ECONOMY - 2015 JULY

July 1

EPFO draws up plan to invest in stock markets.
The Employees Provident Fund Organisation (EPFO) will invest a part of its corpus in exchange-traded funds issued by SBI Mutual Fund.
EPFO has decided to invest five per cent of its incremental corpus of Rs. 1,00,000 crore in ETFs in 2015-16.
EPFO will start investing in SBI-Sensex ETF, SBI-ETF Nifty Junior, SBI-ETF Banking and SBI-ETF BSE 100. The mutual fund has also applied to the Securities and Exchange Board of India for a Nifty-based ETF.
Key points:
(a) EPFO to start investing 5% in exchange trade funds in next 15-20 days.
(b) It will begin by only investing in funds managed by public sector undertakings (PSUs).
(c) It has decided to invest in ETFs manufactured by SBI Mutual Fund.
(d) Has drawn a contingency plan: Will pool in a month’s investment on a day when markets fall by 4% and a week’s investment on a day when markets fall by 2%.
(e) EPFO may invite new portoflio managers to handle its investment in equity.
(f) 75 per cent of its investment in equity will flow into Nifty companies and 25 per cent in Sensex companies.

Govt bans oil trade with ISIS-linked organizations.
India banned trade with Islamic State-linked entities in oil and other products, complying with a UN resolution to act against militants active in oil-rich countries such as Iraq, Syria and Libya.
The rapid rise of Islamic State, which first emerged in Syria and Iraq, is worrying Western powers who fear the militant group will forge a base just across the Mediterranean from mainland Europe.
Background:
Iraq's Prime Minister Haider al-Abadi earlier this month urged the international community to help prevent the group from gleaning profits from oil smuggling.

July 2

Bankbazaar.com raises Rs. 375 crore.
BankBazaar.com raised Rs. 375 crore ($60 million) in its series C round of funding led by Amazon with participation from Fidelity Growth Partners and Mousse Partners.
Existing investors Sequoia Capital and Walden International also participated in the Series C funding round.

States set to get Rs. 3 lakh crore through coal auction process.
A potential revenue stream of an estimated value of Rs. 3 lakh crore is expected to open up for the coal-bearing States out of the e-auction process.
This money is expected to flow for thirty years and would comprise the auction value of the mines put on the block and the imposts flowing out of mining operations. Critically the envisioned revenue stream is linked with the mining activity.
While two tranches of e-auction of the cancelled coal blocks have already taken place, 10 more blocks have been identified for the third tranche.

July 3

Declare foreign assets online under black money compliance window.
The recently notified one-time black money compliance window can also use the e-filing facility of the tax department to declare their foreign-based untaxed assets apart from the manual filing and committing of these stash properties.
According to the scheme under the window, such a declaration can be filed online by an individual or entity and mandatorily will have to carry a “digital signature” to validate it.
A digital signature authenticates electronic documents in a similar manner as a handwritten signature validates printed or hand-written documents.
This signature cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is attached.
The facility can be utilised by visiting the official departmental website, https://incometaxindiaefiling.gov.in
Note: Those availing the one-time ‘compliance window’ would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Background:
The government recently notified the three-month compliance window beginning July1. The tax and penalty on such declared assets or funds can be paid till December 31.
The compliance window is part of the new anti-black money law that was passed by Parliament in May and notified on May 26 after the President’s assent.

July 4

Vizag port tops in seafood exports in terms of value.
Vizag Port continues to emerge as the leading port in seafood exports by value terms during FY-15.
Pipavav Port also maintained its lead quantity-wise garnering a share of 25.27 per cent out of the total 10,51,243 tonnes of seafood exports from the country during the period.
However, Kochi Port came to the second position both in quantity and value terms with over 15 per cent share quantity.
The US is the largest market for seafood products this year followed by South East Asia, EU, Japan, other countries, West Asia and China.

16 defence projects get industrial licences.
The Department of Industrial Policy & Promotion (DIPP) granted 16 industrial licenses for defence projects worth Rs. 613 crore in its last meeting.
The approved proposals included applications from the Tata Group, Pipavav, Samtel Thales and Titagarh Wagons.
Validity period:
Recently, the government increased the initial validity period of industrial licence for defence sector to seven years from three years.
Such licences can be further extended up to three years, in view of the long gestation period of defence contracts.

