Daily Current Affairs 12 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India to Revise Selection Criteria for Futures and Options Stocks     

• The market watchdog Securities and Exchange Board of India (SEBI) has come up with a consultation paper for reviewing the eligibility criteria of stocks that can be included in the futures and options (F&O) segment.
• SEBI had previously established a framework in 2018 for selecting stocks eligible for trading in the F&O segment.

Key Highlights :

• Proposed MWPL Increase: SEBI proposes to increase the Market Wide Position Limit (MWPL) to Rs 1,250 crore – Rs 1,750 crore, considering the significant rise in overall market capitalization since 2018.
• In the current landscape, the stock’s MWPL on a rolling basis should be at least Rs 500 crore.
• MWPL Definition: MWPL is the maximum number of open F&O contracts allowed for a stock as specified by the bourses.
• ADDV Requirement: Currently, a stock’s Average Daily Delivery Value (ADDV) in the cash market for the previous 6 months should not be below Rs 10 crore for inclusion in the F&O segment.
• SEBI proposes to raise this to Rs 30 crore – Rs 40 crore due to a 208% increase since 2018.
• MQSOS Adjustment: : While in the current regime, the MQSOS or Median Quarter Sigma Order Size of a stock over the last six months on a rolling basis should be at least Rs 25 lakhs, the SEBI now proposes the MQSOS to range between Rs 75 lakh to Rs 1 crore taking cognizance of the average market turnover which is 3.5 times more than 2018.
• Unchanged Rules: The rules remain unchanged for a stock’s average daily market capitalization and average daily traded value, which should both be among the top 500 shares over the last 6 months on a rolling basis.

What are Futures and Options?

• Futures and options are essential tools in the realm of stock market trading, known as derivatives.
• These financial instruments enable investors to enter into contracts where they agree to buy or sell a particular stock asset at a set price on a specified future date.
• By engaging in futures and options contracts, traders aim to mitigate the uncertainties and fluctuations inherent in the stock market by fixing prices in advance.

Differences Between Futures and Options :

Feature	Futures	Options
Nature of Obligation	Obligates the holder to buy/sell the underlying security	Gives the holder the right, but not the obligation, to buy/sell
Contract Execution	Must be executed on the predetermined date	Can be executed if the holder chooses to
Risk	Higher risk due to mandatory execution	Lower risk as the holder can opt not to execute the contract
Potential for Losses	Unlimited potential losses for both buyers and sellers	Limited losses to the premium paid for buyers; potential losses for sellers
Cost	Generally involves margin requirements	Involves payment of a premium
Profit Potential	Potentially unlimited gains and losses	Potential gains can be significant; losses are limited to the premium for buyers
Hedging	Often used for hedging and speculative purposes	Commonly used for hedging, speculative, and income-generating purposes
Price Determination	Price agreed upon in the contract	Strike price determined at the time of contract creation

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI

State Bank of India Grants ₹2,030 Crore in Co-Lending Partnership with Non-Banking Finance Companies     

• The State Bank of India (SBI) has established co-lending tie-ups with 23 non-banking finance companies (NBFCs) and housing finance companies (HFCs) to expand its outreach to the unserved and under-served populations.
• SBI launched an end-to-end digital platform for credit underwriting, sanction, disbursement, and collections for NBFC co-lending.
• This platform enables digital processing and management of loans in partnership with NBFCs.

Key Highlights :

• Loan Sanctions: As of the latest annual report, SBI sanctioned loans totaling ₹2,030 crore to more than 2.79 lakh borrowers under the co-lending model.
• Over 2.70 lakh accounts were sanctioned in a fully digitized manner for loans up to ₹3 lakh.
• MSME Focus: Under co-lending agreements with nine NBFCs, SBI sanctioned loans to 1,042 MSME (micro, small and medium enterprise) accounts, amounting to ₹469 crore, as of March 31, 2024.
• NBFCs’ Role: NBFCs help SBI by assessing the financial needs of the local population and originating fresh loans in various segments such as agriculture, SME, housing, etc., as per a Master Agreement with the Bank.
• NBFC Co-Lending Platform : Under the digital co-lending platform, SBI can exercise its discretion to take or reject its share of loans originated and sanctioned by NBFC, subject to Bank’s due diligence.
• Public Cloud Utilization: The co-lending platform is SBI’s first business application on the public cloud (Amazon Web Services), integrated using generic APIs (application programming interfaces).
• State Bank Operation Support Services (SBOSS): SBI’s subsidiary, SBOSS, has stabilized operations in Rural/Semi Urban (RUSU) areas, sourcing over 6.70 lakh new Kisan Credit Card (KCC) loans worth more than ₹13,500 crore, operating on a “High Tech, High Touch and Low Cost” model.

