• Tech Mahindra has snapped up digital transformation firm UK-based entity BIO Agency for 40 million pounds in an all-cash deal to expand its digital portfolio.
• The consideration is the enterprise value of 40 million pounds plus surplus cash not exceeding 5 million pounds as at the completion date. The payment of 22 million pounds and the surplus cash will be made upfront and the balance as deferred payments based on the company performance.
• Though it is a small acquisition for the fifth largest IT services player in the country, BIO is expected to help Tech Mahindra compete with larger global rivals, Accenture and Cognizant, who have been able to build strong digital portfolios largely driven by acquisitions of not just smaller IT firms but also buying digital agencies.
• BIO specializes in digital transformation and innovation, helping organizations change the way they engage with their customers. The company recorded revenues of 12.5 million pounds for the financial year FY16 and has a strong presence in the UK with 25-30 large clients, including Western Union, Coca Cola, BBC and Microsoft.

• The revenue department has extended the date for reporting details of accounts under Foreign Account Tax Compliance Act (FATCA) by six months to 2016, and excluded two types of entities from the purview of the Act.
• Under the amended rules, the reporting of the high value account as 2015, by foreign financial institutions based in India under FATCA should be completed by December 31, 2016, instead of June 30, 2016.
• In order to remove anomaly in the definition of "passive non-financial entity", the Central Board of Direct Taxes (CBDT) has excluded `withholding foreign partnership (WP) and withholding foreign trusts (WT)` from the purview of FATCA reporting norms.

• Pakistan, Bangladesh, Indonesia and Tajikistan will get the first set of loans totaling $509 million from China sponsored Asian Infrastructure Investment Bank (AIIB) in which India is a founding member.
• The Beijing based AIIB will disburse $509 million to finance four projects in the four countries.
• India is the second largest shareholder in the bank after China.
• AIIB was officially established in late 2015 with authorized capital of $100 billion. China is the largest shareholder with 26.6% voting shares. India is the second largest shareholder with 7.5% followed by Russia with 5.93% and Germany with 4.5%.
• Projects approved by the bank included a $165 million loan for a Power Distribution System Upgrade and Expansion Project in Bangladesh, $216.5 million loan for a National Slum Upgrading Project in Indonesia, expected to be co-financed with the World Bank.

• Mobile ad tech firm InMobi, one of the earliest Indian unicorns, received a major blow as the US Federal Trade Commission asked the company to pay $950,000 in civil penalties on charges that it deceptively tracked the locations of hundreds of millions of consumers without their knowledge. InMobi acknowledged the violation, calling it a ‘technical error’.
• The FTC alleged that InMobi’s advertising software tracked consumers’ locations whether or not the apps using InMobi’s software asked for consumers’ permission to do so, and even when consumers had denied permission to access their location information.
• Experts believe the fine is too small for InMobi to worry about, but at the same time will set the benchmark for Indian companies, which often ignore privacy policies in their products.
• The FTC alleged that InMobi also violated the Children’s Online Privacy Protection Act (COPPA) by collecting this information from apps that were clearly directed at children, in spite of promising that it did not do so.

• Asian Development Bank has approved $500 million (approximately Rs. 3350 crore) loan for constructing a bridge across Ganga.
• Once built, the 9.8 km road bridge in Bihar will be country’s longest river bridge. The bridge would provide vital transport links between the northern and southern parts of the state and with neighbouring country Nepal.
• The project will run for about 4 years and is expected to complete by the end of 2020.
• The bridge is expected to benefit over nine million or ninety lakh people looking for job opportunities on both the sides of bridge. ``The new bridge will make it easier for people to move between jobs and markets, particularly for poorer communities in the north wishing to travel to the state capital, Patna, just south of the river.

• Indiabulls Housing Finance Ltd is planning to raise Rs. 300 crore by issuing Unsecured Non-Convertible Redeemable Debentures (Tier II) in the nature of subordinated debt on private placement basis.
• The housing finance company informed the BSE that it will be issuing 30,000 debentures (of 10 years maturity) in the nature of subordinated debt with a face value of Rs. 1 lakh each aggregating Rs. 300 crores (plus greenshoe option).
• As per the terms of the issue, the debentures will carry a coupon rate of 9.30 per cent per annum.

• JSW Steel has received the environmental clearance for setting up an integrated steel unit and captive power plant in Jharkhand with an investment of Rs. 35,000 crore.
• The project would create up to 30,000 additional indirect jobs.
• The company will set up a 10 million tonnes per annum (MTPA) capacity integrated steel unit and a 900 mw captive power plant as well as a township spread across over 3,800 acres in seven villages near Sonahatu block in Ranchi district.
• The green clearance has been given subject to some conditions based on the recommendations of the government`s Expert Appraisal Committee (EAC).
• JSW has signed a pact with Jharkhand government for the project, which is estimated to cost Rs. 35,000 crore and generate additional 20,000-30,000 indirect jobs.
• During the first phase, the proposed plant would have a capacity of about 5 MTPA of liquid steel.

• In a bid to raise their partnership to a new level, Starbucks Coffee Company and the Tata Group have agreed to take a host of initiatives, including the inclusion of a single-origin coffee from India in its U.S. outlets, bringing the brand to Vistara airlines and taking Himalayan mineral water to Asia Pacific markets.
• For the first time, Starbucks will offer a single-origin coffee from India in the U.S., giving customers from outside the country a unique opportunity to experience a rare, small-lot coffee from Tata Nullore Estates.
• These announcements build upon the incredible success and shared values between Starbucks and Tata in our partnership in India.
  

• The Indian Premier League (IPL) has seen a definite increase in its brand valuation in its ninth season, as it drew attention of viewers as well as advertisers for all the right reasons a relatively controversyfree tournament and good on-field performances that brought the spotlight back to the game.
• According to global valuation and corporate finance advisor Duff & Phelps, the value of brand IPL has jumped to $4.16 billion after the 2016 edition, against $3.5.54 billion in 2015. The 19% jump is despite the fact that the US dollar to Indian rupee currency has depreciated by nearly 10%.
• Among the teams, Mukesh Ambani-owned Mumbai Indians (MI) has raced ahead of Shahrukh Khan-owned Kolkata Knight Riders (KKR) to claim top spot in terms of valuation. While MI`s valuation has increased 8% to $78 million from $72 million in 2015, KKR`s valuation declined 10% to $77 million.

• The Central Board of Direct Taxes (CBDT) has made it clear that the 1 per cent tax collection at source (TCS) introduced in this year’s Budget will apply only to the cash component and not the entire sale consideration. This has been conveyed in a clarificatory circular issued by the CBDT.
• To curb the cash economy, Budget 2016 had introduced a provision in income tax law requiring the seller to collect 1 per cent tax at source from the purchaser on the sale in cash of certain goods or provision of services in excess of Rs. 2 lakh.

• The circular in the form of question and answer has been issued to clarify the applicability of the provision where the sale consideration received is partly in cash and partly in cheque.
• TCS will be applicable only on the cash component of the sales amount, and not on the whole of sales consideration.
• For instance, if goods worth Rs. 5 lakh are purchased for Rs. 2 lakh in cheque and Rs. 3 lakh in cash, 1 per cent tax will be levied only on Rs. 3 lakh.