July 5

Cabinet clears common norms for all skill development schemes.
The Union Cabinet has approved the introduction of common norms across all skill development schemes being implemented by the various Ministries and departments.
It also approved an institutional framework for the National Skill Development Mission, which will have a three-tiered, high-powered decision-making structure.
A Governing Council, to be chaired by the Prime Minister, will provide overall guidance and policy direction.
The National Skill Development Agency (NSDA), the National Skill Development Corporation (NSDC) and the Directorate of Training will function under the overall guidance of the Mission.
The Cabinet also decided to do away with multiplicity of norms on eligibility, duration of training, and cost of training, among others that had created a diffusive effect of the programmes for over 70-odd Skill Development Programmes being implemented by the government.
Norms committee:
The proposal envisages the creation of a Common Norms Committee under the Chairmanship of Secretary, Ministry of Skill Development and Entrepreneurship, along with eight other representatives from relevant Central Ministries/departments, State governments, NSDA and NSDC.

NTPC, PTC India allowed dollar-linked tariffs for new solar projects.
The Centre has allowed state-owned NTPC and PTC India to charge dollar-linked tariffs for their new solar projects.
Objective: The idea of developers getting dollar-linked tariffs from distribution utilities has been mooted to get grid parity for solar power. Distribution utilities are expected to quote tariffs in dollar-linked rates for 25-year contracts. Currently, solar power is sold at around Rs. 6-7 a unit, coal-based power is sold at Rs. 3-4 a unit and gas at around Rs. 4.7 a unit.
Dollar-linked tariffs can bring down solar power costs to below Rs. 4.5 a unit, according to industry officials.
However, the model could require a ‘hedging cost’ to cover for the depreciation of the rupee versus the dollar. Modalities of the same are yet to be firmed up.
Background:
The Government has reset its solar mission target to have 100,000 MW by 2022.
Out of the entire 100,000 MW target, 40,000 MW is expected to come through rooftop solar installations. However, this target could be reworked.

July 6

IRDAI forms panels to promote e-commerce in insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has constituted two special panels to promote e-commerce in life and general insurance.
The panels have been formed with captains of industry as members including Sandeep Bakshi, CEO, ICICI Prudential Life Insurance Company Ltd, and Tapen Singhel, CEO, Bajaj Allianz General Insurance Company Limited.
They will identify opportunities of e-commerce in insurance sector, recommend technological solutions for e-commerce, suggest regulatory and other facilitation measures for the growth of e-commerce and synergise with Digital India initiatives of the Government of India.
About E-commerce:
E-commerce has changed the way business is conducted across the world. The ease and convenience to buying a product online has revolutionised the manner in which products are sold across the world.

July 8

eMudhra launches eSign Services.
eMudhra Limited, a leading certifying firm in the country for digital signatures launched first of its kind “eSign services” in the country as part of the Digital India Vision.
ESign is an online electronic signature service which can facilitate an Aadhaar holder to digitally sign a document within seconds. The signatures generated by eSign are legally valid and secure under the Information Technology Act, 2000.
As part of the Digital India Vision, Prime Minister launched eSign services in the country on July 1st.
ESign can "revolutionise" the way business and governance is conducted in the country and pave the way for a digital transformation into a paperless environment.
By using eMlocker along with eSign, one can store documents such as PAN cards, Aadhaar cards, electricity bills or any other documents electronically.

July 9

Airline backed by Chiranjeevi's son gets flying licence.
Turbo Megha Airways became the fourth company to receive flying licence from aviation regulator DGCA in the past two years to launch a regional airline.
The company, which is partially owned by Tollywood actor Chiranjeevi's son Ram Charan, would operate the regional airline under the brand name Trujet.
Director General of Civil Aviation M. Sathiyavathi handed over the Air Operator Permit to Turbo Megha managing director V. Umesh in the presence of Civil Aviation Minister Gajapathi Raju at a function.
The company has seen an initial investment of $20 million.

Suvidha trains to start from July 13.
The railway ministry has announced new Suvidha trains to replace the Premium trains that were introduced last year to beat the summer rush. The first train, between Gorakhpur and Anand Vihar (Delhi), will run from July 13 to July 30.
A major disadvantage of the Premium trains was that tickets could only be bought online. However, the government plans to plug the gap with the new Suvidha trains.
About Suvidha trains:
Only confirmed and RAC tickets will be issued on these trains.
Advance Reservation Period is maximum 30 days and minimum 10 days.
Tickets for the trains will be available at railway reservation counters as well as online (on the IRCTC website).
There are no concessions/discounted fares for children and senior citizens.
Supplementary charges like reservation charge, superfast charge and service tax shall be levied separately.
Passengers have to produce an identity card during the journey for verification.
Cancellation of the tickets is not permitted.