What does co-lending mean?

• Co-lending is an arrangement where banks and non-banking financial companies (NBFCs) collaborate to provide loans to borrowers.
• It helps to increase lending capacity and reduces risk for individual lenders by sharing both the credit risk and the loan amount.
• Structure of Co-lending:In co-lending arrangements, banks and NBFCs jointly contribute credit for priority sector lending.
• Typically, the loan amount is shared between the bank and the NBFC, with the bank holding the majority share (usually 80%) and the NBFC holding the remaining portion (minimum of 20%).
• Purpose of Co-lending:Facilitates greater financial inclusion by enabling increased access to credit for borrowers, especially in priority sectors like small businesses, agriculture, and micro-enterprises.
• Allows banks to leverage the expertise and customer reach of NBFCs in specific sectors or regions, enhancing the efficiency of lending operations.
• Example of Co-lending Initiatives:SBFC (Small Business Finance), an NBFC focusing on small business lending, participated in one of the earliest co-lending partnerships with ICICI Bank in 2019.
• The collaboration between ICICI Bank and SBFC demonstrates the practical implementation of co-lending arrangements between banks and NBFCs.
• Regulatory Framework:Co-lending arrangements are regulated by the Reserve Bank of India (RBI) and must adhere to the guidelines set forth by the central bank.
• The RBI periodically reviews and updates the regulatory framework governing co-lending to ensure transparency, fairness, and stability in the financial system.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

SBI Mutual Fund Surpasses Rs 10 Trillion in Assets, Becoming the First Fund House to Achieve This Milestone   

• SBI Mutual Fund, India’s largest asset management company (AMC) based on assets under management (AUM), has become the 1st mutual fund house in the country to surpass Rs 10 lakh crore in Average Assets Under Management (AAUM).

Key Highlights :

• Overall Mutual Fund Industry AUM: According to data from the Association of Mutual Funds of India (AMFI), the total assets under management (AUM) of the mutual fund industry, including open-ended and closed-end funds, stood at Rs 58.91 lakh crore as of May end, compared to Rs 57.26 lakh crore in April.
• AAUM Growth of SBI Mutual Fund: In the previous financial year, the AAUM of SBI Mutual Fund increased from Rs 7.17 lakh crore to Rs 9.14 lakh crore, registering a growth of 27%.
• The AAUM growth has maintained a compounded annual growth rate (CAGR) of around 26% from FY19 to FY24.
• Factors Driving Growth : As per the fund house, the AAUM growth has been achieved on the back of an increase in the Systematic Investment Plan (SIP) book (Rs 3,007 crore as on March 31, 2024) and penetration in T30 and B30 locations.
• T-30 refers to the top 30 geographical locations in India, and B-30 refers to locations beyond the top 30, as per the Securities and Exchange Board of India (SEBI) classification.
• Thematic Funds:SBI Mutual Fund saw significant interest in its thematic offerings, such as:
• SBI Energy Opportunities Fund: ₹6,800 crore, 1.7 lakh new investors.
• SBI Automotive Opportunities Fund: ₹5,710 crore, over 1.11 lakh new investors.
• Product Portfolio: SBI Mutual Fund offers a diverse range of 116 schemes across equity, debt, hybrid, and commodity categories as of June end. This includes 44 equity schemes, 57 debt schemes, six hybrid schemes, and two commodity schemes.
• Asset Mix: The percentage of equity assets in SBI MF’s total AUM accounts for approximately 61%, followed by 22.5% in debt schemes and 15.15% in hybrid schemes.

About SBI Mutual Fund :

• Founded: June 29, 1987
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Shamsher Singh
• Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset management company.

Mutual Fund Equity Inflows Reach Record High Amidst Investor Response to Market Volatility    

• Inflows into equity schemes of mutual funds surged by 83% to ₹34,697 crore in the last month, up from ₹18,917 crore in April.
• This marks a new high, surpassing the ₹30,000 crore mark for the first time.
• The thematic HDFC Manufacturing fund collected ₹9,563 crore through a New Fund Offer (NFO) in May 2024.
• Overall, thematic funds received investments totaling ₹19,213 crore, compared to ₹5,166 crore previously.

