Daily Current Affairs March 21 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Norway’s Government Pension Fund Global, the World’s Largest Sovereign Fund, Increases Investments in India to $22 Billion in Calendar Year 2023

• Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with a portfolio value in excess of $1.4 trillion, raised its India bets last year amid a surge in Indian equities.

Key Highlights :

• India’s Weight in Portfolio:In the calendar year 2023, India’s holdings as a percentage of GPFG’s total equity portfolio rose by 20 basis points to 2.2%.
• With a total equity portfolio of about $1 trillion, the fund’s India equity investments amount to approximately $22 billion.
• Foreign Portfolio Investors (FPIs):The increase in India’s weight coincided with net purchases by foreign portfolio investors (FPIs) amounting to over $20 billion.
• India’s benchmark index Nifty 50 rose by 20.1% in CY23.
• Comparison with China:India has the second-largest weight in GPFG’s emerging market portfolio after China, whose weight reduced by 70 bps to 3.1%.
• The India weight in the fund’s equity portfolio rose from 1.6% at the end of CY21 to 2.2% by CY23, indicating a significant increase over two years.

Top 10 Holdings of the pension fund among NSE firms :

1. ICICI Bank (₹7,331 crore)
2. Infosys (₹7,144 crore)
3. Axis Bank (₹6,416 crore)
4. Varun Beverages (₹3,976 crore)
5. M&M (₹3,184 crore).
6. Sun Pharmaceuticals Industries (₹3,180 crore)
7. Cipla (₹2,916 crore)
8. Indusind bank (2,451 crore)
9. Grasim Industries (2,203 crore)
10. Hero Motocorp (2,106 crore)

• The top 10 investments amount to a market value of ₹40,911 crore.
• Emerging markets accounted for 10.2 per cent of the fund’s equity investments, lower than the 10.9 per cent at the end of CY22.
• The fund’s equity portfolio returned 21.3 per cent in 2023. The fund was invested in 8,859 companies at the end of 2023, down from 9,228 a year earlier.
• Technology stocks were the best performers in 2023 with a return of 51.9 percent.
• The fund’s top holdings include Microsoft ($33 billion), Apple ($31.3 billion), Alphabet ($18.1 billion), Amazon ($16.4 billion) and NVIDIA ($13.5 billion).

What is meant by sovereign wealth fund?

• A Sovereign Wealth Fund (SWF) is a substantial pool of money owned and managed by a government entity.
• It is usually funded by revenues generated from natural resources such as oil, gas, minerals, or foreign exchange reserves.
• It acts as a savings account for the nation.
• It aims to preserve and grow wealth for future generations.

About the Government Pension Fund of Norway :

• The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway.
• It, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector.

Securities and Exchange Board of India Proposes Introduction of Audio-Visual Disclosures for Public Issue Documents                            

• The Securities and Exchange Board of India (SEBI) proposed the inclusion of audio-visual (AV) representations in companies’ offer documents for public issues.
• Aim : To facilitate investors in better comprehending the essential aspects of an offer.
• Stakeholders are invited to share their views with the SEBI on the proposal until April 9, 2024.

Key Proposal Details

• Introduction of AV Format: SEBI proposes that companies seeking listing on the main board should provide disclosures from their Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) in an Audio-Visual (AV) format.
• Bilingual Presentation: The AV presentations on public issues will be bilingual, available in English and Hindi, to ensure accessibility to the public.
• Simplified Understanding: The regulator expects the AV presentations to simplify understanding of significant features and offer references to various disclosures in the proposed public issue.
• Duration and Content: Each bilingual AV version is suggested to have a maximum duration of 8 minutes, evenly distributing the total duration among material disclosures.
• Material disclosures include risk factors, capital structure, objectives of the offer, issuer’s business, financial information, litigations, and material developments.
• Content Requirements: SEBI mandates that the AV content should be factual, non-repetitive, and devoid of promotional material.
• It also requires updating the AV with the latest information at the RHP stage to ensure accuracy.
• Timeline for Publication:The AV presentations must be published by the issuer or lead manager within 5 working days during both the submission and resubmission stages of the Draft Red Herring Prospectus (DRHP).
• Platforms for Availability:AV presentations shall be made available on digital and social media platforms of the issuer and the Association of Investment Bankers of India (AIBI).
• Availability on Stock Exchanges’ Websites:Web links to the AV presentations will also be provided on stock exchanges’ websites, as well as lead managers’ websites.
• Accessible through QR codes related to the public issue, ensuring easy accessibility to interested stakeholders.
• Regulatory Filings:Companies planning to raise capital through public issues are required to file a DRHP with SEBI and stock exchanges.
• The disclosures in the DRHP are updated based on observations from the regulator and stock exchanges.
• Subsequently, the Red Herring Prospectus (RHP) is filed with SEBI and the Registrar of Companies (RoC), providing comprehensive information to investors.