July 10

Tata Motors wins order worth over Rs. 900 crore from Indian Army.
Tata Motors has bagged an order worth over Rs. 900 crore to supply 1,200 multi-axle trucks to the Indian Army.
It is the single-largest order awarded to an Indian company in land systems by the Indian army and comprises 1,200 units of high-mobility 6X6 multi-axle trucks.
The trucks will be used for loading-unloading and transportation of ammunition pallets, spares and other operational equipment.
About Tata Motors:
Tata Motors has been associated with the country's off-road defence and security forces, since 1958.
The company offers its products and services that not only meet the needs of the domestic market, but are also positioned to meet most stringent requirements across the world.
The Mumbai-based firm also exports its range of specialised defence vehicles to the SAARC, ASEAN and African regions.

May industrial output grows 2.7 per cent.
India's Index of Industrial Production (IIP) grew 2.7 per cent in May, data released by the Ministry of Statistics and Programme Implementation (MOSPI) showed.
However, the April 2015 IIP growth has been subsequently revised to 3.36 per cent, lower than the 4.1 per cent growth originally reported last month (which had beaten all expectations).
India to beat China as fastest-growing in 2016: IMF.
India will be the world's fastest growing economy for the second consecutive year in 2016 at 7.5 per cent.
It lowered its current year global economy growth forecast to 3.3 per cent.
In its World Economic Outlook Update released in Washington, IMF retained India's growth projection for current year at 7.5 per cent which will be higher than China's 6.8 per cent. It forecast a growth rate of 7.5 per cent for India in 2016 as well, as against China's 6.3 per cent.
China was the fastest growing economy in 2014 at 7.4 per cent as against India's 7.3 per cent, as per the IMF data.

July 11

Wipro to acquire Designit for Rs. 595 crore.
Wipro will acquire global strategic design firm Designit for 85 million euros (about Rs. 595 crore) as part of the strategy to strengthen its digital services business. The acquisition will be made by Wipro Digital, the digital business unit of Wipro.
The purchase consideration of 85 million euros includes a performance based contingent consideration payable over three years

ONGC to cut gas production by 40 per cent.
Oil and Natural Gas Corp (ONGC) will cut gas production from its biggest fields in the Arabian sea by about 40 per cent as it carries out repair work on a pipeline that carries the gas to shore.
ONGC produces 33 million standard cubic meters per day of natural gas from the Bassein field in the western offshore.
The gas is carried to shore by two under-sea pipelines, a 42-inch line and a 32-inch line.

DGCA rejects airlines' proposal to charge for check-in baggage.
In a relief to fliers, civil aviation regulator DGCA has rejected the plea of some airlines to allow them to charge for the check-in baggage saying such a fee would be applicable only on baggage which exceeds the free limit of 15 kgs.
Check-in baggage charges (above 15 kgs of free check-in baggage allowance) can be charged separately on opt-in basis as part of the unbundling of services.

July 12

FIPB clears Bandhan, 22 other FDI proposals.
The foreign investment promotion board (FIPB) cleared 23 FDI proposals including those of Bandhan Financial Services and Catholic Syrian Bank.
The FIPB meeting, chaired by Finance Secretary Rajiv Mehrishi, considered 47 foreign investment proposals.
About FIPB Approval:
The FIPB can recommend foreign investment proposals worth up to Rs. 3,000 crore to the Finance Minister for approval. Proposals worth above that is referred to CCEA.

July 13

Significant jump in foreigners availing e-visa scheme in June.
Continuing the growth trajectory, a total of 15,557 foreigners availed the e-tourist visa in June this year as compared to 2,112 during the same period last year, registering an increase of 636.6 per cent.
While maximum tourists from US (41.71 per cent), followed by Australia (9.67 per cent)
About e-Tourist Visa:
On November 27 last year, the government had launched Tourist Visa on Arrival (TVoA) enabled by Electronic Travel Authorisation (ETA), presently known as e-Tourist Visa scheme for 43 countries.
Retail inflation nudges up to 5.40% in June.
Retail inflation rose to eight-month high of 5.4 per cent in June on costlier food items, fuel, housing, clothing and footwear even as prices of sugar and confectionery items eased during the month.
The retail inflation measured in terms of Consumer Price Index (CPI) was at 5.01 per cent in May.
Background:
RBI expects inflation to rise to 6 per cent by January 2016. The central bank is scheduled to announce third bi-monthly monetary policy on August 4.

