Business and Economy in the month of January

Alibaba’s first Indian trade facility centre opens at Jaipur

•        Alibaba.com, the wholesale trading platform of China’s Alibaba Group unveiled its first physical trade facility centre in the country at Jaipur and a Hindi portal, aimed at connecting small and medium businesses with global buyers.

•        By providing information and services in Hindi, the site will enable Indian traders, especially those from small cities and rural areas, to easily connect with merchants worldwide.

Apple acquires educational startup Learnsprout

•        Apple has acquired education-technology startup LearnSprout, which creates software for schools and teachers to track students’ performance.

•        Apple is working on education tools for the iPad to more aggressively compete with low-cost Chromebook laptops that have been rapidly winning over schools.

•        According to Google, educators were purchasing 1 million Chromebooks a quarter as far back as the summer of 2014.

Dr Reddy’s gets USFDA nod for migraine drug

•        Dr Reddy’s Laboratories has received the US Food and Drug Administration (USFDA) nod for ZembraceSymTouch (sumatriptan succinate) injection, a drug-device combination product intended for the treatment of acute migraine in adults.

•        The product is available as a pre-filled, ready-to-use, single-dose disposable auto-injector containing 3 mg of sumatriptan. The injection is intended to be given subcutaneously.

TNPL commissions Rs. 1,650-cr greenfield packaging board plant

•       Tamil Nadu Newsprint and Papers’ Rs. 1,650-crore multi-layer board plant was formally commissioned. The Chief Minister J Jayalalithaa inaugurated the TNPL factory over a video conferencing facility from the Secretariat.

•       The greenfield factory in Tiruchi district with a capacity of two lakh tonnes a year will make high-end, multi-layer double-coated board for use in the packaging industry.

31 OECD members signed corporate tax avoidance deal

•       31 members of Organisation for Economic Co-operation and Development (OECD) have signed corporate tax avoidance agreement in a bid to stem fiscal (tax) evasion by multinational companies (MNCs).

•       The new agreement is about sharing information between members rather than a new tax law. Under it, signatory members have to share information on tax issues of MNCs. It will primarily focus on country-by-country tax reporting of MNCs between members.

HCL acquires UK-based point to point for around $11M

•       HCL Technologies Ltd has agreed to acquire UK-based Point to Point Ltd and Point to Point Products Ltd for £8 million (around Rs 78 crore or around $11 million).

•       With over a decade of experience in the desktop and application virtualisation space, Point to Point provides enterprise workplace transformation services and end-user cloud engineering solutions, including managed serviced desktop services and support for virtualized workplace environment.

Customs Department launches mobile app

•       A mobile-based application has been launched by the customs to inform people about all Indian customs rules including those related to import of pets and goods.

•       The app Indian Customs-Guide to Travellers has been developed by IRS officer Sandeep Kumar Rawal, Joint Director, Regional Training Institute of National Academy of Customs Excise and Narcotics (NACEN), Bhopal in coordination with Bengaluru customs.

Cognizant acquires KBACE Technologies

•       Software services exporter Cognizant Technology Solutions (CTS) has acquired cloud-based computing firm KBACE Technologies.

•       This acquisition will help Cognizant to strength and expands its digital capabilities from its critical business applications to cloud-based IT infrastructures.

•       The terms and amount of the acquisition deal were not disclosed by the company. This acquisition was part of Cognizant’s strategy to diversify businesses into newer geographies.

Airtel & Axiata to merge Bangladesh operations

•       Axiata Group Berhad (Axiata) and Bharti Airtel will merge their telecom operations in Bangladesh.

•       Both companies have signed a definitive agreement to merge their subsidiaries in Bangladesh Robi Axiata Limited (Robi) and Airtel Bangladesh Ltd (Airtel).

•       Upon completion, Axiata will hold 68.3 per cent controlling stake in the combined entity, while Bharti Airtel will hold 25 per cent. The remaining 6.7 per cent will be held by the existing shareholder, NTT Docomo of Japan.

Ratan Tata invests in speciality tea start-up

•       Tata Group’s former Chairman Ratan Tata has made his 30th investment. Tata has invested in Teabox, online start-up selling premium teas.

•       Teabox, which was founded in 2012, has so far raised $7 million, $6 million of which were raised from investors that included Texas billionaire Robert M Bass and Accel Partners in the last round in 2015.

•       Tata, during his tenure as Chairman of Tata Group, was a brain behind the acquisition of UK’s iconic brand Tetley by Tata Tea.

•       Under his chairmanship, Tata Tea saw several other acquisitions and transformed into what is called Tata Global Beverages.

