Saturday, 16 November 2013

G.k. business news (IIFT,SNAP,CMAT)-1

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  • Supreme Court dismisses plea of Novartis for patent of cancer drug
The Supreme Court has dismissed Swiss drugmaker Novartis AG's attempt to win patent protection for its
cancer drug Glivec.

  • Madhya Pradesh pips Bihar to clock highest growth
Madhya Pradesh has decrowned Bihar from its number one position in terms of highest growth of gross state
domestic product.
  • SpiceJet pips AI to become 3rd largest domestic carrier
SpiceJet’s 'Big Sale' scheme of offering million tickets at Rs 2,013 across the country was a super hit. It
helped the budget carrier overtake Air India to grab the third position in domestic airlines market share in
February 2013.
  • Vijaya Bank gets certification from BSI
Vijaya Bank’s announced that its Risk Management Department has received ISO 27001 certification from
the British Standards Institute.
  • NMDC, IndusInd get into Nifty

NMDC Ltd. and IndusInd Bank were included in the CNX Nifty index of the National Stock Exchange (NSE),
replacing Wipro and Siemens. Both companies were included as part of a re-balancing exercise.

  • Norms set for insurance JV by CICs

The Reserve Bank of India (RBI) said that any core investment company (CIC) registered with it needs
minimum Rs.500 crore owned funds to set up a joint venture company for undertaking insurance business.
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  • Suzuki Motor’s stake in Maruti up to 56.21 %

Japanese auto major Suzuki Motor Corporation's stake in subsidiary Maruti Suzuki (MSI) has increased to
56.21 per cent post the merger of its engine and transmission maker Suzuki Powertrain with India’s largest
car maker.
  • Prasad to head Dr. Reddy’s Lab

Dr. Reddy’s Laboratories announced the appointment of G. V. Prasad as its new Chairman and Satish Reddy
as Vice-Chairman.

  • Gold tariff value hiked

In a bid to check unbridled imports of gold and, thereby, contain the widening current account deficit (CAD),
the government, has raised the tariff value of gold to $521 per 10 grams to render its imports costlier.
  • Axis Bank launches special home loan scheme for self-employed

The third largest private sector lender Axis Bank has launched a dedicated home loan product for the selfemployed.
  • GAIL inks 20-yr deal with US co for LNG liquefaction capacity

GAIL India Ltd said it has booked capacity at a proposed LNG production plant in at Lusby in Maryland, US
  • DIPP Secy to head inter-ministerial panel on MSME

The Government has set up an Inter-Ministerial Committee to look into issues faced by small units and
suggest ways to boost the manufacturing in the sector. The committee will be headed by Department of
Industrial Policy and Promotion (DIPP) Secretary Saurabh Chandra.

  • Farooqui takes over as DoT Secretary

MF Farooqui has replaced R Chandrashekhar at Department of Telecom (DoT). Farooqui, a 1978 batch
Indian Administrative Service officer from the Tamil Nadu Cadre, was serving as Secretary, Department of
Heavy Industry before this. Farooqui will have a 15 month tenure in DoT before he attains superannuation
age of 60 years in June 2014.
  • India, Singapore sign enhanced air services agreement

India and Singapore has signed an enhanced air services agreement, immediately raising airline seats by 10
percent on each way in a response to growing passenger traffic between the two countries.
  • Hassad Food buys major stake in Bush Foods

Qatar-based investment firm Hassad Food has acquired an undisclosed majority stake in New Delhi-based
basmati rice company Bush Foods Overseas Ltd., for an estimated $100 million. Hassad Food Company is a
  • SEBI introduces common pool of arbitrators

The Securities and Exchange Board of India (SEBI) has introduced ‘Common Pool’ and ‘Automatic Process’
for selection of arbitrators through stock exchanges. This process has come into effect from April 1, 2013. As
all stock exchanges are having nation-wide trading terminals, the regulator advised them to pool the list of
arbitrators, and create a common pool, instead of having exchange-wise pools of arbitrators.

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