losses however the debt-laden carrier expects to show the profit of Rs 700 to 800 crore in 2019-20. Airlines net loss : The airline's net loss leads to Rs 8,400 crore whereas total loss revenues touched around Rs26,400 crore in 2018-19. Air India had a loss of Rs 430 crore within the four-month. after Pakistan’s Balakot airstrikes closed Air india tries to increase a ratio and yields improving to forty-one international and seventy-two domestic destinations. Air india is to begin flying to Toronto from Sep twenty-seven and to Nairobi in November. the airindia has a loan burden upto Rs 58,000 crore, at now it is a new challenge on major investment with Rs 4000 crore. About Air india: The Air india airline was supported by J. R. D. Tata it is started in 1932. The airline has its headquarters in New Delhi.it is owned by the government.it  is the largest international carrier with sixty international destinations served by four continents. The airline became the twenty-seventh member of Star Alliance on eleven July 2014.

    China Sees Decline In Electric Vehicle Sales For Second Consecutive Month

    September 15, 2019
    China reported a decline of 16 per cent in electric vehicle sales for the month of August. Last month the cumulative sales of all pure-electric, fuel-celled, and plugin hybrids vehicles stood at 85,000 units the China Association of Automobile Manufacturers, compared to 100,000+ vehicles sold during the same month in 2018. The decline in year-on-year YoY sales, China registered month-on-month MoM drop of 4.7 per cent compared to the total EV sales in July 2019. The second straight month the EV sales have gone down in China, following the local government's decision to scale back subsidies. China is currently the world's largest electric vehicle market, accounting for about half of the world's EV sales. The electric vehicle segment is a strategically important industry in China, which hopes to electrify 60 per cent of its total vehicle population by 2035. However, the automotive industry is still heavily reliant on the government, which is why China decided to gradually reduce the subsidies for NEVs since 2017 poor performance of China's EV segment EVs, China's regular passenger vehicle wholesalers also fell by 7.7 per cent in August, seeing a sales slump for the 14th consecutive month, coming down to 1.65 million units. One of the main reasons for this is also the slowdown of the Chinese economy, which is further affected by the ongoing trade conflict with the US.

    Former PM suggests ways to revive Indian economy

    September 15, 2019
    Former Prime Minister and economist Manmohan Singh have suggested 5 remedial measures reverse the current economic slowdown in the country. He said demonetization and faulty implementation of the Goods and Services Tax has wrecked the economy.  Five reform measures: The five reform measures that were suggested by former PM Manmohan Singh are: 1) Instead of making sectoral announcements, the govt should take efforts to simultaneously take forward the entire economic framework. GST should be made logical. 2) Agriculture should be revived and boost rural consumption. 3) Infuse liquidity in the system for capital formation. 4) Revitalize key labor-intensive sectors like textile, automobile, electronics and affordable housing. To implement this, easy loans would be required, especially for micro, small and medium enterprises (MSMEs). 5) Tackle emerging export opportunities due to the tariff war between the United States and China.

    BHEL commissions 1,320 MW thermal plant in Jharsuguda Odisha

    September 14, 2019
    Bharat Heavy Electricals Limited (BHEL) India’s largest power equipment manufacturer announced it has commissioned a 1,320 Megawatt (Mw) power plant in Odisha. The IB Thermal Power Station with two units of 660 Megawatt capacity each is owned by Odisha Power Generation Corporation Limited (OPGC) a joint venture between the state government and US-based AES. BHEL previously set up two units of 210 MW capacity each at IB Thermal Power Station operating for over 20 years. BHEL supplied sets are contributing 100 per cent of the coal-based power stations installed by OPGC. A substantial portion of power generated from the project will be supplied to the Grid Corporation of Odisha (GRIDCO) The key equipment for the project was manufactured by BHEL at its Haridwar, Trichy, Hyderabad, Ranipet, Bhopal, and Bangalore facilities and the construction of the plant was undertaken by the company's Power Sector - Eastern Region division.BHEL installed more than 1,85,000 MW utility sets in India and abroad.

