Business & Economy Current Affairs 2018 - Current Affairs Today

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  • Larsen & Toubro ranks 22 in Forbes global 2000 best employers list

    Google’s parent company Alphabet tops the list.  The Second position is occupied by Microsoft. There are only 24 Indian companies in the overall list and only 4 Indian companies in the top 100 list.

    RIL Announces Strategic Partnership With Hathway And Den

    Reliance Industries is entering a strategic investment partnership with Den Networks Limited and Hathway Cable and Datacom Limited, which will be a ‘win-win’ outcome for customers, local cable operators, content producers, and the companies. The Mukesh Ambani conglomerate will also make the primary investment of Rs 2,940 crore through a preferential issue under SEBI regulations for a 51.3% stake in Hathway Cable and Datacom Limited (Hathway). 

    VMware to invest USD 2 billion in India

    U.S.-headquartered VMware, a subsidiary of Dell Technologies, announced plans to invest $2 billion in India over the next five years. The investment would enable VMware to expand to new offices in Bengaluru and Pune. The investment will increase headcount, invest in R&D and support growing sales operations in India.  India is a key cornerstone of our overall global investment strategy, providing outstanding engineering talent for our global R&D operations that are helping to drive innovation across our entire product portfolio.  VMware has also partnered with Women Who Code, India, to train 15,000 women over the next two years in diverse technology areas.

    Arundhati Bhattacharya is appointed as additional director of RIL

    Arundhati Bhattacharya, former chairman of State Bank of India (SBI), is appointed as additional director, designated as independent director, Reliance Industries Limited (RIL). RIL stated that Arundhati Bhattacharya is appointed for five years commencing October 17, 2018, subject to the approval of the shareholders. It also said wholly-owned arm Reliance Industrial Investments and Holdings has bought 12.7% in SkyTran Inc., which develops technology in the field of Personal Rapid Transit Systems.

    BankBazaar appoints former RBI deputy governor SS Mundra as advisor

    He will help BankBazaar achieve 100 percent paperless and presence-less financing in India. He was a deputy governor at the RBI (Reserve Bank of India) for three years till July 2017.

    Australia to engage deeply with TN at the upcoming Global Investors Meet 2019

    The Australian government is to engage actively with Tamil Nadu at the upcoming Global Investors Meet 2019. It is to pursue opportunities in education, road safety technology, urban infrastructure, fisheries and agribusiness. Australian High Commissioner to India Harinder Sidhu launched a roadmap for deepening India-Australia ties over the next two decades.  Australia is set to focus on Andhra Pradesh, Karnataka, Tamil Nadu, Telangana, Maharashtra, Gujarat, West Bengal, Punjab, Delhi and Uttar Pradesh. It is also keen to deepen its research and innovation partnership. Currently, there are 83 active MoUs between Australian universities and educational institutions in Tamil Nadu.

    Prema Gopalan won Social Entrepreneur of the Year award 2018

    She was awarded for her work in promoting women’s entrepreneurship and rural livelihood.  She is the founder of Swayam Shikshan Prayog (SSP). SEOY awards was founded by Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation in 2010.  

    Centre invites bids from air operators for international version of the Udan scheme

    The Centre has instructed Airport Authority of India (AAI), National airports operator, to implement the international version of the Udan scheme. AAI has invited e-proposals (bids) from international bidders for selection of airlines under the International Air Connectivity Scheme (IACS) Udan. The proposals from the interested air operators should be submitted to the AAI before November 22. Udan scheme: ♦ Launched on: 27 April 2017 ♦ Located at: Delhi ♦ Motto: Let the common citizen of the country fly ♦ Ministry: Ministry of Civil Aviation, India ♦ Minister in-charge: Suresh Prabhu ♦ Government's regional airports and routes development scheme with capped-airfares that will be subsidised where uncompetitive ♦ It aimed at making air travel affordable and widespread, to boost inclusive national economic development, job growth and air transport infrastructure development of all regions and states of India

    Mahindra Rural Bharat and Consumption Yojana: a new rural fund launched by Mahindra Mutual Fund

    Mahindra Mutual Fund, a wholly owned subsidiary of Mahindra and Mahindra Financial Services Limited (MMFSL), launched new open ended equity scheme called ‘Mahindra Rural Bharat and Consumption Yojana’. This will provide investors an opportunity to participate in India growth story predominantly in Rural India.

