ECONOMY - 2018 JULY

July 1

BSE, BME tie-up to develop commodity derivatives markets.
Premier stock exchange BSE has entered into an agreement with the Bombay Metal Exchange (BME) for the growth and systematic development of commodity derivatives markets in the non-ferrous metals complex.
Through this memorandum of understanding (MoU), the BSE and the BME will co-ordinate and work jointly on initiatives to deepen the understanding of commodity market among stakeholders.
The BSE and the BME fully acknowledge and appreciate their strengths, resources, experience and expertise. They feel it expedient to join hands for mutual benefits in pursuit of common goals with the objective of developing and strengthening commodity derivatives market

Tata Steel approves European steel joint venture with ThyssenKrupp.
Tata Steel board has approved joint venture (JV) with German steel major ThyssenKrupp AG to combine the European steel business of both the firms.
The JV between two of the world's major steel companies will combine ThyssenKrupp and Tata Steel's European steel operations to create Europe's second-largest steelmaker after steel tycoon Lakshmi N Mittal's ArcelorMittal.
The Board of Tata Steel has approved the terms to create a 50:50 joint venture which will combine the European steel businesses of Tata Steel and ThyssenKrupp AG.
The company plans to produce 35,000 million tons (mt) per annum of CRGO electrical steel used in transformers for power sector from the expanded factory, against the current capacity of 10,000 mt.

July 2

NRL becomes 1st oil PSU to introduce online legal compliance.
Numaligarh Refinery Ltd (NRL) in Assam has become the first oil public sector undertaking (PSU) to adopt an online legal compliance system by introducing 'Legatrix'.
'Legatrix' is a onestop solution for effectively managing the organisations legal and regulatory compliances through monitoring control at different levels. It encompasses the requirements of laws like labour, taxation, IT, commercial, export-import, corporate laws and other industry-specific laws.
This initiative augments the NRLs contribution towards the Digital India Mission and induces greater transparency in its operations.
The cloud-based compliance management system was inaugurated by Managing Director S K Barua at the companys corporate office in Guwahati recently.

NSE, Nasdaq partner for post-trade technology.
The National Stock Exchange of India (NSE) and Nasdaq have signed an agreement whereby Nasdaq would deliver a customised real-time clearing, risk management and settlement technology to the NSE.
Further, the two exchanges signed a memorandum of understanding (MoU) to explore business opportunities across listings, corporate and market services and data and innovations in products, processes and technology.
The new post-trade technology will replace NSE’s current clearing and settlement system operated by the National Securities Clearing Corporation Limited (NSCCL), a wholly owned subsidiary of the NSE. The technology will provide a ‘state-of-the-art’ architecture utilising the Nasdaq Financial Framework, which will enable all asset classes to be cleared and settled in one system.
Nasdaq’s market infrastructure technologies, including trading, real-time risk, index, clearing and market surveillance systems are operated in more than 100 marketplaces, regulators, clearing houses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, The Middle East and the Caribbean.

July 3

Mahendra Singh Dhoni to start new innings with SoundLogic as its partner-evangelist.
SoundLogic has roped in India’s most successful captain, Mahendra Singh Dhoni, as a partner-evangelist. As SoundLogic looks to build on its presence in the Indian market to enter new segments and build marketshare, MS Dhoni will be an integral part of the journey.
As an audiophile himself, ‘Captain Cool’ understands the cutting-edge technology involved in the designing of these audio products, which was a factor in his decision to extend his support to SoundLogic’s vision.
M.S. Dhoni is the epitome of leadership and self-belief. He is driven by passion and continues to inspire millions. Like SoundLogic, Dhoni represents the new age of Indians – confident, cool and savvy.

Manappuram Fin to acquire 85% stake in ISFC for Rs 212 crore.
Manappuram Finance has agreed to buy 85.39 per cent stake in Indian School Finance (ISFC) for over Rs 212 crore. ISFC, which lends to educational institutions, including private schools, vocational colleges and institutes, coaching centres to build infrastructure, had assets under management (AUM) of Rs 522.59 crore in FY 2018.
The board of directors of Manappuram Finance Ltd has authorised entering into a securities purchase agreement in connection with the company’s acquisition of 85.39 per cent of the share capital of Indian School Finance Company Pvt Ltd from certain existing ISFC shareholders.
The company has also entered into a transfer restrictions agreement with Indian School Finance Company and certain continuing shareholders of the target entity. The aggregate cost of acquisition is Rs 212.20 crore.

July 4

ECGC, NEIA to get more capital support.
In an effort to boost exports, the government approved financial assistance of over Rs. 3,000 crore to the Export Credit Guarantee Corporation (ECGC) and National Export Insurance Account Trust (NEIA).
ECGC will receive capital infusion of Rs. 2,000 crore while NEIA will have grant-in-aid (corpus) of Rs. 1,040 crore. This will help in providing insurance cover approximately up to Rs. 3 lakh crore.
Covers from the corporation will help in improving competitive position of India exporters in international markets. More than 85 per cent of customers benefited by ECGC’s covers are MSMEs. ECGC covers exports to around 200 countries in the world.
The amount of Rs. 1040 crore is to be utilised during three years from 2017-18 to 2019-20. “An amount of Rs. 440 crore has already been received for the year 2017-18 and Rs. 300 crore each will be given to NEIA for the years 2018-19 and 2019-20.

