Business & Economy Current Affairs 2019 - Current Affairs Today

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  • Safran aerospace major to set up plant in Hyderabad

    2 days ago
    French aerospace major Safran, is to set up a plant in Hyderabad. It aims to make parts for CFM International’s LEAP turbofan engine with an investment of €36 million.  Construction will begin in June. The new facility will be of the 13,000-square metre. The plant is to be built at the Special Economic Zone (SEZ) of GMR near the airport in Hyderabad, Telangana. It will include 8,000 square metres of workshops.

    IOC signed deal worth USD 1.5 billion with USA

    3 days ago
    Indian Oil Corporation (IOC) signed an annual deal worth $1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1. This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the U.S.  The term contract follows IOC signing up to buy crude oil from the U.S. through a term-tender deal in August 2018. It had, at that time, bought about 6 million barrels of U.S. crude oil under a single tender for delivery between November 2018 and January 2019.

    Jet Airways plans to raise Rs.6,000 crore from aircraft sale, investors

    18 February 2019
    Jet Airways plans to raise Rs.3,000 crore by selling (and then leasing back) some of its aircraft and a new investor would have chip in with another Rs.3,000 crore. Jet Airways approved a provisional resolution plan. The Jet Airways board had estimated the funds requirement to be Rs.8,500 crore. Banks are set to take controlling stake in the airline by owning 11.4 crore shares, or over 50% stake, for Rs.1 crore by converting a part of their debt into equity.  The resolution plan would be presented to the consortium of lenders, overseeing the committee of the Indian Bankers’ Association, board of directors of Etihad Airways and promoter Naresh Goyal, for consideration. The plan is subject to the company receiving requisite approvals from shareholders at its EGM to be held on February 21, 2019.

    Indiamoney.com Group acquired broking license to enter Insurance Business

    18 February 2019
    Indiamoneyinsurance.com, a subsidiary of the Indiamoney.com Group has acquired a broking license from the Insurance Regulatory and Development Authority (IRDA) of India’s to enter Insurance Business. Key points The company will come to process within the next few days and projects to hire 2000 employees before the year ends.

    Infosys unveils a learning app InfyTQ for engineering students

    18 February 2019
    Infosys, the country’s 2nd largest IT firm has launched a next-generation digital platform ‘InfyTQ’ to facilitate engineering students with best learning experiences by imparting technical and professional skills. InfyTQ is a free platform available on both mobile and desktop, featured with always-on, anytime, anywhere learning catered through a continuous transfer of digital skills.
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    L&T Info to buy Germany's N+P for 28 mn euro

    18 February 2019
    Larsen & Toubro Infotech Ltd. (LTI) has signed a definitive agreement to acquire Germany’s Nielsen+Partner (N+P), an independent Temenos WealthSuite specialist, for €28 million on a cash-free, debt-free basis, which includes upfront consideration and a performance-based earn-out.  N+P is a leading partner of Temenos in Europe and APAC with subsidiaries in Luxembourg, Switzerland, Thailand, Singapore and Australia and branch office in Belgium.

    Amazon launched Amazon Pay UPI for Android users in India

    16 February 2019
    Amazon in partnership with Axis Bank launched ‘Amazon Pay Unified Payment Interface (UPI)’ to facilitate secure payments and financial transactions on its platform. Amazon Pay UPI will be exclusively for Android users where every customer will be able to use their Amazon Pay UPI ID to shop on Amazon.in, make payments including recharges and bill payments without entering bank credentials. Transactions held on Amazon is secured through mobile verification as well as with UPI pin. Customers can link their bank account with UPI pin. About Amazon ♦ Headquarter: Seattle, Washington, US ♦ Founder, Chairman and CEO: Jeff Bozos

    L&T Info to buy Germany's N+P for 28 mn euro

    15 February 2019
    Larsen & Toubro Infotech Ltd. (LTI) has signed a definitive agreement to acquire Germany’s Nielsen+Partner (N+P), an independent Temenos WealthSuite specialist, for €28 million on a cash-free, debt-free basis, which includes upfront consideration and a performance-based earn-out.  N+P is a leading partner of Temenos in Europe and APAC with subsidiaries in Luxembourg, Switzerland, Thailand, Singapore and Australia and branch office in Belgium.