    Indus Towers Wins Deming Prize for 2018

    Indus Towers, world's largest telecom tower company (outside China) won the Deming Prize for 2018, being the first Indian company in the service sector and the fifth in the world to achieve. He is only the 29th Indian company to win this coveted award, with other notable names including Tata Steel, Ashok Leyland, Mahindra and Mahindra, and NBC Bearings. The Deming Prize was bestowed on Indus Towers for distinctive performance improvements through the application of Total Quality Management (TQM) practices.

    IMF estimates growth rate of India as 7.3 percent this year

    The International Monetary Fund (IMF)  in its latest World Economic Outlook (WEO) said that India has been estimated to grow at 7.3% in 2018 and 7.4% in 2019. This is to regain the tag of the world’s fastest-growing major economy 2018, surpassing China with more than 0.7% points. In 2017, India had clocked a 6.7% growth rate.  In India, important reforms like the Goods and Services Tax (GST), the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business have been implemented in the recent years.  China was the fastest-growing economy in 2017. The IMF has lowered the growth projections for both India and China by 0.4% and 0.32%, respectively, from its annual April’s WEO.

    Google To Shut Down Google+ For Consumers Over The Security Lapse

    After a bug exposed the personal data of up to 5 lakh users, Google stated that it discovered and immediately patched" the bug in March 2018 but found "no evidence" that any data was actually misused.  Google company reportedly disclose the security breach because it feared regulation. According to Google, Google+ currently has “low usage and engagement” and that 90 percent of Google+ user sessions last less than 5 seconds.

    Flipkart teams up with Bajaj Allianz to offer insurance for smartphones

    Insurance Regulatory and Development Authority (IRDAI) gave Flipkart the license to go on a pact with Bajaj Allianz General Insurance for the scheme. According to the scheme, Customers who buy the plan will be offered either a cash payout or a free pickup, service, and drop facility if their devices get damaged or stolen. The minimum insurance price for the scheme is Rs. 99 for a year which will be operational the day the device is delivered to a customer. The insurance offering will be available from October 10, 2018.

    Uber to ramp up resource and development centres in Bengaluru and Hyderabad

    Uber is planning to ramp up the human resources at its R&D centres in Bengaluru and Hyderabad in order for the growth of its service in India. Because of this India would have the largest tech presence for the company outside of the U.S., its home market. It did not disclose any figures so far.

    Forbes India Rich List 2018: Mukesh Ambani is the richest Indian for 11th consecutive year with $47.3 billion

    Mukesh Ambani named as the richest Indian for the 11th consecutive year with a net worth of $47.3 billion, as per the ‘Forbes India Rich List 2018’. Reliance Industries’ Chairman Mukesh Ambani is also the biggest gainer of the year, with a gain of $9.3 billion to his wealth. Hinduja brothers occupy 4th position with net worth of $18 billion and Pallonji Mistry is at 5th spot with $15.7 billion. Kiran Mazumdar-Shaw is the biggest percentage gainer of the year, with an increase in net worth by 66.7 % to $3.6 billion.

    BIAL chose L&T for Bengaluru airport T2 project

    Bangalore International Airport (BIAL) gave L&T Construction its project to construct its Terminal-2 (T2) at the Kempegowda International Airport. The project worth around Rs.3,036 crore. The 2,55,000 sq.mt Phase 1 of T2 will augment the capacity of the airport by 25 million passengers per annum.  The work includes design, engineering, procurement, construction, testing and commissioning of Terminal-2, including the integration of services and utilities along with the airport’s systems, support facilities, and buildings. Kempegowda airport:  Airport type: Public  Owner/Operator: Bangalore International Airport Limited (BIAL) Location: Devanahalli, Karnataka, India  Opened: 24 May 2008  It is India’s first greenfield airport to be built as a public-private partnership  It is operated by BIAL, where private promoters hold 74% (Fairfax: 54% and Siemens Projects Ventures: 20%) stake in BIAL, while the government holds the remaining 26%

    SIDBI Launched National Level Entrepreneurship Awareness Campaign 'Udyam Abhilasha'

    Small Industries Development Bank of India (SIDBI) launched a National Level Entrepreneurship Awareness Campaign, Udyam Abhilasha in 115 Aspirational Districts identified by NITI Aayog in 28 States and reaching to around 15,000 youth. They will join to contribute “the transformation mission” unleashed for these districts.

    Indian Railways partners with Google to launch Rail Heritage Digitisation Project

    The Railway minister Shri Piyush Goyal launched the project through video conferencing in Delhi. The main aim is to showcase India’s rail heritage to the national and international audience in an online storytelling platform.

