Employment News 31 August 2013 ,Current News For Exams 2013
India's first company to reach $100 billion in market capital
Tata Consultancy Services (TCS), the world's most valuable IT services company and the country's biggest software exporter, has become the first Indian company to hit a market cap of over Rs 4 lakh crore (around $60 billion at Friday's exchange rate) .
is also the second company to cross that benchmark in Indian capital market history.
The gap between the market capitalisation of TCS and its nearest rival in valuation, Reliance Industries.
CLSA, a leading foreign brokerage, on Friday said TCS has the potential to climb even further and become India's first company to reach $100 billion in market cap in the next few years.
TCS has traded at an average multiple of 19 times its earnings and 6 times its book value over the past three-four years. Until two years ago, InfosysTechnologies traded at par with TCS while Cognizant was at a premium, but the Tata company has now left both far behind.
India's first company to reach $100 billion in market capital
Tata Consultancy Services (TCS), the world's most valuable IT services company and the country's biggest software exporter, has become the first Indian company to hit a market cap of over Rs 4 lakh crore (around $60 billion at Friday's exchange rate) .
is also the second company to cross that benchmark in Indian capital market history.
The gap between the market capitalisation of TCS and its nearest rival in valuation, Reliance Industries.
CLSA, a leading foreign brokerage, on Friday said TCS has the potential to climb even further and become India's first company to reach $100 billion in market cap in the next few years.
TCS has traded at an average multiple of 19 times its earnings and 6 times its book value over the past three-four years. Until two years ago, InfosysTechnologies traded at par with TCS while Cognizant was at a premium, but the Tata company has now left both far behind.
APGVB opens 1.47 lakh no-frills
accounts on single day
Andhra Pradesh Grameena Vikas Bank (APGVB) has opened
about 1.5 lakh no-frills accounts in eight districts of the State on a single
day as part of Direct Benefit Transfer (DBT) initiative.
The 638 branches together opened 72,122 accounts while
the bank’s financial inclusion machinery under branchless banking business correspondent
model had opened 75,320 no-frills-accounts in 64 villages in Warangal district.
These accounts, opened with zero balance and seeded
with Aadhaar cards will be Aadhaar payment bridge to facilitate electronic fund
transfer like subsidies, scholarships, from concerned Government Departments.
The beneficiaries can withdraw the amount either at our
branches or SBI group ATMs or through branchless banking business correspondent
agents (BCAs). Our bank started issuing RuPay ATM Debit Cards and has already
in place BCAs,’’ the bank said in a release on Friday.
It has set a target of opening 10 lakh accounts in the
next three months, it added.
RBI plans to request Tirupati, Shirdi shrines to sell their gold
Reserve Bank of India, which has been making gold imports more difficult through a series of restrictions, is discussing with banks on how to convince temple trusts to deposit their hoard of idle jewellery that could be converted into bullion, said two bankers familiar with the matter.
The Tirupati temple in Andhra Pradesh, Shirdi Sai Baba temple in Maharashtra, Siddhivinayak at Mumbai and Padmanabhaswamy temple in Thiruvananthapuram are among the richest in India with huge reserves of gold and precious metals.
Tirupati is among the world's richest temples with an estimated gold hoard of about 1,000 tonnes, nearly double of India's estimated imports this year.
The country, as a whole, is estimated to have a gold stock of 18,000-30,000 tonnes.
The temple trusts, however, do not seem inclined towards such a plan, at least for now.
In fact, the roofs of many temples, such as the Nataraja temple in Chidambaram, Tamil Nadu, and Tirupati are covered with gold.
RBI is counting on banks handling the accounts of these temple trusts to convince them to convert their huge gold deposits into cash, the bankers said.
RBI plans to request Tirupati, Shirdi shrines to sell their gold
Reserve Bank of India, which has been making gold imports more difficult through a series of restrictions, is discussing with banks on how to convince temple trusts to deposit their hoard of idle jewellery that could be converted into bullion, said two bankers familiar with the matter.
The Tirupati temple in Andhra Pradesh, Shirdi Sai Baba temple in Maharashtra, Siddhivinayak at Mumbai and Padmanabhaswamy temple in Thiruvananthapuram are among the richest in India with huge reserves of gold and precious metals.
Tirupati is among the world's richest temples with an estimated gold hoard of about 1,000 tonnes, nearly double of India's estimated imports this year.
The country, as a whole, is estimated to have a gold stock of 18,000-30,000 tonnes.
The temple trusts, however, do not seem inclined towards such a plan, at least for now.
In fact, the roofs of many temples, such as the Nataraja temple in Chidambaram, Tamil Nadu, and Tirupati are covered with gold.
RBI is counting on banks handling the accounts of these temple trusts to convince them to convert their huge gold deposits into cash, the bankers said.
Former MP, veteran journalist Prashant passes away
Former Member of Parliament, veteran Journalist and
writer D.C. Prashant has passed away.
After prolonged illness Prashant breathed his last at
his hometown in Jammu in Jammu and Kashmir last night. He was 96. After being
elected as an independent candidate from Jammu and Kashmir, Prashant had been
the member of Rajya Sabha from 1982 to 1988.
His contributions in the field of journalism and
literature of Dogri and Hindi languages are remarkable.
He has also remained associated with All India Radio and
PTI for a long period. Prashant’s Hindi and Dogri Radio Plays won him acclaim
at national level.
Federal Bank launches e-passbook
Federal Bank has launched FedBook , an electronic version of the traditional passbook. Customers can freely download and install the application on their smart devices.
