18 hours ago
Bajaj Allianz General Insurance collaborated with Bajaj Allianz Life Insurance to launch their 1st product titled ‘Total Health Secure Goal’.
The product is a combination of 2 existing plans, namely, Health Guard policy by Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.
This combined plan offers customers 5% extra discount on the total premium and also provides flexibility of availing service or communication on the product.
The product provides an overall insurance solution and ensures that health and security needs of the customer are taken care of without compromising on their savings.
Under Health Guard policy, a customer can choose the option between a Silver or a Gold Plan with an insured sum ranging from Rs 1.5 lakh to Rs 50 Lakh.
This sum is inclusive of the hospitalisation expenses incurred by the customer.
19 hours ago
SBI General Insurance launched its new product – cyber defence insurance to protect businesses from financial and reputational losses due to cyber attacks.
The main focus on SMEs and mid-market businesses to larger businesses.
This offers protection against the growing threat of cyber breaches like hacking attacks, identity theft, disclosure of sensitive information and business interruption. It provides IT forensic investigations, legal advice, reputational and PR management.
About SBI General Insurance
CFO: Rikhil Shah
Chief investment officer: Ganesh Prasad
Chief business officer: Amar Joshi (CBO)
2 days ago
The retail venture of Reliance Industries reported an income of Rs 1,30,556 crore for 2018-19, 89% more than the previous year’s Rs 69,198 crore, the company.
Notably, Reliance Retail is the only Indian retailer to be in the top 100 global retailers list and the 6th fastest growing retailer globally as per the Global powers of retailing 2019, Deloitte.
Mukesh Ambani led Reliance Retail also became the first Indian retailer to cross more than 10,000 stores. It operates 10,415 retail stores in more than 6,600 cities and towns, covering an area of over 22 million sq ft, as on March 31.
For FY19, Reliance Retail added 81 new stores in the grocery consumption basket, taking the total count to 612 Reliance Fresh, SMART and Reliance Market stores as on March 31, 2019.
During the year, Reliance Retail opened 76 new Digital stores, 2,219 Jio stores. It operates more than 8,000 Digital and Jio stores as of March 31.
Compared to that, Future Group, the second biggest retail enterprise in the country, operates about 2,200 outlets nationwide with about Rs 35,000 crore of annual consolidated revenues.
3 days ago
UBER unveiled an investment of $1 billion in U.S. company Uber to drive forward the development of driverless ridesharing services.
The latest cash injection, expected to close in the third quarter this year, came amid fevered anticipation of Uber’s public share offering which is expected to be the largest in the tech sector for years.
Toyota has already invested $500 million in Uber as the firm races Google-owned Waymo and a host of other companies, including major automakers, to develop self-driving vehicles.
Formerly: UberCab (2009–2011)
Founded: March 2009; 10 years ago
Founders: Travis Kalanick, Garrett Camp
Headquarters: San Francisco, California, United States
Area served: Worldwide, 785 metropolitan areas
3 days ago
SpiceJet already absorbed over 500 employees, including 100 pilots, of the grounded carrier Jet Airways and it is open to induct more as it adds more aircraft and routes in the times ahead.
The Gurugram-based no-frills airline has already announced an induction of 27 more planes -22 Boeing 737s and five turboprop Bombardier Q400s - in the fleet to help overcome to an extent the capacity deficit due to Jet Airways temporarily withdrawing its domestic and international services.
About Spice Jet
Fleet size: 78
Headquarters: Gurgaon, Haryana, India
Company slogan: Red. Hot. Spicy
Total assets: ₹4,109 crore
3 days ago
Amazon plans to close down online retail operations in China, admitting defeat to local e-commerce rivals such as Alibaba and JD.com.
They will continue other operations in China such as Amazon Web Services (AWS).
Kindle e-books and teams that help ship goods from Chinese merchants to customers abroad.
Amazon entered China in 2004, when it acquired a local online book seller for USD 75 million.
They launched its Prime membership programme in China in 2016 with aim to lure customers with high-quality Western goods and perks like free international deliveries.
Founded: July 5, 1994; 24 years ago in Bellevue, Washington
Founder: Jeff Bezos
Headquarters: Seattle, Washington, U.S.