Bengaluru-based bibliophile social platform Woodpie.com gets global recognition

•       Woodpie.com, a Bengaluru-based start-up for book lovers, is one of seven global start-ups to be selected to participate in Ingram Content Group’s 1440 Accelerator for Publishing Innovation, supported by The Nashville Entrepreneur Centre (EC), Tennessee, US.

•       The start-up will receive $30,000 in seed funding in exchange for 7 per cent equity in the company and will go through a 14-week business building programme from January 31 to May 9.

Marriott invests over Rs. 300 cr in integrated property

•       Global hospitality major Marriott International has made its first investment in India in an integrated property that houses two of its popular brands for the corporate business traveller Courtyard by Marriott and Fairfield by Marriott.

•       Located in Bengaluru’s IT hub, Outer Ring Road (ORR), the property was built and developed at an investment upwards of Rs. 300 crore.

CCEA clears hybrid annuity model for highway projects

•       The Cabinet Committee on Economic Affairs (CCEA) has given its in principle approval for the Hybrid Annuity Model for implementing the National Highway Projects.

•       The main objective of this model is to revive highway projects in the country by making it as one more mode of delivery of highway projects.

Japanese automaker Toyota tops in global vehicle sales in 2015

•       Japanese automaker Toyota Motor Corp. has topped in global vehicle sales in 2015 by selling 10.151 million vehicles, beating Volkswagen and General Motors.

•       With this, the company has retained its status as the world’s top-selling automaker for the fourth straight year.

•       While, German automaker Volkswagen AG is ranks second in global vehicle sales list and has sold 9.93 million vehicles in year 2015.

•       Detroit-based General Motors (GM) ranks third in the list and has sold at 9.8 million vehicles.

EPS gets $25-m P-E funding from UK-based Apis Partners

•       Electronic Payment and Services (EPS), a retail banking technology and automated teller machine (ATM) services provider, has received a $25-million funding from UK-based Apis Partners.

•       The funding, fourth for the company, is in exchange for a minority stake and board representation in EPS.

•       Apis Partners is a PE (Private equity) asset manager focused on financial services across Africa and Asia.

Online shopping portal Roposo raises $5 m to focus on social media presence

•       Social media platform for fashionistas Roposo has closed a fresh round of VC investment of $5 million.

•       The start-up has raised $21 million in three rounds of funding, including seed funding from Flipkart co-founder Binny Bansal, with its most recent Series B round of $15 million from Tiger Global last August.

Sudan offers three oil and gas blocks to India

•       Sudan has offered ONGC Videsh Ltd, the overseas investment arm of ONGC, three more oil and gas blocks for exploration and production. Sudan has also sought the help of Indian firms to set up a coastal refinery.

•       Sudan has offered Blocks 8, 15 and 24 for exploration and production of oil, and has asked ONGC Videsh to consider buying a stake in producing Block 17. Block 17 currently produces 7,000 barrels of oil per day.

•       •Sudan owes ONGC Videsh $240 million from the crude oil bought from the Greater Nile Oil Project, as well as unpaid lease for a pipeline. ONGC Videsh had bought a 25 per cent stake in the project in 2003.

Goodbox acquires Smartpocket

•       Goodbox, a Bengaluru-based conversational m-commerce start-up, has acquired SmartPocket for an undisclosed amount.

•       SmartPocket is started out as a mobile app that allows customers to digitise their loyalty cards. They were working towards making SmartPocket an online wallet to place orders with offline partners, and store all virtual cards in one place.

Tata-JLR becomes UK’s top automaker in 2015

•       Tata Motors-owned Jaguar Land Rover has now become Britain’s largest automotive manufacturer, overtaking Japanese carmaker Nissan.

•       Jaguar Land Rover produced 489,923 cars in 2015 at its three British manufacturing plants at Solihull, Birmingham and Liverpool, 9 per cent more than in the year before.

•       The company is expected to reach its target of over half a million cars this year, driven by a rollout of the XE, XF and Discovery Sport (launched in 2015) and the launch of the F-PACE.

TranServ launches India’s first social digital wallet Udio

•       Digital payment startup TranServ has entered the mobile wallet segment with Udio.

•       It is India’s first Social Mobile Wallet, Udio wants to create a highly social, community-driven P2P digital transactions platform via its secure and seamless payment structure.

•       Udio is different from other mobile wallets such as Paytm, Oxigen or Citrus in a way that while other mobile wallet players depend upon cashbacks and discounts to drive consumer adoption, TranServ’s Udio wallet brings the user experience

CCEA clears funding support for setting up 5,000 MW solar power

•       The Cabinet Committee on Economic Affairs approved setting up of over 5,000 MW of grid connected solar power projects by providing a viability gap funding of Rs. 5,050 crore.