• In a bid to provide clarity to investors, the General Anti-Avoidance Rules (GAAR) will not apply to any income earned or received from transfer of investments before April 1, 2017.
• The move will bring the anti-abuse rules that will be applicable from assessment year 2018-19 in line with the reworked India and Mauritius Double Taxation Avoidance Agreement that will grandfather all investments till April next year.
• To this end, the Central Board of Direct Taxes (CBDT) has also amended Rule 10 of the Income Tax Rules, 1962. However, GAAR will apply to any arrangement, irrespective of its date, if there has been any tax benefit from it prior to April 1, 2017.
• Investors have been worried about the impact of GAAR on investments routed through Mauritius, as the new tax treaty allows India to impose capital gains tax on shares sold in Indian companies post-April 2017.
• The CBDT also plans to bring in a similar provision in the tax avoidance pact with Singapore. 

• The International Monetary Fund cleared payment of USD 501 million for Pakistan taking the total amount given to the country to USD 6.1 billion in the last few years.
• This brings the total disbursements to USD 6.01 billion. In 2013, the IMF had approved the 36-month extended arrangement under the EFF in the amount of about USD 6.64 billion at the time of approval of the arrangement.

• The World Bank`s private sector funding arm International Finance Corporation (IFC) and Wadhawan Global Capital Pvt Ltd are going to raise their investments in Aadhar Housing Finance by putting in Rs. 60 crore between them to help the housing loan provider to lower income families double its business.
• The exercise would be completed in a month or two and would prelude its proposed merger with DHFL Vysya Housing Finance, another entity owned by the Wadhawan family.
• IFC holds 20 per cent in the company set up in 2011 with Wadhawan Global Capital (WGC) having around 62 per cent interest. Dewan Housing Finance Corporation, which is 33 per cent, owned by WGC, holds 14.5 per cent in Aadhar while the balance remains with Wadhawan family members.
• Housing finance companies are barred from owning more than 15 per cent in each other.

• Taxi hailing app Ola has signed an agreement with Haryana government to create over 10,000 entrepreneurs in the state with an investment of Rs. 350 crore over the period of five years.
• Ola will work with the Haryana government to introduce innovative and customized mobility solutions like Ola Auto, Ola Bike, Ola Share and Ola Shuttle across the state.
• Ola`s commitment to building mobility for citizens, by using mobile technology and by enabling entrepreneurship and skilling, will be invaluable for the state`s growth.

• Reflecting increased deal-making activities, Indian power sector saw merger and acquisition transactions worth USD 1.6 billion in the first five months of 2016.
• The domestic power sector saw "significant traction" with M&A activities during January-May 2016 period.
• The deal volume and disclosed deal value in the sector stood at 17 deals and USD 1.6 billion, respectively (in January-May 2016) compared to 15 deals and USD 601 million for the corresponding period last year.
• At current exchange rate, USD 1.6 billion translates to more than Rs. 10,800 crore.
• Five deals, having disclosed value of USD 1.4 billion, were in the thermal power segment during the five months ended May 2016.

• FMCG major ITC will invest Rs. 4,000 crore over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.
• ITC`s branded packaged foods division grew by around 11 per cent to clock a turnover of Rs. 7,097.49 crore in 2015-16.
• Food is the second largest business for ITC after cigarettes.
• The company, which recently expanded its new Sunfeast Farmlite biscuits portfolio catering to health conscious consumers, is looking at tapping this fast growing consumer segment.
• Health segment of the biscuit market is about one per cent of industry right now but it is growing the fastest. Key approach is to have a full portfolio across segments.

• India`s largest mobile payment and commerce platform Paytm announced its strategic partnership with Suzuki Motorcycle India Pvt. Ltd. to offer its customers the largest assortment of bike and scooter models across all transactional platforms in India.
• With over 400+ Suzuki dealers on-board, the Paytm marketplace will now enable booking of all Suzuki two-wheeler models on its platform across India.
• As part of the association, Suzuki will also have a brand store on Paytm for higher consumer engagement guaranteeing an enhanced consumer experience. With the alliance, Paytm projects registering sales of more than 10,000 units to be sold on the platform within this calendar year.
• Paytm will also enable vehicle financing to provide higher degree of assistance to consumers while buying a Suzuki product.

• Stat-run coal miners and power developers signed a tripartite memorandum of understanding (MoU) with Central Institute of Mining and Fuel Research (CIMFR) for the quality analysis of coal supplied to coal-based generating companies. As reported by FE earlier, this mechanism could bring down power cost by as much in R1.5 per unit.
• CIMFR, based in Dhanbad, Jharkhand, and a constituent laboratory of the Council of Scientific and Industrial Research (CSIR), will test the grade of coal at both the loading and unloading points of a power station. If grade slippage is detected, the generators will be compensated by the coal suppliers for the difference in gross calorific value (GCV) of the dry fuel. The lower cost of coal will then be passed through to the consumers, resulting in less expensive power.

• EPFO aims to cover all the workers in the country under provident fund (PF), pension and life insurance by 2030.
• The vision document prepared by EPFO mentions objectives such as ``universal social security coverage on mandatory basis by way of provident fund, pension and life insurance for all workers of the country``.
• The vision also talks about online services for all EPFO benefits with state-of-the-art technology and best service delivery practices.

• Keeping in mind the future power requirements of the Mumbai region, the Maharashtra government plans to sign a MoU with Tata Power for sourcing 1,000 MW from the upcoming Dherand Thermal Project.
• The tie-up with Tata Power is a step in that direction. Since the present State government came to power, the transmission capacity for Mumbai city has increased by 1300 MW.

• The World Bank announced plans to provide more than $1 billion to support India’s solar initiatives. An agreement to this effect was signed.
• The World Bank-supported projects under preparation include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.
• An agreement was signed for a $625 million grid-connected rooftop solar programme. The project will finance the installation of at least 400MW of solar photovoltaic installations that will provide clean, renewable energy and reduce greenhouse gas emissions by displacing thermal generation.
• The World Bank Group will also collaborate with the 121 member International Solar Alliance, headquartered in India, with the aim of attracting $1 trillion in investments by 2030 to promote solar energy worldwide.

• The Cabinet Committee on Economic Affairs approved implementation of three highway projects entailing a cost of almost Rs. 6,000 crore.
• These include Aurangabad-Telwadi (Rs. 2,029 crore), Angul-Sambalpur (Rs. 2,491 crore) and Phagwara-Rupnagar (Rs. 1,444 crore). These projects will be implemented in three different modes – Aurangabad-Telwadi on a BOT (toll) basis, Angul Sambalpur on an EPC basis and Phagwara-Rupnagar on hybrid annuity basis. 

• Singapore Telecommunications Ltd (Singtel) and Bharti Airtel have joined hands to deliver high-speed secure data network coverage to Asia-Pacific, West Asia, Africa, Europe and the US.
• They have combined resources into one network to provide high speed data connectivity to 325 cities across the world through 370 Points of Presence (PoP). This will form one of the largest Internet Protocol Virtual Private Networks (IP VPN) globally.
• Together, Singtel’s 200 PoPs in 160 cities around the world and Airtel’s 170 plus PoPs in 165 cities across India, Africa and West Asia, will form a new network that offers a connectivity backbone to enterprises that spans several continents.
• With its wide coverage of cities in India, this network paves the way for our international customers to enter into one of the world’s most vibrant economies.
• Businesses only need to deal with a single contract and customer helpdesk on the back of one network to manage their communications across multiple countries.

• Indiabulls Housing Finance plans to raise almost double the amount it borrowed incrementally in FY16.
• The company is looking to raise Rs. 25,000 crore in FY17 as it aims to grow its loan book by about 25 per cent or atleast Rs. 15,000-16,000 crore.
• The company’s loan book stood at Rs. 68,700 crore, growing 31.5 per cent in FY16 over FY15. Its borrowings increased by Rs. 13,600 crore or 29 per cent in the same period to stand at Rs. 61,090 crore.