Key people: Jeff Bezos (chairman, president and CEO) Werner Vogels (CTO)
3 days ago
India’s largest app for financial services, ETMONEY has integrated Unified Payment Interface (UPI) as a payment method on its platform as it looks to double its monthly user base by the end of the year.
The integration of UPI will simplify the mutual fund payment experience for millions of ETMONEY users as the company continues its journey to simplify the financial lives of new age Indians.
In addition to this new payment feature, the platform will continue to support payments through Netbanking and Debit Card.
ETMONEY recently crossed the landmark of Rs.2,000 crores of money invested in Mutual Funds through its platform. It is also adding more than Rs.150 Crores in new investment transaction value every month from investors across 1,200 cities. The company is aiming to grow to Rs.5,000 Crores in mutual fund transactions in the next 12-18 months, reaffirming its position as India’s largest digital-first financial services platform.
ETMONEY is owned by Times Internet which is a part of the Times Group.
20 April 2019
Employees of Jet Airways have written to President Ram Nath Kovind and Prime Minister Narendra Modi seeking their intervention to recover outstanding dues as well as to expedite the process of emergency funds for the airline, which has shuttered its operations temporarily.
Jet Airways, which has around 23,000 employees delayed payment of salaries to the employees, including pilots.
The management of Jet Airways has gone back on its salary arrears payment till december month.
The outstanding amount for pilots and engineers as of now is three full months.
20 April 2019
An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO 31000:2018 certification by TUV India. Chola MS has received certification for applying risk management system which conforms to the prescribed standards.
The Certificate is valid for a period of 3 years from April 07, 2019, to April 06, 2022.
ISO 31000:2018 certification:
ISO 31000:2018 is an international risk management standard. The standard provides guidelines, principles, framework, and a process for managing risk.
It can be used by any organization regardless of its size, activity or sector. The application of these guidelines can be customized to any organization and its context.
ISO - International Organization for Standardization
It is responsible for establishing the standard in the different area of activities.
Founded: 23 February 1947, London, United Kingdom
Headquarters: Geneva, Switzerland
Membership: 164 members; (40 correspondent, 4 subscriber)
President: John Walter
19 April 2019
CRISIL Ltd, a diversified global analytics company, will transfer its rating business to its proposed new wholly-owned subsidiary.
The board of CRISIL gave the nod for the transfer, which is being done to comply with SEBI norms of 2018.
Earlier, SEBI had modified its regulations for credit rating agencies and mandated the segregation of rating and non-ratings businesses of credit-rating agencies.
CRISIL proposes to undertake the transfer of its ratings business through a scheme of arrangement in terms of Section 230 to 232 of the Companies Act, 2013, to be approved by the stock exchanges and the National Company Law Tribunal.
S&P Global Inc (Standard & Poor's Global Inc), CRISIL’s majority shareholder, remains committed to CRISIL and its businesses. SPGI will continue to hold majority shareholding in CRISIL Ltd, which will own 100 per cent of the subsidiary that will house the ratings business.
CRISIL was formerly known as Credit Rating Information Services of India Limited.
It is a global analytical company providing ratings, research, and risk and policy advisory services.
CEO: Ashu Suyash
18 April 2019
The Jet Airways board authorised its management, headed by chief executive officer Vinay Dube, to engage with lenders to secure at least a few hundred crore rupees of interim funding to continue operations till a new owner comes on board. The board also authorised the CEO to take the final call on the airline’s operations.
Armed with this, the CEO approached the lenders to release Rs.400 crore for the sake of the employees and to prevent a shutdown. Jet requires at least Rs.1,000 crore to meet its immediate needs.
In view of the critical liquidity position of the company, its operations have been severely impacted. It is awaiting emergency liquidity support from the consortium of domestic lenders led by the State Bank of India.
17 April 2019
The Union Cabinet announced that the Public Sector companies will have 12 months to monetise (convert something into or express in the form of currency ) non-core assets identified by a ministerial panel headed by the finance minister. On failing, the finance ministry may restrict budgetary allocations to the Central Public Sector Enterprises (CPSEs).
The Department of Investment and Public Asset Management (DIPAM) issued guidelines for monetisation of non-core assets of CPSEs and immovable enemy properties.