•       The VGF support envisages creation of 5,000 MW of capacity in four tranches of 1,250 MW each. While there will be some capacity reserved for projects with domestic content, projects with foreign equipment can also participate in the bidding to get VGF.

•       The projects come under Batch-IV of Phase-II of the Jawaharlal Nehru National Solar Mission which was launched in January 2010 with a target to set up 20,000 MW of grid connected solar power by 2022. The target has been enhanced to 100,000 MW.

Pan masala ads featuring celebrities violate code: ASCI

•       After Delhi government the Advertising Standards Council of India (ASCI) asking celebrities not to endorse pan masala products by saying that such ads are in violation of its code.

•       The Council said that it will be investigating such ads as these are in violation of the ASCI’s Code of Self-Regulation in advertising content.

•       The advertising watchdog said that Clause 2 (e) (under Chapter III) of the code, states that advertisements of products that require a health warning in their ads or cannot be used by minors, should not feature personalities from the field of sports, music and cinema.

Indian Oil to pump in Rs. 21,000 cr to meet BS VI standards

•       The three public sector oil refiners will have to invest Rs. 30,000-35,000 crore over the next four years to produce auto fuels that will comply with BS VI emission norms.

•       The largest refiner, Indian Oil Corporation, already has a Rs. 21,000-crore capital expenditure plan in place to upgrade its total refining capacity of 80 million tonnes per annum (mtpa).

•       Its smaller PSU counterparts Bharat Petroleum (31 mtpa) and Hindustan Petroleum (15.5 mtpa) will require over Rs. 5,000 crore each to build additional treatment facilities that will produce cleaner fuel complying with the stricter emission norms.

India post opens exclusive counters for eBay sellers

•       India Post has opened exclusive counters at the business post centres in Gurgaon and Faridabad for eBay India sellers.

•       The counter for eBay sellers at Gurgaon and Faridabad business post center will be exclusive for them to send their products through speed post, registered post or any other service they wish to opt for in both the cities.

Centre, IIB in talks for healthcare portal

•       The Centre plans to develop a comprehensive website for healthcare and is in talks with the Insurance Information Bureau (IIB), an arm of the Insurance Regulatory and Development Authority of India (IRDAI), in this regard.

•       If the plan fructifies, all public agencies involved in healthcare may be brought under the portal for the purpose of data sharing and for uniformity and standardization of the Central Government Health Scheme (CGHS) network.

Ratan Tata invests in baby care platform Firstcry

•       Ratan Tata has invested in baby care eCommerce platform FirstCry, continuing the slew of investments he has made in various startups globally.

•       FirstCry is omni-channel player with presence across desktop, mobile and offline routes offering baby and maternity products in India.

•       It started operations in 2010 and has over 2 million customers. It has over 150 FirstCry branded franchisee offline stores across 100 cities in the country.

Godrej & Boyce buys 51% stake in India Circus

•       Godrej & Boyce has picked up 51 per cent stake in designer Krsnaa Mehta’s company India Circus for an undisclosed amount.

•       India Circus is a two-year-old start-up with sales turnover of Rs. 20 crore, retailing lifestyle accessories and home décor objects mainly through the e-commerce route.

SEBI released report of Narayan Murthy-panel on Alternative Investment Policy

•       The Securities and Exchange Board of India (SEBI) released the first report of the Alternative Investment Policy Advisory Committee (AIPAC) for comments from the stakeholders.

•       The 21-member committee was constituted by the SEBI in March 2015 under the chairmanship of N R Narayan Murthy, co-founder of Infosys, to suggest measures for development of the alternative investment funds (AIFs) and startup eco-system in the country.

Ratan Tata invests in online coupons venture Cashkaro.com

•       The e-commerce company, Cashkaro.com will utilize the funding for expanding its business to international markets, build brand awareness and hire senior-level talents.

•       Similar to the likes of CouponDunia and CouponRaja, CashKaro offers customers cashbacks along with coupons and discounts.

•       Prior to Tata’s investments, CashKaro had raised about Rs 25 crore from Kalaari Capital. The company has also earlier raised about $750,000 in angel funding.

•       The e-commerce company has partnerships with about 1,000 online retailers, and claims to have more than 10 lakh registered users.

RCom, RJio seal Rs. 4,500-crore spectrum deal

•       Ambani brothers have come together yet again for a deal that will see Mukesh Ambani-backed Reliance Jio buying spectrum from Anil Ambani’s Reliance Communications across nine circles. The deal also includes spectrum sharing across 17 circles.