    Around 307 Indian startups join Estonia e-residency scheme in 4 yrs

    15 February 2019
    Roughly 2,300 people from India have used the e-Residency programme offered by Estonia and set up over 300 companies in the European nation. India is at the 8th spot in terms of the number of companies set up. Started in 2014, e-Residency programme offers a government-issued digital identity that provides the applicant access to e-services in Estonia, including setting up of companies.

    India's annual Wholesale inflation drops to 2.76% in January

    15 February 2019
    According to government data, India's annual wholesale price inflation eased to a 10-month low of 2.76% in January, helped by a smaller increase in prices of manufactured goods and fuel products. It was 3.8% in December last year. India's retail inflation also declined to an 18-month low of 2.05% in January.

    India to hold talks with U.S. to discuss trades and e com rules

    14 February 2019
    India is to hold talks with U.S. to discuss trades and e-com rules. Due to the unavailability of the US Commerce Secretary Wilbur Ross, U.S. Ambassador Kenneth I. Juster will lead a delegation of officials to hold talks with Union Commerce Minister Suresh Prabhu.  The objective is to resolve several sore trade points, including the concerns of American CEOs regarding doing business in India and bilateral trade imbalance. With the recent developments in India, the Generalised System of Preferences (GSP) is also likely to come up in the light where the U.S. has again threatened to withdraw the export exemptions for India.  USA: ♦ Capital: Washington, D.C. ♦ National Language: English ♦ President: Donald Trump ♦ Vice President: Mike Pence ♦ Currency: United States dollar ($) (USD)

    Siddhartha Lal won the EY Entrepreneur of the Year 2018

    14 February 2019
    Siddhartha Lal, MD & CEO of Eicher Motors won the EY Entrepreneur of the year 2018 after transforming Eicher Motors and helping the company resurrect the Royal Enfield motorcycle brand in India and making it a global brand icon. Azim Premji, chairman of Wipro won the Lifetime Achievement Award for putting the Indian Information Technology industry in the global market and his notable contribution to society as a philanthropist. Other EY Entrepreneur of the Year 2018 winners in other categories Start-up -Byju Raveendran(BYJU’S) Business Transformation – Kishore Biyani (Future Group) Manufacturing – Nirmal K Minda(Minda Industries) Services -Ritesh Agarwal(OYO Hotels and Homes) Financial Services – Sanjay Agarwal (AU Small Finance Bank) Consumer Products & Retail – Rajesh Mehra(Jaguar Group) Life Sciences & Healthcare -BinishChudgar (Intas Pharmaceuticals) Entrepreneurial CEO – Bhaskar Bhat (Titan Company) Energy, Real Estate & Infrastructure – Atul Ruia(The Phoenix Mills)

    JSW Steel gets LoI for BPSL

    13 February 2019
    JSW Steel has received the Letter of Intent (LoI) from the resolution professional of Bhushan Power & Steel Limited (BPSL), taking the country's largest steelmaker a step closer towards the acquisition of the insolvent company.  The development comes more than a week after the National Company Law Appellate Tribunal (NCLAT) on February 4, turned down Tata Steel’s request to consider its bid as the ‘most legitimate’ one for BPSL. It confirms the resolution plan will be submitted to the National Company Law Tribunal after the company's approval. JSW Steel topped Tata Steel’s offer of Rs.17,000 crore with Rs.19,650 crore bid.