July 14

Andromeda acquires apnapaisa.com.
Andromeda, one of the country's largest loan distributors, has acquired the apnapaisa.com, an online loan solutions space in a stock and cash deal.
Andromeda has presence in more than 30 cities across the country with a- 1000-staff strength. It helps facilitating or distributing around Rs. 8000 crore loans per year among one lakh customer base.
Apnapaisa.com, promoted by Harsh Roongta, a personal finance professional, has worked with several financial lending institutions.
Mindtree to acquire Relational, Bluefin for over Rs. 483 crore.
Mindtree will acquire two companies Relational Solutions and Bluefin Solutions in the US and the UK, respectively for a total consideration of over Rs. 483 crore.
The move will help the Bangalore-based firm strengthen its digital services portfolio.
The Board of Directors have approved the acquisition of 100 per cent of the equity interest in US-based Relational Solutions in an all-cash transaction for $10 million (about Rs. 63.5 crore) MindTree.

July 15

Government clears proposal to redevelop 400 railway stations.
A proposal to redevelop about 400 railways stations in metros and major cities besides pilgrim centres and tourist spots was cleared by the government.
Under this model, interested parties coming through open bids would develop the stations with their designs and business ideas while commercial development of real estate would be allowed by the Zonal Railways.
The 'as is where is' model would entail a much simpler process for faster redevelopment, with more focus on vertical expansion.
"The 'A-1' and 'A' category stations (about 400) shall be offered for redevelopment by inviting open bids from interested parties.

July 16

ADB pegs GDP growth at 7.8 per cent, sees reforms delay as risks.
The Asian Development Bank (ADB) retained its India GDP growth projection for 2015-16 at 7.8 per cent, but cautioned that delay in reforms relating to land acquisition and GST could hamper growth.
The Supplement to the Asian Development Outlook (ADO) 2015, which was released in March, lowered the growth projections for China to 7 per cent for 2015, from the earlier 7.2 per cent. For 2016, its forecast to decelerate to 6.8 per cent.

Cabinet gives nod to composite foreign investment cap.
The government introduced a composite foreign investment cap by clubbing all forms of overseas investments to define sectoral limits.
Finance Minister Arun Jaitley said that from now onwards, all foreign institutional investors (FIIs), non-resident Indians (NRIs) and other foreign investments will be clubbed. It will be constituted as a composite cap. The proposal is aimed at simplification of FDI policy with a view to attracting foreign investments and also improving ease of doing business in India.
The ministry has proposed a composite foreign investment cap across sectors, including agriculture, tea, mining, broadcasting, media, airports, retail (single brand and multi-brand), e-commerce, asset reconstruction companies, banking, commodity exchanges and insurance.
Under the existing policy: there are different caps for separate investment categories like FDI, FII and NRIs.
Current FDI in India:
In 2014-15, investment by FIIs grew by 717 per cent to $40.92 billion. Meanwhile FDI grew 27 per cent to $30.93 billion in the previous fiscal.

SpiceJet offers Re 1 tickets on mobile app.
No-frills carrier SpiceJet put on sale 1 lakh seats on its select domestic flights for just Re 1 excluding taxes and fees under a limited offer period that allows the customers to undertake travel from July 15 to March 31 next year.
The three-day offer, for which the bookings start from July 15, however, comes with a rider.
SpiceJet announces the return of its Re 1 airfare sale! More than 1,00,000 one-way tickets are available at just Re 1 (excluding taxes and fees). Round-trip purchase is required, wherein the other leg of the journey is at regular fares

Government extends price caps to 39 more medicines.
Government has extended price caps to 39 more medicines ranging from commonly used diabetes drugs to antibiotics, in the latest effort to improve affordability of medicines.
The move impacts multinational drugmakers, like Abbott Laboratories and GlaxoSmithKline, and a number of local firms, including Lupin, Cadila Healthcare and, all of whom sell drugs added to the list.
A notice posted on the National Pharmaceutical Pricing Authority (NPPA) website late detailed the 39 new drugs, which extend a price control list that already includes more than 652 medicines.

July 17

Catamaran invests in payment firm Innoviti.
Innoviti Payment Solutions (IPS) has raised Rs. 30 crore from Narayana Murthy’s Catamaran Ventures and New India Investment Corporation, Canada.
The proceeds of the second round of funding will be used to expand Innoviti's business of real-time distribution of credit to small and medium enterprises (SMEs).

