Business Current Affairs

Power of Drug Pricing Authority withdrawn on Non-Essential Drugs

Price caps were implemented for 100 non-essential drugs through a guideline issued by the Department of Pharmaceuticals, which is under the Ministry of Chemicals and Fertilizers, on May 29. This decision received strong resistance from the pharmaceutical industry.  However, the guidelines have been withdrawn and from now on National Pharmaceutical Pricing Authority (NPPA) will not be able to impose drug prices not in the list of essential medicines.

Ministry of Tribal Affairs Locks Horn with Environment Ministry

The Forest Rights Act has become the point of contention between Ministry of Tribal Affairs and Environment Ministry. It is believed that the former is set to move the PMO directly as the latter is believed to be spearheading the motion of doing away with the consent of tribals for diverting forest lands to industrial projects. Though Forest Rights Act of 2009 requires consent of Tribal Gram Sabhas, the Modi government is trying to revert to the system that bypassed consent of tribal community.

'Make in India' Campaign to reach 3000 World-Leading Companies

Indian PM Narendra Modi is all set to launch a campaign drawing attention of the  top 3000 companies of the world for making India their manufacturing destination. The ‘Make in India’ campaign is scheduled to be launched on September 25, 2014 (Thursday). Twenty five sectors have been selected as ‘priority sectors’, which includes ‘Make in India-Bio-tech’, ‘Make in India-Auto Component’, ‘Make in India-Pharma’, and many more.

SEBI asks for more Information from RIL on Network18 Takeover

On the issue of Network18 and TV18 Broadcast takeover by Reliance Industries, SEBI has asked for additional information. The concerned takeover was done by RIL through IMT or Independent Media Trust. Spokesperson of RIL has clarified that SEBI has not asked for offer price revision but has asked for additional information, which the entity seeks from time to time. The company is expecting clearance of the takeover soon.

G20 to Implement Mechanism to Deal with Black Money

G20 Countries have decided to implement a mechanism to help respective countries in the group including India to deal with the menace of black money more efficiently. The plan is to implement automatic exchange mechanism of tax information by the year 2017. G20 communique has said that Global Common Reporting Standard has been finalised and endorsed by G20 to deter and tackle cross-border tax evasion efficiently.

Eight Indian women listed in Fortune List of Powerful Women in Asia-Pacific region

Eight Indian women has made their way to the Fortune list of top 25 the most powerful women "shaping the new world order" in the Asia-Pacific region. ICICI Bank chief Chanda Kochhar (2nd) is at the top of the list from India. Apart from Chanda Kochhar three more Indian women made it to the top 10 and these are State Bank of India's Arundhati Bhattacharya (4th), HPCL's Nishi Vasudeva (5th) and Axis Bank's Shikha Sharma (10th). Australian banking major Westpac's chief Gail Kelly is at the top of the list.

Hindustan Coca-Cola and Jain Irrigation to boost mango production by investing Rs 50 crore

In a joint venture Hindustan Coca-Cola Beverages and Jain Irrigation are going to invest Rs 50 crore over 10 years to encourage the mango production by guiding farmers with advanced technology. In this joint venture Project Unnati 25,000 farmers would be covered over next 10 years. As per media report HCCBPL CEO T Krishnakumar said that the joint venture will help the farmers with higher production and more income whereas their companies will be benefited as they can streamline the supply chain and increase the productivity of Indian brands Maaza and Minute Maid.

US$ 20 billion of Investment pledged by Chinese President

Visiting Chinese President Xi Jinping has pledged to invest US$ 20 billion in India and give more access to Indian companies in important Chinese markets (fuel, farming, and pharmaceutical industries). China will set up two industrial parks in India. China will also help India to increase high speed trains and redevelop railway stations. An agreement was signed by SBI and ICICI with Export Import Bank of China. Reliance communications signed deals with ZTE Corp and Huawei Technologies Company. Twenty smaller deals worth US$ 500 million were also signed. 

<!--[if !supportLineBreakNewLine]--> <!--[endif]-->

India Seeks Currency Cover from G20 Nations as US withdraws Stimulus

Vast monetary stimulus given by US Federal Reserve is expected to end. To mitigate the effect of its withdrawal on emerging markets, India has urged G20 nations to create currency swap lines for mitigating the impact. With guidance from IMF, Finance Secretary Arvind Mayaram has asked for collaborative solution from G20 countries. He also regarded the external environment for volatility and uncertainty as worrisome.