•       While the financials of deal were not disclosed but RCom will get an immediate payment of Rs.4,500 crore from RJio.

Zee enters Germany; to launch free-to-air TV channel

•       Zee Entertainment Enterprises Ltd has announced its foray into Germany. The company said it also plans to launch a free-to-air television channel for this market by mid-2016.

•       This channel will bring Bollywood films as well as popular Indian television series to German screens, 24-hours a day. The new channel’s core target group will be women between the ages of 19 and 59.

Bombay Stock Exchange launches algorithm trading test

•       BSE Ltd has launched a new service for algorithm trading test environment in partnership with Symphony Fintech Solutions Pvt Ltd.

•       The service will enable all market participants to test their trading algorithms in equity, equity derivatives and currency derivatives segments free of cost.

•       The members will be able to test their trading strategies with live market data feed during market hours and historical market data.

•       Algorithm trading uses mathematical models and software codes to make transaction decisions on exchanges and execute them at high speed.

Aurobindo gets US nod for 2 generic products

•       Aurobindo Pharma has received two approvals from the US Food & Drug Administration (USFDA) for manufacturing and marketing of Tranexamic Acid Injection, (100 mg/mL) 1,000 mg/10 mL single-dose vial and Paricalcitol Capsules, 1 mcg, 2 mcg, and 4 mcg.

•       The first approved ANDA (Abbreviated New Drug Application) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Cyklokapron Injection, 100 mg/mL, of Pharmacia and Upjohn Company.

•       Tranexamic Acid Injection is used in treatment of short-term control of bleeding in hemophiliacs, including dental extraction procedures.

Mindtree acquires US-based firm Magnet 360 for $50 million

•       Mindtree has acquired Magnet 360, a US-based Salesforce consulting partner, for $50 million in an all cash deal. The company has Honeywell, Nike, Cargill among its clients.

•       With this acquisition, Mindtree is looking to up its play in the fast growing cloud computing services area.

•       Mindtree also made an acquisition in the cloud computing space and also announced a reshuffle in its top management, as it seeks to build differentiation in some of its business offerings.

Centre plans for an exclusive insurer for Indian ships

•       To reduce the insurance cost of Indian ship-owners, the Centre plans to get the four public sector general insurers to float a new joint venture. The venture will exclusively provide cover to ships operating in Indian and South Asian waters.

•       The proposed company will be launched in the next fiscal year by the four PSU general insurers: New India Assurance, United India Insurance, National Insurance Company, and Oriental Insurance Company.

•       The move is in keeping with the government’s ‘Make in India’ campaign. It will save precious foreign exchange that shipping companies pay to get insurance cover from overseas insurers.

Airtel veteran buys 5% in ICEX from MMTC

•       Bharti Airtel group veteran Akhil Gupta and a Delhi-based investor Vijay Sharma of BN Enterprises have acquired five per cent each in the now defunct Indian Commodity Exchange (ICEX). Anil Ambani is the largest shareholder in the exchange.

•       State-owned Metals and Minerals Trading Corporation of India (MMTC), which holds 26 per cent stake in the exchange, sold 10 per cent of its stake for an undisclosed amount.

Konkan Railway to build siding for MRPL

•       Konkan Railway Corporation Ltd (KRCL) has announced plans to construct railway siding facility for Mangalore Refinery and Petrochemicals Ltd (MRPL) in Mangaluru.

•       After completion, around 2,800 tonnes of products are expected to be transported by railway everyday.

•       With the construction of a railway siding, the entire product can be loaded in train inside the premises of MRPL. If the products are transported by road, they require multiple handling and lead to road congestion

Max India completes three-way demerger

•       Max India Limited has concluded its demerger into three separate listed companies to provide investors with specific and undiluted access to its diverse lines of businesses and unlock shareholder value.

•       Post the demerger, the $2.2-billion turnover Max Group now comprises three separate holding companies Max Financial Services, Max India and Max Ventures & Industries.

Reliance Defence buys Saab’s stake in Pipavav

•       Security and defence company Saab has sold its stake approximately 3.3 per cent in Pipavav Defence and Offshore Engineering Company Limited to Reliance Defence Systems.

•       Pipavav Defence and Offshore Engineering Company is now part of Reliance Anil Dhirubhai Ambani Group.

Steel Exchange signs MoU to expand AP plant

•       Steel Exchange India Ltd (SEIL) has inked a memorandum of understanding with the Andhra Pradesh government for the expansion of its steel plant in Vizianagaram district of Andhra Pradesh.

•       The MoU outlines SEIL’s move for the expansion of steel plant from 0.25 mt to 1.25 mt at Sreerampuram village in L Kota mandal, Vizianagaram district, with an investment of Rs. 7,937 crore in two phases, with potential to generate 1,500 jobs.