FedBook can be carried in one's mobile or tab and it helps customers to view all transactions in their multiple bank accounts online and offline for 24 hours.
The bank has made it available on the Android platform at present. It will be released for other platforms shortly, according to a bank statement.
The application is user friendly, secure and enables real-time access to transactions, freeing the users from the restrictions of business hours and bank holidays.
The application comes with `search' to filter out specific transactions and facility to tag personalized remarks to transactions etc.
US launches investigation against Indian trade practices
A US Federal agency has launched an investigation into Indian trade policies which allegedly discriminate against the American trade and investment.
The investigation, "Trade, Investment and Industrial Policies in India: Effects on the US Economy", was requested jointly by the Senate Committee on Finance and the House Committee on Ways and Means.
USITC will survey a sample of US firms to measure perceptions of India's policies and the impact of those policies on firms' strategies toward India.
The survey results will complement the quantitative analysis of the effects of these policies on trade, investment, and the US economy.
The USITC will deliver the report to the Committees by November 30, 2014, the statement said, adding that it will hold a public hearing in connection with the investigation on February 13, 2014.
Federal Bank launches e-passbook
Federal Bank has launched FedBook , an electronic version of the traditional passbook. Customers can freely download and install the application on their smart devices.
FedBook can be carried in one's mobile or tab and it helps customers to view all transactions in their multiple bank accounts online and offline for 24 hours.
The bank has made it available on the Android platform at present. It will be released for other platforms shortly, according to a bank statement.
The application is user friendly, secure and enables real-time access to transactions, freeing the users from the restrictions of business hours and bank holidays.
The application comes with `search' to filter out specific transactions and facility to tag personalized remarks to transactions etc.
Foreign Minister of Nicaragua,Samuel
Santos Lopez visited India
The Foreign Minister of Nicaragua, Samuel Santos Lopez
paid an official visit to India since 19 August to 23 August 2013.
Earlier, he had visited India in June 2008 to
participate in the India-SICA (Central American Integration System) Foreign Ministers'
meeting.
Nicaragua is an important member of SICA with which
India has an institutionalized dialogue mechanism at the Foreign minister
level. During his visit, India and Nicaragua discussed bilateral, regional and
international issues of mutual interest.
India and Nicaragua enjoy warm and friendly relations
and both countries share common perspectives on a wide variety of international
issues.
Bilateral trade between the two countries for the year
2012-13 was 60.12 million US dollars.
Foreign Minister Lopez also interacted
with a number of high representatives from business and industry for promoting
trade and investment linkages.
US launches investigation against Indian trade practices
A US Federal agency has launched an investigation into Indian trade policies which allegedly discriminate against the American trade and investment.
The investigation, "Trade, Investment and Industrial Policies in India: Effects on the US Economy", was requested jointly by the Senate Committee on Finance and the House Committee on Ways and Means.
USITC will survey a sample of US firms to measure perceptions of India's policies and the impact of those policies on firms' strategies toward India.
The survey results will complement the quantitative analysis of the effects of these policies on trade, investment, and the US economy.
The USITC will deliver the report to the Committees by November 30, 2014, the statement said, adding that it will hold a public hearing in connection with the investigation on February 13, 2014.
Melbourne Most Liveable Cities Of 2013
Melbourne made it three years in a row as the
world's most livable city, according to the 2013 Economist Intelligence
Unit's (EIU) Global Livability Survey.
The top cities and indeed much of the rankings remained
similar to last year, with Australian and New Zealand cities landing five of
the top 10 spots. Canadian cities made up another three of the top 10
positions.
Elsewhere in the EIU rankings, 28 cities saw changes in
their rankings with negative livability changes driven by "civil unrest,
with the Arab Spring, European austerity and Chinese discontent all
contributing," according to the EIU report.
Vienna came a close second while Canadian cities
Vancouver and Toronto stayed at third and fourth; Calgary tied with Adelaide
for fifth place.
At the bottom of the list, due to ongoing civil conflict
in Syria is Damascus -- dropping 10 rankings.
A total of 140 cities were surveyed under five
categories: stability, healthcare, culture and environment, education and
infrastructure. Scores in each category and sub-category are compiled and
weighted to give a total out of 100. 100 is considered ideal and 1 intolerable.
Top 10 most livable cities of 2013
1. Melbourne, Australia, 97.5
2. Vienna, Austria, 97.4
3.Vancouver, Canada, 97.3
4. Toronto, Canada, 97.2
5. Calgary, Canada, 96.6
6. Adelaide, Australia, 96.6
7. Sydney, Australia, 96.1
8. Helsinki, Finland, 96.0
9. Perth, Australia, 95.9
10. Auckland, New Zealand, 95.7
TotalGk Update August 2013
ITBP to create new border posts along China border
35 new border posts will be created and additional
ITBP personnel deployed in a phased manner to bolster security on Sino-India
frontier, which has seen a spate of incursions from the Chinese recently.
Outgoing Director General of the Indo-Tibetan Border Police
(ITBP) force Ajay Chadha said while 98 border posts along the frontier, many of
them in high altitudes, will see an increase in troop numbers, 35 new posts
will be created.
The new border posts will require additional personnel,
which will be done by drawing manpower from new recruitments.
At present, India has over 150 border posts along this icy
frontier and the paramilitary personnel guard 3,488 kms of the Line of Actual
Control (LAC).
The DG said the force is also enhancing the communication
and other operational requirements of the personnel at these posts, a number of
which face heavy snow and blizzard conditions year long.
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