Weekly GA Capsule 6Th May to 12Th May 2019
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Weekly GA Capsule 6th May to 12th May 2019 “Failure will never overtake me if my determination to succeed is strong enough.” - Og Mandino 1 | P a g e Weekly GA Capsule 6th May to 12th May 2019 Economy & Banking.........................................................................................................................16 Government & Polity.........................................................................................................................21 International.......................................................................................................................................30 Sports..................................................................................................................................................32 Appointments.....................................................................................................................................33 Person/Event/Award..........................................................................................................................34 Important Days………………………………………………………………………………………………..35 Science and Technology…………………………………………………………………………………….37 2 | P a g e Weekly GA Capsule 6th May to 12th May 2019 Economy & Banking 1. SEBI’s ‘capital’ punishment to NSE, an unprecedented move The Securities and Exchange Board of India (SEBI) does not have a history of acting tough against stock exchanges, which are also the first level regulators for listed companies. There have been instances in the past when processes and procedures of exchanges have been a subject of regulatory probe, but more often than not, the bourses managed to get away with a censure or warning. The capital markets watchdog ordered the NSE to disgorge money totalling Rs. 1,100 crore for not exercising proper due diligence while offering co-location services that allowed certain entities to gain access to information before others did. Securities and Exchange Board of India (SEBI) Founded: 12 April 1992 Sector: Securities market Jurisdiction: India Headquarters: Mumbai Type: Statutory Corporation Chairperson: Ajay Tyagi 2. CII backs FAME-II scheme despite EV makers’ red flag The Confederation of Indian Industry (CII) has backed the Centre’s revised Faster Adoption and Manufacturing of Hybrid and Electric Vehicles or FAME-II scheme. The industry body’s support for the Rs10,000-crore scheme comes despite multiple electric two-wheeler and personal mobility manufacturers red-flagging provisions in the scheme. “The main aim of the scheme is to encourage faster adoption of electric and hybrid vehicle by way of offering upfront incentives on purchase of electric vehicles and by way of establishing a necessary charging infrastructure. The scheme will not only help in addressing the issue of rising environmental pollution in cities but will also help in India’s fuel security. Confederation of Indian Industry (CII) President: Rakesh Bharti Mittal (2018-19) Headquarters location: New Delhi Founded: 1895 Members: Direct 9,000+; Indirect 300,000 Purpose: Create and sustain an environment conducive to the development of India 3. Tata Motors may drop small diesel cars 3 | P a g e Weekly GA Capsule 6th May to 12th May 2019 Auto major Tata Motors likely to phase out small diesel cars from its portfolio as demand is expected to slow down due to upcoming BS-VI emission norms. Tata Motors currently sells its entry-level hatchback Tiago with 1-litre diesel engine, compact sedan Tigor with 1.05-litre powertrain and older models like the Bolt and the Zest with a 1.3-litre diesel engine. 4. IndiGrid to buy Rs11,500-cr electricity transmission assets from Sterlite Power India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) will acquire five electricity transmission assets worth Rs11,500 crore ($1.66 billion) from Sterlite Power. This comes after KKR and GIC recently announced fund infusion into IndiGrid. As a part of the deal, KKR and GIC have invested Rs1084 crore ($157 million) and Rs980 crore ($142 million), to collectively acquire 42 per cent of IndiGrid’s outstanding units. India Grid Trust, backed by Sterlite Power Grid Ventures, was established in 2016 to own inter-State power transmission assets in India. Indi Grid will be issuing preference shares worth Rs2,514 crore to acquire the power transmission assets from Sterlite.. IndiGrid to buy Rs11,500-cr electricity transmission assets from Sterlite Power. 