Major News and Events of 24 July 2014
What Happened on 24 July 2014
Cairn India grants loan to its parent Vedanta for $1.25 billion
Cabinet approves 49 percent FDI in Insurance
TCS reaches new landmark as market cap hits Rs. 5 lakh crore
20 Children killed in Telangana as train hits school bus
Government plans to check vegetable prices by using Bhabha Atomic Research Centre Storage Technology
Bikram Singh to pay tribute to Kargil war martyrs
Microsoft launches Lumia 530 at low cost
58 Indian nurses have been rescued from Iraq in a rescue operation conducted by India. Earlier also 46 nurses were rescued in a similar operation. Syed Akbaruddin, spokesperson of Ministry of External Affairs of India said, “58 nurses were brought out through the land route in batches over the last three weeks. The rescue operation was undertaken in extremely difficult circumstances through friends in Iraq”.
Cairn India has granted a loan of $1.25 billion to its parent Vedanta for a term of two years as a part of Cairn’s treasury operations. Cairn had committed $800 million loan in the first quarter of 2014-15. As per the loan agreement, Cairn India will be getting the interest of 300 basis points above the benchmark London Interbank offered Rate. Sudhir Mathur, interim CEO of Cairn India, said that the company has a cash surplus and therefore it has decided to extend loan to its parent company.
The union cabinet has approved the proposal to increase Foreign Direct Investment (FDI) limit in insurance from 26 percent to 49 percent. Prime Minister Narendra Modi sanctioned the proposal, but will maintain Indian management control. Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII) said, “The increase in FDI limit will help attracting the much needed long term capital for the sector which can have multiplier effect on the state of economy, especially in meeting the huge infrastructure financing requirements".
The most valued Indian company by market capitalisation, Tata Consultancy Services (TCS) has hit a new milestone after its market capitalisation crossed Rs. 5 lakh crore cap. The price of TCS shares rose to 2.21% and reached to Rs. 2,586.9. The total capital of the company soared Rs. 5,06,696 crore. As per market ranking, TCS is ahead of the runner-up Oil & Natural Gas Corp (ONGC) whose market-cap stood at Rs 3,46,582 crore. It is followed by Reliance Industries (RIL) (Rs 3,34,055 crore), ITC (Rs 2,80,454 crore) and Coal India (Rs 242,579 crore).
About 20 children were killed and 10 were injured after a school bus collided with Nizamabad-Hyderabad train. The incident took place at Masayapeta of Veldurthi Mandal of Medak district. The bus was carrying the students from nearby villages to a school in Toofran. The injured children were admitted to a nearby hospital at Kompally. Chief Minister of Telangana K. Chandrasekhara Rao expressed shock over this incident and has ordered immediate rescue operations at the accident scene.
The government is planning to use the radiation technology developed by Bhabha Atomic Research Centre (BARC) to improve the shelf life of vegetables and fruits and check the rise in their prices. The matter was discussed in a meeting of inter-ministerial group called by Transport Minister Nitin Gadkari. Also present at the meeting were Food Minister Ram Vilas Paswan, Food Processing Minister Harsimrat Kaur Badal, Agriculture Minister Radha Mohan Singh, and scientists from BARC. While addressing the media, Mr. Paswan said, “BARC has developed a radioactive technology for preserving agri-commodities. We had an initial discussion on how this technology can be used on a large scale in the country to address supply crunch in some vegetables like onion, potato and tomato".
Indian Army Chief General Bikram Singh, will pay tribute to the martyrs of 1999 Kargil war in Ladakh, Jammu & Kashmir. According to Defence sources, his visit will be limited to only Drass. Since 1999, every year “Vijay Divas” is observed by the army to remember its soldiers who lost their lives during the Kargil War between India and Pakistan. It was the most serious military engagement between the two countries since the war of 1971.
Microsoft today declared on their official blog about the launch of Lumia 530. The retail price of the phone is estimated to be 85 euros (around Rs.6, 869) excluding taxes and subsidies and is likely to be rolled out in the market in August 2014. Lumia 530 will run on the latest version of Windows Phone 8.1 and has 15 GB free cloud storage on Microsoft OneDrive. In India, it is expected to be available at a price of around Rs. 8,000 to Rs. 9,000 after adding taxes and duties.