• The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for disinvestment of 10% paid up equity of Housing and Urban Development Corporation Ltd. (HUDCO) out of Government of India’s shareholding of 100% through Initial Public Offering (IPO) in the domestic market as per the Securities and Exchange Board of India (SEBI) Rules and Regulation.
• The paid up equity capital of HUDCO is Rs. 2001.90 crore and Government of India owns 100% 0f the equity at present. Net worth of the Company is approximately Rs. 7,800 crore.
• HUDCO was incorporated in 1970 as a wholly owned Government of India Enterprise under the administrative control of Ministry of Housing and Urban Poverty Alleviation with the objective of providing long term finance for construction of houses for residential purposes. It also finances and undertakes housing and urban development projects in the country.

• Tech-based car hailing company Uber has entered into an agreement with Tata group to help its drivers own Indica and Indigo cars with less hassle. While Tata Capital Financial Services and Tata Motors Finance will offer loans at "competitive`’ interest rates, ‘affordable’ insurance would be offered by Tata AIG as a package.
• Started off in Hyderabad, the scheme will be rolled out in other cities where Uber runs its services.
• Over the next one year, the initiative endeavours to fuel micro-entrepreneurship across India by enabling over 20,000 drivers to start their own business on the Uber platform.

• State-owned Coal India subsidiary South Eastern Coalfields Ltd will buy back shares worth Rs. 1,200.19 crore.
• The move will help the government in realizing its disinvestment target of Rs. 56,500 crore for the fiscal.
• The SECL buyback will represent 23.53 per cent of the total number of equity shares in the paid-up share capital of the subsidiary for an aggregate amount not exceeding Rs. 1,200.19 crore (maximum buyback size) being up to 25 per cent of the paid-up equity share capital and free reserves as on fiscal ended.
• The buyback will be at a price of Rs. 14,180.57 per equity share payable in cash.
• Buybacks help a company reduce equity by using idle cash and hence provide better returns to shareholders.
• Coal India had recently informed bourses that two of its subsidiaries Mahanadi Coalfields and Northern Coalfields will buy back shares worth around Rs 1,978 crore from their shareholders.
• CIL accounts for over 80 per cent of domestic coal production.

• Solar panel manufacturer Vikram Solar plans to invest up to Rs. 1,000 crore over three-four years to expand its panel manufacturing capacity to 2,000 MW per annum, and to set up solar cell manufacturing of 500 MW per annum.
• It currently has 500 MW of panel manufacturing capacity located in West Bengal.
• All manufacturing is currently out of West Bengal. Adding another 400 MW of capacity this year. Beyond the capacity addition this year, the new facilities will come up outside West Bengal. The solar cell manufacturing facility with 500 MW will come up in West Bengal.

• Alstom T&D India, part of the GE Group, has won two contracts worth Rs. 202 crore from PowerGrid Corporation of India for the execution of projects in Madhya Pradesh.
• The projects will facilitate evacuation of power and add to the availability of electricity in Central India.
• Under the first contract, worth Rs. 119.7 crore, Alstom T&D will set up a 400/220 kV AIS substation in Rewa, Madhya Pradesh.
• The contract also includes the supply of three 500 MVA power transformers and one shunt reactor at 500 kV level. The substation will evacuate power from the 750 MW solar park coming up in Rewa.
• In the second contract, worth Rs. 82.8 crore, Alstom T&D India will install, test and commission a part of the Gadarwara Part (A) Transmission system project in Madhya Pradesh.
• The project will evacuate power from NTPC’s 1,600MW, Gadarwara Supercritical Thermal Power Station. 

• Government imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs. 40/kg.
• The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses.
• To keep the domestic prices of sugar under check, the government has decided to impose export duty of 20 per cent on the export of raw sugar, white or refined sugar.
• A decision has been notified by the Central Board of Excise and Customs (CBEC).
• The duty has been imposed to restrict exports following sharp rise in global prices. The duty is, however, lower than 25 per cent proposed by the Food Ministry.
• India, the world`s second largest sugar producer after Brazil, has exported 1.6 million tonnes of sugar so far in the 2015-16 marketing year (October-September). Further exports are unlikely to take place with this decision.

• International Finance Corp. (IFC), the private sector lending arm of the World Bank was looking to invest up to $75 million, or about Rs. 500 crore, in Glenmark Pharmaceuticals Ltd, which is raising $200 million to reduce debt and fund expansion plans.
• The Mumbai-based drugmaker is raising the capital by selling quasi-equity instruments. The company plans to use the money to expand manufacturing capacity, mostly in India, build research and development (R&D) capacity for new products and reduce debt.
• Of the total, Glenmark plans to invest a significant amount in capital expenditure over the next three years across its facilities in India.
• Having IFC as an anchor investor in this round of fund-raise will also help attract other investors-which is important during a time of volatile markets... The company also values IFC’s ability to fund future rounds as the company implements its growth plans and strategy.
• As of 31 March, Glenmark’s debt stood at around Rs. 4,000 crore, with a debt-equity ratio of 0.6. For year ended, Glenmark posted a net profit of Rs. 702 crore on Rs. 7,649.6 crore of revenue.

• Smartphone maker Blackberry announced its partnership with IT services firm HCL Infosystems for the distribution of the former`s enterprise software products and services in India through HCL`s network of distribution partners.
• In addition to sales support, HCL will also reportedly provide value-added services such as technical support and consulting to Blackberry`s customers.

• DHFL Pramerica Life Insurance (DPLI) has forayed into the digital space with the launch of pure online health insurance product - Dengue Shield.
• DHFL Dengue Shield is an affordable Dengue Insurance Policy with premium as low as Rs. 1 a day. It is a fixed benefits policy and no detailed bills needed at the time of claim.
• An individual has the option to choose a sum insured of between Rs. 25,000 and Rs. 50,000. Options of both single and annual premium payments exist where a customer can enjoy a discount of up to 21 per cent on single premium payment. The group version of Dengue Shield will be available soon.

• Max Financial Services and Max Life have entered into an agreement for a merger with HDFC Life. Their respective boards have approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger.
• The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction. However, it has not been mentioned as to how much stake the foreign partner of Max Life will hold post the merger. No timeline has been given for the merger.
• The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs. 9400 crore.
• HDFC Life is a joint venture between HDFC and Standard Life Plc, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. The foreign partner holds 25 per cent in the insurer.
• Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance.

• Gurgaon-based travel portal, Yatra.com acquired Bangalore-based auto rickshaw aggregator, mGaadi for an undisclosed amount.
• Founded in 2012, mGaadi is an app-based commuting service from India Drivers Network, a Bangalore-based social enterprise.
• As a part of the deal, mGaadi`s employee transportation platform, Cartr along with other technologies will be integrated into Yatra’s products.

• India recorded it’s highest-ever tea production of 1,233 million kg in 2015-16 fiscal. Further, the exports during the fiscal crossed the 230 million kg mark for the first time in 35 years after reaching 232.9 million kg (valued at Rs. 4,493 crore).
• The surge in exports is attributed to the increased demand from Russia, Iran, Germany, Pakistan, Bangladesh, UAE and Poland.

• To create the `Skilled in Odisha` brand name, the state government decided to invest Rs. 1,000 crore for setting up of eight advanced skill development centres, besides upgrading existing institutes in order to train eight lakh youths in three years.
• Three years from now, every graduate of an ITI of the state will be at the forefront of technology.
• With an outlay of Rs. 1,000 crore and loan assistance from the Asian Development Bank (ADB), eight advanced skill development training institutes will come up in different parts of the state.
• Stating that the state must make `Skilled in Odisha` a reality.
• In the last two years 3.3 lakh youths in the state have been trained, equipping them with employability and self employment skills.

