Daily Current Affairs September 26 2023 | Latest News | Download Free PDF
Sep 26 2023
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CURRENT AFFAIRS : BANKING & FINANCE
RBI Implements Basel-III Capital Framework for All India Financial Institutions
- The Reserve Bank of India (RBI) has introduced norms on the Basel III capital framework, fundraising, exposure guidelines, and norms on the classification and valuation of investment portfolios for All India Financial Institutions (AIFIs), which will come into effect from April 2024.
- India has 5 AIFIs that are regulated by the RBI.
- These institutions are the Export-Import Bank of India (EXIM Bank), the National Bank for Agriculture and Rural Development (Nabard), the National Bank for Financing Infrastructure and Development (NaBFID), the National Housing Bank (NHB), and the Small Industries Development Bank of India (SIDBI).
Key Highlights :
- Minimum Capital Requirements: AIFIs will be required to maintain a minimum total capital of 9% by April 2024.
- This includes a minimum Tier-I capital requirement of 7% and a minimum common equity tier-I (CET-1) capital requirement of 5.5%.
- Implementation Date for NHB: The National Housing Bank (NHB) will implement these norms in July 2024, which is different from the other AIFIs due to its accounting year, which runs from July to June.
- Consolidation of Financial Subsidiaries: All financial subsidiaries of AIFIs, except those engaged in insurance and non-financial activities, must be fully consolidated for the purpose of capital adequacy.
- Investment Caps: The RBI has set caps on AIFIs' investments in capital instruments of banking, financial, and insurance entities at 10% of their capital funds.
- Additionally, AIFIs cannot acquire a stake in a bank or another AIFI's equity shares if it would lead to a holding exceeding 5% of the investee's equity capital.
- Equity Investment Limits: AIFIs are limited to an equity investment of up to 49% in a single entity.
- However, if this investment is held as collateral against a claim, it must be brought below 10% within 3 years.
About Basel III Guidelines:
- Basel III guidelines were introduced globally in 2010 in response to the 2008 financial crisis.
- They focus on capital adequacy, leverage, funding, and liquidity as key parameters to ensure a more resilient banking system.
- Capital Adequacy Ratio: The capital adequacy ratio is to be maintained at 12.9%.
- The minimum Tier 1 capital ratio and the minimum Tier 2 capital ratio have to be maintained at 10.5% and 2% of risk-weighted assets respectively. In addition, banks have to maintain a capital conservation buffer of 2.5%. Counter-cyclical buffer is also to be maintained at 0-2.5%.
- Leverage Ratio: Banks must maintain a leverage ratio of at least 3 percent, which is the ratio of Tier 1 capital to average total consolidated assets.
- Liquidity Ratios: Basel III introduced two liquidity ratios – the Liquidity Coverage Ratio (LCR) and the Net Stable Funds Rate (NSFR) – to ensure banks have sufficient liquidity.
About LCR :
- The liquidity coverage ratio (LCR) will require banks to hold a buffer of high-quality liquid assets sufficient to deal with the cash outflows encountered in an acute short-term stress scenario as specified by supervisors.
- The goal is to ensure that banks have enough liquidity for a 30-day stress scenario if it were to happen.
About NSFR :
- The Net Stable Funds Rate (NSFR) requires banks to maintain a stable funding profile in relation to their off-balance-sheet assets and activities.
- NSFR requires banks to fund their activities with stable sources of finance (reliable over the one-year horizon).
- The minimum NSFR requirement is 100%.
About Basel Committee on Banking Supervision (BCBS) :
- The Basel Committee on Banking Supervision (BCBS) issues Basel Norms for international banking regulations.
- The goal of these norms is to strengthen the international banking system by coordinating banking regulations around the world.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
SEBI Simplifies Regulations for Large Corporations Accessing the Debt Market
- The Securities and Exchange Board of India (SEBI) has introduced several relaxations for Large Corporates (LCs) to facilitate their financing needs from the debt market.
- Initially, SEBI had mandated that LCs must raise 25% of their financing requirements from the debt market.
- This requirement aimed to promote the growth of the corporate bond market in India.
Key Highlights :
- Support for Investors: SEBI's decision to ease regulations is expected to benefit investors such as insurers, pension funds, and provident funds.
- These entities are required to allocate a specific percentage of their incremental funds to corporate bonds.
- A lack of supply in bond issuances could have posed challenges for these investors.
- Non-Compliance by LCs: SEBI identified that a significant portion of LCs did not meet the minimum 25% requirement for their incremental borrowing through debt securities during the fiscal year 2021-22.