    Government has notified eight medical equipments as Drugs

    12 February 2019
    The government has notified eight medical equipments as Drugs under Section 3 of the Drugs and Cosmetics Act, 1940 with effect from April 1, 2020. The decision was made after consultation with the Drugs Technical Advisory Board. The notification brings all the implantable and diagnostic devices will come under the regulatory framework.  The equipments are: All implantable devices, CT scan, PET equipment, MRI equipment, Defibrillators, Dialysis machines, Bone marrow separators, X-ray machine.  About Drugs Technical Advisory Board (DTAB):  ♦ DTAB is the highest statutory decision-making body on technical matters related to drugs in India ♦ It was constituted under the provisions of the Drugs and Cosmetics Act, 1940 ♦ DTAB is part of the Central Drugs Standard Control Organization (CDSCO) under the Ministry of Health and Family Welfare

    Vodafone Idea plans to invest about Rs.20,000 crore in networks

    11 February 2019
    Vodafone Idea announced that the company is planning to invest about Rs.20,000 crore in networks over the next 15 months. It has given capital expenditure (capex) of Rs.270 billion for financial years 2019 and 2020, combined together. Out of that, about Rs.70 billion has been spent in the first nine months. In the next 15 months, it expects a capex deployment of Rs.200 billion. The capex guidance of Rs.27,000 crore did not include capacity that would be created by reusing equipment from the synergy of operations between Vodafone and Idea.

    Voltas to set up a new manufacturing facility in Andhra Pradesh

    11 February 2019
    Voltas Limited, a market leader in residential air-conditioners in India, plans to set up a new manufacturing facility at Tirupati in Andhra Pradesh. The cost of the facility is Rs.500 crore. This facility would initially manufacture and assemble air-conditioners and related cooling products with a total capacity of more than one million units and is expected to start rolling out products from the second half of 2020. The new facility would be one of the first cooling appliances units in the State of Andhra Pradesh. The choice of Andhra Pradesh as the destination for the new manufacturing unit was due to the State’s ‘ease of doing business’ and growing focus on ‘Make in India’.

    Tangedcos loss rose to Rs.7,582.56 crore in last year

    11 February 2019
    India Ratings and Research reported that the Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) has a widened loss in the financial year 2018 to Rs.7,582.56 crore from Rs.6,141.54 crore in the financial year 2017. Lower sale of power, drop in collection efficiency and higher cost of power led to the higher losses.  The financials sourced from Tangedco by India Ratings showed that the discom’s revenue from the sale of power declined 0.63% to Rs.43686.77 crore in FY18 from the previous year. Sale of power accounts for 78% of Tangedco’s total income. Tangedco’s operating earnings before interest, tax, depreciation, and amortization (EBITDA) were negative Rs.607 crore in FY18, compared a positive level of Rs.2,325 crore in FY17.

    Essar Oil Uk acquired assets worth Rs.800 crore from BP

    9 February 2019
    Essar Oil UK, part of the Essar Group has acquired a number of U.K. assets from oil giant BP, as part of efforts to strengthen its distribution and logistics network, even as the company seeks to increase its presence across a number of markets.  The assets include an equity stake in the UKOP north-to-south pipeline, a 200-km-long multi-product pipeline that connects the company’s Stanlow refinery to the Kingsbury oil terminal. It has also acquired an equity stake in the joint venture that runs the terminal as well as a 100% stake in the Northampton fuel storage terminal. The value of these deals comes to about Rs. 800 crore.

    RBI is not likely to transfer the withheld contigency reserves to Centre

    7 February 2019
    The government has requested the Reserve Bank of India (RBI) for providing an interim surplus for the financial year 2018-19 on the analogy of previous financial year and transfer of the amount withheld from the surplus of 2016-17 and 2017-18.  The RBI is unlikely to give in to the government’s demand for transferring funds that were set aside for contingency reserves in 2016-17 and 2017-18. A total of Rs.27,330 crore was set aside by the RBI for the contingency fund. Rs.13,140 crore in FY17 and Rs.14,190 crore in FY18.  Contingency fund: The contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises.