IFC invests $100 million in M&M arm.
World Bank Group member IFC has invested $100 million in Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance).
This would enable the Mahindra Group Company to augment its growth by extending loans to individuals along with financing small and medium enterprises.
The investment in India’s largest tractor financier will be through secured non-convertible debentures. Mechanised farming can cut costs by 25% and raise productivity by 20%, helping meet the Centre’s target of doubling farmers’ incomes by 2022.

IndiaFirst ties up with Oxigen".
IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish distribution of its insurance products at Oxigen retail outlets.
IndiaFirst Life and Oxigen have together embarked on a journey to popularize insurance with long term savings for the micro segment. The micro segment is addressed by every other industry, be it FMCG or telecom. Oxigen, is one of the leading providers of money transfers and prepaid recharges as low as Rs. 10.
Oxigen Services India Pvt. Ltd. And IndiaFirst Life is aimed at creating a unique selling model to offer insurance to the masses through over 1 lakh outlets that could potentially be distributors.

July 5

Eicher gets BS-VI certification for CNG engine from ICAT.
Eicher Trucks & Buses, part of VE Commercial Vehicles Ltd, it has received BS-VI certification for a heavy duty CNG engine from International Centre for Automotive Technology (ICAT).
The successful completion of the compliance test much ahead of the official implementation date of April 1, 2020 further strengthens the company's position as a future ready player.
The BS-VI certification is for Eicher's E483, 4-cylinder, 3.3 litre CNG engine and the same has been introduced in the above 3.5 ton vehicle category in Eicher Pro 1049 CNG variant.
ICAT, one of the government approved agencies for prime type approval for the BS-VI development and certification has given it and VECV much exposure on certain key areas to be kept in view while undertaking steps to meet the strict emission norm.

July 6

BHEL to partner Ukraine's Zorya for overhaul of warship turbines.
With the Indian Navy increasingly choosing the Ukrainian Zorya gas turbine to power its warships, Bharat Heavy Electricals Ltd (BHEL) is setting up a joint venture (JV) in India with the manufacturer, Zorya Mashproekt, to overhaul turbines in India.
The navy will soon have 34 warships driven by Zorya turbines, with four turbines per vessel, adding up to 136 in-service turbines.
There will also be a stock of six-eight spare turbines. A turbine is overhauled after running 30,000 hours.

RIL becomes India's largest tax payer in the private sector.
Reliance Industries Chairman Mukesh Ambani, Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector.
Speaking at the Reliance Industries' 41st Annual General Meeting, Mukesh Ambani highlighted that Jio's subscribers grew from 124 million at the end of last year to 210 million at the end of FY18.
Jio and retail's share in overall EBITDA from 2 percent to 13 percent. RIL's consolidated net profit for the fourth-quarter (January-March) of fiscal 2017-18 stood at Rs 9,435 crore, up by 17.3 per cent on a year-on-year basis.
The company had posted a net profit of Rs 8,046 crore for the corresponding quarter of fiscal 2016-17. The company's consolidated revenue stood at Rs 1,29,120 crore, up 39 percent during Q4 FY 18, compared to the Rs 92,889 crore posted in the corresponding quarter a year ago.

July 7

Infosys foundation to contribute Rs 200 crore to Metro work in Bengaluru.
Infosys Foundation would contribute Rs 200 crore to the Bengaluru Metro Rail Corporation Ltd for construction of Konappana Agrahara Metro Station and metro railway track and both parties would sign an MoU on July 19.
BMRCL has earmarked Rs 100 crore for construction of the Konappana Agrahara Railway Station. Infosys foundation would maintain the station for the next 30 years.
The total length of the stretch of Metro Rail from RV Road Metro Station to Electronic City as part of the second phase of building metro rail network is 19.6 km.
The estimated cost of the elevated rail network project is Rs 1,794 crore and it is expected to be completed by mid-2021.

Mobile maker Micromax to revive sub-brands Yu in 2019.
Home-grown handset maker Micromax Informatics Ltd., is planning to revive its sub-brand Yu to take on Chinese rivals such as Xiaomi and Oppo.
It will come out with two products under Yu brand every quarter and it will be sold only through online, which had a combined market share of 25.6%. Micromax’s market share stands at sub 10% and our aim is to be ranked among the top three players in India.
To strengthen its market share in Tamil Nadu, Micromax announced a tie-up with Clix Capital Services Pvt. Ltd., a new-age lending company, to offer an in-store mobile financing programme, through Poorvika Mobiles, to customers who did not have a bank account or a credit card.