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
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

Banks’ Issuance of Certificate of Deposit Surges 25% to Reach ₹7.89 Lakh Crore in FY24 Till March 8, 2024  

• As per the RBI data, Fund mobilisation by Banks through Certificate of Deposit (CD) issuances surged 25% year-on-year (y-o-y) to ₹7.89-lakh crore during the financial year so far (up to March 8, 2024).
• This comes in the backdrop of deposit growth lagging credit growth.
• Banks had mopped up ₹6.33-lakh crore via CD issuances a year ago.

What is a Certificate of Deposit (CD)?

• CD is a negotiable, unsecured money market instrument issued by a bank as a usance promissory note against funds deposited at the bank for a maturity period up to 1 year.
• They are issued in minimum denomination of ₹5 lakh and multiples of ₹5 lakh thereafter.

Financial Market Highlights

• Credit and Deposit Growth: All scheduled banks reported a credit growth of 20.10% and a deposit growth of 12.89% year-on-year as of February 23, 2024.
• Incremental Credit-Deposit Ratio:The incremental credit-deposit ratio stood at 9% as of February 23, 2024, indicating that deposits have been sufficient to meet credit demand at the margin.
• Availability of Deposits for Credit Expansion:With the statutory requirements for CRR and SLR at 4.5% and 18%, respectively, around 77% of deposits were available with the banking system for credit expansion as of February 23, 2024.
• Share of Term Deposits Offering High Interest Rates:The share of term deposits offering interest rates of 7% and above increased to 61.4% in December 2023 from 33.5% in March 2023 and 4.5% in March 2022.
• Commercial Paper (CP) Issuances:Commercial Paper (CP) issuances remained largely steady at ₹12.2 lakh crore during the financial year up to February 29, compared to ₹12.5 lakh crore in the corresponding period last year.
• Corporates, primary dealers (PDs), and all-India financial institutions (FIs) are permitted to raise short-term resources via CPs, with a minimum maturity of 7 days and a maximum of up to 1 year.
• CPs can be issued in denominations of ₹5 lakh or multiples thereof.

Reserve Bank of India Penalizes Tamilnad Mercantile Bank and DCB with Almost ₹2 Crore in Fines for Breaching Lending Rate Regulations            

• The Reserve Bank of India (RBI) has, imposed a monetary penalty of ₹1.3 crore on Tamilnad Mercantile Bank Limited (TMBL) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’.
• Also RBI imposed a monetary penalty of ₹63.6 lakh on DCB Bank Limited for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’.
• This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

Key Highlights :

TMB’s Non-Compliance Details:

• TMB failed to benchmark interest rates on certain floating-rate loans to MSMEs to an external benchmark lending rate.
• It used multiple benchmarks within the same loan category.
• Incorrect reporting of external ratings of certain borrowers to CRILC.

DCB Bank’s Non-Compliance Details:

• DCB Bank failed to reset interest rates at prescribed periodicity in certain MCLR linked floating-rate advances.
• It also failed to benchmark interest rates of certain floating-rate retail loans and loans to MSMEs to an external benchmark lending rate.