- Threshold Revision Proposal: While the SEBI release did not specify the exact threshold, a previous consultation paper had suggested raising the threshold for identifying entities as LCs from the current ₹100 crore to at least ₹500 crore in outstanding long-term borrowings.
- Penalty Removal for LCs: SEBI's board has proposed eliminating the penalty imposed on LCs that fail to meet a specific percentage of incremental borrowing from the debt market.
- Currently, a monetary penalty of 0.2 percent of the shortfall in the borrowed amount is levied at the end of three years.
- Extension for Investment Adviser Requirements: SEBI has extended the timeline for compliance with enhanced qualification and experience requirements for Investment Advisers by two years, extending the deadline to September 30, 2025.
- Unclaimed Amounts Framework: SEBI's board has approved a streamlined framework for the credit of unclaimed amounts of investors in listed entities (excluding companies, REITS, and InvITs) to the Investor Protection and Education Fund (IPEF).
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
SBI Raises ₹10,000 Crore through 7.49% Infrastructure Bonds
- The State Bank of India (SBI) successfully raised ₹10,000 crore through the issuance of infrastructure bonds at an interest rate of 7.49%.
- This marks SBI's 4th infrastructure bond issuance, demonstrating the bank's continued efforts to raise funds for infrastructure development.
Key Highlights :
- The infrastructure bonds have a 15-year maturity period and offer a yield of 7.49%.
- These bonds have attracted significant interest from a diverse group of investors.
- The bond issue received strong demand, with 134 bids totaling ₹21,045 crore, significantly exceeding the base issue size of ₹4,000 crore.
- Prior to this issuance, SBI had raised ₹3,101 crore through additional tier-I (AT-1) bonds and ₹10,000 crore through long-term 15-year infrastructure bonds in July 2023.
- The total outstanding long-term bonds now stand at ₹39,718 crore.
- Other Bank Bond Issuances: In the current financial year, several other banks have also raised funds through bond issuances.
- For example, Kotak Mahindra Bank raised ₹1,895 crore via 7-year infrastructure bonds at 7.55%, IDFC First Bank raised ₹1,500 crore through 10-year tier-II bonds at 8.40%, and Punjab National Bank (PNB) raised ₹3,090 crore via tier-II bonds at 7.74%.
- Upcoming Bond Issuances: In the coming week, PNB is expected to raise up to ₹3,000 crore through additional tier-I (AT-1) bonds, and Canara Bank is anticipated to raise up to ₹5,000 crore through 10-year infrastructure bonds.
What are Infrastructure bonds?
- Infrastructure bonds are financial instruments issued by governments or private companies to raise funds specifically dedicated to financing various infrastructure projects.
- These projects encompass a wide range, including the development of critical infrastructure such as roads, bridges, airports, power plants, railways, and telecommunications networks.
Recent News :
- In Aug 2023, State Bank of India (SBI) raised Rs 10,000 crore at a coupon rate of 54% through its third infrastructure bond issuance.
About SBI:
- Founded: July 1, 1955
- Headquarters: Mumbai, Maharashtra
- Chairman Dinesh Khara
RBI Releases Draft Master Direction on Handling Wilful and Large Defaulters
- The Reserve Bank of India (RBI) has issued a "Draft Master Direction" that focuses on the treatment of wilful defaulters and large defaulters in the banking and financial sector.
- RBI has invited comments and feedback on this draft Master Direction, and stakeholders have the opportunity to provide input until October 31, 2023.
Key Highlights :
- The proposed norms by RBI aim to establish stricter guidelines for the treatment of wilful defaulters.
- As per the draft, banks and other lenders are required to examine all accounts with an outstanding balance of 25 lakh or more to determine if the borrower is deliberately avoiding loan repayment.
- The draft Master Direction broadens the definition of wilful default, potentially encompassing a wider range of defaulting behaviours.
- It also broadens the scope for regulated entities that can classify borrowers as wilful defaulters, which means various financial institutions will be subject to these regulations.
- The draft mandates that the finalization of wilful default aspects must occur within 6 months after an account is classified as a non-performing asset
- As per the draft, the provisions regarding large defaulters would apply to all entities regulated by RBI.
- This would be irrespective of whether they fall within the definition of 'lender'.
- The proposed rules are intended to apply to a diverse range of regulated entities, including banks, non-bank lenders (including housing finance companies), cooperative banks, regional rural banks, local area banks, and All India Financial Institutions (AIFI).
- The draft Master Direction also addresses how wilful default loans sold to Asset Reconstruction Companies will be treated and their status under the Insolvency and Bankruptcy Code (IBC).
PhonePe Introduces Indus Appstore to Compete with Google Play in India
- PhonePe, a Bengaluru-based digital payments company, has introduced its own app store platform called the "Indus Appstore Developer Platform to attract Android developers in India.