• The Eurozone has approved €7.5 billion (about $8.46 billion) in bailout funds for Greece, in what will be the first payment since 2015.
• This will allow the country to meet €3.5 billion in debt repayments to the European Central Bank in July.
• Notably, Greece owes its creditors over €300 billion, approximately 180% of its Gross Domestic Product (GDP).

• Sajjan Jindal’s JSW Steel has decided to appeal against a penalty of $55 million (Rs. 368 crore) levied against its US subsidiary in an anti-trust case filed by MM Steel in 2012.
• MM Steel had filed the case in a US district court against its competing distributors and steel manufacturers, including JSW Steel, claiming that its rivals had conspired to deprive it of supplies and that manufacturers had joined the plot, leading to the closure of its business in 2013.
• The district court directed JSW Steel’s subsidiary to pay a $156 million (Rs. 1,040 crore) fine. JSW filed a petition for re-hearing with the Fifth Circuit Court. JSW US Inc’s petition for review was rejected and it was asked to pay the penalty.
• JSW Steel’s US unit comprises three pipe and plate mills that it had acquired from Sajjan Jindal’s elder brother Prithviraj Jindal for Rs. 3,690 crore in 2007

• Odisha government is expecting around Rs. 1,000 crore investment in the proposed Greenfield Electronics Park, spread over an area of 203 acres, in the state capital.
• The park is ready to house around 100 units of electronics manufacturing cluster with state-of-the-art, infrastructure and common facilities.
• The Odisha Industrial Infrastructure Development Corporation (IDCO) is developing the park and master planning has been done by Jurong Consultants, Singapore.
• Core infrastructure like road, provision of power and water for the park is almost ready and finalized. "It is expected to attract an investment of Rs. 1,000 crore.
• The state government has given 203 acres land in Iarapur and Durgapur of Khurda district and providing around Rs. 110 crore.
• The state has a Special Incentive Package Scheme which provides incentives to electronics manufacturing companies over and above the m-SIPS scheme of the Centre.

• Niue, an island country in the Pacific has coins displaying popular fiction characters on its currency, the Niue dollar.
• The coins have a Disney series, featuring characters like Mickey Mouse, Goofy, and Snow White, apart from other series like Star Wars, Pokemon, the Godfather and Doctor Who.
• The country also earns royalty whenever a coin is purchased by collectors.

• The two day "Rajswa Gyansangam- Annual Conference of Tax Administrators-2016” concluded. "Rajswa Gyansangam” was held in national capital, 2016 and marked a new height in the generation of innovative ideas and opened new frontiers for the tax administrators.
• The Prime Minister Shri Modi stressed that facilitation should be the core of the tax ecosystem and the fear of the law rather than the law enforcer should be the maxim on which tax administrators should work. While acknowledging the significant role of revenue collection in the growth and development of the country, he exalted the revenue officers to achieve high standards in taxpayer friendly services towards compliant tax payers.
• The Prime Minister Shri Narendra Modi emphasized that ``RAPID`` (Revenue, Accountability, Probity, Information, Digitization) should become the cornerstone of tax architecture.
• A joint session of CBDT and CBEC was addressed by renowned novelist Chetan Bhagat on ``Taxing with Love``. 

21) India most open economy in world for FDI.

• India the most open economy in the world for FDI and would give boost to employment as part of efforts to transform the country.
• Amendments in FDI policy would promote ease of doing business as there will now be 100 per cent FDI under government approval route for trading, including e-commerce for food products manufactured or produced in India.
• Government radically liberalizes FDI regime with the objective of providing major impetus to employment & job creation.
• Key reform decisions were taken at a high level meeting chaired by the PM, which makes India the most open economy in the world for FDI.
• The government announced the second wave of FDI reforms allowing 100 per cent inflows in civil aviation and food processing sectors while easing norms in defence and pharmaceuticals.

22) Government to set up ETF to meet disinvestment target.

• The government will set up a new exchange traded fund (ETF) to sell its shares in public sector undertakings (PSUs) and other private companies, as part of its 56,500 crore disinvestment target for the 2016-17 fiscal.
• ETFs are investment vehicles which hold assets like stocks or bonds and are traded on a stock exchange.

23) Prudential to raise stake in DHFL Pramerica Life to 49%.

• US-based insurance major Prudential Financial Inc (PFI) has signed definitive agreements to increase its shareholding in private life insurer DHFL Pramerica Life Insurance (DPLI) to 49 per cent from existing 26 per cent.
• The transaction is not closed yet. Agreements have been signed and submitted to IRDA for movement of Prudential’s stake from 26 per cent to 49 per cent. IRDA approval is awaited and expected in the next two weeks.
• Shareholders of DPLI have already had one round of discussions with officials from the Insurance Regulatory and Development Authority (IRDA).
• Under the recently liberalized regime, foreign direct investment in life insurance can come under the automatic route without having to approach the foreign investment promotion board (FIPB).
• Even in this transaction, there will not be any need to approach the FIPB, Pabby noted.
• Prior to the latest agreements, Prudential International Insurance Holdings, a wholly-owned subsidiary of PFI, had a 26 per cent stake in DPLI while Dewan Housing Finance Corporation Ltd (DHFL) and its two promoter entities together held 74 per cent.

24) Union Government approves 100% FDI in Aviation, Defence and e-commerce sectors.

• The government announced sweeping changes in India`s foreign direct investment policy, opening up the airline business to 100 per cent ownership, relaxing rules for single brand retail and defence and putting most sectors on the automatic approval route, continuing with the reforms programme that was kicked off after state polls ended.
• India is now the most open economy in the world for foreign direct investment.
• Now most of the sectors would be under automatic approval route, except a small negative list.
• Apple could be a high-profile beneficiary of the changes.
• Local sourcing conditions have been relaxed for single-brand retailers, helping companies such as Apple to set up its own stores in India. With its previous application having been denied.
• Barring the sectors on this list, FDI up to 49 per cent will be allowed automatically, marking an important shift in the way the policy is administered.
• The decision to further liberalize the FDI regime with the objective of "providing major impetus to employment and job creation in India".

25) Gayatri Projects bags Rs. 700 crore order for Navi Mumbai airport.

• Gayatri Projects Ltd has made inroads into the construction of airports by bagging a Rs. 700 crore contract from the City and Industrial Development Corporation of Maharashtra (Cidco).
• This is part of the larger Navi Mumbai International Airport project contract. The project entails development of land for the Mumbai International Airport (package-II).
• The Hyderabad-based construction and infrastructure company is seeking to gain a foothold into the relatively nascent and fast growing EPC opportunity in airport related construction works.
• The construction and development of airports is expected to be become a major source of business for infrastructure companies, given that the Indian aviation sector is likely to see investments of over $120 billion for the development of airport infrastructure and aviation navigation services over the next decade.
• With India set to be the third largest civil aviation market by 2020, it will involve the development of many Greenfield airports as well as improvement of existing airports.

26) Zydus acquires two new drug applications from Teva.

• Cadila Pharmaceuticals Ltd (Zydus Cadila), has acquired two Abbreviated New Drug Applications (ANDAs) from Teva, which would strengthen its US portfolio.
• These ANDAs were being divested by Teva. It was a pre-condition to the Zydus’ acquisition of Allergan’s generic business. The acquisition was contingent on closing of the Teva-Allergan Generics transaction and approval by the US Federal Trade Commission. The financial details of the transaction remained undisclosed.
• These ANDAs have been acquired by its wholly-owned subsidiary, Zydus Worldwide DMCC, and the transaction will be financed through the group’s internal accruals.
• The acquired portfolio comprises an ANDA that is already commercialized, and one pipeline ANDA that is a transdermal patch. The estimated market size of the two ANDAs put together is nearly $200 million.