The New guidelines:
According to the guidelines, an inter-ministerial group (IMG) chaired by the secretary of DIPAM will identify the non-core assets of the CPSEs on its own, and also on the basis of recommendations of the Niti Aayog
Once the panel, comprising the finance minister, road transport minister and the minister of the administrative ministry concerned, approves the assets for monetisation, it should be completed within 12 months from the date of approval
This will be the target to be achieved by the CPSEs as part of the memorandum of understanding with the Department of Public Enterprises (DPE)
The Department of Expenditure and Department of Economic Affairs may consider any proposal from the CPSE/administrative ministry for budgetary support only after looking at the achievement of asset monetisation target by the CPSE
Performance of contract management will be considered before sanctioning any government budgetary support
16 April 2019
Wholesale price inflation increased to 3.18% in March on costlier food and fuel. The Wholesale Price Index (WPI) based inflation was at 2.93% and 2.76% in February and January 2019, respectively, and 3.46% in December 2018. It was 2.74% in March 2018.
Inflation in Categorywise:
Inflation in the food articles basket hardened to 5.68% during March 2019 as against 4.28% in February, as prices of vegetables raised high.
Vegetable inflation was at 28.13% in March, up from 6.82% in the previous month. However, inflation in potato cooled substantially to 1.30%, from 23.40% in February.
Pulses and wheat witnessed some cooling in inflation at 10.63% and 10.13%, respectively.
In protein-rich items such as ‘egg, meat and fish’ saw inflation fall to 5.86% during March.
Fuel and power:
In this category, the inflation spiked to 5.41%, from 2.23% in February.
Inflation in diesel shot up to 7.33% during the month from 3.72% in February. In petrol, inflation was 1.78% in March, as against a deflation of 2.93% in February.
Wholesale Price Index (WPI):
The price of a representative basket of goods at the wholesale stage is referred to as the Wholesale Price Index. It consists of over 2400 commodities. Wholesale goods refer to goods which are sold in bulk and are traded between different corporations and not consumers. The price of goods traded between consumers is called the consumer price index. WPI is used by the Government of India and the Reserve Bank of India to frame the monetary and fiscal policies.
What is Inflation?
An increase in the general level of prices in an economy is termed as inflation. If the price of one good has gone up it is not inflation, inflation occurs only when the prices of most goods have gone up. Inflation leads to a decrease in the purchasing power of the currency which means that the same amount of money will buy fewer goods.
The modern economists say that inflation occurs as a result of the creation of extra purchasing power to the consumer over the same level of production. This means that extra money is generated in the economy without an increase in the level of production.
16 April 2019
As per the latest report of independent Congressional Research Service (CRS), India's steel export to the US in 2018 declined by 49 per cent to $ 372 million, while that of aluminum increased by 58 per cent to $ 221 million.
In 2018, the US imports of steel and aluminum products totalled $ 29.5 billion and $ 17.6 billion respectively.
Last year President Donald Trump used Section 232 to apply new tariffs to steel and aluminum imports and potentially on automobile and auto parts and other sectors currently under investigation.
Australia was permanently exempted from both tariffs with no quantitative restrictions.
In August 2018, President Trump raised the tariff to 50 per cent on steel imports from Turkey.
About India’s steel industry:
India has recently replaced Japan as the world's second-largest steel producing country, only behind China, which is the largest producer of crude steel accounting for more than 51 per cent of production.
India's crude steel production in 2018 was at 106.5 MT, which is up by 4.9 per cent from 101.5 MT in 2017.
Steel contributes two percent of India's national income.
14 April 2019
According to the latest edition of World Economic Outlook (WEO), released by the International Monetary Fund (IMF) during 2019 Spring Meeting, India is expected to grow at 7.3 per cent in fiscal year 2019-20, as against China's 6.6 per cent.
This is 20 basis points lower than January outlook and 10 basis points lower than October’s forecast.
Though the growth is estimated to go up at 7.5% during 2020-21.
India’s Current account deficit is seen at around 2.5% of GDP.
Global growth fell to 3.6% in 2018 and is projected to decline further to 3.3% in 2019.
China is forecast to grow 6.3% in 2019 and 6.1% in 2020.