Government Considering Amendments to SARFAESI and DRT Legislation to Legally Recognize E-Notices

• To speed up the debt recovery process, the Ministry of Finance (MoF) has set up a panel to suggest amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) and Debt Recovery Tribunals (DRTs) Acts, including a provision for granting legal sanctity to e-notices to debtors.
• The committee headed by an Additional Secretary held several meetings, and discussions are in the advanced stage in this regard.
• Aim : To make the debt recovery process less tedious and more effective.
• In Feb 2024,, the Finance Ministry held extensive deliberations with the top brass of banks and Debt Recovery Tribunals (DRTs) to enhance the efficacy of DRTs for expeditious recovery of debts.

Background on DRTs Act & SARFAESI Act:

• The Debt Recovery Tribunals (DRTs) Act was enacted in 1993 to provide a legal framework for the expeditious adjudication and recovery of debts due to banks and financial institutions.
• The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 was enacted to address these shortcomings and provide a more robust framework for debt recovery.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

CURRENT AFFAIRS: NATIONAL NEWS

IPEF: India to join US-led co-operative work programme on carbon market

• India has decided to join at least one of the four cooperative work programmes launched last week under the ‘clean energy pillar’ of the US-led Indo-Pacific Economic Framework (IPEF) – the one on facilitating and promoting carbon market activities.
• New Delhi is also considering two of the other co-operative work programme initiatives, one on clean electricity and the other on the use of sustainable aviation fuel but will take a call on whether to join or not after thorough analysis.
• The IPEF, an initiative led by US President Joe Biden, was launched in May 2022, bringing together 14 regional partners – Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam.

Four pillars

• Seen by many analysts as an attempt by the US to counter China’s growing influence in the region, the IPEF aims to have a common set of rules and standards around four pillars: connectivity and digital trade; resilient supply chains; clean energy; and corruption-free fair trade.
• Tariff cuts are not on the agenda, but India has still decided to exclude itself from the trade pillar, while joining the other three.

Carbon taxes

• With trading partners like the EU and the UK putting in place mechanisms to collect carbon taxes, India is focused on developing its carbon market fast and wants to learn from others’ experiences.
• The fourth cooperative work programme on `just transition’ launched by the Philippines, which is largely around workforce development, is still under consideration by many countries

NHAI raises more than ₹16,000 crore in its largest InvIT monetisation round

• The National Highways Infra Trust (NHIT), the infrastructure investment trust of the National Highways Authority of India (NHAI), has raised more than ₹16,000 crore for 889 kilometres of national highway through its ‘InvIT round 3’
• This is the largest-ever monetisation by NHAI and one of the largest transactions in the history of Indian roads.
• The letter of acceptance (LOA) was issued in February.
• In the third round of monetisation, NHIT has raised unit capital of around ₹7,272 crore from marquee domestic and international investors, and debt of around ₹9,000 crore from Indian lenders to fund the acquisition of national highway stretches at a base concession fee of around ₹15,625 crore and additional concessional fees of ₹75 crore.
• Investors subscribed to the units through a book-build process at a cut off price of ₹124.14 a unit, a premium over the current NAV of Rs.122.86 a unit.

Key Highlights

• The units drew demand from both existing and new investors, including foreign pension funds such as the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board, which are existing unitholders and subscribed to the upper limit of 25% each.
• Other investors included domestic pension and provident funds such as IOCL Employee’s PF, L&T Staff PF, Rajasthan Rajya Vidyut Karamchari Pension Fund and SBI Pension; insurance companies such as Tata AIG, SBI Life and HDFC Life; mutual funds such as SBI and Nippon India; banks and a few others. NHAI also subscribed to its share of 15% of the units at the same price.

CURRENT AFFAIRS : STATE NEWS

Supreme Court Halts Assam’s Attempt to Revoke Pobitora Wildlife Sanctuary Notification

• The Supreme Court froze the Assam government’s move to withdraw a nearly 26-year-old notification constituting the Pobitora wildlife sanctuary, which hosts one of the largest rhino populations in the country.
• The Assam Cabinet,made the decision to withdraw the notification issued by the State Forest Department in 1998, which constituted the Pobitora wildlife sanctuary.
• Reason for Withdrawal: The government’s rationale for withdrawing the notification was the absence of settlement of rights of marginalized communities residing in villages like Thengabhanga, Murkata, and Mayong, who had been living in the area since before Independence.