The Supreme Court on Gas price Fixation from K-G Basin

The Supreme Court has asked the Narendra Modi government to clear its stand on gas price fixation from Krishna-Godavari (K-G) basin. The apex court has specifically asked the government whether it is adopting the same policy followed by its erstwhile UPA-II government or is deviating from it. The Bench headed by Justice T.S. Thakur is hearing the PILs filed by NGO called Common Cause and CPI MP Gurudas Dasgupta has challenged the decision of doubling of natural gas pricing from $4.2 mmbtu to $8.4 mmbtu and also sought cancellation of RIL contract to explore oil and gas from K-G Basin.

Indra Nooyi of PepsiCo is World's 3rd Most Powerful Woman in Business 2014

India-born PepsiCo CEO Indra Nooyi has been ranked as the 3rd most powerful woman in business by Fortune. The first two positions went to Ginni Rometty (IBM Chairman and CEO) and Mary Barra (General Motors CEO). Indra Nooyi is the only woman to figure in the prestigious list of the Most Powerful Women in Business 2014. Last year, she was at second spot of the list. Her emphasis on R&D has helped PepsiCo to expand its market.

Whopping $3.4 billion Deal Signed between Indian and Chinese Business Delegates

India-China bonhomie started on the first day of Chinese President’s visit to India by signing deals between business delegates of both the countries, worth $3.4 billion. Memorandum of Understanding was signed between Industrial and Commercial Bank of China Ltd and IndiGo of worth $2.6 billion. The low-cost Indian carrier plans to buy 30 aircraft with available finance from the largest commercial bank of China.

Rs 365 crore Fund raising by Quikr raisies its Valuation to Rs 1800 crore

Quikr, renowned online classified platform, raised Rs 365 crore (equivalent to $60 billion) for expanding their mobile business and product development. Tiger Global Management led the latest round of funding. This fund-raising has increased valuation of Quikr to a mammoth Rs 1800 crore. The last fund raising initiative was led by Investment Kinnevik of Sweden during March 2014, which raised Rs 550 crore raising valuation to Rs 1,525 crore.

India retains Sixth Position in the Billionaires' List

Wealth-X and UBS Billionaire Census 2014 shows there are 100 filthy rich people in India whose collective net worth is $175 Billion. There are 2,325 uber-rich across the globe. Though India has retained its 6th position in the list of countries having most number of billionaires, in comparison to last year, the billionaire count decreased from 103 to 100 with a $5 billion slide in their collective net worth. Currently, it stands at $175 Billion.  

Minimum Alternate Tax Slapped on FPIs

The Tax department sent Minimum Alternate Tax (MAT) notice to Foreign Portfolio Investors (FPIs) asking them to pay MAT on the gains they earned in Indian markets. These notices were for 2008, 2009 and 2010 assessment years. Some people like Bijal Ajinkya, Partner of Khaitan & Co., is apprehensive that slapping MAT notices may make Indian financial market less attractive to FPIs.

RBI Governor Cautions on Foreign Capital for Financing CAD

RBI Governor Raghuram Rajan has flagged the risks posed by too much reliance on foreign capital flows for financing Current Account Deficit (CAD). So far in 2014, $32 billion funds have made way to Indian markets. Though it has helped finance CAD, Rajan cautioned they can’t be taken for granted. Foreign Capital can exit Indian shores anytime to be invested in their home countries for better use, whenever it suits them best.

MCF's Minority Shareholder Nagreeka Foils Writes to SEBI

Nagreeka Foils is a minority shareholder (holds 350,000 stocks) in Mangalore Chemicals and Fertilizers (MCF). They have written to the SEBI, seeking protection of minority shareholders’ interests. They have sent the letter after Competition Commission of India had approved joint open offer of Vijay Malya’s UB Group and Saroj Poddar’s Zuari to acquire additional 26 per cent stake in (MCF) .

GMR Infra Plans Raising Rs 1,500 crore

Through a rights issue, GMR Infrastructure plans of raising Rs 1,500 crore in equity. After the rights issues, which will be issued by the month of November, the net worth of GMR will rise to Rs 14,000 crore. This will result in bringing down the leverage from 4 times to 2.85 times.

Indian MNC all set to Buy US-Based Company

Indian IT multinational Cognizant is all set to strengthen its presence in healthcare IT space by buying US-based TriZetto for $2.7 billion, equivalent to Rs 16,510 crore approximately. In terms of acquisition by an offshore-centric Indian IT services company, this deal is going to be the most expensive one till now. Currently, healthcare IT space contributes 26 per cent to the total revenue of Cognizant. After the acquisition, it will increase to 30 per cent.

RBI Governor Unwilling to Lower Interest Rates

Reserve Bank of India Governor Raghuram Rajan is not in favor of lowering interest rates because he feels the fight against inflation is far from over. Just two weeks before the monetary policy review, RBI governor hinted that repo rate may remain unchanged. While he expressed his concerns on sluggish growth in investment, he put his weight behind eliminating subsidy on diesel.

Browse by