July 8

Rupee may fall to 70 against dollar on oil, CAD.
The Indian rupee is likely to touch 70 a U.S. dollar as weakness in the currency market is continuing with the upward trend in crude oil prices and strengthening of the U.S. dollar index, aided by a widening current account deficit (CAD) and steady capital outflows which have weighed on the rupee.
The outlook for the Indian rupee, in the near term, would be dominated by the sentiment towards the U.S. dollar, the risk of trade wars, movements in yuan, as well as the trend charted by crude oil prices.
While the yuan movement would affect many emerging market currencies, crude oil prices would have a substantial impact on the currencies of oil importing nations such as India.

July 9

I-T dept. sells $216 million Cairn stake in Vedanta.
The Income Tax department has sold about 40% of British oil firm Cairn Energy Plc’s shares in Vedanta to recover a part of the Rs. 10,247 crore demanded as retrospective tax.
Weeks before an international arbitration tribunal begins final hearing in Cairn’s challenge to the retrospective tax, the I-T department last month sold about 2% of the firm’s shares in Vedanta in at least five tranches totalling $216 million.
The department had, in January 2014, used a two-year-old retrospective tax law to raise a Rs. 10,247 crore demand on alleged capital gains made by Cairn Energy on an internal reorganisation of India business.
This was followed by attaching the firm’s residual 9.8% shares in its erstwhile subsidiary, Cairn India which was subsequently merged with its new parent Vedanta, in which Cairn Energy held about 4.95% stake.

HCL Technologies gets government’s nod to set up SEZ in Andhra Pradesh’s Vijayawada.
The commerce ministry has approved a proposal of HCL Technologies to set up a new IT special economic zone (SEZ) in Vijayawada, Andhra Pradesh, with a proposed investment of Rs 408.48 crore.
The board after deliberations approved the proposal for setting up of the SEZ over an area of 10.43 hectares. The board also approved the cancellation of formal approval given to OSE Infrastructure as the developer has not made any significant progress on the project. The company was developing an IT special economic zone in Noida.
SEZs are developed as export hubs and they contribute about 25 per cent in the country’s total exports. Units and developers of these zones enjoy tax and non-fiscal benefits besides clearance from a single window mechanism.
There are 223 operational SEZs with 5,146 units from various sectors such as IT, pharma, textile, food processing, leather, biotechnology and diamond polishing.

July 10

Google 'Launchpad Accelerator' India chapter to nurture desi startups.
In a bid to nurture Indian startups working in the fields of Artificial Intelligence (AI) and Machine Learning (ML), Google announced to open the India chapter of its global "Launchpad Accelerator" mentorship programme.
The three-month "Launchpad Accelerator" India programme has been designed to grow the AI/ML ecosystem by helping desi startups build scalable solutions for the country's unique problems.
The programme, based out of Bangalore, will provide a cohort of 8-10 Indian startups mentorship and support from the best of Google in AI/ML, Cloud, UX, Android, web, product strategy and marketing, along with up to $100K of Google Cloud credits.
Applications for the first class are open till July 31 and the first class will start in September 2018. In an effort to mentor emerging start-ups, Google India hosted a four-day boot camp for the first 10 Indian startups as part of its 'Solve for India' programme.

DoT gives a conditional nod to Vodafone-Idea Cellular merger.
Vodafone Idea is on its way to becoming the largest telecom operator in India as the Department of Telecommunications (DoT) gave a conditional nod to the merger between the second- and the third- largest telcos in the country.
UK-headquartered telecom major Vodafone and Kumar Mangalam Birla-controlled Idea Cellular cannot operate as one company till they pay more than Rs 72 billion to the government as one-time spectrum charges.
The DoT has asked for a bank guarantee of Rs 33.42 billion from Idea Cellular, while Vodafone has to pay Rs 39.26 billion in cash in lieu of spectrum liberalisation. Idea needs to give an undertaking about fulfilling any other dues in the telecom operation.
The firm was expected to deposit the and that Idea was preparing to give the requisite bank guarantees. Earlier, there were indications that the firms may move court to challenge the Centre’s demands.

July 11

Sterlite Power bags 6 projects in Brazil.
Sterlite Power has won six transmission projects in Brazil in recently concluded auctions. The company plans to invest $2 billion in building 23 substations, 2,000 ckm of transmission lines and 5,500 MVA of transformation capacity.
Brazil requires an incremental 61,800 km in transmission lines, and an increase of 1,99,200 MVA capacities. This translates to an investment of Rs. 119 billion ($30.8 billion) in the 10-year period (2017-26).
This makes the market very attractive to us and we have already committed $1.7 bn of the planned $4 billion in the region. We intend to develop global partnerships to execute our global portfolio of projects.

SME IPOs may get more anchor investment as SEBI tweaks norms.
The recent decision by the Securities and Exchange Board of India (SEBI) to reduce the minimum anchor allocation size in initial public offers (IPOs) by small and medium enterprises (SMEs) has come as a shot in the arm for the segment.
Data shows that while there has been increasing participation from institutional investors like mutual funds and foreign portfolio investors (FPIs) in the SME IPO segment, only nine among the more than 410 such public issues that have hit the market till date managed to get anchor investors.
SEBI decided that the minimum anchor investor size would be reduced from Rs. 10 crore to Rs. 2 crore for SME IPOs.
Merchant bankers say that while the appetite for SME IPOs is steadily increasing among institutional investors, anchor portion was an issue due to the individual base minimum requirement of Rs. 10 crore.