27) MasterCard plans to invest $800 million in India over the next 4 years.

• Global payments Services Company MasterCard plans to invest $700-800 million in India between now and 2020.
• These investments will flow into processing, mobile technology and solutions and data analytics.
• Some investments will also go towards royalty for technology as a whole and not related to MasterCard.
• The planned investments of about $800 million are double the $400 million that MasterCard had invested in India since 2014.

28) Cabinet approves Rs. 6,000 crore package for textiles.

• Government approved a Rs. 6,000 crore special package for textiles & apparel sector to create one crore new jobs in 3 years, attracting investments of $11 billion and generating $30 billion in exports.
• The measures approved include additional incentives for duty drawback scheme for garments, flexibility in labour laws to increase productivity as well as tax and production incentives for job creation in garment manufacturing.
• Apparel manufacturing had shifted to countries like China which had cost advantages. However, China`s cost advantage has been neutralized to some extent because of increase in labour wages.
• The package will help in realizing the true potential of employment generation in the textile and apparel sector.
• The Rs. 6,000 package will result in additional investments worth $11 billion, creation of one crore additional jobs and increase in exports worth $30.4 billion which will help boost textile and garmenting sector.

29) GVFL invests Rs. 40 crore in cold-chain operator.

• GVFL Limited announced an investment of Rs. 40 crore in Mumbai-based integrated cold-chain operator Schedulers Logistics India Pvt Ltd under GVFL’s Golden Gujarat Growth Fund.
• The transaction marks the second round of growth financing for GVFL’s first exposure in the logistics sector.
• Schedulers Logistics operates a fleet of reefer vehicles and temperature-controlled warehouses across the country.
• Started in 2013 with a fleet of 33 reefer vehicles, Schedulers operates 200 reefer trucks and manages 13,000 tonnes of temperature-controlled warehousing space.

1) Amazon announces $3 billion investment in India.

• Amazon.com Inc, the world’s largest online retailer, will invest an additional $3 billion in India after the company exhausted its earlier investment pledge of $2 billion, piling pressure on local rivals Flipkart and Snapdeal to keep raising fresh funds.
• Amazon’s additional investment highlights the ultra-aggressive rate at which it is spending on discounts, advertising, logistics and other things to achieve its ambition of becoming the largest e-commerce company in India.
• Apart from its marketplace business, Amazon will also invest in building out its web services unit in India.

2) India, US announce $60 million clean energy financial support.

• India and the US announced the setting up of two financial assistance programmes worth $60 million for supporting India’s much-needed clean energy initiatives including in solar power and other renewables.
• This includes the creation of a $20 million US-India Clean Energy Finance (USICEF) initiative, equally supported by the US and India.
• This is expected to mobilize up to $400 million to provide clean and renewable electricity to up to 1 million households by 2020.
• The India and the US committed themselves to establish the US-India Clean Energy Hub as the coordinating mechanism to focus the US government’s efforts, in partnership with leading Indian financial institutions, to increase renewable energy investment in India.
• The two leaders also agreed on a $40 million US-India Catalytic Solar Finance Programme, which would be equally supported by the US and India.

3) ADB approves $100 million loan for irrigation system in TN.

• Multilateral lending agency Asian Development Bank has approved a USD 100 million (around Rs. 660 crore) loan to strengthen a key irrigation system and improve water management in the Vennar sub-basin of Cauvery Delta in Tamil Nadu.
• This project will support both physical improvements and stronger water management, giving a significant boost to the lives of coastal communities who often go without sufficient irrigation water.
• The project will strengthen the embankments of six major irrigation water channels in Vennar system to make them more resilient to floods and upgrade water regulators, sluices and pump stations.
• To boost management, more community members will be tapped to take part in planning and delivery of water services, training will given to state water resource department officers.
• The Cauvery delta, on the east coast of Tamil Nadu, is known as the ‘rice bowl’ of the state, with over 70 per cent of the delta population engaged in farming and fishing, but access to water is unreliable and flooding common during the monsoon season.

4) Greenko raises $230 million from GIC, Abu Dhabi fund.

• Greenko Energy Holdings has signed agreements for a primary equity rising of $230 million from an affiliate of GIC of Singapore and an entity that is ultimately wholly owned by the Abu Dhabi Investment Authority.
• After the GIC investment of $80 million in 2016, the ADIA entity will invest the remaining $150 million. Even after this transaction, GIC continues to be the majority shareholder of Greenko.
• The funds will contribute to the continued growth of Greenko’s platform through the development of new renewable-energy projects, including low-risk expansions of existing wind farms. The Hyderabad-based renewable energy company has continued to attract long-term infrastructure capital for its projects.

5) GMR Infra bags Rs. 2,281 crore worth eastern rail freight corridor projects.

• GMR Infrastructure Ltd has been awarded two more packages worth Rs. 2,280.70 crore on the Eastern Dedicated Freight Corridor.
• The consortium has been issued a letter of award for construction of 221 km long corridor railway project on engineering, procurement and construction (EPC) mode.
• Since the project is being executed under the EPC mode, the GMR Group is not required to provide significant investment for the same. Earlier, GMR-led consortium emerged as the successful bidder, under the international competitive bidding, for the project.
• The project funded by the World Bank is divided into two packages. The first package comprises of 175 km single line connecting Sahnewal and Pikhani that passes through Uttar Pradesh, Haryana and Punjab. The second package is for a 46 km double line corridor in Uttar Pradesh connecting Dadri and Khurja.
• The project entails design and construction work for single and double line on design-build lump-sum basis.

6) World Bank cuts global growth forecast to 2.4%.

• The World Bank has lowered its forecast for the global growth in 2016 to 2.4 per cent.
• The Washington-based institution expected the world economy to grow 2.4 per cent in 2016, 0.5 percentage point lower than the bank’s forecast in January.
• Growth continues to falter in advanced economies, while there is considerable divergence of performance across emerging market and developing economies, and their overall growth remains below potential.
• Developing economies are forecast to expand by 3.5 per cent in 2016, 0.6 percentage point lower than its January’s projection; advanced economies are expected to grow 1.7 per cent this year, 0.5 lower than its January’s forecast.

7) Gemporia TV eyes Rs. 100 crore in PE funding.

• Jaipur-based Jewel Alliance Network Pvt Ltd, which runs jewellery shopping channel Gemporia TV, plans to rise about Rs. 100 crore from private equity firms in exchange for a minority stake in the channel. The company will use the funds to increase its presence and other marketing initiatives.
• The TV channel for live jewellery retail, which started operations in India, plans to initiate talks with a clutch of PE firms. Jewel Alliance Network is a 50:50 joint venture between UK’s Gemporia and India’s Pink City Jewellers.

• For Tamilnad Mercantile Bank (TMB), growth will be driven by micro/small enterprises, retail and trader segments and mid-corporates in a limited way.
• In 2015-16, the bank recorded a net profit growth of 6 per cent to Rs. 402.16 crore from Rs. 379.40 crore in the previous fiscal (FY15).
• Total business rose 17.70 per cent to Rs. 52,946.59 crore (Rs. 44,985.91 crore in FY15). The bank has set a business target of Rs. 60,000 crore for the current fiscal.
• The new board, which assumed charge in March this year, has declared 500 bonus shares for every shareholder. This would involve a transfer of about Rs. 120-130 crore from reserves to equity. Such bonus shares have already been issued to around 4,000 of the 18,000-odd shareholders.