Platform Benefits for Developers :
- Free Registration and Upload: The platform offers free registration and allows developers to upload apps for the first year.
- No Platform Fee: There is no platform fee associated with using the Indus Appstore Developer Platform.
- No Commission on In-App Purchases: Unlike other app stores like Google Play, PhonePe's platform does not charge a commission on in-app purchases, making it an attractive option for developers.
Key Highlights :
- PhonePe has extended an invitation to Android app developers, encouraging them to register and upload their apps on the Indus Appstore Developer Platform.
- Apps uploaded to the platform will be listed on the 'Made-in-India' app store, known as the Indus Appstore.
- This store is designed to provide a localized experience and will support content in 12 languages to cater to Indian audiences.
- The Indus App Store offers developers an alternative distribution channel to access the Indian Android market.
- This can be especially beneficial for developers looking to reach a diverse Indian audience.
- The platform will assist developers with high-quality user acquisition through multilingual app discovery, potentially helping them expand their app's reach.
- For startups and new app launches, the platform features a dedicated section called 'Launch Pad to provide better visibility and search optimization for new apps, aiding their initial growth and recognition.
- CPO and Co-Founder of Indus Appstore : Akash Dongre
About PhonePe :
- Founded : 2015
- Headquarters : Bangalore, Karnataka
CURRENT AFFAIRS: NATIONAL NEWS
Raksha Mantri Rajnath Singh inaugurates Bharat Drone Shakti 2023
- The first C-295 MW transport aircraft formally inducted in the presence of Raksha Mantri Rajnath Singh at the Indian Air Force airbase in Hindan, Ghaziabad, Uttar Pradesh.
- Air Chief Marshal VR Chaudhari and other dignitaries were also present during the induction ceremony. Earlier, Mr. Singh inaugurated the two-day Bharat Drone Shakti - 2023.
- India has formalized the acquisition of 56 Airbus C-295 aircraft to replace the Indian Air Force AVRO fleet.
- As per the contractual agreement, Airbus will deliver the first 16 aircraft in fly-away condition from its final assembly line at Seville.
- 40 will be manufactured and assembled by Tata Advanced Systems in India as part of an industrial partnership between the two companies.
- All the C-295 aircraft will be handed over in transport configuration and equipped with an indigenous Electronic Warfare Suite.
- The Indian Air Force received the first C-295 MW transport aircraft at Seville in Spain on the 13th of September which was attended by Air Chief Marshal VR Choudhari.
- The C-295 is used for tactical transport of up to 71 troops or 50 paratroopers, and for conducting logistic operations to locations that are not accessible for heavier aircraft.
About Bharat Drone Shakti – 2023:
- Bharat Drone Shakti - 2023 is witnessing participation from more than 75 drone start-ups and companies.
- It is expected to attract around five thousand attendees, including representatives from central government, state departments, public and private industries, armed forces, paramilitary forces, and representatives from friendly countries.
- Bharat Drone Shakti will give a fillip to India's commitment to becoming a global drone hub by
About UP:
- Governor : Anandiben Patel
- Chief Minister : Yogi Adityanath
- Capital : Lucknow
- National Park : Dudhuwa National Park
- Wildlife Sanctuary : Hastinapur Wildlife Sanctuary, KishanpurWildlife
- Sanctuary, National Chambal Sanctuary, Kaimoor Wildlife Sanctuary.
40% electric vehicles sold in India manufactured in Tamil Nadu
- Tamil Nadu has become one of the largest manufacturers of Electric Vehicles (EV) sold this year, data from Ministry of Road Transport and Highways’ Vahan Dashboard stated.
- Out of the 10 lakh EVs sold in India this year (2023), over 4 lakh were manufactured in Tamil Nadu.
- The EVs were two and four-wheelers along with cars manufactured by ten companies in the state.
According to the Vahan Dashboard data, as many as 10,44,600 EVs were registered with RTOs from January until September 20.
- Of this, Tamil Nadu sold 4,14,802 EVs manufactured based on registration of all EVs across the state’s RTOs.
- Leading original equipment manufacturers (OEMs) -- Ola Electric, TVS Motor, Ather Energy, and Ampere Vehicles –have their EV manufacturing facilities in the state and now it expects investments worth Rs 50,000 crore in this space by 2025 and the creation of 150,000 jobs.
- The state government has identified 6 cities – Coimbatore, Tiruchi, Tirunelveli, Madurai, Salem, and Chennai – for development as EV hubs. Some of the natural advantages that aid this sector include the availability of a trained workforce, a network and supply chain of ancillary suppliers, a vibrant auto and auto component manufacturing ecosystem, and infrastructure and logistics support systems.
