States News
Uttarakhand Launches ‘Pirul Lao-Paise Pao’ Campaign to Combat Forest Fires
The Uttarakhand government has launched the ‘Pirul Lao-Paise Pao’ campaign to contain the raging forest fires in the state. Chief Minister Pushkar Singh Dhami launched the campaign in the Rudraprayag district on May 8, 2024. He urged the people to actively participate in the campaign and stated that cooperatives, Yuva Mangal Dal, and Van Panchayat would also take part.
International News
Sri Lanka Inks 20-Year Power Purchase Deal with Adani Green Energy
The Sri Lankan government has approved an agreement with Adani Green Energy, led by Gautam Adani, for the development of wind power stations in Mannar and Poonerin. The agreement was given the green light by the Sri Lankan cabinet on May 7. Under the power purchase agreement, which has a duration of 20 years, Adani Green Energy will be paid 8.26 cents per kilowatt-hour (kWh) for the electricity generated from the wind power stations.
Appointments News
L&T Elevates R Shankar Raman as President
R Shankar Raman, the current Whole-time Director and CFO of L&T, has been elevated to the position of President. Following this promotion, Raman will continue to hold his existing roles as the Whole-time Director and Chief Financial Officer (CFO) of the company.
SBI General Insurance Appoints Jaya Tripathi as Head of Key Relations Group
SBI General Insurance has announced the appointment of Jaya Tripathi as the Head – Key Relations Group. In her new role, Tripathi will lead the expansion of new business opportunities and partnerships, drive sales team growth, and deepen partner relationships to enhance profitability.
Banking News
RBI’s G-Sec Buyback Results and Market Dynamics
The Reserve Bank of India recently conducted a buyback of government securities (G-Secs), receiving offers totaling ₹17,384.552 crore, but accepting only ₹10,513 crore, despite the notified amount being ₹40,000 crore. Market analysts speculate that banks may have offered G-Secs at higher prices, leading to rejection of offers out of sync with secondary market prices.
Enhancing Global Commerce Opportunities: YES BANK and EBANX Partnership
YES BANK, a leading private sector bank in India, is collaborating with EBANX, a global fintech firm specializing in payment solutions for emerging markets. Together, they aim to provide a comprehensive range of scalable payment solutions to merchants, facilitating seamless cross-border transactions and expanding global commerce opportunities for both merchants and customers in India.
SBI’s Q4 Report Highlights Strong Performance and Improved Asset Quality
In its latest quarterly report, State Bank of India (SBI) showcased remarkable financial performance, recording its highest standalone quarterly net profit at ₹20,698 crore. This exceptional result was primarily driven by a surge in non-interest income, effective cost management, and a favorable adjustment in asset provisions.
India’s Fiscal Update: 2023-24 Deficit and Revenue Surge
India’s fiscal deficit for the fiscal year ending March 2024 is anticipated to outperform government projections, coming in slightly better than the estimated 17.35 trillion rupees ($207.81 billion). This optimistic outlook is attributed to increased tax receipts and bolstered non-tax revenues, according to a government source speaking anonymously in New Delhi. The official announcement regarding the 2023/24 fiscal deficit is slated for May 31st.
Business News
IREDA Establishes Subsidiary in GIFT City, Gujarat
IREDA, a state-owned entity under the Ministry of New and Renewable Energy (MNRE), has formed a subsidiary named IREDA Global Green Energy Finance IFSC Limited at the International Financial Services Centre (IFSC) within GIFT City, Gujarat. This move aims to leverage global financial markets to support the growth of the renewable energy sector in India.
Bharti Enterprises Sells ICICI Lombard Shares for ₹663 Crore: Transaction Overview
Bharti Enterprises, led by Sunil Bharti Mittal, divested 38.50 lakh shares of ICICI Lombard General Insurance Company for ₹663 crore through open market transactions. This sale reduced Bharti Enterprises’ stake in ICICI Lombard from 2.43% to 1.63%. Concurrently, ICICI Bank, the promoter, increased its stake in ICICI Lombard to 51.7% by purchasing 21 lakh shares.
Ranks and Reports News
Mumbai & Delhi Among 50 Wealthiest Cities of World: Henley & Partners
In a testament to India’s sustained economic growth, Mumbai and Delhi have debuted in the top 50 wealthiest cities worldwide according to the Wealthiest Cities Report 2024 by Henley & Partners and New World Wealth. Mumbai secured the 24th position while Delhi claimed the 37th spot.
Awards News
Pawan Sindhi Honored with Global Pride of Sindhi Award 2024
Pawan Sindhi was bestowed with the prestigious Global Pride of Sindhi Award 2024 at an event attended by esteemed saints, Mahatmas, and sadhus. The occasion celebrated Mr. Sindhi’s remarkable contributions to society and his dedication to serving humanity.
Sports News
Amul Becomes ‘Official Sponsor’ of Sri Lanka Men’s Cricket Team for T20 World Cup 2024
Sri Lanka Cricket has announced that the Indian milk producer Amul has been appointed as the ‘Official Sponsor’ of the Sri Lanka Men’s Team for the duration of the ICC Men’s T20 World Cup 2024.
Bajrang Punia Provisionally Suspended by Wrestling Authorities
The United World Wrestling (UWW) has provisionally suspended Indian wrestler Bajrang Punia until December 31, 2024, following his suspension by the National Anti-Doping Agency (NADA) for his ‘refusal’ to provide a urine sample.
Science and Technology News
ISRO Develops Semi-Cryogenic Engine Using Liquid Oxygen Kerosene
ISRO, through the Liquid Propulsion Systems Centre (LPSC) with support from other launch vehicle centers, is advancing the development of a semi-cryogenic propulsion system. This system aims to enhance the payload capacity of Launch Vehicle Mark-3 (LVM3) and future launch vehicles by utilizing a 2,000 kN thrust semi-cryogenic engine powered by a combination of liquid oxygen (LOX) and kerosene.
Important Days
International Day of Argania 2024 Observed on 10th May
On May 10 every year, people around the world celebrate the International Day of Argania. This special day honours the Argan tree (Argania spinosa), an ancient species that has grown in Morocco for about 80 million years. These trees are not just old; they play a crucial role in the local economy and environment. The celebration aims to increase awareness about these unique trees, their benefits, and the challenges they face.