Key Highlights :

• Small and Mid-Cap Schemes: Small-cap and mid-cap funds attracted significant inflows, with small-cap schemes receiving ₹2,724 crore (compared to ₹2,208 crore previously) and mid-cap schemes receiving ₹2,605 crore (compared to ₹1,793 crore previously).
• Large-Cap Funds: Investor interest in large-cap funds was relatively moderate, with net investments of ₹663.09 crore during the month.
• Systematic Investment Plans (SIPs): The gross SIP contribution increased by 3% to ₹20,904 crore, up from ₹20,371 crore. Net SIP contributions grew by 7% to ₹9,226 crore, up from ₹8,660 crore.
• Household Savings: Despite the rise in SIP inflows, overall household savings decreased to 5.4% in the last fiscal year, down from 7.6% in FY’23.
• Total MF Assets Under Management (AUM): Mutual fund AUM rose to ₹58.91-lakh crore in May, up from ₹57.26-lakh crore in April.
• Investor Behavior: Investors leveraged market volatility to increase their investments in equity mutual funds, resulting in record-high inflows and reflecting a strategic approach to market fluctuations.

Dubai’s Indian Business and Professional Council Partners with National Payments Corporation of India and Reserve Bank of India to Highlight Advances in Digital Payments and Currency Settlement Mechanisms          

• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), held a conclave to showcase advancements in digital payments and currency settlement mechanisms.
• Objective of the Conclave : To enhance economic cooperation and facilitate seamless cross-border transactions between India and the United Arab Emirates (UAE).
• The conclave was held at the Taj Dubai and highlighted the Local Currency Settlement (LCS) framework, a significant outcome of Prime Minister Narendra Modi’s visit to the UAE earlier in 2024..

Key Highlights :

• Benefits of the LCS Framework:The LCS framework leverages the stability of the Indian Rupee and advanced digital payment technologies to reduce transaction costs and enhance financial transparency and convenience.
• Economic Impact:The initiative aims to create a seamless financial ecosystem benefiting businesses and consumers, fostering deeper economic ties between India and the UAE.
• RuPay and UPI Integration:RuPay cards are now accepted in the UAE via the Mercury payment gateway.
• UPI payments can be made via Mashreq Bank in the UAE.
• Upcoming Launches:The RuPay stack named “JAYWAN” will launch in the UAE in July 2024, with further enhancements planned for October 2024.
• Future Initiatives:Planned initiatives include integrating UPI with the Aani service for remittances and enabling international acceptance of RuPay cards.
• Aani is an instant payment platform operated by Al Etihad Payments in the UAE.
• Significance of Collaboration:This collaboration marks a significant step in digital payment innovation, enhancing the ease of cross-border financial transactions and contributing to the strengthening of India-UAE economic relations.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

CURRENT AFFAIRS: NATIONAL NEWS

Indian tripartite delegation at the 112th session of International Labour Conference (ILC)

• The Indian tripartite delegation, led by Secretary (Labour & Employment), Sumita Dawra, actively participated in the 112th session of the International Labour Conference (ILC) of the International Labour Organisation (ILO) in Geneva, Switzerland.

Ms Sumita Dawra: Background and Responsibilities

• Dawra, a 1991 Batch IAS officer from Andhra Pradesh Cadre, currently serves as Special Secretary in the Ministry of Commerce and Industry.
• She oversees the Logistics division of DPIIT and is responsible for implementing the Prime Minister’s flagship programme – PM GatiShakti National Master Plan.
• With a background in serving Andhra Pradesh at both district and state levels, she brings extensive experience in development and welfare programmes.

Overview of the International Labour Conference

• The 112th annual International Labour Conference, held from 3–14 June 2024, convened worker, employer, and government delegates from the ILO’s 187 Member States.
• Discussions covered various topics, including protection against biological hazards, fundamental principles and rights at work, and the care economy.

Role of the International Labour Organization

• Established in 1919 under the League of Nations, the International Labour Organization is a United Nations agency dedicated to advancing social and economic justice through international labour standards.
• The Conference serves as the ILO’s primary decision-making body, facilitating dialogue among member States and shaping global labour policies.