About Tamil Nadu:
- Governor : R N Ravi
- Chief Minister : M K Stalin
- Capital : Chennai
- National Park : Guindy National Park, Mudumalai National Park, Mukurthi National Park
- Wildlife Sanctuary : Anamalai Tiger Reserve, Indira Gandhi Wildlife Sanctuary & National Park
Minister of Power, New and Renewable Energy RK Singh inaugurates ‘India Energy Summit 2023' in New Delhi
- Minister of Power, New and Renewable Energy RK Singh today inaugurated the ‘India Energy Summit 2023' at FICCI Federation House in New Delhi.
- Two-day Summit aims to focus on the development of an enabling Green Hydrogen ecosystem in the country.
- Addressing the summit, Mr. Singh pointed out that climate change is a threat to the world.
- He stressed that India is committed to living behind a healthy and safe plant for the next generation.
- In the inauguration session of the summit, Ambassador of Kindom of Belgium Didier Vanderhasselt and Germany Ambassador Dr Philipp Ackermann along with senior dignitaries were also present.
Petroleum and Natural Gas Minister Hardeep Singh Puri launches India's first Green Hydrogen fuel cell bus in Delhi
- Petroleum and Natural Gas Minister Hardeep Singh Puri launched a first-of-its-kind Hydrogen Fuel Cell Bus from India Gate in New Delhi.
- On this occasion, Mr. Singh stated that the government is working in a mission mode to bring in a new generation of green vehicles.
- Minister of State for Petroleum and Natural Gas Rameswar Teli stated that these buses are a positive step towards India’s aim to reach net zero carbon emission by 2070.
- Mentioning the details of the project, Indian Oil Chairman Shrikant Madhav Vaidya stated that 13 more buses will be launched by the end of the year in the Delhi-NCR region.
About Hardeep Singh Puri :
- Hardeep Singh Puri(born 15 February 1952) is an Indian politician and former Indian diplomat who is currently serving as the Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs in the Government of India.
- He presently also holds the record as the longest-serving Minister for Housing and Urban Affairs in history.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Indian Prime Minister Shri Narendra Modi Invites US President Joe Biden as Chief Guest for Republic Day 2024
- Indian Prime Minister (PM) Shri Narendra Modi has extended an invitation to United States (US) President Joe Biden to be the Chief Guest for India's Republic Day celebrations on January 26, 2024.
- The invitation was made during a bilateral meeting between PM Modi and President Biden on the sidelines of the G20 summit in Delhi, which took place on September 8, 2023.
Key Highlights :
- If President Biden accepts the invitation, he will become the second US President to serve as the Chief Guest at India's Republic Day celebrations.
- The first US President to attend this event was Barack Obama in 2015.
- In the 2022 Republic Day celebrations, the Chief Guest was Egyptian President Abdel Fattah El-Sisi.
- India traditionally invites world leaders to attend its Republic Day celebrations as Chief Guests to symbolise international cooperation and friendship.
- In both 2021 and 2022, there was no Chief Guest for the Republic Day celebrations due to the COVID-19 pandemic, which disrupted many international events.
About USA:
- Capital: Washington, D.C
- Currency: Dollar
- President: Joe Biden
CURRENT AFFAIRS : STATE NEWS
Madhya Pradesh Chief Minister Unveils 108-Foot-Tall Statue of Adi Shankaracharya in Omkareshwar as a Symbol of Oneness
- The Chief Minister (CM) of Madhya Pradesh (MP) Shivraj Singh Chouhan unveiled the 108-foot-tall 'Statue of Oneness' depicting Adi Shankaracharya as a 12-year-old child.
- The statue is located in Omkareshwar.
- Omkareshwar is the temple town located on the Mandhata island of Khandwa district.
- The unveiling of this statue in Omkareshwar is expected to create an important tourism circuit, connecting it with other religious towns in the region, including Ujjain, Maheshwar, and Mandu.
About Adi Shankaracharya :
- Adi Shankaracharya, born in Kerala's Kaladi on the banks of the Periyar River, lived between 788 and 820 AD.
- He is known for being a proponent of Advaita Vedanta, a school of Hindu philosophy that emphasizes non-duality.
- The multi-metal statue of Adi Shankaracharya is positioned on the Mandhata Parvat hill, facing southwards towards the Narmada River.
- Adi Shankaracharya became a proponent of Advaita Vedanta, challenging prevailing philosophical traditions – including Buddhism and Jainism
- The area is close to Mahakaleshwara Jyotirlinga at Ujjain, located 110 km to the northwest.