Petrol pumps shut down in Haryana on indefinite strike by dealers.
Over 2,300 fuel pumps in Haryana have stopped selling petrol and diesel to consumers as petroleum dealers went on an indefinite strike to press for various demands, including lower VAT on diesel.
As many as 2,310 fuel pumps across the state went on strike.
Petroleum dealers will not buy and sell fuel as per their protest. However, some fuel pumps, which are directly owned by oil companies like Indian Oil, BPCL and HPCL, are open.

July 18

Cheapest solar power supply in country to be in Madhya Pradesh.
Madhya Pradesh will get cheapest solar power in the country at the rate of Rs. 5.05 per unit on fixed rate for 25 years.
MP Power Management Company has opened the tenders for supply of 300 MW solar power on long term basis recently and has got minimum rate of Rs. 5.05 per unit in it.
It is the lowest rate for supply of solar power till date in the country. At present, the state is getting solar power at the rate of Rs. 6.50 to Rs. 7 per unit as quoted in previous tenders.

July 19

No ID proof required for Tatkal ticket bookings from September 1.
Passengers booking tatkal train tickets would not be required to produce identity proof anymore as Railways have decided to discontinue with this provision.
The modified provision could come into effect by September 1.
However, one of the passengers has to produce the original proofs of identity during the journey to avoid being penalised.

July 20

Railways to increase coaches in express trains from 24 to 26.
Railway Ministry have decided to increase the permissible limit of coaches in express trains from 24 to 26 to create additional berths.
The capacity expansion would be first carried out in about five trains on different routes where existing infrastructure can handle such long trains.
At present, a train rake comprises 18 to 24 coaches depending on the patronage enjoyed by them.

July 21

Microsoft to offer free cloud services to Indian start-ups.
Microsoft will offer free its Azure cloud services to Indian start-ups for speeding up the entrepreneurial ecosystem in the country.
Our Azure cloud services, valued at $120,000 will be given free to qualified start-ups under the 'BizSpark plus programme' for building the entrepreneurial ecosystem in the country.

E- bay and PayPal back as independent companies.
Online auction site eBay plans to spin off its PayPal business into a separate publicly traded company next year.
The decision comes shortly after Apple unveiled a new mobile payment system, Apple Pay, that looks set to be a fierce rival to PayPal and Alibaba, China’s massive online marketplace, debuted on the New York Stock Exchange.
About eBay:
eBay is The World's Online Marketplace®, enabling trade on a local, national and international basis. With a diverse and passionate community of individuals and small businesses, eBay offers an online platform where millions of items are traded each day.
About Paypal:
PayPal is a worldwide online payments system provided by an American company. Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders.

July 22

Flipkart to launch seller-financing programme.
Flipkart Ltd is launching a programme to connect high-performing and fast-growing sellers on its platform to financial institutions to help these small businesses get capital to grow their businesses.
Flipkart has tied up with five financial institutions, including Axis Bank and Bajaj Finserv, to provide loans ranging from Rs. 1,00,000 to Rs. 2 crore to its sellers. These loans don’t require sellers to put up collateral.
Background:
Flipkart’s rival Snapdeal.com has been running its seller funding programme since last year. Amazon India also has tie-ups with State Bank of India and other financial institutions to provide loans to its sellers.

July 23

SpiceJet launches EMI payment scheme to book tickets.
SpiceJet has launched a unique ticket purchase scheme under which passengers can pay through EMIs.
The 'Book Now, Pay Later' scheme allows passengers to pay as per their own schedule. Passengers holding credit cards issued by Axis, HSBC, Kotak, and Standard Chartered can pay through EMIs between three and 12 months.
CEO: Sanjiv Kapoor.
Headquarters: Gurgaon.

July 24

Lupin to acquire Gavis Pharma for Rs. 5,610 crore.
Lupin will acquire Gavis Pharmaceuticals for Rs. 5,610 crore in what the country's fourth-largest drugmaker by sales claimed is largest by a domestic pharma firm in the US.
The acquisition will help Lupin increase presence in the US, its largest market where sales fell 31 per cent to $180 million in the first quarter.
Lupin's US growth has been hampered by a slower pace of winning generic drug approvals since the US Food and Drug Administration (USFDA) overhauled its generics review process.
Lupin Headquarters: Mumbai.