    Swiggy Acquihires Bengaluru-Based AI Startup Kint

    6 February 2019
    Food delivery startup Swiggy a Bengaluru-based AI startup Kint.io for an undisclosed amount. As part of the deal, Kint.io’s founding members Pavithra Solai Jawahar and Jagannathan Veeraraghavan will join the Swiggy team. Founded in 2014, Kint.io specializes in applying deep learning and computer vision for object recognition in videos. Acqui-hiring refers to buying out a company or an entity primarily for the skills and expertise of its staff rather than for its products or services.

    Piyush Goyal presented the Interim Budget

    1 February 2019
    Finance minister Piyush Goyal presented the Interim Budget for 2019-20. Some highlight on the budget 2019 are: ♦ The defence budget has been increased to over Rs.3 lakh crore.  Additional funds for defence will be provided if needed   ♦ Income tax exemption limit raised up to Rs.5,00,000 annual income to get full tax rebate  ♦ Current Fiscal Accounts to be contained to 2.5%  ♦ The fiscal deficit has been brought down to 3.4% in FY19  ♦ Rs.60,000 crore allocated for MGNREGA under PM Gram Sadak yojana for a year ♦ Rs.19,000 crore allocated for rural roads under Gram Sadak Yojana ♦ PM Kisaan Samman Nidhi announced at Rs.75,000 crore ♦ No tax on bank interest up to Rs.40,000 ♦ Govt has announced that it is to allocate Rs.75,000 crore per year to support farmers’ incomes ♦ It is after the impact of Rs.20,000 crore in the current fiscal year ♦ The Vulnerable farmers will receive Rs.6,000 per year in three equal installments ♦ The government will also allocate Rs.60,000 crore for UPA’s flagship MNREGA in 2019/20

    JSW Energy is to invest Rs.6,500 crore in EV project

    31 January 2019
    JSW Energy is planning to invest as much as Rs.6,500 crore in the manufacture of electric passenger cars. The company is already in discussion with leading global OEMs and engineering service providers on product and technology partnerships for electric vehicles.  The company reported over three-fold growth in its December quarter net profits to Rs.146 crore, compared to Rs.47 crore in the year-earlier period due to better realizations from both merchant and PPA customers. The rise in profits was reported on 20% growth in revenues and EBITDA to Rs.2,492 crore and Rs.809 crore respectively.

    ISRO named 10 firms to make li ion cells

    30 January 2019
    The Indian Space Research Organisation (ISRO) plans to transfer the technology for manufacturing Lithium-ion cells developed by the Vikram Sarabhai Space Centre (VSSC), Thumba. It has named 10 companies to manufacture the Li-ion cells. The Li-ion cells are developed for use in launch vehicles and satellites, this ISRO spin-off will now fuel India's electric vehicle boom.  The shortlisted  private-owned (majority) companies are the following: Amara Raja Batteries Ltd, Chittoor, Andhra Pradesh; Bharat Electronics Ltd, Pune; Carborundum Universal Ltd, Kochi; Exicom Tele-Systems Ltd, Gurgaon; GOCL Corporation Ltd, Hyderabad; Jyoti CNC Automation Ltd, Rajkot; National Aluminium Company Ltd (NALCO), Bhubaneswar; Sukhbir Agro Energy Ltd, New Delhi; Tata Chemicals Ltd, Mumbai, and Thermax Ltd, Pune.

    Amul Camel Milk launched in Gujarat

    27 January 2019
    The Gujarat Co-operative Milk Marketing Federation Limited (GCMMF) has launched Amul Camel Milk in selected markets of Gandhinagar, Ahmedabad and Kutch. The camel milk offers a wide range of benefits such as: Camel milk assists healthy bacteria growth in the gut making it easy to digest. Camel milk assists healthy bacteria growth in the gut making it easy to digest and it also improves gastrointestinal health and systemic immunity. Rich in Vitamin B1 (Thiamin) Camel Milk can provide 70% of the recommended daily value per serving. Camel Milk is rich in calcium which helps to build.