- The multi-metal Adi Shankaracharya statue is installed atop Mandhata Parvat hill, facing southwards towards the Narmada River.
- This statue stands atop a 54-feet pedestal, supported by a 27-feet lotus petal base which is made of red stone.
- The idol weighs 100 tons and has been installed on a 75-foot-high platform.
- It is made up of bronze that contains 88% copper, 4% zinc and 8% tin and its internal structure is made up of high-quality steel.
- At the base of the statue is the Shankar Stambh, which features wooden domes and stone pillars with carvings depicting 32 stories related to Acharya Shankar.
- The surrounding area, known as Ekatma Dham, showcases a mosaic of architectural styles, including Nagara, Dravidian, Oriya, Maru-Gurjara, Hoysala, North Indian-Himalayan, and Kerala styles.
- An Acharya Shankar International Institute of Advaita Vedanta is being constructed to promote the study and understanding of Advaita Vedanta.
About MP :
- Governor : Mangubhai C. Patel
- Chief Minister : Shivraj Singh Chouhan
- Capital : Bhopal
- National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
- Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Madhya Pradesh Designates 'Veerangana Durgavati Tiger Reserve' as its 7th Tiger Sanctuary
- The Madhya Pradesh (MP) Government has declared the creation of the "Veerangana Durgavati Tiger Reserve," which becomes the 7th tiger reserve in MP.
- Existing Tiger Reserves in Madhya Pradesh: Madhya Pradesh is already renowned for its 6 existing tiger reserves, namely Kanha, Bandhavgarh, Panna, Pench, Sanjay Dubri, and
- The addition of the Veerangana Durgavati Tiger Reserve further strengthens the state's commitment to tiger conservation.
- With this addition, India now has a total of 54 tiger reserves across the country.
About Veerangana Durgavati Tiger Reserve :
- The Veerangana Durgavati Tiger Reserve is situated in the Sagar, Damoh, and Narsinghpur districts of Madhya Pradesh, covering a vast area of 2,339 square kilometres.
- This new tiger reserve will include areas within the Nauradehi Wildlife Sanctuary and Durgavati Wildlife Sanctuary.
- To facilitate the natural movement of tigers to the new reserve, a green corridor will be developed to connect the Panna Tiger Reserve (PTR) with the Veerangana Durgavati Tiger Reserve
Himachal Pradesh Chief Minister Thakur Sukhvinder Singh Sukhu launches Integrated Consumer Portal of Himachal Pradesh State Electricity Board Limited (HPSEB)
- Himachal Pradesh (HP) Chief Minister (CM) Thakur Sukhvinder Singh Sukhu launched the Integrated Electricity Consumer Portal of Himachal Pradesh State Electricity Board Limited (HPSEBL).
- Aim : To usher in a paperless work culture within the organization, which is expected to streamline administrative processes and expedite services.
- This is a part of transforming HP into a Green Energy State by 31st March, 2026.
Features of the portal :
- The consumers now will no longer have to stand in long queues to pay their electricity bills and can submit it online.
- Moreover, those seeking new electricity connections can also apply online and conveniently track the progress of their applications through this portal.
- The portal extends its services to cover various services offered by HPSEBL, such as change of name and load adjustments etc.
- The portal would have the energy generation data and offer the service to submit online invoices by Independent Power Producers (IPP) without visiting the concerned offices.
About HP :
- Governor : Shiv Pratap Shukla
- Chief Minister : Sukhvinder Singh Sukhu
- National Park : Pin Valley National Park, Great Himalayan National Park
- Wildlife Sanctuary : Kalatop Khajjiar Sanctuary,
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Bhargav Dasgupta Resigns as MD & CEO of ICICI Lombard, Set to Join ADB as Vice President for Market Solutions
- Bhargav Dasgupta, who served as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Lombard General Insurance, has resigned from his position after nearly a 14-year tenure with the company.
- Dasgupta will be joining the Asian Development Bank (ADB) as a Vice President for a period of 3 years.
- In his new position at ADB, Dasgupta will be responsible for managing the operations of ADB's Private Sector Operations Department and the Office of Markets Development and Public–Private Partnerships.
About Bhargav Dasgupta :
- Bhargav Dasgupta initiated his career with the erstwhile ICICI Limited in 1992.
- Throughout his career, he has held key leadership roles in various business areas within the ICICI Group. These roles include Project Finance, Corporate Banking, E-commerce, Technology Management, International Banking, and Life Insurance.
- During Bhargav Dasgupta's 14-year leadership at ICICI Lombard, the company witnessed significant financial growth. The revenues of the company grew sixfold, and net profits increased substantially by 78 times under his leadership.