Key Highlights :

• Committee Formation: Following the withdrawal, the government constituted a committee to investigate the rights and claims of forest dwellers in the area and to make a more informed decision about declaring Pobitora a wildlife sanctuary.
• Previous Supreme Court Action: In the previous year, the Supreme Court had issued notices to the Ministry of Environment, Forest and Climate Change (MoEF) and the Assam government in response to a plea challenging the declaration of an eco-sensitive zone around Pobitora Wildlife Sanctuary.
• Eco-Sensitive Zones: Eco-sensitive zones are designated areas surrounding parks and sanctuaries crucial for wildlife conservation. These zones are mandated to be within 10 km but can extend further for ecological corridors.
• Geographical Location: Pobitora Wildlife Sanctuary is situated in the flood plains of the Brahmaputra River in Assam and is renowned for having the highest density of one-horned rhinos (Endangered) in the world.

About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park
• Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

GST compensation cess may end before the March 2026 deadline

• The Goods and Services Tax (GST) compensation cess levied on products such as automobiles, liquor, cigarettes, aerated water and coal could end earlier than the March 31, 2026 deadline on the back of robust GST collections every month
• States have been already given “the entire provisionally admissible compensation” amounting to ₹9.14 lakh crore for their revenue shortfalls in the transition period of five years ended June 2022, but the cess has been continued to retire the loan of ₹2.69 lakh crore that was taken during the Covid pandemic for this purpose
• While launching the new indirect tax regime, the GST law assured states of a 14% increase in their annual revenue for the five years from July 1, 2017 to June 30, 2022.
• The GST law also guaranteed to meet their revenue shortfall, if any, through a compensation cess levied on luxury goods and so-called sin products.

Net direct tax collections rise 20% at Rs 18.9 trillion till March 17

• The government seems to be within striking distance of meeting the revised estimates (RE) for direct tax collection this financial year and it has to collect around Rs 55,000 crore in 14 days to meet the projections for 2023-24.
• This is because the government collected Rs 18.9 trillion till March 17, representing a growth rate of 19.88 per cent year-on-year (Y-o-Y).
• At Rs 18.9 trillion, collection accounted for over 97 per cent of the RE at Rs 19.45 trillion.
• Direct tax collection was boosted by a 22.3 per cent Y-o-Y increase in advance tax collection (including refunds) till March 17 of FY24.
• Collection from advance taxes grew 22.31 per cent at Rs 9.11 trillion till March 17 this financial year against Rs 7.45 trillion during the corresponding period of the previous financial year.
• This comprised Rs 6.72 trillion from corporation tax and Rs 2.39 trillion from PIT.
• Tax deducted at source was at Rs 10.44 trillion, self-assessment tax at Rs 1.7 trillion, regular assessment tax at Rs 73,548 crore, and tax under other minor heads at Rs 24,177 crore.

Net FDI in India down 38% in April 2023– January 2024

• Net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital.
• According to the Reserve Bank of India’s data in the March 2024 bulletin, FDI in India was $25.53 billion and outflows were $10.11 billion in April 2023-January 2024.
• Repatriation and divestment by those who made direct investments in India rose to $34 billion in the 10 months of the financial year from $24.99 billion in the year-ago period
• Around 80 per cent of the equity flows were received from Singapore, Mauritius, the US, the Netherlands, Japan, and the United Arab Emirates.
• The report mentioned that despite global FDI flows remaining weak in 2023, with only a modest increase of 3 per cent over 2022, India fared better than its Asian peers.
• FDI into India is expected to receive a boost from the trade and economic partnership agreement signed with the European Free Trade Association on March 10.
• The TEPA aims to attract FDI of $100 billion in India from EFTA over the next 15 years and generate one million direct employment opportunities