• State Bank of India and Spain’s Caixa Bank have inked pact to provide loans to Indo-Spanish joint ventures and local enterprises.
• State Bank of India (SBI) and Caixa Bank have signed a memorandum of agreement to enhance business synergies.
• As per the agreement, they will expand banks’ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises.
• The banks will also cooperate through introduction of business opportunities and partnering on possible infrastructure funds.
• The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.
• Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation.

• TVS Automobile Solutions, part of the $6 billion TVS Group, will invest in three start-ups that make the auto aftermarket business simpler.
• The plan also marks the Chennai-based leading aftermarket player’s big leap into digital technology space.
• The company, which took a bold step in the TVS Group by going for private equity infusion about eight years ago, has invested about Rs. 75 crore to pick up majority stake in three start-ups - Jazzmyride.com, a Rs. 20 crore e-commerce player in auto parts and accessories business; Autosense, a big data and analytics-based marketing services firm; and RedSun, which is focused on developing solutions such as connected cars.

• State-run Food Corporation of India (FCI) has entered into an agreement with Adani group for construction of two silos to store wheat, at an estimated cost of about Rs. 80 crore.
• The two silos would have a combined storage capacity of 75,000 tonnes.
• As part of the agreement, Adani Agri Logistics will construct silos at Kotkapura in Punjab and Katihar in Bihar in the next two years.
• The silos will be designed, built, financed and operated by the private partner while it will be owned by the FCI.
• FCI, the government`s nodal agency for procurement and distribution of food grain, would provide guarantee of rentals for 30 years.
• The silo at Kotkapura would be of 25,000 tonne capacity and will require an investment of about Rs. 35 crore, while the other silo at Katihar would have a capacity of 50,000 tonnes to be built at a cost of about Rs. 45 crore.
• A silo is a steel structure, comprising large size cylindrical shape bins normally each with a capacity of about 12,500 tonnes, where grains can be stored without jute bags for longer duration.

• The textiles industry now contributes 15 per cent to India’s exports, marking the sector’s growth.
• More than Rs. 6,500 crore has been spent by the Ministry of Textiles on various schemes for promotion and development of the textiles sector. Approximately five lakh additional jobs have been created in the past two years in the sector. The Ministry also aims to increase the earning of handloom weavers to Rs. 500 per day.
• Apparel and handicrafts recorded 22 per cent growth, while textile exports grew by eight per cent during last two years compared with the previous two years.
• To safeguard interests of domestic cotton growers, a well-planned, largest ever Minimum Support Price operation was carried out by the Cotton Corporation of India in the 2014 - 2015 season in all 11 cotton producing States. This operation was successful, with procurement crossing 86 lakh bales up to March 30, 2015.

• Global rating agency Moody’s Investors Service sees public sector banks’ asset quality remaining under pressure over the next 12 months.
• This would be the case as banks continue to recognize non-performing loans from some of the larger leveraged corporate groups, particularly in the steel and power sectors.
• As a result, elevated provisioning expenses will continue to constrain profitability and limit internal capital generation.

1. Moody’s Investors Service is of the view that the weak earnings outlook for India’s public sector banks highlights their high level of external capital needs. Their capitalization profiles will further deteriorate unless the government provides additional capital support.
2. These conclusions were contained in a recently released report on ‘Indian public sector banks: Weak financial performance highlights the banks’ high external capital needs’.
3. The Reserve Bank of India mandated asset quality review has resulted in high non-performing loan ratios and increased loan loss provisioning expenses.
4. Eight of the 11 public sector banks rated by Moody’s posted a net loss for the full year, and the other three reported a significant decline in their profitability.

• Tata Power Company renewables arm has signed an agreement with Welspun Energy Pvt Ltd to acquire its green energy portfolio for an estimated at Rs. 10,000 crore ($1.4 billion).
• Tata Power Renewable Energy has signed share purchase agreement to buy Welspun Renewable Energy`s 1.1 GW renewable portfolio in what would be the largest solar M&A in the country and also among the largest such renewable buyout in the whole of Asia.
• Welspun Renewables is a 100 per cent subsidiary of Welspun Energy which in turn is co-owned by the listed Welspun Enterprises.
• The company has about 1,140 mw of renewable power projects which includes about 990 mw solar power projects largest solar projects in the country and about 150 mw of wind power projects spread across ten states in India. Out of the 1,140 mw renewable portfolio, nearly 1,000 mw of capacity is operational and balance capacity is under advanced stages of implementation.

• Karnataka Vikas Grameena Bank (KVGB), a Regional Rural Bank sponsored by Syndicate Bank, plans to disburse Rs. 1,000 crore to micro, small and medium enterprises (MSME) sector by December.
• The bank is already working on development initiatives for the benefit of MSMEs to fund 1,000 crore.
• The bank will not refuse credit to viable and transparent enterprises and will also take steps to provide necessary training through RUDSETIs and SIRDs. Recently the bank chairman inaugurated a Stone Crusher Unit financed by it (KVGB) at Chikodi in Belagavi district.
• KVGB is exploring funding MSMEs in manufacturing including the infrastructure and services sector which are key generator of job opportunities.

• Microsoft has struck a landmark deal to acquire LinkedIn for $26.2 billion, its largest acquisition ever.
• The all-cash offer, which values LinkedIn’s fully diluted equity at $28.2 billion, is also the biggest tech deal so far this year.
• Microsoft, which was the biggest software company in the world during the early days of the personal computing era, has struggled to find growth in the smartphone era. Younger rivals such as Google and Apple have outstripped it in terms of revenue growth and enterprise value.
• The purchase of LinkedIn will allow Microsoft to link the professional network with its intelligent digital assistant, Cortana, and its customer relationship management software.
• LinkedIn, which has a growing network of more than 100m monthly active users, had seen its share price fall 40 per cent this year before the deal was announced.

• The government has approved two foreign direct investment (FDI) proposals and has recommended one for approval from the Cabinet Committee on Economic Affairs.
• The Centre cleared Aurobindo Pharma Ltd’s proposal worth Rs. 2.19 crore relating to grant of employee stock options to non-resident employees of the company.
• It also approved Sterling Commerce Solutions India Private Ltd’s proposal to act as an investing company for Curan Software International Private Ltd, Emptoris Technologies India Private Ltd, Kenexa Technologies Private Ltd and Rational Software Corporation (India) Private Ltd, which are currently owned by overseas companies of IBM and are currently dormant.
• The company can also from time to time act as an investing company for companies undertaking software development, technologies services or those which have become dormant pursuant to transfer of their business to IBM India.
• Three proposals by Mylan Laboratories Ltd, Vodafone India Ltd, Reckitt Benckiser (India) Ltd were deferred and seven proposals were rejected. 

1) India, World Bank sign agreement for efficient bus service.

• India signed a $9.2 million grant agreement with the World Bank for the ‘Efficient and Sustainable City Bus Service Project’ aimed at improving the efficiency of the transport and reduce greenhouse gas emissions.
• An agreement for Global Environmental Facility (GEF) grant of $9.20 million with the World Bank for ‘Efficient and Sustainable City Bus Service Project’ was signed.
• The International Bank for Reconstruction and Development (IBRD) will be the implementing agency of the GEF for the project.
• The total cost of the programme is $113 million, out of which $9.2 million will come as a grant from the World Bank and $103.07 million will be funded by the Centre, state and city governments for the funding of buses and ancillary infrastructure.

• Reliance Industries has exited its African fuel retail business by selling its entire 76 per cent stake to Total SA of France for an undisclosed sum.
• Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation`s (GAPCO) assets in Kenya, Uganda and Tanzania.
• RIL`s overseas arm Reliance Exploration & Production DMCC owned 76 per cent stake in GAPCO while Fortune Oil Corp, Mauritius held the remaining. Total is acquiring stake of both the firms.
• Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of RIL and Total, have executed agreements for the sale of the entire 76 per cent interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO).
• The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions.
• The acquisition will be complementary to Total`s existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.