Vistara to buy 19 jets worth $3.1 billion from Boeing, Airbus.
Indian carrier Vistara has agreed to purchase 13 Airbus A320neo family aircraft and six Boeing 787-9 Dreamliners, at a combined value of $3.1 billion at list prices, as the Tata Sons-Singapore Airlines joint venture prepares to commence international operations.
The Indian airline will also lease 37 A320neos, taking the total number of new planes to be added to its fleet to 56.
The airline will induct the A320neos between 2019 and 2023 and will use them for domestic and short-haul international flights. The Dreamliners will be delivered between 2020 and 2021 and will be deployed for medium- and long-haul flights.

BSNL launches first Internet telephony service in India.
State-owned BSNL launched India's first Internet telephony service "Wings".
The service was launched by Communications Minister Manoj Sinha. This service would allow customers to make and receive calls over the Internet from anywhere in India or abroad.
"It will use a Mobile Numbering Scheme, and will need an SIP Client (soft app) to be downloaded and installed on a smart device (laptop, smartphone, tablet). It is expected to offer convenience to customers, and to open up additional revenue generation opportunities for BSNL.

India surpasses France to become world's sixth largest economy.
India has become the world's sixth largest economy overtaking France, as per World Bank data on gross domestic product (GDP) of countries for 2017.
Ranking below United Kingdom, India has recorded a GDP of USD 2,597,491 million, followed by USD 2,582,501 of France, while United Kingdom recorded a GDP of USD 2,622,434 million.
United States has topped the list recording a GDP of USD 19,390,604 million, followed by China with USD 12,237,700 million.
Earlier, the World Bank noted that the Indian economy recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 per cent for the country in 2018. Further, the international financial organisation forecasted a rate of growth of 7.8 per cent for 2019.

July 12

India becomes newest shareholder of European Bank for Reconstruction and Development.
India is now the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank's regions of operation.
The EBRD board of governors, which represents all the existing shareholders, voted unanimously in favour of the country's application in March 2018, with the entire membership process completed.
India takes a shareholding in the EBRD but it will not be a recipient of EBRD financing.
In the lead up to the membership, the EBRD held its inaugural business forum in Mumbai. The conference, co-hosted with the Federation of Indian Chambers of Commerce and Industry (FICCI) and with the support of the Export-Import (EXIM) Bank of India, was held under the banner of "Mobilising private sector finance in the EBRD region and how Indian companies can benefit".

July 13

RIL’s market capitalisation breaches Rs 7 lakh cr mark.
The market valuation of Reliance Industries Rs 7 lakh crore mark, making it the second company after TCS Tata Consultancy Services’ to achieve this milestone. Reliance Industries had crossed the $100 billion market capitalisation mark for the first time in the last 10 years.
RIL’s market capitalisation (m-cap) rose to Rs 7,01,404 crore (over $102 billion) on the BSE. The m-cap has been calculated at the stock’s 52-week high price of Rs 1,107.25. RIL shares rose 2.31 per cent to Rs 1,107.25 on the BSE.
Earlier, Reliance Industries had breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore marks in November last year.
TCS is the country’s most valued firm with a market cap of Rs 7,60,355.03 crore followed by RIL, HDFC Bank (Rs 5,69,268.91 crore), HUL (Rs 3,75,455.73 crore) and ITC (Rs 3,33,506.50 crore) in the top five order.

IHH close to bagging Fortis with $1.1 billion bid.
Malaysia’s IHH Healthcare Bhd is set to take control of India’s Fortis Healthcare after its bid of up to $1.1 billion was chosen over a rival’s, giving it ownership of over 30 hospitals amid a private healthcare boom in India.
IHH’s Rs. 170 per share offer for as much as 57% of Fortis was chosen over a joint bid from Indian firm Manipal Health Enterprises Ltd. and U.S. private equity firm TPG Capital.
IHH’s offer is slightly lower than the Rs. 175 offer it had proposed earlier, ''not a bad outcome considering how long it has taken and how badly managed the process has been''.
Fortis shares rose 4% to Rs. 147.80 on the BSE, which analysts attributed to IHH’s win and offer price coming in as expected. Four analysts told Reuters they expect the deal to finally get shareholder approval.

July 14

India to be $10 trillion economy by 2030: Garg.
The Indian economy is at a “take off” stage and is expected to be the world’s third largest by 2030 with GDP worth $10 trillion.
Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high.
In the first 40 years of independence, the country hardly grew at 3.5%, and now 7-8% is the norm, at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India (ICAI).