    BHEL and LIBCOIN to Build Indias First Lithium Ion Giga Factory

    21 January 2019
    Government announced that Bharat Heavy Electricals Limited (BHEL) and Libcoin are in dialogue to form a world-class consortium to initially build the first lithium Ion battery plant in India. The Initial capacity of the plant will be 1GWh and it will be scaled up to 30 GWh in due course. This project will include “Made by India, for India” with a focus on core cost component manufactured domestically. This project will bring energy independence by replacing oil imports with abundant renewable energy sources. The main aim of the project is to create an integrated manufacturing ecosystem resulting in self-reliance and lower cost.

    India born Dr. Rattan Lal honoured with 2019 Japan Prize for his contributions in Biological Production, Ecology

    18 January 2019
    Japan Prize Foundation announced India born professor Dr. Rattan Lal as the recipient of the 2019 Japan Prize in the field of “Biological Production, Ecology”. Dr. Yoshio Okamoto was announced to be the recipient of the 2019 Japan Prize on of “Materials and Production” field. Each laureate will receive a certificate of recognition and a commemorative gold medal. About the Award: ♦ The Japan Prize is highly competitive: the nomination process ends in February, and, every year from March to November, the Foundation considers the nominations of 15,000 prominent scientists and researchers from around the world. ♦ The 2020 Japan Prize will focus on fields of the fields of “Electronics, Information and Communication” and “Life Science”.

    BASF and Adani Group signed MoU in petrochemical JV

    18 January 2019
    BASF SE (BASF), German chemical company and the largest chemical producer in the world, has signed a Memorandum of Understanding (MoU) with the Adani Group to invest €2 billion or Rs. 16,000 crore in the acrylics value chain. This deal is BASF’s largest investment in India to date.  The designated site will be located at Mundra port in Gujarat. BASF would hold the majority stake in the joint venture (JV). It is expected that this partnership with BASF is a big step forward in enabling ‘Make in India’ programme, as this partnership allows to produce in Mundra several of the chemicals along the C3 chemical value chain that is currently being imported.

    Cabinet approved infusion of Rs.6,000 crore in the Exim Bank

    17 January 2019
    The Cabinet approved an infusion of Rs.6,000 crore of capital in the Exim Bank of India. The capital infusion would enable the bank to augment its capital adequacy and support Indian exports.  The financing will be done through the issuance of recapitalisation bonds worth Rs.6,000 crore by the Centre. The equity will be infused in two tranches of Rs.4,500 crore in FY 2018-19 and Rs.1,500 crore in FY 2019-20. The Cabinet also approved an increase in the authorised capital of Exim Bank from Rs.10,000 crore to Rs.20,000 crore. The recapitalisation bonds will be on the lines issued to public sector banks.

    Commerce Minister announced that India is to grow crops for UAE, Saudi Arabia

    15 January 2019
    Union Commerce Minister Suresh Prabhu announced that the UAE and Saudi Arabia had decided to use India as a base to address their food security concerns. He met delegates from the two countries, along with representatives from 44 others, at a summit of the Confederation of Indian Industry.  The UAE and Saudi Arabia will use India as a base in addressing their social security concerns. For the first time, India’s export policy identifies the potential of agriculture along with horticulture, dairy, plantation, and fisheries. The farm-to-port project will be similar to a special economic zone but in the style of a corporatized farm, where crops would be grown keeping a specific UAE market in mind. The concept has been accepted by both governments.