    Govt announces states' financial inclusion index, easy online MSME loans

    Finance Minister Arun Jaitley launched a common online platform for micro, small and medium enterprises (MSME) credit which will enable businesses to get loans up to Rs 10 million approved through a completely automated process within just 59 minutes. Arun Jaitley launched the Financial Inclusion Index (FII) in New Delhi. The index will be released by the Department of Financial Services (DFS) under the Ministry of Finance by the end of this year and it would rate states on their performance on last-mile banking services availability. The index will include the following three measurement dimensions: (i) Access to financial services (ii) Usage of financial services (iii) Quality.

    Govt increased customs duty on import of 19 items

    This increase in import duty is aimed at bridging Current Account Deficit (CAD). The total value of imports of these items in the year 2017-18 was about Rs 86,000 crore. Diamonds, gold, refrigerators, footwear, bath soaps, air conditioners to be costlier.  

    Campco to enter into coconut processing and marketing

    The Central Arecanut and Cocoa Marketing and Processing Cooperative Ltd. (Campco) is to enter into coconut processing and marketing. This sudden move of Campco is to help farmers to get better prices for coconuts.  Campco president S.R.Satishchandra said that the cooperative has expanded to coconut, as it is committed to better the economic stability of farmers. He also said that Campco has recorded an all-time high turnover of Rs.1,742 crore in 2017-18 and added that the net profit was Rs.41 crore. In 2018, Campco purchased areca nut worth Rs.1,452.92 crore, cocoa at Rs.₹55.75 crore and rubber at Rs.48.87 crore.

    SEBI approved BSEs gold, silver futures

    Securities and Exchange Board of India (SEBI) approved Bombay Stock Exchange (BSE) to launch delivery-based futures contract in gold (1 kg) and silver (30 kg). BSE will launch trading in these contracts on October 1.  The delivery centre of gold and silver futures contract will be exchange designated vaults at Ahmedabad initially, and then will be expanded across India in the second phase. The commodity trading session will function from Monday to Friday between 10 a.m. and 11.30 p.m. Bombay Stock Exchange (BSE): Type:  Stock Exchange Location: Mumbai, Maharashtra, India Founded: 9 July 1875 Founder: Mr.Premchand Roychand Chairman: Shri S Ravi CEO: Mr.Ashishkumar Chauhan

    India loses "Asia's best stock market" tag to New Zealand

    India has lost its tag as Asia's best-performing stock market this year to New Zealand. Indian equity benchmark Sensex is up 7.6% since the beginning of this year, compared with the 11% gain in the New Zealand Exchange 50 Gross Index.

    Tata steel to acquire Usha Martin

    Tata Steel has decided to acquire Usha Martin company, one-million-tonne steel business, for Rs.4,700 crore. This acquisition would lift the company’s volume of long products by 24% and expand its product mix. Usha Martin’s alloy long steel products cater to higher value-added automotive and engineering segments. The existing capacity of Tata Steel is 29.5 million tonnes. Usha Martin assets are located in Jamshedpur, near Tata Steel’s unit. Hence, the acquisition will have operational and logistics synergies. The HSBC Securities expects that the acquisition is marginally positive as it will increase Tata Steel’s long product capacity to 4 million tonnes per annum. This acquisition has put Tata Steel as the preferred stock in the market.

    Health Ministry Partners With Dell And Tata Trusts

    The main aim is to provide a technological platform for nationwide prevention, control, screening and management program of Non-Communicable Diseases (NCDs). Anupriya Patel, Minister of State for Health and Family Welfare released the user manual for NCD application under Comprehensive Primary Health Care (CPHC) IT Solutions.  

    BSE, NSE get SEBI approval to launch commodity derivatives segment

    The capital markets regulator Securities and Exchange Board of India (SEBI) has approved India's top two stock exchanges Bombay stock exchange (BSE) Ltd and National Stock Exchange of India Ltd (NSE) to launch commodity derivatives trading from 1 October, 2018. BSE will enter the segment with non-agriculture commodities like metals initially followed by agri commodities subsequently.

    CCI approves ArcelorMittals acquisition of Essar Steel

    The Competition Commission of India (CCI) approved the acquisition of Essar Steel by a consortium of ArcelorMittal and Japan’s Nippon Steel & Sumitomo Metal Corporation.  Earlier ArcelorMittal had offered Rs 42,000 crore to acquire Essar Steel, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal. ArcelorMittal and Numetal are in the race to acquire Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks. 