    Google Doodle Celebrates 166th Birthday Of Hans Christian Gram

    September 13, 2019
    Google is celebrating the 166th birth anniversary of microbiologist Hans Christian Joachim Gram with a doodle. Gram was born on September 13, 1853, in Denmark’s Copenhagen. Gram is best known for pioneering the method of the Gram stain to identify bacteria. The Danish microbiologist earned an M.D. from the University of Copenhagen in 1878. He then traveled through Europe between 1883 to 1885 studying pharmacology and bacteriology. History It was in 1884, while working in the lab of German microbiologist Karl Friedländer in Berlin, that he devised his famous staining technique that is now still used to identify and classify different types of bacteria. He followed the method of Paul Ehrlich, using aniline-water and gentian violet solution.The heat-fixed smear of bacterial cells with a crystal violet stain, followed by an iodine solution and an organic solvent, revealed differences in the structure and biochemical function of various samples. Gram-positive bacteria remained purple because they have a single thick cell wall that is not easily penetrated by the solvent. Gram’s discovery helps in the identification and classification of bacteria, it also helps decide the treatment of bacterial diseases. For example, the antibiotic penicillin is active only against Gram-positive bacteria. The penicillin either. Pneumococci, which can cause many diseases, are classified as Gram-positive.He published these findings the very same year in a scholarly journal and included a modest dislaimer that his findings are defective and imperfect but he hoped it would turn out to be useful in the hands of future investigators.More than a century later, Gram’s simple staining method, named after its inventor, is still widely used. Gram showed a keen interest in the clinical education of students throughout his career. He retired from his medical practice in 1923 and died at the age of 85 in 1938. The Doodle is illustrated by Danish guest artist Mikkel Sommer who is based between Athens and Berlin.  

    GST Council likely to extend the date of filing annual return audit report for FY19

    September 12, 2019
    Goods and Services Tax annual return and audit report for FY19. The GST Council, is likely to extend the due date to enable businesses to comply as companies are currently busy with meeting the deadline for FY18. Businesses have time till 30 November to file the annual return and audit report for the July-April period of FY18 The three extensions already considering the numerous changes in rules and the difficulties faced by them in shifting to a new technology reliant indirect tax regime. The extension will be of immense help as without it they will have to finalise annual returns and the audit report for FY19 within one month of having filed the same for the previous fiscal. The government does not want to pre-empt the preparations that businesses are currently doing to meet the due date. GST implementation marked by continued extensions of due dates for filing various return forms as the new technology driven indirect tax regime brought into its fold a large number of small firms. The Council has progressively liberalised the compliance regime, especially for small businesses, which now have to pay only quarterly returns though they pay taxes on a monthly basis. The central government expects the new tax regime may take some more time to stabilise. The focus of the authorities at present should be on improving compliance for FY 18. The first year can be used to improve compliance for the years to follow. Simplification of GSTR-9 (annual return).  

    Coffee Day sells Global Village Tech Park for 2,800 cr to Blackstone

    September 8, 2019
    Coffee Day Enterprises Ltd (CDEL) closed the deal to sell the Global Village Technology Park in Bengaluru to New York-based private equity giant Blackstone Group Llp. Two people familiar with the transaction confirmed the development. The sale of the 90-acre tech park was finalized at ₹2,800 crore, according to the first person. The money will be credited to CDEL within the next week. The 2000 crore from the proceeds of the deal will be used to repay debts of CDEL and ₹800 crore will go into the books of CDEL to meet its working capital requirements. CDEL owns Coffee Day Global Ltd (coffee business), Sical Logistics Ltd (integrated logistics), Tanglin Developments Ltd ,Way2Wealth (financial services), and Coffee Day Hotels and Resorts Ltd (hospitality)obligations of at least ₹7,653 crore. The debt come down after Siddhartha and two CDEL subsidiaries sold their entire stake in Mindtree Ltd to Larsen and Toubro Ltd for ₹3,200 crore, and used a part of the money to repay debt. The March and June-end too helped CDEL reduce loan obligations at a consolidated level. The asset sale will help CDEL pare its debt obligations from ₹4,400 crore to ₹2,400 crore, which will be further lowered via the sale of some of CDEL’s other assets over the next two months," said the first person. The alleged suicide of Siddhartha, the CDEL board decided to sell the technology park, which is owned by Tanglin Developments. The first reported that CDEL planning to selectively sell assets of the firm to pare debt incurred by the group’s 52 subsidiaries. CDEL announced its decision to sell the tech park to Blackstone Group for ₹2,600-3,000 crore. CDEL gave in-principle approval for disinvestment in its subsidiary, AlphaGrep Securities Pvt. Ltd, in favor of Illuminati Software Pvt. Ltd for ₹28 crore.