July 15

Houston varsity signs MoU with Indian Institute of Petroleum and Energy.
The University of Houston has signed a memorandum of understanding (MoU) with the Indian Institute of Petroleum and Energy (IIPE) with the aim to build scientific and technical knowledge through joint research.
The agreement was signed by IIPE founding director VSRK Prasad, IIPE administrative liaison Sudarsan Neogi, Elizabeth D Rockwell Dean of the Cullen College of Engineering at UH, Joseph W Tedesco and UH vice provost for global strategies and studies, Jaime Ortiz.
The agreement covers key areas of possible collaboration - faculty exchanges, especially in subsea engineering, offshore and onshore petroleum engineering, process control systems and process safety in all chemical engineering fields and non-conventional energy areas.

Tata Motors, M&M are top R&D spenders.
Home-grown companies Tata Motors and Mahindra & Mahindra were the biggest spenders on research and development in 2016-17 among the 25 automakers in India which together invested Rs. 6,344 crore, latest industry data showed.
The five biggest spenders on R&D were Tata Motors, M&M, Maruti Suzuki India (MSI), Honda Cars India and Ashok Leyland, according to the data sourced from SIAM and CMIE.
In 2016-17, Tata Motors invested Rs. 2,100.1 crore in R&D despite reporting a loss of Rs. 2,619.2 crore. Similarly, M&M invested Rs. 2,075.8 crore in R&D, which was 40.02% of its gross profit that stood at Rs. 5,187.5 crore.
The country’s largest carmaker MSI’s R&D spend stood at Rs. 640.4 crore in 2016-17, amounting to 6.44% of the gross profit which stood at Rs. 9,941.3 crore during the period under review.

July 16

IMF cuts India growth forecast for 2018 by a notch to 7.3%.
The International Monetary Fund (IMF) projected a growth rate of 7.3% in 2018 and 7.5% in 2019 for India as against 6.7% in 2017, making it the fastest growing country among major economies.
The latest growth rate projection for India is slightly less - 0.1 percentage point in 2018 and 0.3 percentage points in 2019 - than its April projections.
India’s growth rate is expected to rise from 6.7% in 2017 to 7.3% in 2018 and 7.5% in 2019, as drags from the currency exchange initiative and the introduction of the Goods and Services Tax.
The IMF: global growth is projected to reach 3.9% in 2018 and 2019, in line with the forecast of the April 2018 WEO.

JSW Energy to raise Rs. 15,000 crore.
JSW Energy shareholders’ approval to raise Rs. 15,000 crore through the issuance of debentures, shares and bonds at its annual general meeting.
A special resolution to raise up to Rs. 5,000 crore of secured/unsecured redeemable convertible debentures in one or more tranches on private placement basis is listed in the agenda of the company’s annual general meeting.
The company has also sought the shareholders’ nod to raise $750 million (about Rs. 5,000 crore) through issue of non-convertible foreign currency denominated bonds or Masala bonds denominated in Indian currency.

Amazon Pay gets Rs. 230 crore from parent.
E-commerce major Amazon has pumped in Rs. 230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.
Amazon Pay (India) has allotted 23 crore equity shares worth Rs. 230 crore to existing shareholders - Amazon Corporate Holdings and Amazon.com.incs - on a rights basis.
The global e-commerce major added that the resolution was approved.

July 17

PhonePe acquires Zopper Retail.
PhonePe has acquired Zopper Retail as part of its strategy to aggressively ramp up its offline business.
As part of the deal, Zopper co-founder and CEO Neeraj Jain will join PhonePe as Head of Product, Offline Merchant Solutions.
Zopper Retail is a hyper local Point of Sale (PoS) platform for small and medium businesses. It had raised over $ 20 million in funding from investors like Tiger Global, Blume Ventures and Nirvana Ventures Advisors.

Total sets up digital innovation centre in India with TCS.
India's largest IT services firm TCS has signed a partnership agreement with Total, a global integrated energy producer and provider, to create a digital innovation centre in India.
The centre, which will be set up in Pune in Maharashtra, will explore disruptive technologies and solutions.
Vebblers existing investor Anupam Mittal, Sharad Sharma, Mohandas Pai and Venkat Raju have also re-invested into this round.
Previously, Vebbler has raised USD 500,000 (Rs 3.34 crore) round of funding from a syndicate of 16 investors.

BEL enters pact with Saab for marketing air-surveillance radar.
Defense electronics company Bharat Electronics Ltd (BEL) signed a memorandum of understanding (MoU) with Swedish aerospace and defence firm for jointly marketing air surveillance radar developed by the two companies.
In a press release, BEL has joined hands with Saab to market the long range air surveillance radar for early detection and tracking of air and surface targets.
The radar would be offered in both ship-borne and land-based configurations, the system incorporates the latest signal processing techniques.
BEL designs, manufactures and supplies state-of-the-art radars like weapon-locating radar and battlefield surveillance radar, naval systems, electronic warfare systems, missile systems, night vision devices and other electro-optic for the armed forces.