Credit growth in FY25 may decline by up to 100 bps

• The credit growth is likely to slow down in the next financial year as banks look to go slow on retail loans in response to the Reserve Bank of India’ (RBI) measures aimed at curbing the expansion of retail credit.
• The credit growth is expected to decline by 100 basis points (bps) to 15% in FY25.
• The growth, excluding the merger impact of mortgage lender HDFC with HDFC Bank, is expected to be around 16-16.5% in the current fiscal.
• Credit growth is expected to decline to 15% in the next financial year from 20.5%, which includes merger impact of HDFC with HDFC Bank, in the current fiscal
• Iron and steel, cement, textile, chemical renewable energy, and the sectors linked to the production linked incentive (PLI) scheme will drive the growth in corporate loans.
• The deposit growth is also likely to moderate to 12-13% in the next fiscal from 14-15% in the current fiscal, according to India Ratings and Research.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Jharkhand Governor C.P. Radhakrishnan Assumes Additional Charge of Telangana and Puducherry          

• The President of India Smt Droupadi Murmu has appointed C P Radhakrishnan, the current Governor of Jharkhand, to discharge the duties of the Governor of Telangana and Lieutenant Governor of Puducherry, in addition to his existing responsibilities, until further arrangements are made.
• This decision follows the acceptance of the resignation of Dr Tamilisai Soundararajan from the positions of Governor of Telangana and Lieutenant Governor of Puducherry.
• Radhakrishnan is the 3rd person from Tamil Nadu to occupy the post of governor in Telangana for a consecutive term, the first one being ESL Narasimhan, who was followed by Tamilisai Sounderarajan.
• Radhakrishnan, a two-time Member of Parliament (MP) from Coimbatore as a BJP candidate, assumed the governorship of Jharkhand in 2023.

About Appointment of Governors :

• Constitutional Provision: Article 153 of the Indian Constitution mandates the presence of a Governor for each state in India.

Appointment Process:

• Article 155 stipulates that the President appoints the Governor of a State through a warrant under his hand and seal.
• Under Article 156, the Governor holds office at the pleasure of the President, indicating no security of tenure.
• Qualifications and Tenure:Article 157 specifies that only Indian citizens above 35 years of age are eligible for appointment as Governor.
• Governors are appointed for a term of 5 years, subject to the pleasure of the President.
• Functions:Article 163 states that the Governor is normally aided and advised by the Council of Ministers in the exercise of his functions, except in matters requiring his discretion.
• Article 164 outlines the process of appointing the Chief Minister and other Ministers, who hold office at the pleasure of the Governor.

Apollo Hospitals appoints Dr. Madhu Sasidhar as President & Chief Executive Officer of Hospital Division                        

• Apollo Hospitals and Enterprises Limited. (AHEL) has re-designated its Chief Strategy Officer Madhu Sasidhar as President and Chief Executive Officer (CEO) of its hospital division from April 1, 2024.
• This appointment is part of a planned transition that commenced in October 2023.
• Madhu Sasidhar’s appointment comes as K. Hari Prasad, the outgoing President of Apollo Hospitals, retires from his position on March 31, 2024, after a 27-year career at Apollo.

Responsibilities:

• In his new role, Dr. Madhu will oversee Apollo Hospitals’ hospital business.
• He will focus on maintaining the delivery of the best clinical outcomes and enhancing the patient care and experience, which are hallmarks of Apollo Hospitals.
• Prior to joining Apollo, Dr. Madhu had held various roles at Cleveland Clinic, including President of Cleveland Clinic Tradition Hospital.

About Apollo Hospitals Enterprise Limited :

• Founded : 18 September 1982
• Headquarters : Chennai, Tamil Nadu, India
• Founder & Chairman : Prathap C. Reddy

Procter & Gamble India Appoints Kumar Venkatasubramanian as new Chief Executive Officer                             

• Packaged consumer goods maker Procter & Gamble India has appointed Kumar Venkatasubramanian as the company’s new chief executive officer, effective 1 May 2024.
• Venkatasubramanian will succeed LV Vaidyanathan, who is leaving the company to pursue other interests after 28 years of service to P&G, the maker of Ariel, Tide, Whisper, Olay, and Gillette brands.
• Vaidyanathan took over as CEO, P&G India, on 1 July, 2022.