    HAL to receive 45,000 crore orders for 83 LCA fighters

    September 8, 2019
    The Indian Air Force (IAF) to place orders worth around ₹45,000 crore with the Hindustan Aeronautics Limited (HAL) to acquire 83 Light Combat Aircraft (LCA) Tejas fighters. The IAF issued a tender for 83 LCAs about two years ago and the project was stuck over the pricing issue as the government and the Air Force felt that the price offered by the HAL was slightly higher. The Defence Ministry determined the cost of the 83 LCA Mark 1A aircraft around ₹45,000 crore and the Indian Air Force is now expected to place orders for these planes in the next few weeks. The LCAs have been designed and developed completely by the Defence Research and Development Organisation (DRDO). The DRDO chief G Satheesh Reddy presented the Final Operational Clearance (IOC) certificate for the LCA to the IAF and the Defence Ministry at the Aero-India. The first-of-its-kind order for any Indian firm and would give a major boost for the indigenous defence industry. The Acceptance of Necessity given by the Defence Ministry over two years ago was ₹50,000 crore but the price determined by the ministry's cost committee was reduced to around ₹45,000 crore.The first LCA Mark 1A aircraft is likely to be produced by 2023. The initial 40 planes in the Initial Operational Clearance and Final Operational Clearance standards which have already taken part and proven themselves in the IAF operational exercise. LCA Mark 1A is the advanced version of Tejas aircraft.The requirements presented by the IAF, the first LCA Mark 1A plane would be supplied in 36 months from the signing of the contract. The new LCA Mark 1A plane will have advanced avionics and radars than the initial 40 LCAs being supplied to the Air Force.The HAL supplied 16 LCAs to the service which has based them at Sulur in Tamil Nadu under 45 Squadron. Indian Air Force (IAF)  Founded: 8 October 1932 Headquarters: New Delhi

    Govt launches updated Credit linked Capital Subsidy Scheme for MSMEs

    September 7, 2019
    The Cabinet Committee on Economic Affairs approved an outlay of Rs 2,900 crore for the scheme. The upper limit on overall annual spending on the subsidy disbursal. There is an additional 10 percent subsidy for SC-ST entrepreneurs while special provisions have been made for 117 aspirational districts, hill states, and the northeastern region. The committee is set up under the MSME secretary to look into the issue of delayed payments. The finance ministry estimates that public sector undertakings owe MSMEs above Rs 48,000 crore. The government is brainstorming ways to improve the TReDS (Trade Receivables Discounting System) platform and the online bill discounting platform which helps MSMEs raise funds by selling their trade receivables to corporates. Credit linked Capital Subsidy Scheme for MSMEs While the government already notified that all companies registered under the Companies Act, 2013, with a turnover of over Rs 500 crore, along with the Central Public Sector Enterprises (CPSEs), shall be required to get themselves on the platform, only 27 CPSEs and about 750 corporates have registered, according to the official data. The Centre announced a 30-day window for all pending goods and services tax (GST) dues owed to MSMEs to be cleared. The next set of government reforms will come as part of the implementation of the U K Sinha committee report, said a senior MSME department official. The committee had suggested a Rs 5,000-crore stressed asset fund for domestic MSMEs hurt by demonetisation the GST and an ongoing liquidity crunch. The committee pointed out such a fund could work in tandem with the RBI-mandated restructuring schemes or banks-led NPA revival solutions for MSMEs. The finance and MSME secretaries would finalise the report on the recommendations within the next week. The government will seek to implement the recommendations within 15 days. The RBI committee had also flagged the current practice of MSMEs having to register multiple times with various entities such as the Udyog Aadhaar portal, the GSTN, and the NSIC. The PAN numbers be made a Unique Enterprise Identifiers for procurement, availing government-sponsored benefits, and other purposes.