July 25

WTO to cut tariffs after years of talks in Information Technology products.
The World Trade Organization major exporters of information technology products agreed, after years of talks, to cut tariffs in the sector, in the first such deal at the WTO in nearly two decades.
The deal covers more than 200 products, from video games to medical equipment, worth about $1.3 trillion in annual global trade.
Once finalised, the agreement to update the WTO’s 18-year-old Information Technology Agreement (ITA) will add the products to the list of goods covered by zero-tariff and duty-free trade.
About the deal:
Additional duty-free products include computer software and software media, video game consoles, printer ink cartridges, GPS devices, medical devices such as MRI machines and next generation semiconductors.
The deal is an expansion of a pact reached in 1996 by 81 WTO members, known as the Information Technology Agreement (ITA).
In 2012, member states resolved that new terms for the ITA were needed because innovation had advanced so dramatically. But there were considerable hurdles to striking a broader agreement, notably differences between the United States and China.
Information and Broadcasting (I&B) Ministry approves to acquire India Today Groups four FM radio stations.
The Times Group-run Entertainment Network India (ENIL), which owns and operates Radio Mirchi FM channel, it has got the approval from I&B ministry to acquire TV Today Network’s radio station ‘Oye’ in 4 cities.
Thus it will acquire the Oye radio stations business own by India Today Group in Jodhpur, Amritsar, Shimla and Patiala.
Earlier this similar deal was rejected by I&B ministry on ground that it violates FM radio guidelines and thus the said deal was held after fulfillment of conditions specified by the Ministry.
Minister of Information and Broadcasting : Mr. Arun Jaitley
Former Sebi chief M Damodaran sets up trust for non-executive directors.
M Damodaran, former chair of the Securities and Exchange Board of India, launched a trust that aims to address challenges faced by non-executive directors, especially independent directors on companies’ boards.
The institution, Non-Executive Directors in Conversation (NEDICT) will promote discussions among non-executive directors through different chapters in Mumbai, Delhi, Chennai, Kolkata and Bengaluru.
Other members of the trust include managing partner Anup S Shah, Infosys’ former global head of human resources Hema Ravichander, Mukund Chitale, Pradeep Dinodia, Idea Cellular’s former MD Sanjeev Aga, and TN Manoharan.
IRDAI constituted committees on insurance.
Insurance Regulatory and Development Authority of India (Irdai) has constituted three committees for review of regulations in life insurance, general insurance and reinsurance including registration of foreign offices of reinsurers.
After the Insurance Act has been passed, there has been a need to review and revise existing regulations in these areas.
About:
The Insurance Laws (Amendment) Bill 2015 passed in March, paved the way for major reform related amendments in the Insurance Laws.
This amendment was done with motive to remove outdated and redundant provisions in the legislations and to provide Insurance Regulatory and Development Authority of India (IRDAI) flexibility to discharge its functions more effectively and efficiently.
On line of reforms it enhanced the foreign investment cap in an Indian Insurance Company from 26% to an explicitly composite limit of 49% with the safeguard of Indian ownership and control.

July 26

ONGC to invest $8.8 billion in KG oil and gas discoveries.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest over USD 8.8 billion in bringing to production its much-touted KG-basin oil and gas discoveries by 2018-19.
ONGC has divided 12 oil and gas finds in the block KG-DWN or KG-D5 and gas discovery in an adjacent G-4 block the Bay of Bengal into three clusters to quickly bring them to production.
The 7,294.6 sq km deepsea KG-D5 block has been broadly categorised into Northern Discovery Area (NDA - 3,800.6 sq km) and Southern Discovery Area (SDA - 3,494 sq km).
About ONGC (Oil and Natural Gas Corporation)
Chairman: D.K. Sarraf.
Headquarters : Dehradun, Uttarakhand.
Rajesh Exports buys Valcambi for Rs. 2560 crore.
A Bengaluru based gold Jewellery manufacturing company Rajesh Exports Ltd (REL) bought the world’s largest gold refining company Valcambi from US-based mining company Newmont Mining Corporation.
REL had to fetch over 2560 crore rupees all in cash to buy Valcambi refinery. Valcambi generates on an average 945 tons of gold that is more than India’s demand of 900 tons per year.
This development will significantly add revenues and profitability of REL group and alone can meet demand of world’s largest gold consumer ‘India’.