    BPCL awaits for Centre's approval for its expansion

    State-owned Bharat Petroleum Corporation Limited (BPCL) is waiting for the Center’s approval for the threefold expansion of Numaligarh refinery in the northeast. It is to expand its refinery from 3 million tonnes per annum (mtpa) to 9 mtpa. The project costs around Rs.22,000 crore. With this refinery expansion, the BPCL has plans to export products to Bangladesh, Nepal and Myanmar. In Numaligarh refinery, the petroleum product pipeline is to be laid for 135-km from its terminal at Siliguri in West Bengal to Parbatipur in Bangladesh. The company has also planned to procure crude from Paradip in Odisha, where IOCL has a refinery.

    Creamline Dairy Products Ltd. is to launch its new plant in Visakhapatnam

    Creamline Dairy Products Ltd. (CDPL), a subsidiary of Godrej Agrovet Ltd., is planning to invest Rs.80 crore on various initiatives. CDPL is to invest about Rs.35 crore in setting up the new dairy plant in Visakhapatnam and Rs.35 crore on developing value-added products and the remaining amount for improving and scaling up capacity.  CDPL-owned Jersey brand of milk products CDPL has nine operating plants in southern states and Maharashtra with a capacity of 12 lakh litres per day.

    Samara Capital acquires Aditya Birla Retail Limited

    The Aditya Birla Retail Limited (ABRL) sold its supermarket chain More to Witzig Advisory Services, owned by Samara Alternative Investment Fund. Amazon, in a deal with Samara, will be eventually picking up a 49% stake.  The deal was done at about Rs.4,200 crore. This will give Amazon to access more than 500 physical outposts across the country. The transaction was made between Witzig-Samara in an exchange filing. RKN Retail said that the board had approved the sale of its entire shareholding in ABRL to Witzig.

    MLL to set up its warehouse in Chennai, South India

    Mahindra Logistics Ltd. (MLL) plans to set up its multi-modal warehouses of half-a-million sq.ft in the Chennai, South India. This is to strengthen position in the location.  MLL, the country’s largest third-party solutions, provider said it plans to enter the freight-forwarding business in Chennai and set up two warehouses with a measure one lakh sq.ft. each near Kamarajar Port. It will also be establishing few more warehouses in Bengaluru and Hyderabad.

    Ola enters New Zealand

    Ola, the Indian ride-hailing company, unveiled its plan to extend its territory to New Zealand. The service will first begin in Auckland, Christchurch, and Wellington. Ola offers the service with a commission rate of 9%. The company is to pay drivers daily rather than weekly in order to benefit the drivers.  The company earlier launched its service in Australia in February and the U.K. in August. It said that it enables smart transportation to over 125 million users in India, Australia and the U.K.

    Essel Zee withdraws its proposal to take over AgriGold

    Subhash Chandra Foundation of Essel Zee Group withdrew the AgriGold case. The Essel Group filed an affidavit against the AgriGold seeking the court to permit them to withdraw their proposal and also refund Rs.10 crore. The Hyderabad High Court filed the petition under Section 151 of the Civil Procedure Code. This is after the rejection of the foundation's proposal by the Andhra Pradesh government. Earlier the Essel group foundation had proposed to take over AgriGold company by paying Rs 4,000 crore. It also said that it would be done in a phased manner. AgriGold scam: Around 32 lakh depositors in 9 states, with Andhra Pradesh leading the list were duped by AgriGold. It owes Rs.6,380 crore to the depositors. This scam was exposed in 2014. Nearly 100 people have committed suicide after the scam came to light.

    Kent RO to set up its second manufacturing plant at Noida

    Kent RO Systems, a healthcare products firm, is to set up its second manufacturing plant at Noida. For this project, it has invested more than Rs.150 crore. The facility will be ready in 4-5 years. Earlier, Kent RO signed a MoU with the U.P. government to invest Rs.200 crore. Kent is aiming to cross Rs.950 crore revenue during the current fiscal.  Despite its other products like air purifiers, vegetable and fruit purifiers and water softeners besides a few home appliances, the water purifiers contribute more than 85% of the total revenue of the company.

    Brookfield to buy Ambani's Reliance gas pipeline for Rs 14,000 crore

    Canada based Brookfield Asset Management is set to buy loss-making East West Pipeline Ltd (EWPL), earlier known as Reliance Gas Transportation Infrastructure, for an enterprise valuation of Rs 14,000 crore ($2 billion). In a separate report, Grocery startups BigBasket and Grofers have revived talks for a merger. Flipkart has held talks to buy a stake in Hotstar, to enter Amazon Prime Video, Netflix arena.