    IndiGo partners with SonyLIV to provide mobile inflight entertainment

    September 6, 2019
    IndiGo announced its partnership with online video streaming service SonyLIV to offer passengers entertainment content at ₹25. The airline is expanding its footprint globally resulting in longer flights for its passengers calling for the need to provide entertainment content onboard. The airline has 50% of its new destinations in 2019 will be international ones. The passengers will have to download the app and the video content before they board their flight. IndiGo will provide a link to its flyers through which they avail the subscription. The flyers will have unlimited access to SonyLIV's premium content catalogue for the next 7 days.While the government has allowed airlines to provide in-flight internet connectivity as well as voice calls, IndiGo seems to have decided to not go down that route yet. Full-service carrier Air India provides its passengers pre-loaded entertainment content which can be viewed on screens mounted on seatbacks, while Vistara’s Vistara World App allows you to wirelessly stream content from your personal Android device. SpiceJet too announced its plans last year to provide in-flight WiFi but is yet to roll it out.

    Wipro bags USD 300 million contracts from ICICI Bank

    September 5, 2019
    Wipro has won a 7-year contract worth $300 million from ICICI Bank. The project is to provide a range of services. The transactions are expected to end by September 30. For this project, Wipro is to hire 3,800 employees of Vara Infotech.  Vara Infotech and ICICI: Vara Infotech is currently providing these services to ICICI. It provides facilities and assets for Rs.321 crore. In 2018-2019, Vara Infotech's revenue from these services stood at Rs.221.5 crore. WIPRO’s money deficiency: Banking is the biggest portfolio for Wipro and account records for around 31% of the total revenues. In the quarter end of June 30, 2019, the organization's development faced a decline of 1.3% due to macro monetary difficulties looked by banking, financial service, and money related administrations and protection of the BFSI part.  The $300 million project is a lift that Wipro needs to save the sector remains globally.  Apart from this, the merger of different banks which was announced by Finance Minister Nirmala Sitharaman will give raise to the digital transformation of IT majors in India. Global digital transformation in BFSI is set to reach $121 billion by 2025.

    Indian Oil to build 1GW electric vehicle battery plant

    September 2, 2019
    State-run oil refiner Indian Oil Corporation Ltd will set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles (EVs) in partnership with an overseas start-up using a non-lithium ion raw material. The move fits well with the government’s strategy to facilitate the adoption of EVs in the country’s energy basket, and cut the fuel import bill. It also supports a key element of the EVs industry batteries and their recharge. The more efficient, less complex, very advanced and more economical, if you are looking at the car alone. India-centric solution.India tied-up with one company manufactured 100 per cent indigenously . The raw material is easily available in this country, whose recycling technology is extremely mature and whose recycling industry is well established in this country.The elements are known since ages, the natural resources of that particular element in this country is abundantly available, unlike in the case of lithium. For lithium, you have to depend on imports, and that too from China, because all lithium reserves today are under the possession of China.The battery plant will be set up through a special purpose vehicle (SPV) formed by IOC and the overseas entity.The location of the plant is yet to be decided.The 25 MW or 50 MW to pick up in the country for e-vehicles and e-mobility.  Indian Oil corporation Headquarters: New Delhi Chairperson: Sanjiv Singh