About Kumar Venkatasubramanian :

• Kumar started his journey with P&G in the sales team in India in 2000.
• He is currently leading the P&G business in Australia and New Zealand as CEO.
• Prior to the Australia role, Venkatasubramanian was leading the sales team in P&G India until 2020.

About Procter & Gamble :

• Founded : October 31, 1837
• Headquarters : Cincinnati, Ohio, United States
• Procter & Gamble (P&G) India comprises four separate entities, including two large listed companies, Gillette India and Procter & Gamble Hygiene & Health Care.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Establishes Specialized Technology Unit ‘STEAG’ for Future Warfare

• The Indian Army has established the “Signals Technology Evaluation and Adaptation Group” (STEAG) as a specialized technology unit focused on researching and evaluating next-generation communication technologies for defense applications and future warfare.
• Focus Areas: STEAG’s research and evaluation areas include Artificial Intelligence (AI), 5G and 6G networks, machine learning, and quantum technologies, emphasizing the importance of staying abreast of technological advancements for future warfare.
• The move is in sync with realisation in the Indian armed forces to equip themselves with next generation fighting capabilities.
• In addition to STEAG, the Army decided to operationalize command cyber operations and support wings (CCOSW) for cyber warfare last year, highlighting the growing emphasis on cyber capabilities.

Key Highlights :

• Scope and Mandate of STEAG: STEAG, under the Corps of Signals, will nurture and develop tailored technologies across wired and wireless systems, including electronic exchanges, mobile communications, Software Defined Radios (SDR), Electronic Warfare (EW) systems, 5G and 6G networks, Quantum Technologies, Artificial Intelligence, and Machine Learning.
• Role as a Premier Organization: STEAG aims to harness niche technology, identify suitable defense use-cases, and foster collaboration with academia and industry.
• It will also carry out technical scouting, evaluation, development, management of core ICT solutions, and provide user interface support.
• Alignment with Atmanirbhar Bharat and Start-Up India: STEAG aligns itself with the principles of self-reliance and fostering collaboration between the Armed Forces, industry, and academia, supporting initiatives like Atmanirbhar Bharat and Start-Up India.
• Promoting Self-Reliance: The establishment of STEAG is expected to be a game-changer in fostering self-reliance in high-end communication technologies, which have traditionally been dominated by countries with advanced economies and research ecosystems.

About Indian Army :

• Established : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI Greenlights UltraTech Cement Limited’s Acquisition of Kesoram Cement Business from Kesoram Industries Limited

• The Competition Commission of India (CCI) has approved the acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement Limited.

Key Highlights :

• The proposed combination involves UltraTech Cement Limited acquiring the grey cement business of Kesoram Industries Limited.
• This acquisition is facilitated through a composite scheme of arrangement dated November 30, 2023, under Sections 230 to 232 of the Companies Act, 2013 (Scheme), as well as an Implementation Agreement dated November 30, 2023  (Proposed Combination).

About UltraTech Cement Limited:

• UltraTech is a publicly listed company in India, primarily involved in the manufacturing and sale of grey cement, white cement, ready-mix concrete, clinker, and building products.
• Additionally, UltraTech provides building solutions in India.
• It operates as a subsidiary of Grasim Industries Limited.