Full list of Union government ministers with portfolios

• Having secured the numbers to form the government, the National Democratic Alliance (NDA), spearheaded by Prime Minister Narendra Modi, administered the oath of office

Minister	Portfolios
Prime Minister Narendra Modi	Prime Minister; Ministry of Personnel, Public Grievances and Pensions; Department of Atomic Energy; Department of Space; All important policy issues; and All other portfolios not allocated to any Minister.
Nirmala Sitharaman	Finance; Corporate Affairs
Amit Shah	Home Affairs; Cooperation
S. Jaishankar	External Affairs
Rajnath Singh	Defence
Nitin Gadkari	Road Transport and Highways
Dharmendra Pradhan	Education
Piyush Goyal	Commerce; Industry
Manohar Lal Khattar	Housing; Urban Affairs; Power
H. D. Kumaraswamy	Ministry of Heavy Industries and Steel
J.P. Nadda	Health and Family Welfare; Minister of Chemicals and Fertilizers.
Sarbananda Sonowal	Ports; Shipping; Waterways
Annpurna Devi	Women; Child Development
Kiren Rijiju	Parliamentary Affairs; Minority Affairs
Dr. Mansukh Mandaviya	Labour; Employment; Youth Affairs; Sports
G. Kishan Reddy	Coal; Mines
Pralhad Joshi	Consumer Affairs; Food and Public Distribution; New and Renewable Energy
Jual Oram	Tribal Affairs
Giriraj Singh	Textiles
Jyotiraditya M. Scindia	Communications; Development of North Eastern Region
Dr. Virendra Kumar	Social Justice; Empowerment
Chirag Paswan	Food Processing Industries.
Bhupender Yadav	Environment; Forest; Climate Change
Ashwini Vaishnaw	Railways; Information; Broadcasting; Electronics; Information Technology
Rajiv Ranjan Singh alias Lalan Singh	Panchayati Raj; Fisheries; Animal Husbandry; Dairying
Hardeep Singh Puri	Petroleum; Natural Gas
Kinjarapu Rammohan Naidu	Civil Aviation
C R Patil	Jal Shakti
Gajendra Singh Shekhawat	Culture; Tourism
Shivraj Singh Chouhan	Agriculture; Farmers Welfare; Rural Development
Jitan Ram Manjhi	Micro, Small and Medium Enterprises.

list of Ministers of State (Independent Charge) and their portfolios

Minister	Portfolios
Dr. Jitendra Singh	Science and Technology; Earth Sciences; Prime Minister’s Office; Personnel, Public Grievances and Pensions; Atomic Energy; and Department of Space.
Jayant Chaudhary	Ministry of Skill Development and Entrepreneurship; Ministry of Education.
Rao Inderjit Singh	Ministry of Statistics and Programme Implementation; Ministry of Planning; and Culture.
Jadhav Prataprao Ganpatrao	Ministry of Ayush; Ministry of Health and Family Welfare.
Arjun Ram Meghwal	Law and Justice; Ministry of Parliamentary Affairs.

list of Ministers of State and their portfolios:

Minister	Portfolios
Ajay Tamta	Ministry of Road Transport and Highways
Anupriya Patel	Ministry of Health and Family Welfare; Ministry of Chemicals and Fertilizers
B. L. Verma	Ministry of Consumer Affairs, Food and Public Distribution; Ministry of Social Justice and Empowerment
Bandi Sanjay Kumar	Ministry of Home Affairs
Bhagirath Choudhary	Ministry of Agriculture and Farmers Welfare
Bhupathi Raju Srinivasa Varma	Ministry of Heavy Industries; Ministry of Steel
Durgadas Uikey	Ministry of Tribal Affairs
Dr. Chandra Sekhar Pemmasani	Ministry of Rural Development; Ministry of Communications
George Kurian	Ministry of Minority Affairs; Ministry of Fisheries, Animal Husbandry and Dairying
Harsh Malhotra	Ministry of Corporate Affairs; Ministry of Road Transport and Highways
Jitin Prasada	Ministry of Commerce and Industry; Ministry of Electronics and Information Technology
Kamlesh Paswan	Ministry of Rural Development
Kirtivardhan Singh	Ministry of Environment, Forest and Climate Change; Ministry of External Affairs
Krishan Pal	Cooperation
L. Murugan	Ministry of Information and Broadcasting; Ministry of Parliamentary Affairs
Murlidhar Mohol	Ministry of Cooperation; Ministry of Civil Aviation
Nimuben Jayantibhai Bambhaniya	Ministry of Consumer Affairs, Food and Public Distribution
Nityanand Rai	Home Affairs
Pabitra Margherita	Ministry of External Affairs; Ministry of Textiles
Pankaj Chaudhary	Finance
Prof. S. P. Singh Baghel	Ministry of Fisheries, Animal Husbandry and Dairying; Ministry of Panchayati Raj
Ram Nath Thakur	Ministry of Agriculture and Farmers Welfare
Ramdas Athawale	Ministry of Social Justice and Empowerment
Raksha Nikhil Khadse	Ministry of Youth Affairs and Sports
Raj Bhushan Choudhary	Ministry of Jal Shakti
Ravneet Singh	Ministry of Food Processing Industries; Ministry of Railways
Satish Chandra Dubey	Ministry of Coal; Ministry of Mines
Savitri Thakur	Ministry of Women and Child Development
Shantanu Thakur	Ministry of Ports, Shipping and Waterways
Shripad Yesso Naik	Ministry of Power; Ministry of New and Renewable Energy
Sanjay Seth	Ministry of Defence
Sukanta Majumdar	Ministry of Education; Ministry of Development of North Eastern Region
Suresh Gopi	Ministry of Petroleum and Natural Gas; Ministry of Tourism
Sushri Sobha Karandlaje	Ministry of Micro, Small and Medium Enterprises; Ministry of Labour and Employment
Tokhan Sahu	Ministry of Housing and Urban Affairs
V. Somanna	Jal Shakti; Ministry of Railways

