Business & Finance - Current Affairs for February, 2015

Forward Market Commission functions with Mumbai as the head office and was established in 1953. This was brought under finance sector in 2013. There are four national level and six regional level exchanges related to commodity futures in India.

The BMS project, categorized as a “Make” programme under the defence procurement procedure (DPP), will be one of the largest indigenous solutions offered to Indian defence.

The bank has decided to close its banking operations in India but will be retaining the back office.

The Wax Deoiling Plant based on such indigenously developed technology is set up with an investment of 750 crore rupees at NRL - a subsidiary of Bharat Petroleum Corporation Limited (BPCL) - situated in north-east part of India. CSIR through its constituent laboratory Indian Institute of Petroleum (IIP), Dehradun, in association with the Engineers India Ltd (EIL) has won the international competition.

In an order dated 23rd Feb’15, the Ministry of Culture has stated that the resignation of Shri Mani Shankar Aiyar dated 17th May, 2014 has been accepted by the Government. The order states that the Government has also decided to wind up the CCZCC w.e.f. 16th December, 2014 since all the recommendations made by Shri Mani Shankar Aiyar Committee and CCZCC stands accepted and implemented/being implemented.

TRASNSLOC or Transport Logistic Corporation of India (TLCI).

The estimated cost of the project to be implemented by the company is Rs.5,000 crore.

With this acquisition, Snapdeal.com aims to further strengthen its fashion business and reach 2 billion US dollars in gross merchandise value in the fashion category in 2015.

The portal will provide four services from Ministry of Corporate Affairs, two services of Central Board of Direct Taxes, two services of Reserve Bank of India and one service each from Directorate General of Foreign Trade, Employees Provident Fund Organization and Petroleum and explosives Safety Organization. A business user can avail the service any time from now onwards.

Fifty per cent of the products manufactured from this unit will be exported to other GE global sites. General Electric’s Chakan-based multi-modal facility will support GE’s global operations as well as cater to the growing demand from the Indian market.

ITC has entered into asset purchase agreements with Johnson & Johnson Ltd, India, and Johnson & Johnson Pte Ltd, Singapore for the purchase of the ‘Savlon’ and ‘Shower To Shower’ trademarks and other intellectual property, primarily for use in India.

The board of Directors of Grasim Industries Ltd. has recently approved the proposed merger of Aditya Birla Chemical Ltd with Grasim Industries.

Apple has double market value compared to other tech giants including Oracle, IBM, Google, Microsoft etc.

With this acquisition, Star India will get access to the Telugu TV market, the second largest regional market in India in terms of revenue potential.

Sunrise is the maker of one of the top calendar apps for iOS and Android. It currently supports Gmail accounts and Facebook events / birthdays from the social network.

Over 400 companies in Public and Private sector will display their products in the International Aerospace Exhibition during the show. The Indian made Light Combat Aircraft Tejas and Advanced Light Helicopter Dhruv will take part in the aerobatic display.

Under this partnership Facebook planned to launch the Internet.org app in India.

Under the agreement, Railways would buy 50 MW of power from DVC at Auraiya Grid Sub-station facilitated by Railways Energy Management Company Limited, a Joint Venture (JV) of Indian railway and RITES, a Railway Ministry PSU.

Hospira has a fast-growing biosimilars business in Europe.

This move enables no speculative trading for ‘T’ group shares and delivery of shares and payment of consideration amount are mandatory.

During the period 2013-14, India’s total export of agricultural commodities to Lebanon was US$ 69.41 million and during the same period agricultural import from Lebanon was US$ 0.47 million.

Chinese e-commerce giant Alibaba’s online financial service company Ant Financial Services Group (Ant Financial) acquired 25% stake in Paytm Company.

Micromax’s market stood at 22% while the leader till now Samsung stood at 20%.

The court passed the order on the plea of BCCI, ESPN and Star who had contended that cable TV operators were getting live feeds through DD channels free of cost, resulting in loss of revenue for them. It also refused to grant relief of striking down a 2000 notification issued by Prasar Bharati which made it mandatory for cable operators to carry DD National and DD News channels.

Earlier the limit was $1,25,000 per year per person. Now it has increased to $2,50,000.

Under this, Reliance will be the promoter of the payments bank entity while SBI will be joint venture partner with equity investment of up to 30%.