    IndiGo appoints GE Healthcare official Aditya Pande as its new CFO

    September 1, 2019
    InterGlobe Aviation Ltd operates the country's largest airline IndiGo appointed GE-Healthcare official Aditya Pande as its chief financial officer. He replaces Rohit Philip leaves the company on 16 September. Aditya’s decision to join the IndiGo team and welcome him to the Company.IndiGo chief executive officer Ronojoy Dutta said in a statement. His enormous and varied experience and understanding of the complexities of the various businesses he has worked will be invaluable to our future plans Dutta added.Aditya Pande, a qualified chartered accountant has over 27 years of finance leadership experience.He is currently the chief financial officer at GE Healthcare. Pande previously served GE Healthcare as it's group chief financial officer of South Asia division. InterGlobe Aviation Parent company: Interglobe Aviation Ltd Headquarters: Gurugram

    Rating Agency ICRA terminates CEO Naresh Takkar

    September 1, 2019
    ICRA Ltd ousted its Managing Director and Group Chief Executive Officer Naresh Takkar. ICRA terminated the employment of Takkar with immediate effect over allegations of misconduct at the credit rating agency under Takkar. This is the first time a top official of a rating agency has been fired by the company’s board. ICRA Founded  - 1991 Headquarters  - Gurugram, India

    Forbes ranks singer Taylor Swift as the highest paid woman in music for the year 2019

    August 29, 2019
    Taylor Swift won Forbes magazine’s highest-paid woman in the music category for the year 2019 with earnings of $185 million (₹1,300 crore). Taylor is followed by pop singer Beyonce with earnings $81 million (₹579 crore) and singer Rihanna with $62 million at second and third place respectively. The ranking is based on pre-tax income from June 2018 to June 2019. Taylor Swift ranked 1st in 2019’s overall ‘highest-paid celebrities list. It is released by the American magazine Forbes in July.

    SIDBI partners with Incuspaze for coworking space for MSMEs

    August 29, 2019
    The Small Industries Development Bank of India (SIDBI) partnered with Incuspaze Solutions Private Limited (Incuspaze) to open a coworking space, designed for Micro, Small and Medium Enterprises(MSMEs) and startups. This coworking space called @Workspaze is located in Connaught Place, New Delhi.  The initiative that intends to be a market-maker for its segment is only 50 meters away from Barakhamba Metro Station.  The entrepreneurs who are at the initial stage of their entrepreneurship journey. During the first 18 months of entrepreneurship journey, an enterprise may face several challenges. At SIDBI we want to handhold entrepreneurs during this period so that they have a smooth ride in their venture. Our aim is to expand the scope of @Workspaze even in other key cities of the country. We have already started work on a similar arrangement in Mumbai,” said Mohammad Mustafa, IAS, Chairman and Managing Director of SIDBI, in a statement.  The fully furnished office space is equipped with training and conference room, fast-speed internet, reception, refreshment, recreational area, housekeeping facilities Under this arrangement, an MSME accelerator programme is proposed to be started shortly by SIDBI for the MSMEs and startups who will set up their offices. Our ideologies with SIDBI to facilitate a hassle-free coworking environment for MSMEs and provide resources to build strong connections with other industries to create ideas and develop business. We look forward to a long and fruitful association.

    Fintech startup based in Bangalore MoneyTap provides lifetime credit of up to Rs.5 lakh Instantly

    August 29, 2019
    MoneyTap, India’s first company to provide an app-based personal credit line to customers has announced to provide its customers with a lifetime credit limit of up to ₹5 lakh instantly starting from ₹3,000. The personal loans and credit cards, customers pay interest only on the amount borrowed and at lower rates. With MoneyTap app, consumers can borrow any amount from their limit anytime, anywhere. Collateral securities & guarantor are not needed to get the Personal . The borrower repays it as flexible EMIs (Equated Monthly Installment) within 2-months to 3- years. Once the borrowed amount repaid, customers can use the credit limit again.  