July 27

Israel’s Teva to buy Allergan generic drug business for USD 40.5 billion.
Israel’s largest drug maker Teva Pharmaceutical agreed to buy generic drugs business of Allergan Plc for USD 40.5 billion. According to the agreement Teva will make cash payment of USD 33.75 billion and USD 6.75 billion of its stock for Allergan.
This is the largest acquisition done by any company in Israel’s history. The acquisition will consolidate Teva’s position as world’s largest generic drug maker. Earlier Teva had projected to buy Mylan pharmaceuticals for USD 40 billion but later dropped the deal.
This deal will place Teva into list of the top 10 pharmaceutical companies of the world.
About Allergan Plc:
Allergan Plc earlier named as Actavis Plc is an USA based pharmaceutical company headquartered at Dublin, Ireland.
It has more than 40 manufacturing and distribution facilities around the world. Company’s Botox anti-wrinkle treatment is well known in world. It holds a top 5 leadership position in nearly 20 International markets.
About Teva:
Teva is an Israel based was incorporated 114 years ago in 1901, now it is world’s largest generic drug manufacturing company and stands along the 15 largest pharmaceutical companies in the world.
Teva is well known for its multiple sclerosis treatment drugs ‘Coxaprone’ and Azilect known for treatment of Parkinson’s Diseases.

3rd phase e-auction of FM Radio fetch around Rs. 395 crore on day 1.
HT Media, Entertainment Networks India Ltd, Reliance Broadcast Network Ltd, Mathrubhumi Printing and Publishing Co, Rajasthan Patrika, Music Broadcast Ltd and Sun TV Group were among the key participants in the first batch of private FM radio auctions.
The government allowed 26 bidders to participate in the third phase of the auctions. At the end of Day 1, the Ministry of Information and Broadcasting said the cumulative winning provisional price of bids stood at 395 crore for 78 radio channels in 54 cities.
Key cities
The fourth round of the day also saw excess demand in cities such as Ahmedabad, Bengaluru, Bhubaneswar, Mumbai, Patna, Pune, Chennai, Delhi, Guwahati, and Jodhpur.

July 28

CCI slaps Rs. 420 crore fine on Hyundai.
The Competition Commission of India (CCI) has found three more car companies Hyundai, Reva and Premier guilty of involving in anti-competitive practices.
CCI has imposed a fine of Rs. 420 crore on Hyundai, while absolving the other two firms from paying monetary penalty.
The instant order is in continuation of Commission’s main order in the same case in August last year, an official statement said.
Hyundai has been fined at the rate of two per cent of its three-year average India revenue, which is payable within 60 days, the regulator said.
In its order, CCI said it found some mitigating factors which worked in favour of Premier and Reva.

Andrew Yule scouting to buy a transformer unit in Tamil Nadu
Diversified public sector undertaking (PSU) Andrew Yule & Company (AYCL) is scouting for buying a transformer unit in Tamil Nadu.
It may be mentioned here that last year, that AYCL had announced its intent to invest Rs.150 crore to set up a new transformer unit in TN.
AYCL is now engaged in making transformers, switchgears, industrial fans and air pollution control equipment. It is also engaged in tea cultivation with gardens in Darjeeling, Dooars and Assam.
About Andrew Yule scouting
MD & CEO: K. Datta, Chairman & MD.
Head Quarters: Kolkata, India.
Barra, Chief Executive Officer, GM, told reporters here.

July 29

GM to invest $1 billion in India to launch 10 Made-in-India vehicles over 5 years.
General Motors, as part of Chevrolet's global growth strategy, it will invest Rs. 6,400 crore ($1 billion) in India to strengthen its market here over the next five years.
The India investment is part of the announcement made by the company to make investment of $5 billion to strengthen its business in global growth markets.
Through such investments, the company will develop all-new vehicle family that will meet rapidly changing demands of customers in Brazil, China, Mexico and India.
Chief Executive Officer: Mary Barra.

July 30

New India Assurance Re-enters Myanmar.
New India Assurance Co re-entered the Non-life market in Myanmar after many years , as it opened a Representative Office at Yangon in first week of June.
Mr. Srinivasan, Chairman cum Managing Director described this as home coming, as the Company was one of the largest insurers when it was nationalized by Myanmar in 1960s.
The Myanmar Insurance market is slowly opening to Foreign banks and Insurers , and a representative office is seen as the first step.
The office was inaugurated by Dr. Maung Maung Thein , Deputy Finance Minister, and he welcomed the Indian Government owned Insurance company.

