3 September Current News 2013

3 September Current News 2013

RBI allows Tech Mahindra to raise FII limit up to 35%

The Reserve Bank on Monday allowed Tech Mahindra to raise the purchasing limit of shares by foreign institutional investors in the company by up to 35 per cent of the paid up capital.

Foreign Institutional Investors (FIIs), NRIs and PIOs are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS). 

Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.

RBI said in a notification---

Tech Mahindra has passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges up to 35 per cent of the paid up capital of the company under Portfolio Investment Scheme.

Bal Shekar to act as Lok Sabha Secretary General

S Bal Shekar, Secretary in the Lok Sabha secretariat, has been asked to perform the duties of the Lok Sabha Secretary General after TK Vishwanathan relinquished his office on August 31. 

Making the announcement in the Lok Sabha on Monday, Speaker Meira Kumar said Vishwanathan has relinquished his office on August 31. He had served in the post since October 1, 2010. 

Shekar, secretary in the Lok Sabha secretariat, will be performing the duties of secretary general for the time being, Kumar said. 

She praised Vishwanathan, saying he had a thorough knowledge of parliamentary practices, procedures and constitutional matters which greatly helped the presiding officers and the panel of chairmen in conducting the proceedings of the House in a smooth and orderly manner. 

India to save $8.5 billion in oil imports from Iran

India plans to save over $ 8.5 billion in foreign exchange this fiscal by increasing crude oil imports from Iran, Oil Minister M Veerappa Moily has told Prime Minister.

Detailing plans to save $ 20 billion in foreign exchange spending, Moily on August 30 wrote to Prime Minister Manmohan Singh saying about 11 million tonnes of crude will be imported from Iran in the remainder of the fiscal.

"About 2 million tonnes crude oil has been imported from Iran so far during the current financial year. An additional import of 11 million tonnes during 2013-14 would result in reduction in forex outflow by $ 8.47 billion (considering the international price of crude oil at $ 105 per barrel)," he wrote.

India, which last fiscal imported 13.1 million tonnes of oil from Iran, has been, since July 2011, paying in euros to clear 55 per cent of its purchases of Iranian oil through Ankara-based Halkbank.

The remaining 45 per cent due amount was remitted in rupees in accounts Iranian oil company opened in Kolkata-based Uco Bank.

India in June won another 180-day waiver from the US sanctions after it cut crude oil imports from Iran by over 27 per cent. 

But its public sector firms did not buy any oil from the Persian Gulf nation in first four months of current fiscal as insurance firms refused to provide cover to refiners processing Iranian oil.

Senegal's president removes prime minister

Senegal's president has removed his prime minister and replaced him with the country's justice minister Aminata Toure.

President Macky Sall didn't disclose a reason in announcing Abdoul Mbaye's departure.

The statement issued by a presidential spokesman only said that "the president thanks the outgoing prime minister."

Senegal's president ousted former longtime leader Abdoulaye Wade in a presidential runoff vote in March 2012, and has been tasked with trying to address high levels of unemployment and a rising cost of living.

Bharti Airtel to acquire Loop Mobile

Bharti Airtel has emerged the frontrunner to acquire Loop Mobile, one of Mumbai's oldest cellular networks, as the company's owners, Dubaibased IP Khaitan and family, seek to exit the telecom sector, said multiple sources aware of the negotiations.

Loop, the fourth-largest operator in Mumbai, started operations in 1995 as BPL Mobile. In 2005, Khaitan Holdings Group took ownership control of the company. Loop has over 3 million customers as per July subscriber numbers.

Loop's subscribers have stayed on despite number portability — which allows them to switch to another operator while retaining their phone number — and the company generates among the highest average revenue per user (ARPU) per month. 

Nearly 30% of its subscribers are post-paid, and spend more per month.

Comparable figures for Airtel in Mumbai are not available, but the number is likely to be much lower.

South Korea Defeated India to Win the Asia Cup Hockey Final at Malaysia

South Korea defeated India 4-3 in the final of the Asia Cup Hockey at Ipoh, Malaysia on 1 September 2013. With this, South Korea confirmed its place in the World Cup at The Hague.

India made a spirited fightback in the second half but failed to earn a direct berth in next year's hockey World Cup as they lost the high-scoring summit clash 3-4 to defending champions South Korea, in Ipoh on Monday. 

The Indians, who are virtually assured of a place in the game's showpiece event to be held at The Hague, Netherlands, needed to win the eight-nation tournament to secure a direct entry in the World Cup.

Korea's fourth title win means Malaysia are certain to return to the World Cup after a gap of 12 years.

Both Australia and New Zealand have already made it to the World Cup through FIH World League.

Sonali Dhawan to take over as marketing director at P&G India

Kainaz Gazder, marketing director of consumer products company P&G India is relocating to China to head its baby-care business in markets such as Taiwan and Hong Kong.

She will be succeeded by Sonali Dhawan, who was previously marketing director for P&G's Pet Care Business for Asia and ANZ. 

Her career spanning 15 years includes handling beauty and haircare business for India, South East Asia and Australia, 39-year-old Gazder is credited with aggressively driving the growth of several P&G brands such as Pampers, Whisper and Vicks in India.