    Glenmark arm inks pact with Yuhan for nasal spray

    12 January 2019
    Glenmark Specialty S.A., the Suisse subsidiary of Glenmark Pharmaceuticals Ltd., has entered into an exclusive licensing agreement with Yuhan Corporation for commercialising its novel nasal spray Ryaltris in South Korea.  The agreement with Yuhan is Glenmark’s second regional licensing deal for Ryaltris. In July 2018, it entered into an exclusive licensing agreement with Seqirus Pty. Ltd. to commercialise Ryaltris in Australia and New Zealand.  As per the the agreement, Glenmark will be responsible for manufacture and supply of the product, while Yuhan will be responsible for regulatory filing and commercialization of Ryaltris in South Korea.

    India's growth rate to touch 7.5 percent in 2019-20: World Bank

    12 January 2019
    The World Bank has said that India's economy will accelerate to 7.5% in 2019-20 as consumption remains robust and investment growth continues in the country. It also added that India will retain its position as the fastest growing major economy in the world. World Bank's report has also projected India's 2020-21 and 2021-22 fiscal years' growth rate at 7.5%. In South Asia, Pakistan's growth rate is forecast to fall drastically from last fiscal year's 5.8 per cent to 3.7 per cent this fiscal year.

    India to become world's third largest consumer market by 2030: WEF

    12 January 2019
    A report by World Economic Forum (WEF) said that India is set to become the world's third largest consumer market behind only USA and China by 2030. Consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030. With the annual GDP growth rate of 7.5 percent, India is currently the world's sixth largest economy.

    Ex-Hotstar CEO Ajit Mohan officially joined Facebook India as VP and MD

    11 January 2019
    Ajit Mohan officially took over as Facebook India’s new Vice President and MD. He succeeded Umang Bedi who left the post on October 2017.

    Boeing worlds largest planemaker for 7th straight year

    10 January 2019
    US-based Boeing has retained its position as the world's largest planemaker for the seventh year in a row, delivering a record 806 aircraft in 2018. Overall, the company saw 893 net orders valued at $143.7 billion. Boeing was followed by its European rival Airbus which delivered 800 aircraft last year.

    Amazon overtakes Microsoft to become world's most valuable company

    9 January 2019
    Amazon was valued at $810 billion as compared to Microsoft at $789 billion. Amazon was founded by Jeff Bezos in 1994. Amazon achieved its record market capitalisation of $1 trillion in September last year. Following Amazon as the most valuable company in the world are Microsoft, Alphabet Inc, and Apple.

    MGNREGA scheme faces fund crisis

    7 January 2019
    Economists, researchers, and workers on the ground are worried that the Mahatma Gandhi National Rural Employment Guarantee Act scheme is facing a severe fund crisis. 99% of the money allocated already exhausted three months before the end of the financial year, and 11 States and Union Territories having a negative net balance. The MGNREGA scheme’s financial statement showed that the total availability of funds was Rs.59,032 crore. The total expenditure, including payment due, stands at Rs.58,701 crore. It leaves a slim margin of only Rs.331 crore. For 11 States, that margin is non-existent, as their accounts are already in the red. MGNREGA scheme: ♦ Enacted by: Parliament of India ♦ Introduced by: Raghuvansh Prasad Singh, Minister of Rural Development ♦ Launched by: 2 Feb 2006 ♦ Mission: To guarantee the 'right to work' ♦ It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work ♦ It also aims to create durable assets (such as roads, canals, ponds, and wells)

    Vijay Mallya First Tycoon To Be Named Fugitive Economic Offender

    7 January 2019
    Vijay Mallya became the first tycoon to be charged under a new anti-fraud law, with a court in Mumbai naming him as an offender under the Fugitive Economic Offenders Act, 2018. The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mr. Mallya a fugitive economic offender.

    Centre launched the second auction of 14 oil, gas blocks

    7 January 2019
    The Centre launched the second auction of 14 blocks for prospecting of oil and gas in an attempt to raise domestic output to cut imports. Oil Minister Dharmendra Pradhan launched the Open Acreage Licensing Policy (OALP) bid round-II, with 14 blocks measuring 29,333 square kilometre in an aggregate area on offer. In July 2017 India allowed companies to carve out blocks of their choice with a view to bring about 2.8 million sq km of unexplored area in the country under exploration.