DIPP accepts ADB, JICA plans on industrial corridors.
Department of Industrial Policy and Promotion (DIPP) has given nod to Asian Development Bank’s (ADB) and Japan International Cooperation Agency (JICA) for their conceptual development plan (CDP) report on Vizag Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru Industrial Corridor (CBIC) respectively.
Vizag Chennai Industrial Corridor (VCIC):
On 22 April 2015, Andhra Pradesh government approved to take loan assistance from ADB for the development of proposed Visakhapatnam-Chennai Industrial Corridor (VCIC) project. The conceptual development plan report was in pipeline to receive nod from DIPP to carry forward it’s on ground development.
The Chennai-Bengaluru Industrial Corridor (CBIC):
In 2011, India and Japan met at consensus for development of CBIC, under this Japan agreed to provide financial and technical assistance for infrastructure development in the areas between Chennai and Bengaluru.

Japan's Nikkei buys Financial Times in $1.3 billion deal.
The two leading financial news operations from Europe and Asia are now together, as Nikkei Japanese media group is going to buy the Financial Times from Britain's Pearson in a $1.3 billion.
Financial Times acquisition is a triumph for Nikkei as this is the biggest acquisition ever by any Japanese media organisation.
About Financial Times:
FT printed its first pink paper 127 years ago in 1893. It is one of the world’s leading business news and information organisation that is recognised internationally for its accuracy, authority, and integrity.
About Nikkei:
Nikkei the employee owned firm is Asia’s largest independent business media group that owns the flagship newspaper Nikkei which has over 3 million circulations for its morning edition alone and enjoys a must-read reputation for financial and business news in Japan.

India’s 10 companies in Forbes Asia Fabulous 50 list.
Forbes Asia Fabulous 50 list released on the eve of its 10th Anniversary has listed 10 Indian companies which stands second after China in terms of number of companies listed.
Indian companies that made to the list are: HDFC Bank, Tata Consultancy Services, HCL Technologies, Aurobindo Pharma, Lupin, Sun Pharma Industries, Motherson Sumi Systems, Tech Mahindra, Tata Motors and Titan.
Among the fifty companies HDFC Bank was named as Asia Fab 50’s ''brightest star'' as it has made to the list nine times that is more than any other company in the list.

Thomas Cook buys Sri Lankan destination management company Luxe Asia.
Travel firm Thomas Cook BSE has acquired Luxe Asia, one of the top destination management companies in Sri Lanka, for an undisclosed sum.
Luxe will continue to be an independent firm with representation from Thomas Cook on its board of directors.
Luxe is part of Sri Lankan hotel major Ceylon Hotels.
Thomas Cook Managing Director: Madhavan Menon.

Centre to put Rs. 20,000 crore more as capital infusion in public sector banks this year.
The government has decided to infuse capital to the tune of Rs. 20,000 crore in public sector banks. 50%, or Rs. 10,000 crore of this money will find its way to "weak" banks.
This money is likely to strengthen balance sheets of banks reeling with high non-performing assets and bad loans.
In his union budget for the fiscal presented in February, had the government has earmarked slightly under Rs. 8000 crore for capital infusion purposes for the current year.
Finance Minister: Arun Jaitley.

July 31

SEBI cancels Sahara’s mutual fund licence.
Securities and Exchange Board of India (SEBI) has cancelled license of Sahara asset Management Company (AMC). The license will stand cancelled after sixty days from the date of the order.
The apex market regulator took this decision as Sahara AMC is not fit to carry out the business of mutual fund. Not levy any penalties on the investors for not depositing the installments.
Highlights:
Presently, Sahara Group is in financial crisis due to its involvement in a legal tussle with the SEBI over optionally fully convertible debentures.
SEBI has directly ruled that these debentures are illegal and has directed Sahara group to refund the money collected through fully convertible debentures to investors along with interest. The matter is currently before the Supreme Court.
About SEBI
Formed: 12 April 1992.
Headquarters: Mumbai, Maharashtra.
Chairmen: Upendra Kumar Sinha.
About Sahara Asset Management Company (AMC)
CMD: Subhratha Roy.

Tata Motors bags Rs. 914 crore order from Indian Army.
Tata Motors has bagged order to supply 1,239 high mobility vehicles worth Rs. 914 crore to the Indian Army.
The indigenously developed 6x6 multi-axle trucks for loading and unloading ammunition need to be delivered in 24 months.
The company along with Mahindra and Mahindra have also been short listed for supply of 3,192 vehicles to the Army, which is replacing Maruti Suzuki’s Gypsy and Mahindra Commander.
The Army recently qualified Tata’s Storm and Mahindra’s Scorpio after rigorous test. Tata Motors expects major revenue from Storm as the Army is planning to replace 30,000 to 40,000 vehicles.


 

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