Direct benefit transfer to cut food subsidy bill by Rs.25,000 cr annually

•       Starting fiscal 2017-18, the Centre’s food subsidy bill is set to go down by Rs. 25,000 crore annually by Direct Benefit Transfer arrangement.

•       For 2015-16, the Centre’s food subsidy bill is estimated at Rs. 124,419 crore against Rs. 122,676 crore in 2014-15.

•       However, the food subsidy bill could be higher still this fiscal with more States rolling out the National Food Security Act.

Dubai-based Abraaj Group to buy majority stake in CARE Hospitals

•       Dubai-based global investor Abraaj Group will be acquiring a majority stake in Quality CARE India Ltd (Care Hospitals) from Advent International through one of its funds.

•       Though the details of stake to be acquired and its value have not been disclosed, it is learnt that the enterprise value of the deal is Rs. 1,800 crore. The transaction is expected to conclude in the first quarter of 2016.

•       Founded in 1997 by B Soma Raju, Hyderabad-based CARE is the fifth largest healthcare provider in India, operating 2,600 beds across 16 hospitals in nine cities.

The GOI signed a loan agreement with JICA for pollution abatement of River Mula-Mutha

•       The Government of India has signed a loan agreement with Japan International Cooperation Agency (JICA) for pollution abatement of River Mula-Mutha in Pune.

•       The Government of Japan has committed to provide a soft loan of 19.064 billion Yen (about Rs. 1000 crore) to Government of India for the project at an interest rate of 0.30% per annum.

•       The loan assistance for the project has been approved by the Union Finance Ministry at an estimated cost of Rs. 990.26 crore.

FIPB clears 5 FDI proposals worth Rs. 6,050 cr

•       The Government has approved five Foreign Direct Investment (FDI) proposals worth Rs.6,050 crore, including ones from pharmaceutical companies Cadila Healthcare and Recipharm.

•       The approvals are based on the recommendations of Foreign Investment Promotion Board (FIPB) at its meeting in December 2015.

•       The biggest proposal to get the nod was from Cadila amounting to Rs.5,000 crore. The company was given approval for the transfer of its 99.90 per cent shares currently held by an NRI to Wellness Technology and Media Private Ltd, UK.

Saint-Gobain to invest Rs. 1,000 crore more in Chennai float glass facility

•       Saint-Gobain India is investing Rs. 1,000 crore to expand its float glass and value-added glass production capacity at its factory near Chennai.

•       The fully integrated factory at Sriperumbudur, near Chennai, will get a third float glass line of 1,000 tonnes a day and a second magnetron coater line with a capacity of 84 million sq ft per year for making high-performance, energy efficient glass.

•       This will make it the largest float glass plant in India. The new capacities in coated line will go on stream in 2017 and the float glass line in 2018.

Switch to BS VI fuel will cost Rs. 13,000 cr: IndianOil

•       Indian Oil Corporation will invest close to Rs. 13,000 crore to upgrade its refineries and produce BS VI grade automotive fuels from April 1, 2020.

•       The investment figure does not include the amount required for the company’s newest refinery in Paradip, Odisha.

•       Ministry of Petroleum and Natural Gas, Ministry of Heavy Industries, Ministry of Environment Forests and Climate Change and Ministry of Road Transport and Highways agreed to implement the BS VI emission norms by April 2020 instead of the earlier date of April 2021.

BHEL commissions 520 MW Hindujas project near Vizag

•        Bharat Heavy Electricals Ltd has announced it has commissioned a 520-MW coal-based thermal generating unit of the Hinduja Group near Visakhapatnam in Andhra Pradesh.

•        The unit has been commissioned at the 2x520-MW Vizag Thermal Power Project of Hinduja National Power Company Ltd, Visakhapatnam.

•        BHEL has thus far set up four 500 MW thermal power sets supplied and executed for NTPC Simhadri Thermal Power Station. The 2x520-MW Vizag thermal power project is being executed by BHEL on engineering, procurement and construction (EPC) basis.

Dr Agarwal’s Eye Hospital to invest Rs. 600 cr for expansion

•        The Chennai-based Dr Agarwal’s Eye Hospital chain has announced a Rs. 600-crore expansion plan to scale up its operations in India and abroad over the next five years.

•        It currently has 60 hospitals and will add 140 by 2020. The chain is targeting a total of 200 hospitals with 150 in India and 50 in Africa, West Asia, Vietnam, Cambodia and the Philippines.

•        The group is strengthening its presence in southern India by opening three hospitals in Kerala. The chain already has hospitals in Tamil Nadu, Karnataka, Telangana and Andhra Pradesh.