About Kesoram Industries Limited:

• Kesoram engages in the manufacture of grey cement through its Kesoram Cement Business.
• Kesoram is also engaged in the businesses of rayon, transparent paper, and chemicals in India, which are not part of the Proposed Combination.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS: SPORTS NEWS

India’s sports industry revenues grew 11 per cent to cross ₹15,000 crore mark in 2023

• India’s sports industry clocked a growth of 11 per cent recording a total revenue of ₹15,766 crore in 2023 over 2022, as per a report released by GroupM ESP.
• The revenues include sponsorships, media spending and endorsement fees.
• Nearly 87 per cent of the sports industry’s revenues came from cricket amounting to ₹13,701 crore in 2023, up 13 per cent.
• Sponsorship spending surged to ₹7,345 crore in 2023 up 24 per cent over 2022 primarily driven by a significant increase in franchise fees indicating the robustness of India’s franchising ecosystem led by IPL and WPL.
• But, overall media spending on sports was almost flat and stood at ₹7,494 crore in 2023 (down 1 per cent over 2022).
• This was due to factors such as a tough business environment and inflationary pressures leading to muted spending by advertisers across sports as well as non-sports genres.
• In terms of IPL ad spends alone, while TV ad spending declined 17 per cent, digital ad spends grew by over 25 per cent in 2023.
• The report also noted that OTT platforms are playing a key role in transforming sports consumption patterns.
• Meanwhile, sports celebrities earned a total of ₹927 crore in endorsement fees in 2023 up 24 per cent

Lakshya Sen jumps five places to reach world number 13 in latest BWF rankings

• India’s Lakshya Sen jumped five places to reach world number 13 in the latest BWF rankings, following his impressive run at the All England Championships.
• The 22-year-old from Almora had reached the semifinals in Birmingham and his effort saw him improve to world number 12 from the 15th spot a week back in the Olympic Games Qualification.
• The top-16 in the world by April-end will make the cut for the Olympics.
• HS Prannoy is at number 9 in the Paris race and Sen too is primed to cut.
• Sen had reached a career-best ranking of world number six in November 2022 but saw his rankings plummet to world No. 25 in April last year.
• He recovered to 11th spot by August but fell to 20 early this year following a series of early exits.
• His Olympic qualification too was in doldrums after a series of first round exit, including in Malaysia and India this season.
• But back-to-back semifinals in French Open and All England brought him back.
• Among others, World Championships and Asian Games bronze medallist HS Prannoy was at ninth position, followed by Kidambi Srikanth ( 27th) and Priyanshu Rajawat (32nd).
• In the women’s singles, two-time Olympic medallist PV Sindhu is in the 11th position.
• The Indian men’s doubles pair of Satwiksairaj Rankireddy and Chirag Shetty was at the top position, while Ashwini Ponnappa and Tanisha Crasto are ranked 20th. Compatriots Treesa Jolly and Gayatri Gopichand slipped to 26th place.

CURRENT AFFAIRS: IMPORTANT DAYS

World Poetry Day: March 21

• World Poetry Day 2024 is celebrated all over the world on the 21st of March 2024.
• The earliest poetry is believed to have surfaced with the “Epic of Gilgamesh” sometime during 2000 B.C., but it is likely that poetry existed even before the spread of literacy.
• In the 14th Century, Sonnets were Created and Francesco Petrarca’s writings are some of the most famous early ‘sonnets.’
• The day was proposed and adopted by UNESCO in 1999, on the occasion of its 30th General Conference held in Paris to “give fresh recognition and impetus to national, regional and international poetry movements.”
• On March 21st,2000 the first World Poetry Day was celebrated.

World Down Syndrome Day: March 21

• World Down Syndrome Day 2024 is celebrated all over the world on the 21st of March 2024.
• In 2005, the UN’s general assembly decided that in fulfilling the UN’s Sustainable Development Goal no one should be left behind and persons with disabilities must also come forward to help the UN in its targets of Agenda 2030.
• WHO, which is the United Nations’ leading organization/department in terms of mental and physical health has been active and has further diversified its activities for better and unique health facilities for the tenants of planet Earth.
• The convention was then opened for signatures on 30 March 2007.
• There were 82 signatories to the Convention, 44 signatories to the Optional Protocol, and 1 ratification of the Convention.
• This is the highest number of signatories in history to a UN Convention on its opening day.
• It is the first comprehensive human rights treaty of the 21st century and is the first human rights convention to be open for signature by regional integration organizations.
• The Convention entered into force on 3 May 2008.