• Realty major DLF has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs. 433 crore.
• DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities.
• Competition Commission had approved PVR`s proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.
• PVR had announced the acquisition of DT Cinemas for Rs. 500 crore after aborting from a similar deal in February 2010.
• DLF Utilities Limited (DUL), a subsidiary, has executed an amendment agreement with PVR in connection with sale of the cinema exhibition business (operated under the brand name of `DT Cinemas`) on a slump sale basis for a revised consideration of Rs. 433 crore.

• Mahindra & Mahindra has entered into a brand licence agreement with Pininfarina for use of trademarks after closing the deal to acquire 76.06 per cent stake in the Turin-based company.
• Last year Mahindra group had announced to acquire Pininfarina for an overall outgo of over 50 million Euros (nearly Rs. 370 crore) after months of negotiations.
• The acquisition was carried out through a Special purpose vehicle (SPV). Tech Mahindra and Mahindra & Mahindra (M&M) will own 60 per cent and 40 per cent respectively in the automotive and industrial design firm.
• That the transaction has closed, the SPV has acquired 76.06 per cent stake in Pininfarina and as part of the overall transaction, the company has also entered into a brand license agreement with Pininfarina for use of trademarks owned by the Pininfarina group including licensing of brand Pininfarina for automotive products of the company.

• US cloud computing giant Salesforce was buying rival Demandware for $2.8 billion in a move that expands its offerings to the retail sector.
• Salesforce, known for computing platforms that help manage marketing and other business services, will integrate with Demandware, which works with retail groups such as Design Within Reach, Lands` End, L`Oreal and Marks & Spencer.
• Demandware is an amazing company the global cloud leader in the multibillion dollar digital commerce market.
• With Demandware, Salesforce will be well positioned to deliver the future of commerce as part of our Customer Success Platform and create yet another billion dollar cloud.
• San Francisco-based Salesforce would acquire Massachusetts-based Demandware.

• Johnson & Johnson would acquire Vogue International for $3.3 billion, adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear.
• Vogue`s hair care products have gained popularity, helped by colorful packaging that makes them stand out in drugstore aisles.
• The privately held company has focused on increasing its presence in drug stores and is spending more on buying shelf space then on the consumer advertising.
• Buyout firm Carlyle Group LP acquired a 49 per cent stake in the company in 2014.
• Vogue`s products are sold in the United States and in 38 other countries.

• The Union Cabinet gave its approval to the proposal for Chennai Metro Rail Phase-I Project from Washermanpet to Wimconagar, which covers a length of 9.051 km, at a total cost of Rs. 3,770 crore.
• The project will be executed by Chennai Metro Rail Ltd, the existing special purpose vehicle of the Centre and Tamil Nadu having 50:50 equity each. The project is scheduled to be completed by March 2018.
• This extension will provide improved access to public transport for dense population comprising predominantly industrial workers to move toward the central business district of the city for work.
• In the total project cost, Centre’s share will be Rs. 713 crore and Tamil Nadu’s share will be Rs. 916 crore. The balance of Rs. 2,141 crore will be met from loans from multilateral/ bilateral/ domestics funding agency. The estimated ridership will be 1.6 lakh passengers a day in the first year of operation.

• Reliance Industries Ltd (RIL) will invest $16 million (about Rs. 108 crore) in San Diego-headquartered NetraDyne Inc, a tech start-up that is yet to commence commercial operations.
• NetraDyne is into technology-driven product development of deep learning solutions and vision-based analytics for the fleet management, automotive, security and surveillance industries. The company is in advanced stages of product development.
• The investments are through its subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL), by way of Compulsorily Convertible Preferred Shares. On conversion of the investment, RIIHL will get 1.5 crore shares at $1.0613 per share, translating into 40 per cent of the fully diluted share capital.

9) Cabinet Committee on Economic Affairs approves Mau-Tarighat Railway line project.

• The Cabinet Committee on Economic Affairs (CCEA) on gave its approval for a new 51 km broad gauge line from Mau to Tarighat, aiming to provide an alternative and convenient route between New Delhi and Howrah.
• The CCEA chaired by Prime Minister Narendra Modi cleared the rail project to be underatken at an estimated cost of Rs. 1,765.92 crore. With 5% escalation per year, the project may finally cost Rs. 2,109.07 crore.
• The new line would cross Ganga at the downstream of existing Road Bridge for NH 97 and is located almost parallel to it and joins the existing broad-gauge line from Tarighat to Dildar Nagar.

• The Asian Development Bank (ADB) and the Government of India signed in the national capital an agreement for $200 million new loan to upgrade 176 Kilometers of State roads in State of Jharkhand.
• The financing for the Jharkhand State roads II Project will upgrade existing sections of four State roads to two lane standard and will also support improvements in the design, safety and maintenance of the network.
• Several safety and environmentally friendly features included in the project design, include over 60 bus stop shelters, 50 km of raised sidewalks in urban areas, 4 km of dedicated bicycle lanes; and solar-powered street lights.
• The project will also generate employment opportunities for residents of the adjoining areas, including for women, who will get a share of a least 20% of jobs for afforestation work alongside the upgraded roads.
• The total cost of the project, due to be completed by 2019, is $306.25 million. In addition to ADB’s loan, the State Government of Jharkhand will provide counterpart assistance equivalent to $106.25 million.

• The Securities and Exchange Board of India began the process of selling properties owned by the Sahara Group, in accordance with a Supreme Court ruling. Ten properties owned by the company have been identified to be sold for a combined reserve price of Rs. 1,193 crore.
• SBI has engaged HDFC Realty and SBI Capital Markets to auction the properties. While HDFC Realty will sell five land parcels, SBI Caps will undertake the sale. The combined area of the land parcels is estimated to be over 1,100 acres.
• The apex court had earlier asked SEBI to devise a suitable mechanism for sale of the lands so that the bail amount of Rs. 10,000 crore can be generated.

• Hyderabad-based Zapluk, which provides on-demand beauty and wellness service, has bought Chennai-based Pamperazi, which offers on-demand home beauty services, in an equity and cash deal.
• Zap force Technologies Pvt Ltd, which owns the merged business, is in discussions to raise funds. It will use the money to start its services in the National Capital Region, Bengaluru, Mumbai and Kolkata.

• Mahindra Electric, a part of the Mahindra Group launched eVerito the electric version of its Verito sedan priced between Rs. 9.50 lakh and Rs. 10 lakh (ex-showroom, Delhi).
• The eVerito will be available in key cities, such as New Delhi, Mumbai, Bengaluru, Pune, Kolkata, Chandigarh, Hyderabad, Jaipur and Nagpur.
• Powered by the latest electric drive-train technology from Mahindra Electric, the direct drive single speed transmission eVerito can be charged at home in one hour and 45 minutes through fast charging technology.
• The car can run up to 110 km in a full charge and has a maximum speed of 86 km/hr. The eVerito has features such as Revive.

• HDFC Ergo, a joint venture between home loan major HDFC and German insurer Ergo International, has agreed to buy L&T General Insurance for Rs. 551 crore in the first buyout in the country`s general insurance industry.
• This transaction marks the beginning of this consolidation phase.
• The combined size and expertise will result in improved cost efficiencies in the merged entity and benefit policy holders and other stakeholders.
• The deal is valued at 1.1 times the gross premium, which is 3.9 times the book value of L&T General Insurance Company.
• HDFC Ergo will now apply to sector regulator Irda and fair trade authority Competition Commission of India (CCI) for getting regulatory approvals to acquire 100% share of L&T General Insurance.
• The acquisition will help HDFC Ergo become the third-largest private general insurer, behind ICICI Lombard and Bajaj Allianz General Insurance, overtaking Iffco Tokio.
• The industry is dominated by state-owned insurers New India Assurance, United India, National India and Oriental Insurance Company.