♦ International Monetary Fund is an international organization consisting of 189 countries working to foster global monetary cooperation, promote high employment and sustainable economic growth, and reduce poverty around the world.
♦ Formation: 27 December 1945; 73 years ago
♦ Headquarters: Washington, D.C., United States
♦ CEO: Christine Lagarde
♦ Parent organization: United Nations
13 April 2019
According to Bloomberg, Hong Kong has overtaken Japan as the world’s third largest stock market – after the U.S. and mainland China.
Hong Kong’s market cap was $5.78 trillion as of April 2nd week, compared with $5.76 trillion for Japan.
Internet giant Tencent Holdings Ltd. has been the main driver with a 22 percent gain.
Hong Kong’s Hang Seng Index climbed 17 per cent this year through Tuesday, when it closed at its highest since June 15.
Japan’s Topix Index advanced 8.3 percent in that period.
About Hong Kong:
♦ Currency: dollar
♦ Official languages: Chinese, English
13 April 2019
Tata Trusts and Microsoft India have signed a Memorandum of Understanding (MoU) to jointly rejuvenate the handloom clusters in the eastern and north-eastern parts of the country.
Microsoft’s Project ReWeave will help preserve traditional weaving forms by upskilling workers, designing and marketing merchandise, and creating sustainable livelihood options.
Microsoft will also enable digital training through Project Sangam, a Microsoft Azure-based Learning Management System, which provides necessary training and tools to weaving communities to help them realise their full potential.
Tata Trusts’ initiative, Antaran, aims at rejuvenating ailing handloom clusters through an end-to-end programme.
Intensive work has been initiated in Odisha, Assam and Nagaland.
The programme will benefit 3,000 artisans directly involved in pre-loom, on-loom and post loom processes, impacting the livelihood of weavers in six weaving clusters in these three States.
Craft sector is the country’s largest source of employment after agriculture.
11 April 2019
World Economic Forum in the Middle East and North Africa (MENA) took place at Jordan’s Dead Sea.
The forum assembled more than 1,000 government, business and civil society leaders from more than 50 countries.
The forum was themed on three major visions:
Generating job opportunities,
Empowering Arab women and promoting the most intriguing startups that have joined the region’s industry over the past years.
About World Economic Forum
Motto: Committed to improving the state of the world
Formation: January 1971; 48 years ago (as European Management Forum)
Founder: Klaus Schwab
Type: Nonprofit organization
10 April 2019
Tata Sponge Iron Ltd. (TSIL), a Tata Steel subsidiary, has announced the completion of its acquisition of the steel business of Usha Martin Ltd. (UML). The acquisition also included UML’s steel business undertaking along with captive power plants.
The acquisition also included a cash consideration of Rs.4,094 crore payable to UML (after adjustment for negative working capital and debt-like items).
TSIL is subject to further holdbacks of Rs.640 crore, pending transfer of some of the assets including mines and certain land parcels. Tata Steel had announced in a stock exchange disclosure on September 22, 2018, the signing of definitive agreements to buy UML’s steel business. The acquisition cost was then pegged at between Rs.4,300 and Rs.4,700 crore. The acquired business comprises a one million tonne per annum (mtpa) alloy-based long products making facility in Jamshedpur, an operational iron ore mine, a coal mine under development, and captive power plants.
UML’s steel business has a rich mix of carbon steel and alloy steel, catering to the automotive sector as well as high-end wire-rod makers.
The TSIL board had already approved a plan to finance the buy through an issue of rights share up to Rs.1800 crore, external borrowings up to Rs.2500 crore and issue of non-convertible redeemable preference shares of Rs.1,000 crore. TSIL is debt-free with free cash reserves of about Rs.670 crore.
10 April 2019
According to the latest edition of World Bank’s Migration and Development Brief, India’s remittance in 2018 stood at USD 79 billion.
India was followed by:
♦ 2. China: 67$ billion
♦ 3. Mexico: 36$ billion
♦ 4. Philippines: 34$ billion
♦ 5. Egypt: 29$ billion
In 2016, India received $62.7 billion in remittances and in 2017 it was $65.3 billion.
Remittances grew by more than 14 percent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families.
Global remittances, which include flows to high-income countries, reached USD 689 billion in 2018, up from USD 633 billion in 2017.
Remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018, an increase of 9.6 percent over the previous record high of USD 483 billion in 2017.
Reducing remittance costs to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7.
9 April 2019
Adani Power received a letter of intent (LoI) to acquire debt-laden Korba West Power Company Ltd. (KWPCL).
The committee of creditors of KWPCL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, has approved the resolution plan submitted by Adani Power.
KWPCL owns and operates a 600 megawatt thermal power plant in Raigarh district in Chhattisgarh.
9 April 2019
The World Bank expects India's Gross Domestic Product (GDP) to accelerate to 7.5% in fiscal year 2019-20.
This would be driven by continued investment strengthening, particularly private-improved export performance and resilient consumption.
Industrial growth accelerated to 7.9 per cent, making up for a deceleration in services.
Agriculture growth was robust at four per cent.
The real GDP growth is estimated at 7.2 per cent in FY18/19.
About World Bank:
♦ It is an international financial institution that provides loans to countries of the world for capital projects.
♦ It comprises two institutions: the International Bank for Reconstruction and Development, and the International Development Association.
♦ Headquarters: Washington, D.C., United States
♦ Founded: 1944
♦ New President of World Bank: David R. Malpass
8 April 2019
Larsen and Toubro (L&T) received the approval to acquire up to 66.15 per cent stake in the Bangalore-based IT services firm Mindtree from Competition Commission of India (CCI).
Around Rs 10,800 crore was the estimated total deal value.
About Larsen & Toubro
♦ Headquarters: Mumbai
♦ Founders: Henning Holck-Larsen, Soren Kristian Toubro
♦ Founded: 7th February 1946
8 April 2019
A new seller-funding programme named ‘Amazon Wings’ launched by Amazon India to help the small businesses and entrepreneurs to raise funds through the crowd funding platform.
Amazon India sellers can use the Ketto’s platform for a subsidized fee which is around 50 percent to initiate fundraisers.
With this initiative, the small businesses and entrepreneurs of this platform can raise the funds for their business expansion, product development, and foster innovation or community development.
They launched a dedicated microsite to feature fundraisers initiated by sellers by which they can raise small ticket funds starting from as little as Rs 50,000 by means of crowd-funding through multiple individuals.
♦ Founded: 5th July, 1994
♦ Founder: Jeff Bezos
♦ Headquarters: Seattle, Washington, U.S
7 April 2019
A total of 44.4 million shares, which were held by the Custodian of Enemy Property for India, were sold at Rs 259 apiece on the Bombay Stock Exchange.
The buyers were state-owned Life Insurance Corporation of India (LIC), New India Assurance and General Insurance Corporation. LIC alone picked up shares worth Rs 1,000 crore.
Enemy shares are called so as they were originally held by people who migrated to Pakistan or China and are not Indian citizens any longer.
5 April 2019
Russia's Moscow Exchange (MOEX) has signed a Memorandum of Understanding (MoU) with the Bombay Stock Exchange (BSE) and India International Exchange (India INX).
This will be the very first time that Indian exchanges will enter into the MoU with Moscow exchange.
The move aims to ease the access of Indian capital to the Russian market.
♦ CEO of MOEX: Alexander Afanasiev
♦ Bombay stock exchange (BSE) is an Indian stock exchange located at Dalal Street, Mumbai, Maharashtra.
♦ It was established in 1875 and is Asia's oldest stock exchange.
♦ The BSE is the world's 11th largest stock exchange with an overall market capitalization of $1.43 Trillion as of March 2016.
♦ MD & CEO of BSE: Ashishkumar Chauhan
5 April 2019
Global ratings agency Fitch retained India's sovereign rating at 'BBB-', the lowest investment grade, with a stable outlook for the 13th straight year (since 2007).
It had last upgraded India’s sovereign rating from ‘BB+’ to ‘BBB-’ with a stable outlook on August 1, 2006.
Fitch expects India’s growth of 6.8% in financial year 2019-20 and 7.1% in FY 2020-21, supported by accommodative monetary policy, easing of bank regulations and government spending.
About Fitch Ratings:
Fitch Ratings Inc. is one of the "Big Three credit rating agencies", the other two being Moody's and Standard & Poor's.