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Kamal Kishore Soan Assumes Role as Director General of Employees’ State Insurance Corporation     

• Kamal Kishore Soan, a senior IAS officer from the 1998 Jharkhand Cadre, has taken on the additional role of Director General of the Employees’ State Insurance Corporation (ESIC) while continuing as Additional Secretary and Director General, Labour Welfare in the Ministry of Labour & Employment.
• He has extensive experience in governance and management across various departments in Jharkhand, including Land Revenue Management, District Administration, Agriculture, Health, Building Construction, Transport, Finance, Energy, Water Resources, and Social Justice & Empowerment.

About ESIC :

• Formed: 24 February 1952
• Headquarters: New Delhi, Delhi
• ESIC is a significant statutory social security body operating under the Ministry of Labour and Employment, Government of India, tasked with providing social security to workers.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Unveils Aditya-L1 Images of the Sun Captured During May Solar Storm   

• The Indian Space Research Organisation (ISRO) has released stunning images of the Sun captured by the Aditya L1 satellite during a major geomagnetic storm in May, 2024.
• The mission aims to study the Sun, marking India’s first space-based solar observatory.
• The two remote sensing payloads, namely the Solar UltraViolet Imaging Telescope (SUIT) and the Visible Emission Line Coronagraph (VELC), along with other payloads, captured these images from the Lagrange point (L1)in space.
• Between May 8 and 15, 2024, several powerful solar flares erupted in the active region AR13664 on the Sun.
• These were associated with Coronal Mass Ejections (CMEs) that occurred on May 8 and 9.
• The activity originated from a sunspot cluster 17 times the size of Earth.
• The images show magnetically active regions, large solar flares, and solar emissions depicting the brightness of sunspots, umbra, penumbra, and plages.
• ISRO states that these images will assist astrophysicists in studying solar flares, their energy distribution, sunspots, UV radiation across a wide wavelength range, and long-term solar variations.

About Aditya-L1 mission :

• The Aditya-L1 mission was launched from the Satish Dhawan Space Centre at Sriharikota on September 2, 2023.
• It is designed to provide continuous monitoring and detailed study of solar phenomena.
• Aditya-L1 reached the Lagrangian point L1 on January 6, 2024, 127 days after its launch.
• The L1 point is located approximately 1.5 million km from Earth and allows continuous observation of the Sun.
• The Lagrangian point (L1), where the Aditya-L1 satellite is positioned, provides a stable vantage point for continuous observation of the Sun without any obstruction from Earth’s shadow.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

MCL Partners With AIIMS Bhubaneswar To Enhance Health Facilities

• Mahanadi Coalfields Limited (MCL) launched the “Aarogya” initiative, a significant Corporate Social Responsibility (CSR) endeavor aimed at enhancing healthcare facilities in Odisha.

Strategic Partnership: MoU Signed with AIIMS Bhubaneswar

• MCL solidifies its commitment by signing a Memorandum of Understanding (MoU) with the All India Institute of Medical Sciences (AIIMS), Bhubaneswar, to implement the “Aarogya” project.

