Indian Sector Specific News:
A) Indian BFSI:
1) Central Bank of India Enters Insurance Business
- The Central Bank of India has received approval from the Reserve Bank of India (RBI) to enter the insurance sector by forming a joint venture with Generali Group.
- This move will allow the bank to expand its services and offer insurance products alongside its banking operations.
- Source: Economic Times
2) SEBI Probes Adani Group for Disclosure Rule Violations
- SEBI is examining whether Adani Green Energy failed to disclose a US Justice Department investigation into bribery allegations, with fact-finding expected to continue for two weeks before deciding on further action.
- The US prosecutors have charged Gautam Adani in a $250 million bribery case for solar contracts, accusing the Adani Group of false statements, causing shares of Adani’s flagship firm to drop by 23% before recovering slightly.
- Source: Times of India
3) SEBI Sets SOP Guidelines for MIIs on KMP Disciplinary Actions
- SEBI has directed Market Infrastructure Institutions (MIIs) to create SOPs for handling non-compliance by Key Managerial Personnel (KMPs), including penalties like warnings, salary impacts, suspensions, or terminations, effective April 1, 2025.
- The SOPs, requiring approval from the Nomination and Remuneration Committee and governing boards, must detail corporate governance norms, malus-clawback provisions, and measures for serious violations.
- Source: Live Mint
B) Indian Automobile:
1) Hyundai and Kia Recall Over 2 Lakh EVs in the US
- Hyundai and Kia are recalling around 208,000 electric vehicles in the US due to a fault in the Integrated Charging Control Unit (ICCU) that may damage the 12-volt battery, potentially leading to a sudden loss of drive power.
- Dealers will inspect, replace faulty ICCUs, update software, and repair vehicles free of charge as part of the recall.
- Source: Zee Business
C) Indian Pharma:
1) Six Pharma Companies Partner with Telangana Govt for Pharma City
- Six major pharma firms, including Dr. Reddy's Labs, Aurobindo Pharma, and Hetero Labs, signed MoUs with the Telangana government to invest over ₹5,260 crore, creating 12,490 jobs in the Pharma City project.
- Key projects include Dr. Reddy's injectable and biosimilars unit, Hetero Labs' manufacturing plant, and R&D centers and formulation units by MSN, Laurus Labs, and Gland Pharma.
- Source: Business Standard
2) Gas Leak at Sangli Pharma Company Leaves 3 Dead, 9 Injured
- A gas leak at a pharmaceutical company in Sangli, Maharashtra, resulted in the deaths of three people and injuries to nine others.
- Authorities are investigating the cause of the leak, which has raised safety concerns in the industrial area.
- Source: ANI News
D) Indian Telecommunication:
1) Government Notifies Telecom Cyber Security Rules for Enhanced Safety
- The Telecom Cyber Security Rules, 2024, require telecom entities to report security incidents within 6 hours and adopt measures like periodic security audits, mitigation plans, and establishing Security Operations Centres.
- The Central Government can seek data, direct infrastructure setup, and mandate compliance with cyber security policies to protect telecom infrastructure.
- Source: SCC Online
E) Indian IT
1) Tech Mahindra Partners with GCCs for Advanced Services
- Tech Mahindra has collaborated with 60-70 global capability centers (GCCs) to offer specialized services, including AI solutions, cloud capabilities, and advanced BPO models, while also focusing on talent development.
- The company aims to meet growing demands by evolving beyond traditional resource-driven models to enhance its service offerings for GCCs.
- Source: Financial Express
F) Indian Agriculture:
1) Rebuilding India's Agricultural Sector
- India produced 330.5 million metric tonnes of food grains in 2022-23 and is projected to achieve a market size of $24 billion by 2025, with key exports like rice and spices contributing significantly.
- Climate change, shrinking farm sizes, poor irrigation, limited credit access, and insufficient post-harvest infrastructure undermine productivity, while market inefficiencies and low digital adoption hinder growth.
- Source: Drishtiias
G) Indian Energy:
1) Modi Seeks Energy Security from Guyana and Its Vast Oil Deposits
- Prime Minister Modi emphasized Guyana's importance to India’s energy security during his visit, with India seeking to purchase up to two million barrels of crude.
- Guyana, currently producing 650,000 barrels daily, is expected to ramp up to over one million barrels per day with new oil fields coming online in the next three years.
- Source: The Economic Times
2) Oil Prices Rise Amid Escalating Russia-Ukraine Tensions
- Oil prices increased significantly due to growing tensions between Russia and Ukraine, which overshadowed the rise in U.S. crude inventories.
- Brent crude futures saw a rise, highlighting the strong influence of geopolitical events on market dynamics.
- Source: Construction World
H) Indian Infrastructure:
1) 228 Infra Projects Worth Rs 15.89 Trillion Recommended for Approval
- A total of 228 major infrastructure projects, including roads and railways, with an estimated value of Rs 15.89 trillion have been recommended for approval under the PM GatiShakti initiative.
- The projects cover various ministries, emphasizing significant investments in infrastructure development across the country.
- Source: Construction World
Indian Economy and Government Initiatives:
1) Impact of India's Fiscal Policy on Growth and Liquidity
- India's fiscal deficit for FY25 is likely to undershoot the 4.9% target due to a decline in government expenditure, including a 15.4% drop in capital spending, while tax collections rose 12% YoY.
- Easing interbank liquidity conditions and a reduction in government cash surplus have supported the fixed income market despite negative foreign portfolio investor outflows.
- Source: Business Standard
2) India's Declining Foreign Direct Investment (FDI)
- Despite India’s robust economic growth, FDI inflows have been declining, with total FDI falling by 16% to $70.9 billion in FY24, compared to $84.8 billion in FY22.
- The FDI-to-GDP ratio dropped from 1.5% in 2022 to 0.8% in 2023, a stark contrast to its peak of 3.6% before the 2008 global financial crisis.
- Source: India Today
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