    PayU India CEO Amrish Rau joined parent company Naspers as head of financial technology

    5 January 2019
    PayU India’s CEO Amrish Rau joined as the head of financial technology partnerships and investments for Naspers’ fin tech business. Nasper is South African parent of PayU. Rau will continue to report to Laurent le Moal the chief executive of PayU, which is headquartered in the Netherlands.

    Vivek Bhatia appointed as MD & CEO of Thyssenkrupp Industries India

    5 January 2019
    Thyssenkrupp, the German industrial giant, appointed Vivek Bhatia as the Managing Director (MD) & Chief Executive Officer (CEO) of Thyssenkrupp Industries India. Mr.Bhatia was earlier the CEO - Asia Pacific at Thyssenkrupp AG, driving group activities for all Thyssenkrupp companies in the region. Prior to joining Thyssenkrupp, Mr. Bhatia was earlier with Boston Consulting Group, India.

    SCCL, the public sector miner, launched social media wall

    5 January 2019
    Singareni Collieries Company Limited (SCCL), a public sector miner, launched the social media wall on the YouTube Channel Singareni Siren, Facebook application, Instagram and Twitter handles, all at one place. It aims at bringing together all the social media applications introduced to disseminate information on the developments. The application would incorporate information pertaining to coal production, transport and details of power generation by the National Thermal Power Corporation (NTPC)-run plants in addition to welfare activities taken up by the company for the employees as well as those residing in the mining areas. Those interested can click the social media wall icon placed on the website www.scclmines.com to view/download information about its activities.

    NCC Limited bagged order worth Rs.2,890.7 crore

    3 January 2019
    NCC Limited, formerly Nagarjuna Construction Company Ltd, an infrastructure firm, received four new orders totalling to Rs. 2,890.7 crore (exclusive of GST) in December 2018 from government agencies.   One of them for Rs.680.3 crore pertains to water and environment division, while two orders totalling Rs.2,126.8 crore pertain to roads division. The fourth order for Rs.83.7 crore pertains to building division. Shares of NCC were trading 3.12% up at Rs 74.40 apiece on the BSE. The Company has a cluster of regional offices in Delhi, Ahmedabad, Bhubaneshwar, Kolkata, Mumbai, Bhopal, Lucknow, Hyderabad, Chennai, and Bangalore. Also, NCC has a presence in international level through offices in Dubai (UAE) and Muscat (Sultanate of Oman).

    Cabinet approves listing of 7 unlisted CPSEs on Stock Exchange

    1 January 2019
    The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi gave its approval to list seven Central Public Sector Enterprises (CPSE) on the Stock Exchange through Initial Public Offering (IPO) /Further Public Offer (FPO): ♦ Telecommunication Consultants (India) [TCIL]; ♦ RailTel Corporation India; ♦ National Seed Corporation India (NSC); ♦ Tehri Hydro Development Corporation (THDC); ♦ Water & Power Consultancy Services (India) [WAPCOS Ltd.]; ♦ FCI Aravali Gypsum and Minerals (India) [FAGMIL]; ♦ Kudremukh Iron Ore Company (KIOCL).

    Cabinet approved 7 CPSEs via IPO

    30 December 2018
    The Union Cabinet approved the listing of 7 Central Public Sector Enterprises (CPSEs) on the stock exchanges via Initial Public Offering (IPO) or Follow-on Public Offer (FPO). The companies that will go for IPOs include Telecommunication Consultants (India) Ltd., RailTel Corporation India Ltd., National Seed Corporation India Ltd., Tehri Hydro Development Corporation Limited, Water & Power Consultancy Services (India) Limited and FCI Aravali Gypsum and Minerals (India) Limited. Kudremukh Iron Ore Company Limited will go for an FPO.  