New Defence procurement plan to fire up local manufacturers

•        Ministry of Defence (MoD) unveiled the Defence Procurement Procedure (DPP) 2016, which will be effective from March. However, the process to select strategic partners, an integral part of the DPP, is expected to take longer.

•        The new policy aims at giving a boost to the Make in India initiative, a greater role for the private sector, and a big push to the medium and small scale sector.

•        Under DPP 2016, which was finalised by the Defence Acquisition Council (DAC) chaired by Defence Minister Manohar Parrikar, the offset level has been raised to Rs. 2,000 crore from Rs. 300 crore currently.

Green panel nod for Reliance’s AAE-1 subsea project

•        The Centre’s green panel has given the Coastal Regulation Zone (CRZ) clearance to Reliance Jio Infocom to build the Indian part of the Asia-Africa-Europe One (AAE-1) submarine cable system at Mumbai.

•        AAE-1, the largest next generation subsea cable system spanning around 25,000 km and linking South Asia to Africa and Europe via the Middle East, is being constructed by a consortium of 17 global service providers. The Indian part of the project will be implemented by Reliance Jio.

Sri City inks deals with 11 companies

•        Sri City, located in Chittoor district and 55 km from Chennai, has signed MoUs with 11 companies for an investment of Rs. 1,200 crore .

•        Colgate-Palmolive is investing Rs. 450 crore in a toothbrush unit in Sri City and Thermax plans to invest Rs. 200 crore in a boiler and vapour absorption machine unit.

•        Vikram Solar is investing Rs. 220 crore in setting up a PV module solar energy unit, while ISUZU will pledge Rs. 230 crore in setting up a body pressing shop unit.

Rashtriya Ispat Nigam Limited (RINL) plans expansion, Rs. 38,500 cr investment

•        RINL or the Visakhapatnam Steel Plant, has signed an MoU with the Andhra Pradesh government to invest around Rs. 38,500 crore in various projects.

•        The MoU was signed at the three-day partnership summit, which is being jointly organised by the State government and the Confederation of Indian Industry (CII).

Anil Ambani’s Sasan Power to get Rs. 7,500-cr CERC bounty

•        Anil Ambani Group’s Reliance Power stands to gain an estimated Rs. 7,500 crore from the electricity sold from its ultra mega power project Sasan Power Ltd.

•        This is due to a compensation cleared by the Central Electricity Regulatory Commission (CERC) after a ‘change in law’ petition of Sasan Power, a wholly owned subsidiary of Reliance Power.

•        The compensation is over a 25-year period, the term of the power purchase agreement. It will be made up through a 9 paise a unit increase in the electricity tariff resulting in a gain of Rs. 300 crore a year.

Zomato shuts online ordering facility in 4 cities

•        Restaurant discovery and food ordering app Zomato announced the shutdown of its online ordering service in four cities: Lucknow, Kochi, Indore and Coimbatore.

•        Despite its recent marketing efforts, it did not see a significant increase in order volumes in these cities. The size of the market in these cities is small right now and growing with time.

•        The company said the combined order volume in these four cities accounted for less than 2 per cent of its total order volumes.

Modulex India to raise Rs. 40 crore through CCDs

•        Modulex Modular Buildings Private Ltd (Modulex India), a group subsidiary of London-based asset management company Red Ribbon, is in talks to raise about Rs. 40 crore by issuing compulsory convertible debentures (CCDs).

•        The company will use the proceeds as part of investment for the Rs. 110-crore steel modular building factory, which is the world’s largest, at Indapur, near Pune.

•        It has already secured term loans of Rs. 65 crore from banks. CCD is a type of debenture in which the whole value of the debenture must be converted into equity within a specified time.

China’s Ctrip to invest $180 million in MakeMyTrip

•        China’s travel service provider Ctrip.com will invest $180 million in MakeMyTrip through convertible bonds, the Indian travel aggregator.

•        MakeMyTrip has also granted Ctrip permission to acquire MakeMyTrip shares in the open market, so that combined with shares convertible under the convertible bonds, Ctrip may beneficially own up to 26.6 per cent of MakeMyTrip's outstanding shares.

Anil Ambani announces Rs.5000 crore naval investment

•        Reliance Defence Ltd has signed an accord with the Andhra Pradesh government to set up a naval facility along the country’s eastern coast with an initial investment of Rs 5,000 crore.

•        Anil Ambani’s Reliance Infrastructure Ltd, plans to build submarines and aircraft carriers as well as to provide services including maintenance and refitting of ships at the facility. It will be located 70 km south of Visakhapatnam in Andhra Pradesh.