- As per extant regulations, Bhargav would have had to step down from his position in April 2024 after completion of 15 years.
About ADB :
- Established : 19 December 1966
- Headquarters : Mandaluyong, Philippines
- President : Masatsugu Asakawa
- Membership : 68 countries
Actor Suresh Gopi Nominated as President of Satyajit Ray Film & Television Institute (SRFTI)
- Malayalam actor and politician Suresh Gopi was nominated as the president of the Kolkata-based Satyajit Ray Film & Television Institute (SRFTI).
- He will also be performing the responsibilities of a chairman of its governing council.
- He has been nominated for a period of 3 years.
About Suresh Gopi :
- Suresh Gopi is a Malayalam actor-politician.
- He is known for films such as “Kaliyattam”, "Commissioner", and "Paappan".
- He began his political career after he joined the Bharatiya Janata Party in October 2016.
- In 2019, he also contested the Lok Sabha elections from Thrissur constituency in which he lost to Congress’s TN Prathapan.
- He is a former Rajya Sabha Member of Parliament (MP).
- He was also awarded the 1997 National Award for Best Actor in his role in Kaliyattam.
About SRFTI :
- Established : 1995
- Headquarters : Kolkata, West Bengal
CURRENT AFFAIRS: BUSINESS NEWS
Emcure Pharma plans to launch $400-500 million IPO in 2024, hires Kotak, Jefferies for it
- Emcure Pharmaceuticals is planning to raise $400-500 million from initial public offering (IPO) in 2024.
- The development revives the listing plans for the pharmaceutical company which it shelved in 2022 as Russia's invasion of Ukraine disrupted global markets.
- The company has hired investment banks JP Morgan, Jefferies and Kotak for the IPO and the sources stated that it is targeting a valuation of about $3 billion.
- Emcure is among companies looking to capitalize on the world's most populous country's increasing need for medicines and a growing health awareness among citizens.
- India's pharmaceuticals market is expected to reach $130 billion in 2030 from $50 billion currently, and deal-making in the sector is booming.
Aditya Birla Finance to raise ₹2,000 crore via maiden NCD public issue
- Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is to raise up to ₹2,000 crore through its maiden public issue of non-convertible debentures (NCDs).
- NCDs are fixed-income securities listed with major stock exchanges (BSE and NSE) in India.
- These NCDs can be an option for investors with a medium risk tolerance who are seeking alternatives to bank and corporate FDs.
- NCDs cannot be converted into shares or equities.
About Non Convertible Debentures (NCDs):
● Debentures are long term financial instruments that companies issue to raise more money from investors.
● It is generally not backed by any collateral and thus highly depends on the creditworthiness and reputation of the issuer.
- Because of this reason, debentures are mainly issued by large companies to raise funds at a fixed rate of interest without any security.
- There are various types of debentures.
- One such category is convertible debentures and nonconvertible debentures.
- Convertible debentures are those debentures which give an option to the holder to get it converted either in a share of the issuing company after a specified period of time.
- On the other hand, NCD meaning is that debentures do not provide any such option to the holder at the time of maturity.
What are Non-Convertible Debentures?
- Non-convertible debentures are fixed-income instruments for specific terms and interest rates.
- Big companies issue them to raise funds without giving any option of conversion to equity.
- The interest rates offered on NCD debentures are more or less fixed.
- On maturity, the investor will get back the principal amount along with interest.
- Since NCDs are not backed by collateral, but just the creditworthiness of the issuer, ratings given by credit rating agencies become important.
- Such ratings help investors to understand the history of the issuer’s creditworthiness and what it may look like in the future.
Types of Non-Convertible Debentures: Secured and Unsecured
Secured NCDs
- Secured NCDs are those NCDs that are backed by the issuer company’s assets.
Unsecured NCDs
- When the NCDs are based only on the creditworthiness of the issuer and not backed by assets, they are called unsecured NCDs.
CURRENT AFFAIRS : DEFENCE NEWS
19th Edition of YUDH ABHYAS Military Exercise to Take Place in Alaska
- The 19th edition of "EXERCISE YUDH ABHYAS" will be conducted from September 25 to October 8, 2023, in Fort Wainwright, Alaska,United States of America (USA).
- The theme of the Exercise is ‘Employment of an Integrated Battle Group in Mountain/ Extreme Climatic Conditions’ under Chapter VII of the United Nations mandate.
Note :
- The 18th edition of the exercise took place in Auli, Uttarakhand, India, in November 2022.
- The 1st edition of the exercise took place in Agra Uttar Pradesh (UP), India in 2002.
