Banking, Financial and Economic Awareness

2020-07-13

1. Thermal coal imports decline

  • In April-June quarter of current fiscal, thermal coal imports have declined 34.70% to 17.71 million tonnes.
  • Coking coal imports have also declined by 28.49% to 10.69 million tonnes in April-June quarter of current fiscal.
  • The data is as per the report of Indian Ports’ Association (IPA).
  • In April-June quarter of previous fiscal, thermal coal imports and coking coal imports stood at 27.13 million tonnes and 14.95 million tonnes, respectively.
  • Thermal coal is used in power generation and coking coal is used for steel making.
  • In the list of largest producers of coal, India comes at third place after China and US.

2. Schedule VII of Companies Act amended

  • Government has amended schedule VII of Companies Act to include corporate spending towards certain CAPF and CPMF personnel under corporate social responsibility.
  • As per the amendment, corporate spending towards Central Armed Police Forces (CAPF) and CPMF veterans will be included under corporate social responsibility.
  • This includes corporate spending towards dependents of CAPF and Central Para Military Forces (CPMF) veterans, including their widows.
  • Before the amendment, only spending towards benefit of armed forces veterans, war widows and their dependents was considered as corporate social responsibility. 
  • Schedule VII of Companies Act, 2013 provides list of activities that companies are allowed to include in their CSR policies.

3. DRHP filed by Gland Pharma

  • A Draft Red Herring Prospectus (DRHP) has been filed by Gland Pharma Ltd.
  • The DRHP is meant for Gland Pharma's proposed Initial Public Offering (IPO).
  • The IPO comprises of an offer for sale of equity shares by Fosun Pharma Industrial Pte. Ltd, Gland Celsus Bio Chemicals Private Ltd, Empower Discretionary Trust and Nilay Discretionary Trust.
  • Gland Pharma Ltd is a Hyderabad-based company. It was formed in 1978. 
  • Draft Red Herring Prospectus (DRHP) is also known as offer document. It provides information about IPO-making Company.

4. CII-ITC Sustainability Award 2019

  • CII-ITC Sustainability Award 2019 has been won by NTPC Limited., which is a Maharatna PSU under power ministry.
  • NTPC has won the award under Outstanding Accomplishment in Corporate Excellence Category.
  • NTPC has also got Commendation for Significant Achievement in the category of CSR.
  • NTPC's CSR programme is Girl Empowerment Mission. It has also started Contractors' Labour Information Management System (CLIMS).
  • CII-ITC Centre of Excellence for Sustainable Development (CESD) has started awards in 2006.
  • NTPC is largest power generation company of India. Its headquarters are in New Delhi. It was formed in 1975.

5. Exclusive Business Development Unit at Trichy

  • Exclusive Business Development Unit has started at Trichy Railway Division, Tamil Nadu.
  • The unit aims to double the Railways freight transport by 2024.
  • Trichy Railway Division comes under southern railway zone, which has six railway divisions.
  • The headquarters of southern railway zone is in Chennai.
  • Other five divisions of southern railway zone are Chennai, Madurai, Salem, Palakkad and Thiruvananthapuram.

6. Indian and global oil and gas companies increasing investment in green energy

  • $700 million has been invested by British Petroleum in India's Green Growth Equity Fund.
  • Shell India now owns 20% stake in Orb Energy, which is Bangalore-based solar energy firm.
  • In December 2019, Indian Oil Corporation (IOC) has announced its plan for investing Rs 2,500 crore in green energy during 5 to 7 years.
  • IOC plans to increase its solar and wind power generation capacity from 216 MW in 2019 to 260 MW in 2020.
  • ONGC has also planned to increase its renewable energy capacity from 176 MW to 5-10 GW by 2040.
  • India is having commitment to lower emission intensity or level of pollutants emitted per unit of GDP by 33-35% from the 2005 levels.

 

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