July 18

Walmart, Microsoft team up to take on Amazon.
Walmart was entering into a strategic partnership with Microsoft on "digital transformation" for the onetime retail industry leader.
o The move is aimed at helping Walmart compete better against Amazon, which is taking a growing share of retail sales in the United States and globally. The two firm’s partnership was focused on using artificial intelligence and other technology tools to help manage costs, expand operations and innovate faster.
The research firm eMarketer Amazon's surging growth would enable it to capture 49.1 per cent of US online retail sales this year, up from 43.5 per cent.
Amazon is far ahead of online rivals like eBay, with 6.6 per cent of ecommerce, and Apple, at 3.9 per cent, which estimated Walmart's share at 3.7 per cent.

NSDC, Facebook partner to train youth on digital skills.
Facebook and the National Skill Development Corporation (NSDC) have entered into strategic partnership to train youth and entrepreneurs in the country on digital skills. The US-based company, which has launched the Digital Training Hub in 2017, aims to train five lakh youth and entrepreneurs by 2020.
The partnership will enable Ministry of Skill Development and Entrepreneurship (MSDE) to incorporate Facebook's training on digital marketing skills in its courses, besides providing trainees with access to local, domestic and international markets.
The programme includes courses on digital marketing, online safety and financial literacy in regional languages with Facebook training master trainers nominated by the NSDC.
Facebook has upskilled more than two lakh youth and entrepreneurs under the #BoostYourBusiness programme across 16 Indian states and an additional 30,000 women entrepreneurs being trained under the #SheMeansBusiness programme.

July 19

Infosys Foundation, Bangalore Metro sign MoU for constructing.
Infosys Foundation, the philanthropic arm of IT major, Infosys signed a MoU with the Bangalore Metro Rail Corporation Limited (BMRCL) for the construction of a station at Konappana Agrahara in Electronics City.
The station is under the second phase of Bangalore Metro's expansion plans and the Foundation has committed to maintaining it for the next 30 years.
The state government had earlier Infosys Foundation would contribute Rs 200 crore to the Bengaluru Metro Rail for the construction of Konappana Agrahara Metro Station and railway track.
The MoU was signed by Infosys Foundation Chairperson Sudha Murthy and BMRCL Managing Director Ajay Seth, in the presence of Karnataka Chief Minister, H.D. Kumaraswamy, and Deputy Chief Minister, G Parameshwara at VidhanaSoudha, the state secretariat.

India to remain fastest growing economy till FY20: Asian Development Bank.
India will continue to be the fastest growing major economy, ahead of China, with 7.3 per cent growth rate in 2018-19 and 7.6 per cent in 2019-20.
The growth in India will be driven by increased public spending, higher capacity utilisation rate and an uptick in private investment, its supplement to the Asian Development Outlook (ADO).
While retaining India's growth rate for current fiscal and the next, economic growth in China will decelerate to 6.6 per cent in 2018 and further to 6.4 per cent in 2019. China's growth rate was 6.9 per cent in 2017.
This pushed full-year growth to 6.7 per cent (2017-18), a tad higher than estimated in ADO 2018, largely driven by government spending for both consumption and public administration.

July 21

Power Grid signs MoU with UP Power Corp for energy efficiency.
Power Grid Corporation of India signed an MoU with Uttar Pradesh Power Corporation (UPPCL) for energy efficiency and agricultural demand management programme.
Further discussions will be held between Power Grid Corp and UPPCL to decide terms and conditions of the probable agreement for Power grid acting as an investor as well as a Project Management Consultant (PMC) for replacement of agriculture pump sets in East and South DISCOMs of UP.
Power Grid is contemplating an investment of about Rs 2,200-2,500 crore in these projects, subject to necessary clearances.

Rs. 26 crore Cruise Terminal in Kochi cleared.
The work order to build a state of the art Rs. 26 crore Cruise Terminal with facilities to handle 5,000 tourists at Ernakulam Wharf was issued to the contractor.
Being built for the Cochin Port Trust, the cruise terminal is expected to be ready by February 2020.
A.V. Ramana, Chairman, Cochin Port Trust, the facilities inside the terminal, having 2,253 sq. mt. area, would include passenger lounge, crew lounge, 30 immigration counters, 8 customs clearance counters, 7 security check counters, Wi-Fi, tourist information counter, duty free shopping and other facilities.
This new terminal is a result of the joint initiative of the Ministry of Shipping and Ministry of Tourism to promote cruise tourism in India and take steps to rationalize tariff for cruise vessels to a subsidised composite tariff and exemption of cruise tourists arriving with e-visa from the requirement of bio-metric enrolment.

July 22

Wipro net rises 2.1% to Rs. 2,121 crore as BFSI buoys.
IT services provider Wipro reported consolidated net profit in the three months ended June 30 rose 2.1% year-on-year to Rs. 2,120.6 crore, helped by more orders from clients in the financial services sector.
While gross revenue grew 2.6% to Rs. 13,977.7 crore, revenue from the BFSI segment climbed 17.5%.
Wipro joined other IT majors in painting an optimistic future. TCS, India’s most-valued listed company, last week reported a 23.5% rise in net profit to Rs. 7,340 crore, while Infosys’s net rose 3.7% to Rs. 3,612 crore during the same period, driven mainly by digital services.
Wipro, India’s third-largest software services exporter, forecast second-quarter revenue from IT services to be range between $2,009 million and $2,049 million.
IT services margin, at 17.2%, included a gain of Rs. 2,529 million from the sale of Wipro’s hosted data centre business.