About YUDH ABHYAS :
- It is an annual exercise conducted jointly by the Indian Army and the United States Army.
Participants :
- Indian Army Contingent: The Indian Army contingent participating in this edition comprises 350 personnel.
- Lead Battalion: The lead battalion from the Indian side is affiliated with the MARATHA Light Infantry Regiment.
- US Army : The 1-24 Infantry Battalion of the 1st Brigade Combat Team will participate from the US side.
Objective :
- To enhance interoperability between the two armies, focusing on conducting UN peacekeeping operations.
- Tactical drills will be practised to achieve this objective.
- “EX YUDH ABHYAS-23” will facilitate both Armies to mutually learn from each other and further strengthen the bonds between the two armies.
Key Highlights :
- Personnel from both sides will engage in detailed discussions to share their experiences and best practices related to various aspects of military operations.
- The exercise includes the validation of Integrated Battle Groups at the Brigade level, Integrated Surveillance Grid at the Brigade/Battalion level, deployment of Heliborne/Airborne elements, logistics and casualty management, evacuation, combat medical aid, and other aspects relevant to high-altitude areas and extreme climatic conditions.
- Exchange of views and best practices in a wide spectrum of combat skills will be a part of the exercise, covering areas such as combat engineering, obstruction clearance, mine warfare, and Improvised Explosive Devices (IEDs) warfare.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ministry of Defence
- Defence Secretary : Giridhar Aramane
CURRENT AFFAIRS: SPORTS NEWS
India's overall tally stands at 11 medals in Asian Games at Hangzhou
- India's overall tally stands at eleven medals- two gold, three silver and six bronze in the Asian Games at Hangzhou, China so far.
- The Indian Women's Cricket team clinched the second gold for the country, beating Sri Lanka by 19 runs at the final match.
- Smriti Mandhana showed her mettle by scoring 46 runs, contributing immensely to India's total of 116 runs.
- It followed Indian trio Rudrankksh Patil, Divyang Panwar and Aishwary Tomar's gold win in the Men's 10m air rifle team event, also held.
- Indian Men's Quadruple Scull team and men's four team in Rowing bagged bronze, while Aishwary Tomar won bronze in men's 10m air rifle -individual- event.
- In 25m rapid fire pistol team Men's event, Indian team comprising Anish Bhanwala, Vijayveer Sidhu and Adarsh Singh too has secured the bronze.
- Previously, India won its first medal in shooting as the trio of Ramita Jindal, Mehuli Ghosh and Ashi Chouksey earned a Silver in the women's 10m air rifle event.
- Shortly after the first medal, Indian duo Arjun Lal Jat and Arvind Singh won a silver in men's lightweight double sculls in the rowing discipline.
- Rowing fetched India further medals, with the men's eight team adding another silver, while Babu Lal Yadav and Lekh Ram secured bronze in the men's pair.
- In the women's 10m air rifle final, India's Ramita won a bronze medal, taking the overall tally up to 11.
CURRENT AFFAIRS: IMPORTANT DAYS
Antyodaya Diwas 2023: 25 September 2023
- India celebrates Antyodaya Diwas annually on September 25 to commemorate the birth anniversary of Pandit Deendayal Upadhyaya.
Why Antyodaya Diwas?
- Antyodaya Diwas is celebrated annually in India to mark the birth anniversary of Indian leader Pandit Deendayal Upadhyaya.
- It is a day of remembrance and celebration of his life and legacy and he was one of the most prominent figures in India's political history.
- He was a co-founder of the Bharatiya Jana Sangh (BJS) and a thinker of the Rashtriya Swayamsevak Sangh (RSS).
- Upadhyaya is also known for his efforts to uplift the poor and less fortunate, and so his birth anniversary is celebrated on Antyodaya, which means 'rising of the last'.
Antyodaya Diwas history:
- Pandit Deendayal Upadhyaya was born in Mathura on 25 September 1916. In honour of Pandit Deendayal Upadhyaya's birth anniversary, Indian Prime Minister Modi declared this day a national holiday in 2014.
- He died in 1968 near the Mughalsarai Junction railway station.
- The UP government later changed the name of the station to 'Deen Dayal Upadhyaya Junction' in 2018.
- On this day in 2014, the Ministry of Rural Development re-introduced Aajeevika Skills, a skill development programme under the National Rural Livelihoods Mission (NRLM).
- It was later renamed Deendayal Antyodaya Yojana- NRLM in November 2015.
Significance of Antyodaya Diwas:
- In keeping with the Antyodaya Mission's mission to reach out to all, the motto of the day is to help all underprivileged and rural youth in India find local, national and global employment opportunities.