Investing in Healthcare Infrastructure: Rs 18.22 Crore Allocated

• The “Aarogya” project, valued at Rs 18.22 crore, focuses on improving access to superior healthcare, particularly in cancer treatment.
• It includes the construction of a Multi-utility Gastronomy Block and the provision of advanced equipment and materials essential for cancer patient care.

State-of-the-Art Facility: Enhancing Patient Care

• The new Multi-utility Gastronomy Block will be a state-of-the-art facility designed to cater to the diverse needs of cancer patients, ensuring they receive comprehensive care and support.

CURRENT AFFAIRS: RANKING AND REPORTS

Visakhapatnam Port breaks into top 20 rankings in World Bank’s Container Port Performance Index

• Visakhapatnam Port has achieved a noteworthy feat by breaking into the top 20 rankings in the World Bank’s Container Port Performance Index (CPPI).
• The terminal operator, M/s. Visakhapatnam Container Terminal Private Limited (VCTPL), deserves commendation for securing the 18th place in this prestigious index.

Focus on Quayside Performance

• The CPPI places exclusive emphasis on quayside performance, assessing the operational efficiency of ports in receiving and handling container ships.
• This metric holds substantial importance for customers in selecting ports or terminals, highlighting the significance of operational efficiency in port operations.

Key Performance Metrics

• VCTPL has excelled in key performance indicators (KPIs), achieving remarkable results in various metrics. With 27.5 moves per crane hour, a Turn Round Time (TRT) of 21.4 hours, and an Idle Time at berth of 13%, the terminal operator has demonstrated outstanding efficiency and effectiveness in its operations.

Collaborative Efforts

• This achievement underscores the collaborative and coordinated efforts between the port and terminal operators in serving customers efficiently.
• The Visakhapatnam Port Authority Secretary, T Venugopal, emphasized the significance of this collaboration in delivering exceptional service to customers.

Enhancing Customer Experience

• Efficient port operations directly impact customer satisfaction, making it imperative for ports to prioritize operational efficiency and ship turnaround time.
• Visakhapatnam Port’s remarkable performance reflects its commitment to enhancing the customer experience and maintaining competitiveness in the global maritime industry.

CURRENT AFFAIRS: SPORTS NEWS

Sumit Nagpal Secures Sixth ATP Challenger Tennis Title

• Indian men’s tennis player Sumit Nagpal clinched the men’s singles title at the Heilbronn Neckarcup 2024 ATP Challenger Tennis tournament in Germany.
• This marked his sixth ATP Challenger title, elevating his ranking and making him eligible for the 2024 Summer Paris Olympics.

Final Match Overview

• In the final showdown on 9 June 2024, Nagpal faced off against Alexander Ritschard of Switzerland in a thrilling three-set match, emerging victorious with a scoreline of 6-1, 6(5)-7(7), 6-3.

Impact on ATP Ranking and Olympic Eligibility

• Nagpal’s triumph in Heilbronn Neckarcup 2024 is expected to significantly enhance his ATP ranking, potentially placing him among the top 80 male players globally.
• This achievement solidifies his qualification for the prestigious 2024 Summer Paris Olympics.

Career Milestones and Previous Victories

• This title marks Nagpal’s sixth career victory, with four of those achieved on clay courts.
• Notably, it is his second triumph in 2024, following his earlier success in the Chennai Open.
• Nagpal’s impressive track record includes previous wins in Tampere (Finland), Rome (Italy), Buenos Aires (Argentina), and the Bengaluru Open.

Tournament Journey and Opponents

• Nagpal showcased his prowess throughout the tournament, defeating notable opponents on his path to victory.
• He secured wins against Nikoloz Basilashvili of Georgia, Javier Barranco Cosano of Spain, Ivan Gakhov, and Luca Van Assche of France in consecutive matches, all in straight sets.

About ATP Challenger Tour

• The ATP Challenger Tour Tennis Tournament, organised by the Association of Tennis Professionals (ATP), stands as the second-highest-ranking tennis competition under the ATP umbrella, providing a platform for emerging talents to advance in the professional circuit.

Max Verstappen wins 3rd straight Canadian Grand Prix, completes 60 F1 wins

• Max Verstappen secured victory at the Canadian Grand Prix for the third consecutive year, adding to his impressive tally of 60 Formula 1 wins and marking his sixth triumph in nine races this season.