    Reliance Infrastructure sold its Mumbai city power distribution business to ATL

    Reliance Infrastructure has sold its Mumbai city power distribution business to Adani Transmission Limited (ATL) for Rs.18,800 crore. Reliance Mumbai Metro is a marquee project. This acquisition makes ATL, the largest deal in the Indian power sector till date. It is presumed that the profitability of Reliance Infrastructure will not be affected on the whole. Reliance Energy had an EBITDA of around Rs.1,500 crore, which would reflect in lower EBITDA for Reliance Infrastructure after this deal. 

    Infosys to acquire Fluido of worth up to Rs.545 crore

    Infosys has signed a definitive agreement to acquire Fluido in a deal worth up to €65 million (over Rs.545 crore). Fluido is one of the largest and longest-tenured independent Salesforce Platinum Consulting Partners in Europe and an Authorised Salesforce Training Delivery partner in the Nordics.  This deal is expected to close in 2019. This acquisition strengthens the position of Infosys as a leading Salesforce enterprise cloud services provider and enhances its ability to provide clients with an unparalleled cloud-first transformation.

    Apple unveiled its updated version of iPhones and Smartwatch

    Apple unveiled its updated version of iPhones along with a new smartwatch which allows users to take their own Electrocardiograms (ECG). Apple revealed its updated iPhone XS and iPhone XS Max. They are aimed at maintaining Apple’s share in the premium segment.  The new phones have displays of 5.8 and 6.5 inches, boosting screen size while keeping a small-format handset. The Smartwatch is built with an ability to perform ECG. The watch, sold in the U.S. from $399 and up, will be available in stores on September 21. The iPhone XS Max will sell for about $1,100, or $100 more than last year’s iPhone X. The iPhone XR will use cheaper materials and sell for about $750.

    Tata Power signed with DABS, an Afghan power firm

    Tata Power has signed a memorandum of understanding (MoU) with Da Afghanistan Bresha Sherkat (DABS), an Afghanistan Government-owned power distribution company. The MoU was signed during the second India-Afghanistan International Trade and Investment show.  The agreement aimed at production, distribution and transmission of power in Afghanistan. In Afghanistan, only 35% of the people have access to electricity despite its huge natural resources, including rivers and sun power which can help sustain the country. In this area, Tata Power would work very closely with the state-government power distribution company as well as local entrepreneurs.

    RBI intervenes as rupee hit 72.5 against US dollar

    The rupee breached 72.5 a dollar mark and touched an all-time low of 72.67 intraday trade. The current account deficit widened to a five-year high in the first quarter of the current financial year to $15.8 billion or 2.4% of the GDP. Finance Minister Arun Jaitley said the movement in rupee is because of global factors. He also said that except the dollar, the rupee has strengthened or remained in a range against all other currencies. Reserve Bank of India has intervened as rupee depreciation continued unabated.

    India is to overtake China in farmed shrimp production in FY 2019-20

    Ravi Kumar Yellanki, president, Society of Aquaculture Professionals, said that India is set to gain the top slot in farmed shrimp production by overtaking China in 2019-20. The 7 lakh tonnes of shrimp production target was the target for the year 2018 and India might end up producing 6.5 lakh tonnes, which equals China’s production. Last year, India produced 6 lakh tonnes.  The Shrimp production in China is declined due to the outbreak of the Early Mortality Syndrome (EMS) disease. India was not affected by EMS. Brackish water is required for Shrimp cultivation. Huge tracts of land, 15 lakh hectares, were available to host brackish water for cultivation but only 10% of it is being used for shrimp production. Several shrimp producers are planning to expand capacity. This will make India overcome China in shrimp production and export. Early Mortality Syndrome: ♦ Early Mortality Syndrome (EMS) or Hepatopancreatic Acute Necrosis Syndrome is a disease that affects shrimp ♦ The disease was first seen in China in 2009. In 2013, EMS was reported for the first time outside Asia, showing up in Mexico ♦ The symptoms include erratic swimming or swimming near the bottom of the pond, whitening of the hepatopancreas, reduction in the size of hepatopancreas, Dark spots or streaks on the hepatopancreas etc. ♦ It can be controlled by providing selective breeding for resistance to EMS, improving farm practices and infrastructures with biosecure intensive ponds, and providing integrated farm management

    SpiceJet launched air cargo services

    SpiceJet launched air cargo services and it also inducted its first freighter aircraft. The services will be offered under the brand name SpiceXpress. It will be set up as a separate business unit under the monitor of SpiceJet Limited. The cargo flight services would commence from September 18. The airline plans to add four more freighter aircraft during the current fiscal.  The air cargo operations will cover Delhi, Bengaluru, Guwahati, Hong Kong, Kabul and Amritsar. The airline’s freighters fleet will consist of Boeing 737 planes. It will extend its operations through its common pool of resources like pilots, engineers, ground staff, airport infrastructure.