• Tata Trusts has entered into a partnership with the Madhya Pradesh government to work together in areas of healthcare, nutrition, mental health and cancer care in the state.
• Through this collaboration, the state government will be able to achieve convergence of their programmes and improve efficiencies as well. Tata Trusts will play a role in setting up of these initiatives along with strategic and technical advisory support.
• As part of a Memorandum of Understanding (MoU) signed with the state, Tata Trusts will also work together with the government in overseeing successful execution of the identified programme.

• Six brands of Hindustan Unilever (HUL) have notched up annual sales in excess of Rs. 2,000 crore. These include Surf Excel, Brooke Bond, Wheel, Lifebuoy, Rin and Fair and Lovely.
• The cumulative sales of these brands constitute about half the consumer giant’s total India revenue of Rs. 32,000 crore.
• The fast moving consumer goods (FMCG) sector has over 11 brands that have crossed the Rs. 1,000 crore mark in annual sales in FY16. There are over 3,000 listed companies on Indian stock exchanges that have a turnover less than Rs. 2,000 crore.

• It is not just appraisal season across corporate offices, but in the Ministry of Urban Development as well.
• The Ministry is looking to reward top performers in urban reforms with a special bonus.
• It will choose 10 best performers from 497 towns under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) based on their performance in 2015-16. It has set aside a kitty of Rs. 400 crore to disburse as bonus among these top 10 achievers.
• The parameters for choosing the winners include e-governance, urban planning and city development plans, review of building byelaws, credit rating of urban local bodies, energy and water audit, devolution of funds and functions, augmenting double entry accounting, among others.

• Sterlite Power Transmission (SPTL), a company that was demerged from Sterlite Technologies, has initiated a process to raise Rs. 2,500-3,000 crore through Infrastructure Investment Trusts (InvITs).
• The company has mandated Morgan Stanley and Edelweiss Financial Services as merchant bankers for the process.
• The company would use the proceeds to pare debt and for funding existing projects in the power transmission business.
• The process has begun, but it’s in the early stages. At present, the company is looking at rising about Rs. 2,500-3,000 crore, but that number is yet to be finalized.
  

19) IMF approves $1.5 Billlion Loan for Sri Lanka.

• The International Monetary Fund has approved a $1.5 billion loan to Sri Lanka, with $168 million being disbursed as the first tranche with immediate effect to support the country`s economy, which is showing "signs of strain".
• The Executive Board of the IMF approved a 36-month extended arrangement under its Extended Fund Facility (EFF) with Sri Lanka for an amount equivalent to 1.1 billion special drawing rights (about $1.5 billion).
• The IMF arrangement aims to meet balance of payments needs arising from a deteriorating external environment and pressures that may persist until macroeconomic policies can be adjusted.
• The approval enables an immediate disbursement of about $168.1 million while the remainder will be available in six installments subject to quarterly reviews.
• The IMF is also expected to catalyse an additional $650 million in other multilateral and bilateral loans, bringing total support to about $2.2 billion (over and above existing financing arrangements).

• The telemedicine market in India is expected to rise to $32 million (around ?210 crore) by 2020 from the current $15 million.
• The growth of the sector depends on "development of national e-health policies, trained human resource and regular funding".
• Telemedicine refers to the use of IT services in providing healthcare facilities.

• Sequoia Capital-backed fashion marketplace Voonik has acquired three startups to build its premium fashion product Vilara. The company has now acquired five startups in the past six months.
• Voonik, which is focused on curated fashion, is attempting to strengthen its leadership in the unbranded fashion segment largely via acqui-hires or team acquisitions of startups in niche fashion offerings.
• The three companies are online marketplace for designers and boutiques Zohraa, which has a 12-person team, the eight-person team at online silk store Picksilk.com and the nine person team at Styl, which connects stylists and salons with consumers.
• Voonik, which raised $5 million last year, from Sequoia Capital and SeedFund, claims to have achieved a $100 million run rate and is aiming to grow four-fold in GMV by the end of this fiscal.

• Sumitomo Chemical Company or SCC will purchase 45% stake from both Shroff family, the promoters of Excel Crop Care Limited or ECCL and public shareholders of the company including Ratnabali group pegging the equity value of the agro chemical maker at Rs. 1386 crore.
• SCC will also make a public offer to buy additional 30% stake of the company at Rs 1259 a share and take over the majority control of the 13 year old company which The transaction is subject to certain conditions to close, including regulatory approvals. ET was the first to report about the impending deal.
• The sale will help the Shroff family to focus on speciality chemicals, pharma intermediates, pharma actives, performance chemicals and environment and biotech products.

• Government of India and the Asian Development Bank (ADB) signed a $120 million loan agreement to improve irrigation and water management infrastructure in Odisha.
• The loan is the second tranche of a $157.5 million financing facility under the Orissa Integrated Irrigated Agriculture and Water Management Investment Program.
• The financing will be used for modernizing seven irrigation subprojects resulting in improved irrigation in over 100,000 hectares, and strengthening of Water User Associations (WUAs) and the institutional capacity of Odisha’s Department of Water Resources.
• The selected areas for the investment program are the Baitarani, Brahmani, Budhabalanga, and Subernarekha river basins and part of the Mahanadi delta.

• Larsen and Toubro (L&T) has signed a contract along with its joint venture (JV) partner in Qatar to build a 40,000-seater stadium for $360 million.
• This is part of the sports infrastructure being readied by the Emirate in preparation for the 2022 FIFA World Cup. The contract was announced by Qatar`s Supreme Committee for Delivery and Legacy.
• L&T`s JV partner is Al Balagh Trading and Contracting.
• The contract for the project is for a combined value of $360 million for both JV partners and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works.
• Inspired by local patterns, the Al Rayyan stadium and its precinct design will resemble the sand dunes that surround the traditional desert tents.

• Avanse, an education finance company, is looking to disburse loans worth Rs. 800 crore this fiscal.
• This will be a significant increase over the Rs. 343 crore loans disbursed in 2015-16.
• Almost 2.5 lakh Indian students go abroad every year for higher education, Saxena pointed out.
• Indian students annually spend an estimated Rs. 1 lakh crore for their higher education in India and abroad. This segment is growing at 15 per cent. The total education loan disbursement from the organized segment is only about Rs. 10,000 crore, indicating the potential for growth of private players like Avanse.

• Singapore-headquartered DBS Bank’s India operations reported a turnaround in performance, posting a net profit of Rs. 8.55 crore in the financial year ended 2016 against a loss of Rs. 274.63 crore in the year-ago period.
• Deferred tax credit of Rs. 32.70 crore helped prop up the bank’s profitability.
• In FY2016, DBS Bank India’s net interest income (interest earned less interest expended) declined 6 per cent to Rs. 753 crore (Rs. 804 crore in FY2015). However, other income, comprising commission, exchange and brokerage and profit on sale of investments, rose 23 per cent to Rs. 280 crore (Rs. 227 crore).
• Provision towards bad loans jumped to Rs. 240 crore (Rs. 55 crore). The provision coverage ratio improved to 62.28 per cent from 59.35.
• Net non-performing assets edged up a tad to 4.34 per cent as on 2016 compared to 4.15 per cent on 2015.
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