Pension regulator unveils e-NPS facility

•        The Pension Fund Regulatory and Development Authority (PFRDA), has launched e-NPS, an online subscriber registration and contribution facility.

•        The new e-NPS facility is a Permanent Account Number (PAN)-based initiative that recently went live and it had abandoned the earlier proposal of introducing Aadhar-based e-NPS facility.

•        Any person with an IT PAN card and a bank account can subscribe for NPS. The Regulator will validate the PAN details online with the Income Tax Department.

Unicorn India Ventures closes Rs 40-cr fund

•        Unicorn India Ventures, started by Anil Joshi and Bhaskar Majumdar has closed Rs 40 crore of its Rs 100-crore fund.

•        The fund will invest in early stage startups in the areas like social media, mobile, analytics, cloud technology and Internet of Things (IoT).

•        Unicorn India has been structured as a hybrid fund whose first investment will enable start-ups with an seed round in the range of Rs 50 lakh-Rs 1 crore, which would help companies build businesses and get ready for next round (Series A) where the fund will also participate as a co-investor.

Quikr acquired online real estate portal Commonfloor.com

•        Quikr bought the website in a distress sale orchestrated by Tiger Global Management LLC.

•        After the deal, Quikr will be valued at about 1.5 billion US dollars based on the share-swap ratio.

Volvo Buses India merged with Volvo India Pvt Ltd

•        Leading automobile manufacturer Volvo Group announced the merger of its bus manufacturing arm Volvo Buses India and joint company Volvo India Pvt Ltd (VIPL).

•        Volvo Group in India includes multiple business areas and brands such as Volvo Buses, Volvo Penta Engines, Volvo Construction Equipment, UD Buses, Volvo Trucks, Eicher Trucks and Buses.

Ratan Tata Invests Undisclosed amount in Tracxn

•        Industrialist Ratan Tata has invested an undisclosed amount in startup research platform Tracxn.

•        Through this investment, Tracxn joins a list of more than a dozen startups which are part of Ratan Tata’s portfolio.

Reliance capital gets CCI nod to acquire Goldman Sach’s fund arm

•        Reliance Capital Asset Management, part of the Anil Ambani-led group has got the Competition Commission of India’s (CCI) nod for acquiring Goldman Sachs’s onshore business in India like mutual funds and exchange-traded funds for Rs 243 crore ($37.5 million) in an all-cash deal.

Tata Trusts and Mars join hands for agri development

•        Tata Trusts, India’s oldest philanthropic organisation, along with the $33 billion foods giant Mars Inc will invest in the country’s agri-food sector.

•        The two will work together on agriculture development, malnutrition reduction and food safety improvement in Asia’s third-largest economy.

IRB Infra bagged 10050 crore rupees project to build Zojila Pass tunnel project

•        IRB Infrastructure Developers Ltd, a Mumbai-based road developer bagged the Rs.10050 crore Zojila Pass tunnel road project in Jammu and Kashmir.

•        This tunnel project is the country’s biggest road project by cost. The Zojila Pass tunnel will be the longest in South Asia once completed. At present, Chenani-Nashri tunnel at 9 km is the country’s longest road tunnel.

Nokia completed acquisition of French telecom equipment company Alca-Lucent for 15.6 billion euro

•        With this acquisition, Nokia holds 79.32 percent of outstanding Alcatel-Lucent shares and at least 78.97 percent of the French company's voting rights.

•        Further, the deal is expected to help the company in competing globally with the likes of Ericsson and Huawei in the telecommunications field.

Sebi slaps Rs 10 lakh fine on Vijaya Bank

•        Capital markets regulator Sebi has imposed a fine of Rs 10 lakh on state-run Vijaya Bank for alleged violation of norms related to debenture trustee. Vijaya Bank is registered with Securities and Exchange Board of India (Sebi) as a debenture trustee.

•        The regulator found that the bank has violated norms include providing of misleading information with regard to loans granted to issuer firms, non-compliance of creation of debenture redemption reserve by issuer companies in respect of all the issues, among others.

Sterlite Grid commissioned first power project under TBCB incentive regime

•        Sterlite Grid set a new benchmark by commissioning the Transmission Project to Rajasthan Atomic Power Project (RAPP) ahead of schedule under the Tariff Based Competitive Bidding (TBCB) incentive regime.

•        RAPP is the first power transmission line to be commissioned ahead of schedule since the implementation of TBCB scheme.

SEBI to tighten disclosure norms for rating agencies

•        Markets regulator SEBI is set to tighten disclosure norms for rating agencies as well as the companies being rated, as it seeks to check the menace of 'rating shopping' and a 'pick-and-choose' approach in disclosing rating actions.

