Major News and Events of 01 December 2014
What Happened on 01 December 2014
Indian Oil Corporation on Expansion Drive
Indian PM's New Formula to Stop Infiltration from Bangladesh
NaMo to Address Left Ruled Tripura Cabinet
Amit Shah Pledges to Uproot TMC from West Bengal
Ex-CM of Arunachal Pradesh Dies
ATF Price Fall helps Domestic Airliners Cut their Fuel Bill
Further Cut in Fuel Price
Instant Messaging Becoming New Fad in India; Competition Increasing among Different Apps
Modi Promises to Build Sports University in Manipur
Market Cheers as Total Sales and Export Figures of Maruti Suzuki India Improves
Purchasing Managers' Index of HSBC shows that in the month of November it has reached 21-month high (improving from October 2014’s 51.6 points to November’s 53.3 points). However, this growth didn’t translate to addition of job. In fact, upward pressure on price has been witnessed. Now, this may prompt RBI to hold interest rate cuts, analysts believe.
Government run IOC is all set to explore beyond their core expertise (pipeline, marketing, and transportation). For improving bottomline and hedge against volatility in a single segment, IOC has decided to increase capacity of some refineries and also expand its presence in the petrochemical space. Ashok Balasubramanian, Chairman and MD of IOC, has said that the state run company will explore petrochemical opportunities in some of their existing ten refineries across India. Two refineries in the manufacturing line-up include opening of polypropylene plant in Odisha’s Paradip by mid-2017 and a Rs 35,000 crore refinery by Feb-Mar 2015.
Inflow of illegal migrants from Bangladesh may come to an end soon as Indian Prime Minister is contemplating the idea of materialising land swap deal with Bangladesh, which both neighbouring countries have been negotiating for a long time. During a recent workers’ rally of BJP in Assam NaMo said that land swapping deal will be put into place by India and Bangladesh to stop immigration from the latter. PM assured that this new land swap agreement will help people of Assam in the long run.
Tripura’s Chief Minister, Manik Sarkar, has invited Prime Minister of India Narendra Modi to deliver speech on governance issue to the state cabinet. This is the first time NaMo will address a state cabinet in the capacity of a PM. Modi will meet Manik’s ministers after inaugurating 726 MW power plant in Tripura’s Palatana, built by ONGC-Tripura Power Company Ltd.
While addressing a rally of 130,000 strong BJP workers and supporters in Kolkata, Amit Shah challenged West Bengal Chief Minister Mamata Banerjee and pledged to uproot Trinamool Congress from its roots in West Bengal. He also asked BJP supporters and workers to start the winning streak in West Bengal from the upcoming Kolkata Corporation election, to be held in May next year. National President of BJP also called for toppling the TMC-led state government by 2016’s Assembly election.
Jarbom Gamlin, former CM of Arunachal Pradesh, passed away on November 30 at a hospital in Gurgaon, Haryana. The 53-year old politician was suffering from liver thrombosis. Last rites will take place in Arunachal Pradesh’s Aalo, located in West Siang district. Gamlin started his political career with People's Party of Arunachal. Later he joined INC and went on to become MP in 1999. He became CM of AP on May 5, 2011 but resigned from the position on October 31, 2011.
Aviation Turbine Fuel price has decreased to reach Rs 59,943 per kilolitre. Estimates indicate that the fuel bill of the domestic airliners will come down by a whooping Rs. 1,200 crore. Since October, price of ATF for domestic airline companies has come down by 11.2 per cent. Centre for Asia Pacific Aviation report says that ATF is expected to fall by another 15 per cent during Jan-Mar’15.
Indian Oil Corporation announced cuts in both petrol and diesel prices. Since August 2014, this is the 7th time when petrol prices and 3rd time when diesel prices have been reduced. Petrol prices have been reduced by 91 paise per litre and diesel prices by 84 paise per litre. This reduction in prices come after crude price in international market fell further.
Science and Technology
After social media boom, it is now turn of instant messaging (IM) services that has become the new fad among youths in India. GlobalWebIndex report shows that messaging and photo sharing at Facebook has decreased by 20 per cent because teens are preferring IM apps more than social networking sites. With rise in competition, different Instant Messaging services (Viber, Nimbuzz, Whatsapp, etc.) have started providing new features to have more share of the crowding IM market. While Viber has included Public Chats feature, Nimbuzz has announced Holaa (new call management application) in their offering.
Indian Prime Minister Narendra Modi participated in Manipur Sangai Festival, organised in Manipur’s capital city Imphal. He not only appreciated the state for giving India some great sports persons but also promised of building a sports university in the state. Per NaMo’s speech, this university will train sports persons, on one hand, and also help them find income opportunities.
Maruti Suzuki India today reported an increase of 19.5 per cent in total sales in November 2014 in comparison to same period of last year. If only domestic sales are taken into account, number of units sold increased from 85,510 to 100,024, an increase of 17 per cent during the same period. There is significant improvement in export figure in last one year, which jumped from 6,630 units to 10,123 units, a rise of 52.7 per cent. On BSE Sensex, stock of Maruti Suzuki India jumped by 2.2 per cent after official release of its statement.