Fitch assign bond credit ratings of AAA, AA, A, BBB, BB, B, CCC, CC, C, D.
Fitch uses intermediate +/− modifiers for each category between AA and CCC.
♦ AAA : the best quality companies, reliable and stable
♦ AA : quality companies, a bit higher risk than AAA
♦ A : economic situation can affect finance
♦ BBB : medium class companies, which are satisfactory at the moment
5 April 2019
Reliance Jio Digital, a subsidiary of Reliance Industries acquired a chatbot making startup firm Haptik worth for Rs.700 Crore.
In this Rs.700 Crore deal,Rs.230 Crore will be used for business transaction and Rs.470 Crore will be used for business expansion.
After this acquisition, Reliance Jio Digital will now hold 87% stake in Haptik, while Existing investor Times Internet which holds 70% stake will exit the company.
♦ CEO: Mukesh Ambani
♦ Founder: Dhirubhai Ambani
♦ Founded: 8 May 1973, Maharashtra
♦ Haptik is the 6th company to be acquired by Reliance Industries in the last 2 month.
4 April 2019
Tata Projects has received an order from the Nuclear Power Corporation of India (NPCIL) for the construction of 2 x 700 MW power plant. The estimated cost is about $321 million. This is the firm’s third contract in the nuclear power sector.
This project will provide the much needed power supply to the region and ensure developmental initiatives receive an impetus. The scope of work involves the construction of main plant buildings, structures and other works of Gorakhpur Haryana Anu Vidyut Pariyojana - 1&2.
3 April 2019
IT major HCL Technologies stated that its acquisition of US-based Strong-Bridge Envision has been completed.
HCL recently agreed to acquire the Seattle-based company to enhance its digital transformation consulting capabilities.
According to reports, the deal was worth 45 million dollars.
1 April 2019
Tesla developed its ‘largest power storage system in Asia’ at Osaka train station in Japan to reduce energy demand and provide emergency backup power to trains in Japan.
It was Launched in partnership with Kintetsu, a railway operator in Japan’s Osaka.
CEO: Elon Musk
Owner: Elon Musk
Production output: 245,162 vehicles (2018)
Founders: Elon Musk, Martin Eberhard, JB Straubel, Marc Tarpenning, Ian Wright
31 March 2019
Laurus Labs Limited, Hyderabad-based pharma, has entered into a strategic partnership agreement with Global Fund for a period of 3.5 years. The agreement gives Laurus Labs volume commitments for drugs from the Global Fund for the treatment of HIV/AIDS.
Global Fund has been created to fight AIDS, Tuberculosis and Malaria. It was created in 2002 to raise, manage and invest the world's money to respond to three of the deadliest infectious diseases the world has ever known. The aim of Global Fund is to defeat AIDS, TB and malaria which are all preventable and treatable.
28 March 2019
IT company Infosys joined hands with Roland-Garros with a three-year partnership agreement to provide a digital solution for French Open tennis tournament, also called Roland-Garros.
This agreement will enhance the game by providing fans, players and coaches with a new experience in digital technologies such as artificial intelligence, big data and analytics, mobility, virtual and augmented reality.
♦ CEO: Salil Parekh
♦ Headquarters: Bengaluru
♦ Founded: 7 July 1981
28 March 2019
Adani Ports and Special Economic Zone (APSEZ) has claimed that its portfolio of nine ports and terminals handled 200 million metric tonnes (MMT) of cargo in 2018-19, becoming the first Indian port operator to achieve the milestone.
The Gautam Adani-led company doubled its cargo handling from 100 MMT reached in 2013-14.
♦ APSEZ- Adani Ports and Special Economic Zone
♦ It is a part of Adani Group, and is the largest port developer and operator in India.
♦ APSEZ's Mundra Port in Gujarat is India's largest private port.
♦ Founder: Gautam Adani
♦ Founded: 1998
♦ CEO: Karan Adani
24 March 2019
Japan-based Daiki Aluminium Industry Co. Ltd., through its Indian subsidiary, is to set up an aluminium alloy plant at Sri City in Andhra Pradesh. Daiki Aluminium Industry India Pvt. Ltd. would make an initial investment of Rs.250 crore. To be built on a 20-acre plot in the domestic tariff zone, the plant is expected to go on stream by February 2020.