•        The proposed regulatory moves follow the Amtek Auto fiasco and a growing number of loan defaults triggering downgrade or suspension of ratings without the same being properly communicated to investors.

BSNL to set up 40,000 Wi-Fi Hotspots in the country

•        Public sector telecom major BSNL is working on setting up 40,000 Wi-Fi Hotspots in the country to counter its inadequacy in providing 4G data services.

•        Under the scheme, 500 Wi-Fi Hotspots have been set up in the country, and the company plans to increase them to 2,500 in the current financial year.

•        In order to improve its telecom service, the BSNL would be setting up around 25,000 mobile towers in the country, with an investment of Rs 5,500 crore.

Paytm acquires Shifu for $8mn to enrich customer experience

•        Paytm has acquired Shifu for $8 million, a move that will enable the digital payments company to offer more personalised user experience.

•        Shifu, a context-aware personal assistant application, mines the smartphone usage patterns of users and makes personalised and highly relevant recommendations to them.

Sebi slaps Rs 30-lakh penalty on Anand Rathi

•        The Securities and Exchange Board of India (Sebi) announced a Rs 30 lakh fine on a leading financial services entity, Anand Rathi for breaching the stock broker regulations.

•        It has withdrawn funds from a designated client bank account to make payments not to a client but to its own group company, the commodities brokerage wing.

Centre raises Rs.14,000 cr via sale of G-Secs

•        The Centre raised Rs.14,000 crore as part of its borrowing programme.

•        This was done through the sale of four long-dated papers of 7.35 per cent 2024 government security (Rs.2,000 crore), 7.88 per cent 2030 G-Sec (Rs.6,000 crore), 8.24 per cent 2033 G-Sec (Rs.3,000 crore) and 8.13 per cent 2045 G-Sec (Rs.3,000 crore).

•        The Centre’s borrowing programme for the current fiscal is budgeted at Rs.6 lakh crore. So far, it has completed over 83 per cent of the borrowing.

•        The limit for foreign portfolio investors (FPIs), which is currently Rs.1,29,900 crore is being hiked by Rs.5,500 crore to Rs.1,35,400 crore.

LIC offers longer cover under ‘Jeevan Labh’

•        ‘Jeevan Labh’ is LIC’s new offering to the public in the form of a limited-premium, non-linked and with-profit endowment assurance plan.

•        The highlight of the plan is that premium is payable for a limited period while risk is covered for the whole policy term.

•        The plan is available from ages 8 to 59 years with a choice of policy term of 16, 21 and 25 years and premium-paying terms of 10,15 and 16 years respectively.

•        The maximum age at maturity is 75 years. Minimum basic sum assured is Rs.2 lakh with maximum basic sum assured having no limit.

Thomas Cook's Quess gains full control of US-based MFXchange Holding

•        Travel and leisure firm Thomas Cook’s Bengaluru-based arm Quess gained full control of US-based IT applications and outsourcing firm MFXchange Holding by acquiring an additional 51 per cent stake for an undisclosed sum.

•        Quess Corp, a subsidiary of Thomas Cook (India) Ltd, completed the purchase of the remaining 51 per cent stake in MFX from Fairfax pursuant to the terms of a share purchase agreement that was entered into with Fairfax on November 3, 2014 to acquire 100 per cent stake in MFX.

PAN must for cash payment of hotel bill over Rs 50,000 from Jan 1,2016

•        Furnishing PAN will be mandatory for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000, a move aimed at curbing the black money menace.

•        Besides, PAN will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016.

•        PAN will also be mandatory on purchase of immovable property of over Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh.

India’s Petronet LNG ink revised contract with RasGas of Qatar

•        India’s biggest state owned gas importer Petronet LNG has signed a revised contract with RasGas of Qatar to import gas at a significantly lower price than earlier.

•        Under the new contract, Rasgas will supply Liquefied Natural Gas (LNG) to Petronet at 6-7 dollar per million British thermal units (mmBtu) from January 1, 2016.

•        It would supply to 7.5 million tonnes of LNG India until the long-term contract ending in April 2028.

International home appliances brand VITEK enters Indian market

•        VITEK, a leading international home appliances brand, has entered the Indian market with the launch of several products carefully selected for the Indian consumer.

•        VITEK will be offering a range of forty products out of its international range of 650 products including kitchen appliances, garment steamer, room heaters and vacuum cleaners.

•        Mumbai-based SPG India, which has brought VITEK to the Indian market, is looking at a turnover of Rs.50 crore in the first year of operations. This company wants to position VITEK, a 15 year young international brand, as a premium brand in India.