July 23

Atos to buy Syntel in $3.4 billion cash deal.
French IT services company Atos is boosting its North American operations with a $3.4 billion cash deal to buy Michigan-based IT services provider Syntel Inc.
Atos, which provides IT services to sectors ranging from aerospace to retail, the deal to buy Syntel will strengthen its activities in banking, finance and insurance and allow it to provide complete IT solutions to its U.S. customers.
Syntel provides technology and IT services utilising a network of software development centres in India, where it employs about 18,000 people.
Atos will pay $41 per share, a premium of 4.78% to Syntel’s closing price of $39.13. Including net debt, the transaction is valued at about $3.57 billion.

Piramal Capital aims to lend Rs. 10,000 crore for hotel projects.
Piramal Capital & Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises has announced plans to lend Rs. 10,000 crore to hospitality projects across the country over three years.
Over six months, deployed more than Rs. 2,000 crore towards the hospitality sector as we scale our offerings in this vertical to reach a target book size of Rs. 10,000 crore in the next three years.
The company announced an investment of Rs. 650 crore in the Gurgaon-based SAMHI Group.
This was the third transaction by PCHFL in the hospitality sector over the last six months. The firm had lent Rs. 600 crore to Vatika Group (for the Westin Gurgaon and the Westin Sohna) and Rs. 600 crore to Advantage Raheja Group (for the JW Marriott, Bengaluru and the Crowne Plaza in Pune).

July 24

JSW Steel plans to invest Rs. 45,000 crore.
JSW Steel is planning to invest about Rs. 45,000 crore over a period of four years from FY2017-18 to FY2020-21, to expand steel making capacities, besides modernising and expanding capacities of its downstream businesses.
These projects will further enhance our efficiencies and generate superior returns. The completion of these projects will take our overall capacity from 18 MTPA currently to 24.7 MTPA by March 2020.
In the domestic market, our consortium, along with a financial partner, has emerged as the successful bidder for acquiring Monnet Ispat and Industries Limited, a 1.5 MTPA steel-making facility in Chhattisgarh.
The National Company Law Tribunal (NCLT) recently approved a Rs. 2,875 crore bid by a consortium of Aion Investments and JSW Steel to acquire the bankrupt Monnet Ispat and Energy, which owes more than Rs. 11,000 crore to lenders.

July 25

Bharti Infratel, Indus Tower merger deal gets SEBI nod.
Mobile tower arm of telecom major Bharti Airtel Infratel has received clearance from stock exchanges for its merger with Indus Towers.
The combined company will own 100 per cent of Indus Towers - jointly owned by Bharti Infratel (42 per cent holding), Vodafone (42 pc), Idea Group (11.15 pc) and Providence (4.85 pc).
As per the deal structure, Vodafone will be issued 783.1 million new shares in the merged entity in exchange for its 42 per cent stake in Indus Towers, and this could take its holding to 29.4 per cent in new company depending on the options finally taken by Idea and Providence.
Airtel's stake in new combined tower behemoth may be diluted to 37.2 per cent in the combined entity from 53.5 per cent it currently holds in Bharti Infratel. The transaction values Indus Towers at an enterprise value of Rs 71,500 crore.

SEBI proposes using UPI to reduce public issue timeline.
The Securities and Exchange Board of India (SEBI) has proposed allowing investors to use the unified payments interface (UPI) while bidding for shares in an initial public offer (IPO) to reduce the public issue timeline from the current T+6 to T+3.
In a discussion paper released, the capital market regulator while ASBA - application supported by blocked amount - helped in reducing the timeline two years back, UPI could help in further bringing down the overall IPO timeline.
T+3 refers to a system wherein the equity shares would be listed on the bourses on the third day from the day the IPO closes for subscription. SEBI had reduced the IPO timeline from T+12 to T+6 in January 2016 by making ASBA mandatory for all investors.
SEBI, UPI had a cap of ₹2 lakh for money transfer, institutional investors and high net worth individuals would be allowed to bid using the existing ASBA process.

July 26

DoT gives final nod to Vodafone-Idea merger.
The department of telecommunications (DoT) has given the final nod to the merger of Vodafone India with Idea Cellular to create Vodafone Idea Limited, the largest carrier in India by subscribers and revenue market share, clearing the last hurdle to the largest M&A deal in the sector.
Multiple sources aware of the development approval, issued through a letter to both companies, specifies that the licences of Vodafone India and its subsidiary Vodafone Mobile Services (VMSL) stand transferred to Idea Cellular along with the assets and liabilities.
The next step of the process will be all companies informing the Registrar of Companies of the changes, after which Vodafone India and VMSL will cease to exist, one of the persons added. Shares of Idea Cellular closed up 3.64% at Rs 56.95 on the Bombay Stock Exchange.
The final approval came after Idea Cellular and Vodafone India agreed to pay up Rs 7,268 crore - Rs 3,926.3 crore (in cash) by Vodafone India as spectrum liberalisation charge and bank guarantee of Rs 3,322.4 crore by Idea Cellular for one time spectrum charges.