Race Highlights

• Starting from second position in wet conditions alongside pole-sitter George Russell, Verstappen showcased his prowess at Circuit Gilles Villeneuve on Ile Notre-Dame, delivering a commanding performance in the latter stages of the race.

Impressive Track Record

• The 26-year-old Dutchman’s victory underscores his remarkable consistency, with an astounding 50 wins in the last 75 Formula 1 races, solidifying his status as a dominant force in the sport.

Verstappen’s Legacy in Formula One

Three-Time World Champion

• Verstappen’s accomplishments transcend the 2024 season, as he clinched three consecutive Formula One World Drivers’ Championship titles from 2021 to 2023.
• His remarkable achievements position him among the most talented and successful drivers in Formula One history.

About the Canadian Grand Prix

• The Canadian Grand Prix, an annual fixture in the Formula 1 calendar since 1961, has been a staple of the championship since 1967.
• This year’s event featured a challenging 70-lap race on a 4.361 km circuit, with a total race distance of 305.27 km, providing a thrilling battleground for the world’s elite drivers.

Lahiri finishes sixth in Liv Houston Golf Series

• India’s Anirban Lahiri delivered a commendable performance in the Liv Houston Golf series, concluding with a solid four-under 68 in the final round, resulting in a total score of 10-under and a tied sixth finish.

Consistent Form: Second Top-10 Finish for Lahiri

• This marks Lahiri’s second top-10 finish, following a similar sixth-place finish in Jeddah earlier in March.

Dynamic Play: Lahiri’s Round Highlights

• Lahiri’s round showcased a mix of skill and determination, featuring five birdies, an eagle, and three bogeys, building upon his earlier rounds of 69-69.

Team Triumph: Cleeks GC Claims Victory

• In the team competition, Cleeks GC, led by Martin Kaymer, clinched their maiden trophy, securing a total score of 33-under at the Golf Club of Houston, triumphing over Smash GC and Fireballs GC by a margin of two strokes.
• This event marked LIV Golf’s 30th tournament since its inception.

Houston Individual Title: Ortiz Emerges Victorious

• Carlos Ortiz of Torque GC emerged as the individual champion, carding a final-round five-under 67 to finish at 15-under, securing his first individual victory.
• Adrian Meronk of Cleeks GC finished closely behind, with Patrick Reed (4Aces GC) and David Puig (Fireballs GC) tied for third at 13-under.

Scheffler wins Memorial to claim fifth title of 2024

• Scottie Scheffler reaffirms his dominance on the PGA Tour, claiming his fifth title of the year with a memorable win at the Memorial.

Unconventional Win: Scheffler’s Unique Victory

• In a departure from the norm, Scheffler’s victory at the Memorial was anything but ordinary.
• Despite making just one birdie and closing with a 2-over 74, his highest final round in two years, Scheffler displayed resilience and nerve to clinch the title.

Victory Sealed with a Firm Stroke

• The tension peaked as Scheffler confidently sunk a downhill putt from 5 feet above the hole, precisely navigating the break.
• His decisive stroke secured a narrow one-shot victory over Collin Morikawa, culminating in a handshake with tournament host Jack Nicklaus.

CURRENT AFFAIRS : OBITUARIES

Mumbai Cricket Association Honorary President Amol Kale Passed Away in New York   

• Amol Kale, aged 47, and the honorary president of the Mumbai Cricket Association (MCA), passed away due to a cardiac arrest in New York.
• Kale, along with MCA secretary Ajinkya Naik and apex council member Suraj Samat, had attended India’s thrilling victory against Pakistan in the T20 World Cup from the stadium on June 9, 2024.

About Amol Kale :

• Hailing from Nagpur, Kale was based in Mumbai for well over a decade, setting up a variety of businesses.
• He was considered to be a close aide of Devendra Fadnavis, Maharashtra’s deputy chief minister.
• He was elected as the MCA president in October 2022 after defeating World Cup champion Sandeep Patil in a closely contested battle.
• During his tenure, Kale played a pivotal role in the decision to double Mumbai’s senior men’s match fees starting from the upcoming season.
• Apart from his responsibilities at MCA, Amol Kale was also a co-promoter of the Indian Street Premier League, a tennis-ball franchise cricket league launched earlier 2024.

About Mumbai Cricket Association :

• Founded : 1930
• Headquarters : Mumbai, Maharashtra

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• Amol Kale, aged 47, and the honorary president of the Mumbai Cricket Association (MCA), passed away due to a cardiac arrest in New York.