World Forestry Day: March 21

• World Forest Day 2024 is celebrated all over the world on the 21st of March 2024.
• Previously, the 16th session of the Conference of the Food and Agriculture Organization (FAO) voted for “World Forestry Day” in 1971.
• Then, from 2007 to 2012, the Center for International Forestry Research (CIFOR) held six Forest Days.
• Partnering with Collaborative Partnership on Forest, 2011 was declared as the Year of Forests.
• On November 28, 2012, The United Nations General Assembly declared that March 21 shall be celebrated as World Forest Day.

Daily CA One- Liner: March 21

• India has decided to join at least one of the four cooperative work programmes launched last week under the ‘clean energy pillar’ of the US-led Indo-Pacific Economic Framework (IPEF) – the one on facilitating and promoting carbon market activities
• The National Highways Infra Trust (NHIT), the infrastructure investment trust of the National Highways Authority of India (NHAI), has raised more than ₹16,000 crore for 889 kilometres of national highway through its ‘InvIT round 3’
• The Goods and Services Tax (GST) compensation cess levied on products such as automobiles, liquor, cigarettes, aerated water and coal could end earlier than the March 31, 2026 deadline on the back of robust GST collections every month
• The government seems to be within striking distance of meeting the revised estimates (RE) for direct tax collection this financial year and it has to collect around Rs 55,000 crore in 14 days to meet the projections for 2023-24
• Net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital
• The credit growth is likely to slow down in the next financial year as banks look to go slow on retail loans in response to the Reserve Bank of India’ (RBI) measures aimed at curbing the expansion of retail credit
• India’s sports industry clocked a growth of 11 per cent recording a total revenue of ₹15,766 crore in 2023 over 2022, as per a report released by GroupM ESP.
• India’s Lakshya Sen jumped five places to reach world number 13 in the latest BWF rankings, following his impressive run at the All England Championships.
• Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with a portfolio value in excess of $1.4 trillion, raised its India bets last year amid a surge in Indian equities.
• The Securities and Exchange Board of India (SEBI) proposed the inclusion of audio-visual (AV) representations in companies’ offer documents for public issues.
• As per RBI data, Fund mobilisation by Banks through Certificate of Deposit (CD) issuances surged 25% year-on-year (y-o-y) to ₹7.89-lakh crore during the financial year so far (up to March 8, 2024).
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.3 crore on Tamilnad Mercantile Bank Limited (TMBL) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’.
• To speed up the debt recovery process, the Ministry of Finance (MoF) has set up a panel to suggest amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) and Debt Recovery Tribunals (DRTs) Acts, including a provision for granting legal sanctity to e-notices to debtors.
• The Supreme Court froze the Assam government’s move to withdraw a nearly 26-year-old notification constituting the Pobitora Wildlife Sanctuary, which hosts one of the largest rhino populations in the country.
• The President of India Smt Droupadi Murmu has appointed C P Radhakrishnan, the current Governor of Jharkhand, to discharge the duties of the Governor of Telangana and Lieutenant Governor of Puducherry, in addition to his existing responsibilities, until further arrangements are made.
• Apollo Hospitals and Enterprises Limited. (AHEL) has re-designated its Chief Strategy Officer Madhu Sasidhar as President and Chief Executive Officer (CEO) of its hospital division from April 1, 2024.
• Packaged consumer goods maker Procter & Gamble India has appointed Kumar Venkatasubramanian as the company’s new chief executive officer, effective 1 May 2024.
• The Indian Army has established the “Signals Technology Evaluation and Adaptation Group” (STEAG) as a specialized technology unit focused on researching and evaluating next-generation communication technologies for defence applications and future warfare.
• The Competition Commission of India (CCI) has approved the acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement Limited.
• World Poetry Day 2024 is celebrated all over the world on the 21st of March 2024.
• World Down Syndrome Day 2024 is celebrated all over the world on the 21st of March 2024
• World Forest Day 2024 is celebrated all over the world on the 21st of March 2024.