1.Housing finance major HDFC has been ranked as the 5th biggest public company globally in the ‘consumer financial services category’ on a list compiled by Forbes magazine.HDFC’s rank has moved up from 7th place last year.American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.
2.Fitch Ratings raised India growth forecast for 2018-19 to 7.4% from 7.3% but cited higher financing costs and rising oil prices as risks to growth.For 2019-20, it estimated the country to grow at 7.5%.The economy grew at 6.7% in 2017-18 and 7.7% in January-March quarter.
3.SEBI plans to revise the regulations for share buybacks wherein more clarity would be provided on various aspects, including on the requirement to make public announcements.SEBI has carried out a review of the current buyback norms in order to simplify the language and remove inconsistencies.A company can undertake buyback of shares out of its free reserves and securities premium account.
4.Banks Board Bureau (BBB), the advisory body formed by the government for selection of candidates for top level board appointment, has recommended 22 general managers to be elevated as executive directors at the various public sector banks.The Appointments Committee of Cabinet will take the final decision in this regard.This is the first major exercise undertaken by the BBB.
5.Indian T20I vice-captain Smriti Mandhana is set to become the first Indian to play in the Kia Super League (KSL), England’s domestic women’s T20 competition.Mandhana was selected by the “Western Storm” as their second overseas player.In 2017, Harmanpreet Kaur was picked by the Surrey Stars.
6.Prime Minister Narendra Modi will chair the fourth meeting of the Governing Council of NITI Aayog at Rashtrapati Bhawan.The Governing Council will also review the work done during the previous year and deliberates upon the future developmental priorities.The Governing Council of NITI Aayog is the premier body tasked with evolving a shared vision of national development.
7.The Reserve Bank has eased investment norms for foreign portfolio investors (FPIs) in debt.The move can help attract more overseas flows and thereby help arrest the recent fall in the rupee on one hand and also lift the recent fall in demand for corporate bonds.FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills.
8.NASA’s record-breaking astronaut, Peggy Whitson, retired after returning from her last and longest spaceflight.Whitson was the first woman to command the International Space Station, holding the position twice, and the oldest woman ever to fly in space.She was also the only woman to have served as chief of NASA’s male-dominated astronaut corps.
9.Insurance Regulatory and Development Authority of India (IRDAI) has formed a committee to review regulations governing the Insurance Marketing Firms (IMF).Such firms, which serve as a distribution channel for insurers, are governed by regulations announced about three years ago.IRDAI had approved IMF in 2015 as a measure to increase insurance penetration in the country.
10.Reliance Industries Ltd. is investing in setting up India’s first carbon fibre manufacturing unit to cater to aerospace and defence needs.It will also make low-cost and high-volume composite products like modular toilets, homes and composites for windmill blades and rotor blades.Carbon fibre is made by heating lengths of rayon to extremely high temperatures in an oxygen-deprived oven.
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