    Lockheed Martin, Tata JV collaborate to make F-16 jet wings in India by TASL

    It entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings. About Tata JV  Tata Global Beverages Limited (formerly Tata Tea Limited) is an Indian multinational non-alcoholic beverages company headquartered in Kolkata, West Bengal,  India and a subsidiary of the Tata Group.  It is the world's second-largest manufacturer and distributor of tea and a major producer of coffee.

    Reliance Infrastructure wins Rs 200 crore arbitration against NHAI

    Billionaire Anil Ambani-led Reliance Infrastructure (RInfra) has won a ₹200 crore arbitration award against the National Highway Authority of India (NHAI). RInfra claimed that delay by NHAI in providing land to it resulted in cost overrun during construction and change in location of a toll plaza in Tamil Nadu. NHAI will have to pay interest at 12 per cent per annum on the amount if they do not pay Rs 1.5 billion by the deadline.

    Facebook to open its 1st ever Asian data centre in Singapore

    Facebook will invest over $1 billion to build its first Asian data centre in Singapore, which is expected to open in 2022. The new site is at Tanjong Kling, located in the western part of Singapore, and in an area formerly known as Data Centre Park. Facebook runs 15 other data centres worldwide, mostly in the US and European markets such as Ireland and Sweden.

    TCS becomes 2nd Indian company to cross Rs. 8 trillion market cap

    Mumbai-headquartered Tata Consultancy Services (TCS) became only the second Indian company to cross ₹8 trillion (Rs 8 lakh crore) in market capitalisation after Mukesh Ambani-led Reliance Industries. Earlier on August 23, Reliance Industries (RIL) became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. TCS CEO - Rajesh Gopinathan.

    India to make its own F-16 fighter jets

    Maryland-based Lockheed Martin, an American security and aerospace giant, announced that the wings of its F-16 fighter jets will be produced in India. For this project, the Lockheed Martin Corporation has entered into an agreement with Tata Advanced Systems Limited (TASL).  This move is to boost the Centre’s ‘Make in India’ initiative. To make this project successful Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it.

    Amazon hits USD 1 trillion market capitalisation after Apple

    World's richest man Jeff Bezos-led e-commerce major Amazon became the 2nd publicly traded US company to hit $1 trillion in market capitalisation after iPhone maker Apple. Amazon stock has more than doubled in the last 12 months and has gained more than 70% in 2018.

    Wipro signed a USD 1.6 billion with Illinois based Alight Solutions LLC

    Wipro signed a $1.6 billion 10-year contract with Illinois-based Alight Solutions LLC. This is the largest deal to date. The contract is to provide digital solutions to the company. Alight is a provider of benefits administration and cloud-based human resources and financial solutions. It will be built through the strategic investments in Wipro Digital, cloud platforms and cognitive platform Wipro HOLMES. It has 12 global centres.  The deal will enable the digital transformation of Alight’s offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight’s clients by leveraging Wipro’s industry-leading strengths in digital technologies, cognitive automation, and data analytics.

    Petrol, Diesel price reached its maximum hike

    Indian Oil Corporation (IOC), the nation’s largest fuel retailer, said that the price of domestic cooking gas (LPG) is increased by Rs.1.49 per cylinder, while diesel price crossed the Rs.70 a litre mark for the first time on the drop in the rupee value.  Subsidised LPG will cost Rs.499.51 a cylinder in Delhi, against Rs.498.02 now, The rise is mainly owing to the tax incidence on the base price. Diesel rates were increased by 28 paise a litre, making a litre to cost Rs.70.21 in Delhi, where the rates are the cheapest because of the lower sales tax or VAT. Petrol price was increased to Rs.78.51 a litre from Rs.70.30. All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2 kg each per household in a year., transferring the subsidy to the bank accounts of the users. This subsidy amount varies from month to month, depending on the changes in the average international benchmark LPG rate and foreign exchange rate.

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