5. Lupin, Zydus Pharmaceuticals recall products in the US Drug major Lupin is recalling 46,700 bottles of Morphine Sulfate extended-release tablets, used to treat severe pain, in the US market, according to a report by the US health regulator. Lupin Somerset is recalling the drug in various strengths due to “failed impurities/degradation specifications”, the latest enforcement report by the US Food and Drug Administration (USFDA) Zydus Pharmaceuticals USA Inc, a subsidiary of Zydus Cadila, is also recalling 7,668 bottles of Carvedilol Tablets, used to treat high blood pressure, in the American market. 6. Mastercard to invest $1 billion in India over five years Mastercard on Monday announced a $1 billion investment in India over the next five years aimed at converting India into a vital node in the company’s infrastructure, and also to continue business expansion. “There is a very large presence that Mastercard has built, and now, after having seen the last five years, we are very bullish on the overall Indian economy and what the future looks like, and clearly very excited about the digital payments ecosystem and payments ecosystem in general,” 7. SFBs, RRBs The Reserve Bank of India (RBI) has increased the eligibility cap on home loans extended by regional rural banks and small finance banks to Rs. 35 lakh in metropolitan areas and Rs. 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centres and other centres does not exceed Rs. 45 lakh and Rs. 30 lakh. All such loans will be now classified by these banks as priority sector loans. Existing family income limit of Rs. 2 lakh per annum to be eligible for loans for housing projects exclusively for construction of houses for Economically Weaker Sections (EWS) and Low Income Groups (LIG), is revised to Rs. 3 lakh per annum for EWS and Rs. 6 lakh per annum for LIG, in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana. 8. HDFC Bank board to mull stock split “HDFC Bank Ltd. has informed BSE that the Board of Directors of the Bank... would consider a proposal for sub-division of Bank’s equity shares from 1 equity share of face value of Rs. 2 each to 2 equity shares 4 | P a g e Weekly GA Capsule 6th May to 12th May 2019 of face value of Rs. 1 each, at their meeting to be held on May 22, 2019,” said a statement issued to the stock exchanges. 9. Can’t ensure cheaper oil for India, says US US Secretary of Commerce Wilbur Ross has said that his country cannot ensure sale of oil to India at cheaper rates to compensate for Iranian oil, which is now almost out of bounds because of economic sanctions imposed by the Trump regime. “Oil is owned by private people. So the government cannot force people to make concessionary prices,” Ross said, when asked if the US is considering selling oil to India at a concessional rates to make up for the loss refiners may have to suffer because of inaccessibility of cheaper Iranian oil shipments. 10. Medlife acquires Bengaluru-based Myra Medicines Health-tech platform Medlife on Monday said it has acquired Bengaluru-based medicine delivery start- up, Myra Medicines. Myra’s acquisition will enable the company to strengthen its pharma business and accrue profits, Medlife said in a statement. Medlife Founder and CEO Tushar Kumar said, “Our acquisition of Myra Medicines will be a game changer in the delivery of quality services for access to medicines“. Medlife is currently servicing over 20,000 deliveries every day across 29 states and having Myra on board will further strengthen its standing as a dependable and reliable partner for people’s health. 11. Westway Eelectronics moves South, launches in Kochi Westway Electronics Ltd, a popular household name in North India in the consumer durable category, has entered South India, starting with Kochi. The company has appointed 30 dealers altogether. Sumit Maini, Director, Westway Electronics said that the company aims to generate a sales of rupees one crore in the first three months in Kochi and also plans to expand to Karnataka, Andhra Pradesh, Tamil Nadu, and Telengana shortly. 12. BookMyShow signs 5-year deal with Dubai’s Coca-Cola Arena Online ticketing platform BookMyShow on Monday said it has entered into a five-year partnership with the Dubai’s Coca-Cola Arena, the city’s biggest multi-purpose indoor arena. As the founding and preferred ticketing partner for all live entertainment experiences at the Coca-Cola Arena, BookMyShow will deliver international content while being the go-to platform for tickets to all live events at the arena across UAE The landmark deal is at the core of the India-headquartered, global entertainment platform’s entry into the Middle East and is the first such global arena partnership by the company. Ashish Hemrajani, Founder and Chief Executive Officer of BookMyShow, said Middle East is a critical yet under-served market when it comes to entertainment experiences for consumers. 13. Liquidation process for ABG Shipyard commences Debt-ridden ABG Shipyard on Monday announced commencement of the