    Microsoft to train 5000 govt employees on AI cloud

    August 28, 2019
    Microsoft India launched a scheme to provide 5000 government employees over the next year on AI (artificial intelligence) and cloud computing skills. The program, called 'Digital Governance Tech Tour', will comprise of physical and virtual workshops. The program was inaugurated by Amitabh Kant, chief executive of NITI Aayog, the government’s policy think-tank and Ajay Prakash Sawhney, secretary, MeITY (The Ministry of Electronics and Information Technology).  The program will be open to technocrats and IT professionals across the government, including employees of Public Sector Undertakings (PSUs). The government partners as well as solutions/systems integrators . Under the program, developers can earn the AZ-900 Certification, which demonstrates foundational level cloud computing skills on the spot at no cost, after clearing an exam.  The power of AI, cloud services, and data analytics needs to be brought to bear in core sectors for inclusive economic growth. As we move beyond pilots and understand how to scale AI implementation and cloud adoption across states and sectors, it is vital to equip the ecosystem with the right knowhow and skills. Collaboration with academia and industry, and initiatives such as this will help build the foundation towards an AI enabled future. Microsoft India present at the event path-breaking innovation and drive the next phase of India's growth. Continuous focus on learning and improving skill sets for all are a must to make this a reality. Microsoft first-of-its-kind Digital Governance Tech Tour for government officials reiterates our commitment to be a trusted partner to the government by enabling and empowering officials to do more with technology in the service of the citizens.  

    Intel launched its first artificial intelligence chip Spring Hill

    August 27, 2019
    Intel Corporation launched its latest processor, its first using artificial intelligence (AI), designed for large computing centers. The chip, developed at its development facility in Haifa, Israel, is known as Nervana NNP-I or Springhill is based on a 10 nanometre Ice Lake processor will allow it to cope with high workloads using minimal amounts of energy. The Spring Hill processor is based on a 10-nanometer Ice Lake architecture. It will allow it to cope with high workloads using minimal amounts of energy. Facebook already started using the product. Intel Corporation CEO: Robert H. Swan (21 Jun 2018–) Founders: Gordon Moore, Robert Noyce  

    Amazon to acquire a 49% stake in Kishore Biyani-led Future Coupons Ltd

    August 26, 2019
    American e-commerce giant Amazon.com is acquiring a 49% stake in a group entity Future Coupons Ltd.Mr. Kishore Biyani of the existing shareholders forming part of the promoter group and Future Coupons Ltd entered into a share subscription agreement and a shareholders' agreement with Amazon.Com NV Investment Holdings LLC (Amazon)," Biyani’s company Future Retail Ltd. Amazon agreed to make an equity investment in Future Coupons for acquiring a 49% stake comprising both voting and non-voting shares. The Financial details of the transaction were not disclosed. As part of the investment, Amazon is also getting rights to acquire Biyani’s promoter group stake in Future Retail at a future date.This call option allows Amazon to acquire all or part of the Promoters' shareholding in Future Retail Ltd, and is exercisable between the 3rd to 10th years, in certain circumstances, subject to applicable law. The promoters have also agreed to certain share transfer restrictions on their shares in the Future Retail for the same tenure, including restrictions to not transfer shares to specified persons, a right of first offer in favour of Amazon. Future Retail operates Biyani’s popular retail chain of Big Bazaar and other smaller format retail outlets under EasyDay and Heritage Fresh across more than 400 cities through digital platforms and over 1,500 stores that cover over 16 million square feet of retail space. As of 30 June, the company operated 293 Big Bazaar stores.The retail chain operator recorded a revenue of ₹5,149 crore, a y-o-y jump of 13.5% over the same period last year. It reported a profit growth of 11% to ₹170 crore in the quarter ended 30 June.The transaction in Future Retail, follows a structured debt fundraise of close to $250 million in Biyani’s apparel retail business Future Lifestyle Fashions, which operates Central and Brand Factory. The funds were raised from PE firm Blackstone.  

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