    Pakistan Cabinet approved to issue 'Panda bond' in Chinese currency

    29 December 2018
    The federal cabinet approved the issuance of Pakistan’s first renminbi-denominated bonds to raise loans from Chinese capital markets, as the country gradually moves towards giving the Chinese currency a status at par with that enjoyed by the US dollar. The interest rate may range above 5.5% but the final price can only be determined at the time of launching the bond. The Philippines has also raised RMB1.46 billion through renminbi-denominated bonds at an interest rate of 4.75%. In the Long-term Plan of the China-Pakistan Economic Corridor (2017-30) both countries had decided to use renminbi as the second international currency to lessen Pakistan’s reliance on dollar. ♦ Current Finance Minister of Pakistan - Asad Umar

    World's busiest single-runway airport after Mumbai sold for USD 3.7 bn

    29 December 2018
    French infrastructure giant Vinci has agreed to acquire control of London's Gatwick Airport, the world's second-busiest single runway airport after Mumbai, for $3.7 billion. Vinci, which manages 45 airports in 12 countries including Chile and Cambodia, will own a 50.01% stake in Gatwick Airport. The purchase comes ahead of the UK's departure from the European Union on March 29.

    L&T construction arm bagged orders worth Rs.2,357 crore

    28 December 2018
    Larsen & Toubro (L&T) said that its construction arm has bagged orders worth Rs.2,357 crore from APCRDA and MPJNM. L&T’s water and effluent treatment and transportation infrastructure business had secured an order worth Rs.1,281 crore from Andhra Pradesh Capital Region Development Authority (APCRDA). The order is for activities including investigation, design and construction of roads, bridges, storm water drains, culverts, water supply systems, sewerage systems for the villages of Kurugalla, Nidamarru in Zone 12A area at Amravati Capital City, Andhra Pradesh. The firm’s water and effluent treatment business had also secured orders worth Rs.1,076 crore from the Madhya Pradesh Jal Nigam Maryadit (MPJNM). The order is for the execution of multi village rural water supply schemes in Jabalpur, Narsinghpur, Seoni and Damoh districts of Madhya Pradesh.

    Rajesh Subramaniam is appointed as CEO of FedEx Express

    28 December 2018
    FedEx Express, a U.S. multinational courier delivery giant, has named Rajesh Subramaniam, an Indian-American, as the President and Chief Executive Officer of the firm. He will assume his new role on January 1, 2019. He replaces David L Cunningham. Mr. Subramaniam currently holds the executive vice- president, chief marketing and communications officer position of FedEx Corporation. He is an IIT-Bombay graduate from Thiruvananthapuram and has been with FedEx for more than 27 years. He has held various executive-level positions in the company. He began his career in Memphis and subsequently moved to Hong Kong where he oversaw marketing and customer service for the Asia Pacific region.

    Indian Oil, ONGC, NTPC most profitable PSUs in FY18

    28 December 2018
    Indian Oil Corporation, Oil and Natural Gas Corporation (ONGC) and NTPC emerged as the top three most profitable Public Sector Undertakings (PSUs) in 2017-18. Coal India and Power Grid Corporation occupied the fourth and fifth spot in the list of top 10 profit making CPSEs (Central Public Sector Enterprises) in the 2017-18 fiscal. BSNL, Air India and MTNL incurred the highest losses for the second consecutive year.

    Adani Ports and SEZ delivered 50 US made GE locomotives to Indian Railways

    27 December 2018
    Adani Ports and Special Economic Zone (SEZ) has concluded the import and delivery of 50 U.S.- made General Electric (GE) locomotives to the Indian Railways. All the 50 GE locomotives were manufactured by GE Electromotive Division in the U.S. and imported to Mundra Port, Gujarat. The final locomotive was handed over to the Railways at the Roza Loco Shed (U.P.) on November 23, 2018. The port said it had handled consignments critical for the development of the nation.

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