The plant will produce aluminium alloy ingots. It will have an annual capacity of 84,000 tonnes. The products will be exported to automobile companies in ASEAN and Japan. The plant is expected to generate direct employment for about 600 people with 80% of them being women.
Daiki plans to capture the demand requirements of aluminium alloy in the country and expand the market in stages.
23 March 2019
State-owned Power Finance Corporation (PFC) will acquire the entire 52.63 per cent shares of the government in REC for Rs 14,500 crore by the month-end, a move that will help the centre to meet its disinvestment target.
REC Limited is a public Infrastructure Finance Company in India’s power sector. The company is a Public Sector Undertaking and finances and promotes rural electrification projects across India.
The government proposes to raise Rs 80,000 crore from disinvestment during the fiscal ending March 19 and has so far raised Rs 56,473.32 crore. With completion of PFC-REC deal, the amount will increase to over Rs 70,000 crore.
21 March 2019
India's largest telecom firm Vodafone Idea announced its board has approved ₹25,000 crore rights issue at a discount of around 60% to the current share prices.
Vodafone Group and the Aditya Birla Group would contribute ₹11,000 crore and ₹7,250 crore, respectively.
The issue will increase the number of Vodafone Idea shares by 229%.
Vodafone Idea stock fell as much as 7.6 per cent to Rs. 29.60, its steepest intraday fall in almost two months.
21 March 2019
Budget carrier SpiceJet has joined global airlines' grouping International Air Transport Association (IATA), becoming the first Indian low-cost carrier to get the membership.
The membership would help SpiceJet, which has ambitious expansion plans, to have codeshares and agreements with other carriers.
IATA has over 290 airlines as members. Other Indian members of the IATA include Air India, Jet Airways and Vistara.
20 March 2019
Hyundai Motor Company and Kia Motors Corporation together plans to invest $300 million in cab aggregator Ola. This will be the biggest combined investment by the two firms of the South Korean Hyundai Motor Group.
As part of the strategic collaboration, the three companies will work on developing unique fleet and mobility solutions, besides building India-specific electric vehicles and infrastructure.
Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘Smart Mobility Solutions Provider’, as the partnership’s initiatives will allow it to engage in all aspects across the entire mobility value chain, including vehicle production, fleet operation, and mobility services.
17 March 2019
India can achieve a three-fold "aspirational" increase in its engineering exports to reach $200 billion by 2025, if concerted efforts are made by the government and industry to develop a conducive ecosystem, and ensuring inputs at competitive prices, according to an EEPC India-Deloitte strategy paper.
India's engineering exports, which contribute 25 per cent to the overall merchandise shipments, are projected to touch about $80-82 billion in the current financial year ending March 31.
16 March 2019
Glenmark Pharmaceuticals received its final approval from the United States Food & Drug Administration (USFDA), the US health regulator, for its generic version of BenzaClin gel used in the treatment of acne. The approval granted to Glenmark Pharmaceuticals Inc, USA (Glenmark) by the USFDA is for Clindamycin and Benzoyl Peroxide Gel, 1 per cent|5 per cent, a generic version of BenzaClin1 Gel, 1 per cent/ 5 per cent, of Valeant Bermuda.
Citing IQVIATM sales data, Glenmark said BenzaClin Gel, 1 per cent/ 5 per cent had sales of $99.4 million in the 12-month period ended January 2019. Glenmark’s current portfolio consists of 151 products authorised for distribution in the US with 53 ANDAs (Abbreviated New Drug Applications) pending approval with the USFDA.
15 March 2019
India Infrastructure Trust, an infrastructure investment trust (InvIT), sponsored by Brookfield, will acquire the East West Pipeline for Rs. 3,000 crore. The pipeline is owned by Reliance Industries Ltd’s promoters’ family.
As a part of the transaction, the InvIT would acquire 100% equity interest in Pipeline Infrastructure Private Ltd. which currently owns and operates the pipeline. Following this acquisition by Brookfield, the existing pipeline usage agreement has been reworked.
Now, reserved capacity will be cut to 33 Million Metric Standard Cubic Meter Per Day (MMSCMD) against 56 MMSCMD and any unutilised capacity payment by RIL will be the difference between Rs.500 crore a quarter and actual revenue earned by PIPL.