Hindalco unit to buy Aleris for $2.6 billion
Hindalco Industries has agreed to acquire U.S. based Aleris Corporation for an enterprise value of $2.58 billion in a move that will help Hindalco become a global leader in aluminium excluding China.
The acquisition will be done through Hindalco’s wholly owned subsidiary, Novelis Inc. The combined entity will have revenue of $21 billion and an employee base of about 40,000.
The $2.58 billion debt funded deal would be on the books of Novelis and the company would pay $775 million in cash for the equity portion, Hindalco Industries chairman Kumar Mangalam Birla, adding that after the acquisition.
Hindalco’s $6 billion acquisition of Novelis in August 2007, Novelis had further invested $2 billion in the business over the last decade.

July 27

Zuckerberg net worth falls by $16 billion as Facebook faces day of reckoning.
Facebook faced a day of reckoning as its shares plunged in the biggest one-day drop in stock-market history.
The 19% drop vaporised $119 billion of the company’s stock-market value; CEO Mark Zuckerberg saw his net worth fall by roughly $16 billion as a result. It was Facebook’s worst trading day since going public in 2012. The collapse eclipsed Intel’s decline of $91 billion in September 2000, without adjusting for inflation.
The plunge followed Facebook’s warning late revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket.

July 28

NTC Logistics to raise Rs. 1,000 crore.
NTC Logistics India (P) Ltd. is in the process of raising Rs. 1,000 crore to meet the requirements of its expansion plans. The vision is to more than double the group’s turnover from the present Rs. 750 crore to Rs. 2,000 crore by 2020.
The firm provides integrated end-to-end logistics solutions in the areas of renewable energy, project logistics, freight forwarding and contract logistics. NTC was the first Indian logistics firm to import tower lift adapter to easily transport over dimensional cargoes (ODC).
The firm is planning to expand its warehousing capacity from 5 lakh square feet to 60 lakh square feet in 12 States.

July 29

Infosys’s Noida facility to cost Rs. 750 crore.
Infosys will invest Rs. 750 crore in the first phase to build 2.7 million square feet facility to accommodate 5,000 employees in Uttar Pradesh’s Noida.
The U.P. government had allotted 27.5 acres of land for the new facility. The facility is a critical part of our effort to enhance our presence in the national capital region and leverage the talent pool available in this market.
The project’s design will be done by RSP Design Consultants from Singapore and will aim to achieve a LEED Platinum rating, the highest level of certification for a green building, given by the U.S. Green Building Council. The construction will begin as soon as the government approval is received.

July 30

HDFC Bank to raise Rs. 15,500 crore via ADR, QIP.
HDFC Bank will raise Rs. 15,500 crore via the qualified institutional placement route and by issuing American Depository Receipt. Each HDFC Bank ADR represents three equity shares.
The QIP opens and is priced at Rs. 2,179.13 a share based on the regulator-prescribed pricing formula. The lender may choose to offer a maximum 5% discount on the floor price.
The trading window for dealing in the bank’s securities has been closed for the purpose of the QIP and ADR offering, with effect from close of market hours on July 30, to August 15.
In June, the Cabinet cleared HDFC Bank’s proposal to raise Rs. 24,000 crore by selling equities to foreign investors. The lender has raised Rs. 8,500 crore by issuing equity to its parent Housing Development Finance Corporation (HDFC).
HDFC Bank shares ended 1.4% lower than its previous close at Rs. 2,172.25.

July 31

GDP may moderate from 7.8% to 7.2% in second half of 2018: Nomura.
The Indian economy is likely to have witnessed solid economic growth in the April-June quarter but leading indicators suggest a slowdown in the coming months.
India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7 per cent in January-March quarter on robust performance by manufacturing and service sectors as well as good farm output.
The report tighter financial conditions, slowing global growth and adverse terms of trade will start to constrain growth in second half of 2018.
Nomura expects GDP growth to peak in April-June quarter and then moderate to 7.2 per cent in the second half of 2018 from around 7.8 per cent in first half.

BEML, HEC sign pact for making mining equipment.
Two oublic sector units BEML and Heavy Engineering Corporation Ltd (HEC) signed an MoU to to produce heavy mining equipment leveraging the capabilities of each other.
The MoU will result into additional Rs 150-200 crore revenue for both PSUs. The collaboration will entail re-entering rope shovels and walking draglines manufacturing with higher indegenisation.
At a time when around 78 per cent of mining equipment are imported, such tie-up will push 'Make in India' initiative. Coal India is a major client for these mining equipment and its chairman and managing director AK Jha was present on the occasion.
Ramping up coal production to 1 billion tonne in 3-4 years is not possible without indegenous equipment. In FY'18, coal production was 567 million tonne.


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