- To create awareness about the need to protect and care for the underprivileged and vulnerable members of society, the government organised symposiums, blood donation camps, programmes and orientation sessions.
- On this special day, the government organises many activities across the country to help people who lack basic necessities.
CURRENT AFFAIRS: BOOKS & AUTHORS
‘Elon Musk’ biography becomes second bestseller by Walter Isaacson
- Elon Musk's biography by American author-journalist Walter Isaacson, saw strong sales during its first week after launch, with a total of 92,560 copies being sold, according to data compiled by the book tracking platform Circana BookScan.
About Elon Musk:
- Elon Reeve Musk(born June 28, 1971) is a business magnate and investor.
- Musk is the founder, chairman, CEO and chief technology officer of SpaceX; angel investor, CEO, product architect and former chairman of Tesla, Inc.; owner, chairman and CTO of X Corp.; founder of the Boring Company; co-founder of Neuralink and OpenAI; and president of the Musk Foundation.
- He is the wealthiest person in the world, with an estimated net worth of US$241 billion as of September 2023, according to the Bloomberg Billionaires Index, and $261 billion according to Forbes, primarily from his ownership stakes in both Tesla and SpaceX.
Daily CA on Sep 26 :
- The Reserve Bank of India (RBI) has introduced norms on the Basel III capital framework, fund raising, exposure guidelines, and norms on classification and valuation of investment portfolios for All India Financial Institutions (AIFIs), which will come into effect from April 2024.
- The Securities and Exchange Board of India (SEBI) has introduced several relaxations for Large Corporates (LCs) to facilitate their financing needs from the debt market.
- The State Bank of India (SBI) successfully raised ₹10,000 crore through the issuance of infrastructure bonds at an interest rate of 7.49%.
- The Reserve Bank of India (RBI) has issued a "Draft Master Direction" that focuses on the treatment of wilful defaulters and large defaulters in the banking and financial sector.
- PhonePe, a Bengaluru-based digital payments company, has introduced its own app store platform called the "Indus Appstore Developer Platform to attract Android developers in India.
- The first C-295 MW transport aircraft formally inducted in the presence of Raksha Mantri Rajnath Singh at the Indian Air Force airbase in Hindan, Ghaziabad, Uttar Pradesh.
- Tamil Nadu has become one of the largest manufacturers of Electric Vehicles (EV) sold this year, data from Ministry of Road Transport and Highways’ Vahan Dashboard stated.
- Minister of Power, New and Renewable Energy RK Singh today inaugurated the ‘India Energy Summit 2023' at FICCI Federation House in New Delhi.
- Petroleum and Natural Gas Minister Hardeep Singh Puri launched a first-of-its-kind Hydrogen Fuel Cell Bus from India Gate in New Delhi.
- Indian Prime Minister (PM) Shri Narendra Modi has extended an invitation to United States (US) President Joe Biden to be the Chief Guest for India's Republic Day celebrations on January 26, 2024.
- The Chief Minister (CM) of Madhya Pradesh (MP) Shivraj Singh Chouhan unveiled the 108-foot-tall 'Statue of Oneness' depicting Adi Shankaracharya as a 12-year-old child.
- The Madhya Pradesh (MP) Government has declared the creation of the "Veerangana Durgavati Tiger Reserve," which becomes the 7th tiger reserve in MP.
- Himachal Pradesh (HP) Chief Minister (CM) Thakur Sukhvinder Singh Sukhu launched the Integrated Electricity Consumer Portal of Himachal Pradesh State Electricity Board Limited (HPSEBL).
- Bhargav Dasgupta, who served as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Lombard General Insurance, has resigned from his position after nearly a 14-year tenure with the company.
- Malayalam actor and politician Suresh Gopi was nominated as the president of the Kolkata-based Satyajit Ray Film & Television Institute (SRFTI).
- Emcure Pharmaceuticals is planning to raise $400-500 million from initial public offering (IPO) in 2024.
- Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is to raise up to ₹2,000 crore through its maiden public issue of non-convertible debentures (NCDs).
- The 19th edition of "EXERCISE YUDH ABHYAS" will be conducted from September 25 to October 8, 2023, in Fort Wainwright, Alaska,United States of America (USA).
- India's overall tally stands at eleven medals- two gold, three silver and six bronze in the Asian Games at Hangzhou, China so far.
- India celebrates Antyodaya Diwas annually on September 25 to commemorate the birth anniversary of Pandit Deendayal Upadhyaya.
- Elon Musk's biography by American author-journalist Walter Isaacson, saw strong sales during its first week after launch, with a total of 92,560 copies being sold, according to data compiled by the book tracking platform Circana BookScan.
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