15 March 2019
Reliance Infrastructure (RInfra) has signed a "definitive binding agreement" with Singapore-based Cube Highways and Infrastructure for sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road Pvt Ltd.
The deal is valued over Rs 3,600 crore.
In addition, NHAI claims of Rs 1,200 crore to be filed by DA Toll Road will flow directly to Reliance Infrastructure.
DA Toll Road Pvt Ltd is the special purpose vehicle (SPV) of RInfra, which operates the 180 kilometre long six-lane road that connects the national capital with Agra on National Highway-2.
14 March 2019
HDFC Bank crossed the ₹6 lakh crore market capitalisation mark for the first time on March 13, becoming only the third Indian company to achieve the milestone.
Reliance Industries is the most valued Indian company with a market value of ₹8.50 lakh crore, followed by TCS at ₹7.50 lakh crore.
About HDFC bank:
♦ HDFC Bank is India’s largest private sector lender by assets.
♦ CEO: Aditya Puri
♦ Headquarters: Mumbai
♦ Founded: August 1994, India
12 March 2019
Naresh Goyal, Jet Airways chairman, has sought urgent funding of Rs.750 crore from its equity partner Etihad, the reason cited was the very precarious position of the airline following the lingering cash flow issues which got amplified after the forced grounding of over 50 of its planes.
The airline had also secured the go-ahead from the Civil Aviation Ministry to pledge its shares in JetPrivilege for securing the interim funding. The airline holds 49.9% stake in the loyalty programme while the majority is with Etihad.
11 March 2019
National Association of Software and Services Companies (NASSCOM) entered into a partnership with China's Xuzhou city from Jiangsu Province in China to help develop the IT corridor. This is India's third IT corridor in China. The corridor will facilitate partnerships between Indian and Chinese companies.
The partnership will enable Indian software and service industry associations to enter the Chinese market and seize the development opportunities in China. The earlier two corridors launched at Dalian and Guiyang cities has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million).
The first two corridors had enabled cooperation in co-create mode in emerging technologies such as A1, IOT, and Analytics in the Chinese market. IT corridor project between India and China strengthens India-China Digital Cooperation
8 March 2019
Singapore's government’s investment arm GIC Pvt Ltd will subscribe to shares worth ₹5,000 crore as part of Airtel's plans to raise ₹25,000 crore through rights issue.
Singapore's Singtel also committed to buying ₹3,750 crore worth Airtel stock.
6 March 2019
Reliance Infrastructure (RInra) has bagged a Rs 648 crore contract from the Airport Authority of India (AAI) to build a new greenfield airport at Hirasar, in Rajkot district of Gujarat.
The new airport is being constructed near National Highway-8B connecting Ahmedabad and Rajkot, nearly 36 km from the existing Rajkot Airport.
The government recently approved development of the airport at an estimated cost of ₹1,405 crore.
The airport must be completed within 30 months from the date of issue of the contract.
4 March 2019
The government has approved a Rs 14,000-crore special economic zone (SEZ) project of Adani Power in Jharkhand, which will export the entire power generated in the Unit to Bangladesh.
It will be ready by the end of 2022.
The company had sought approval for setting up the project over an area of 425 hectares.
Two supercritical units of 800 MW each would be set up with an investment of Rs 14,000 crore, which would include setting up of a water pipeline and a power evacuation system.
2 March 2019
The data from the Ministry of Commerce and Industries reported that the growth rate eight core sectors which include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity witnessed a decline. The core sector which had witnessed a 6.2% growth in January 2018 witnessed a growth rate of 1.8% in January.
The decline in the output of crude oil, refinery products, and electricity pulled down the growth of eight core sectors to 1.8%. Production of crude oil, refinery products, and electricity contracted 4.3%, 2.6%, and 0.4%, respectively. Coal and cement output slowed to 1.7% and 11% in January as against 3.8% and 19.6% in January 2018, respectively. Natural gas, fertilizers and steel output grew 6.2%, 10.5%, and 8.2 % respectively. The core sector growth would impact the Index of Industrial Production (IIP) as these segments account for about 41 percent of the total industry output.