NATIONAL UPDATES:
1. NTPC permanently closed Barauni Stage-I project: State-owned power giant NTPC has permanently closed its
Barauni Thermal Power Station Stage-I of 220 MW. The company acquired Barauni
Thermal Power Station (720 MW) in Begusarai district, Bihar, from Bihar State
Power Generation Company on December 15, 2018. Established in 1975, NTPC aims
to become a 130 GW firm by 2032. Operation of NTPC Barauni Thermal Power
Station Stage-I (2×110 MW) comprising of two Units (Unit 6 & 7) of 110 MW
each (along with all Auxiliary systems except CHP, Switchyard, Ash Dyke and
Township) shall be permanently discontinued w.e.f. 31st March 2024.
2. IOCL, Panasonic Energy ink pact for lithium-ion cell
JV: State-owned
refiner Indian Oil Corporation and Panasonic Group company Panasonic
Energy Co. have signed a binding term sheet to draw framework of their proposed
joint venture (JV) to manufacture cylindrical lithium-ion cells in India. This
initiative is driven by the anticipated expansion of demand for batteries for
two- and three-wheel vehicles and energy storage systems in the Indian market. The
two companies are engaged in a feasibility study on utilization of battery
technology for facilitating the transition to clean energy in India.They aim to
finalise details of their collaboration by the summer of this year.
3. HDFC Bank appoints Sumant Rampal as mortgage business
head: HDFC Bank has
appointed Sumant Rampal as Group Head of Mortgage Business, in the
place of Arvind Kapil. Sumant Rampal has been with the bank for over 24 years.
He has worked in various business domains, such as corporate banking, emerging
corporate groups and business banking verticals.
Prior
to the new role, he was the Group Head of Business Banking Working Capital,
Rural Banking Group and Sustainability Livelihood Initiative.
4. Union AMC appoints Madhu Nair as CEO: Union Asset Management Company has
appointed Madhu Nair as the Chief Executive Officer. He will replace G
Pradeepkumar who tendered his resignation after 14 years of service. Nair comes
with over 25 years of diverse experience across various market segments. He was
instrumental in building up asset management companies such as HSBC, Invesco and
Kotak, during his career span of two and a half decades.
5. 30 March – Rajasthan Diwas: ajasthan Diwas is celebrated every year on 30 March. This year
Rajasthan celebrates its 75th anniversary. On this day in 1949, 19 princely
states and 3 states were merged to form the state of Rajasthan after a process
that took eight and a half years. On January 14, 1949, Sardar Vallabhbhai Patel
announced the merger of the princely states of Jaipur, Bikaner, Jodhpur, and
Jaisalmer in a public meeting in Udaipur. To implement this announcement, Patel
inaugurated Greater Rajasthan in a ceremony in Jaipur on March 30, 1949.
6. 1 April – RBI Foundation Day: The Reserve Bank of India (RBI), the
nation’s central banking institution, is entering its 90th year on April
1st, 2024. The RBI was established on April 1, 1934, following recommendations
from the Royal Commission on Indian Currency and Finance to maintain the
country’s monetary stability. Its operations commenced on April 1, 1935, with
Sir Osborne Smith as the first Governor.
INTERNATIONAL UPDATES:
1. Schaeffler India re-appoints Harsha Kadam as MD &
CEO: Schaeffler India Ltd has re-appointed Harsha Kadam as Managing
Director and Chief Executive Officer of the company. According to stock
exchange disclosure, Kadam’s new term will commence on October 1, 2024, and
extend through September 30, 2027. Kadam has over three decades of expertise,
spanning across domains including sales, manufacturing, product design and
development, and business excellence. He joined Schaeffler India in 2018 as
president of Industrial Business. He later took up the role of MD and CEO in
2019 for an initial five-year tenure.
2. Meena Charanda honored with ‘International Culture
Award’: Principal of Kalindi
College (Delhi University), Professor Meena Charanda has been given
the ‘International Culture Award’ for the year 2024. Meena Charanda has
been given this honor for her remarkable work in the field of education and
social service. Charanda was given a memento, plaque, shield and citation from
the university in the award.
3. 1 April – Utkal Diwas: On April 1, Odisha Day, also known as Utkala
Divas, is celebrated to remember when Odisha became a state. People all over
the state decorate their homes and public places with flags, banners, and flowers
in the colours of the state flag. Utkal Divas is commemorated each year to
commemorate the establishment of the state of Odisha on April 1, 1936. This
significant day signifies the separation of Odisha from the combined Bihar and
Orissa provinces during the British colonial era in India.
OTHER UPDATES:
SPORTS
1. Sharfuddoula becomes Bangladesh’s first ICC Elite
Umpire: Bangladesh’s Sharfuddoula Ibne Shahid has
become the first from his country to be inducted into the ICC Elite Panel
of Umpires.
While
India’s Nitin Menon entered the top tier for an unprecedented fifth time. The
40-year-old is only the third Indian to be part of the elite panel after S Ravi
and former India spinner S Venkataraghavan, who performed on-field duties in 33
and 73 Tests respectively.
BANKING AND FINANCE
1. HDFC Bank proposes to sell 100% stake in its
subsidiary HDFC Education: HDFC Bank has decided
to sell its 100 per cent stake in HDFC Education and Development Services
Private Ltd. The transaction will be undertaken through the Swiss challenge
method. HDFC Bank would finalize the purchaser on the basis of the completion
of the Swiss challenge process, subsequent to which such purchaser and HDFC
Bank will enter into definitive documentation for the purposes of the proposed
transaction.
2. Pankaj Dwivedi appointed as ED at Union Bank of India: Pankaj Dwivedi has been appointed
as the Executive Director of Union Bank of India (UBI). Following his
appointment, the bank now has four Executive Directors (EDs). Besides Dwivedi,
the other EDs are – Nitesh Ranjan, Ramasubramanian S and Sanjay Rudra. A
Manimekhalai is helming the bank as MD & CEO. Prior to joining UBI, Dwivedi
was General Manager in Punjab & Sind Bank (P&SB). He has more than 31
years banking experience, having worked at P&SB branches, zonal office and
various departments at head office.
3. Kamal Lath appoints as CFO of Good Glamm Group: Leading beauty and personal care
company, the Good Glamm Group, has appointed of Kamal Lath as Group
Chief Financial Officer.
As the
newly-appointed Group CFO at Good Glamm Group, he will be at the forefront of
our financial strategy and execution, playing a pivotal role in shaping the
company’s next phase of growth. A Harvard Business School alumnus, he has held
significant positions at various organizations including Case New Holland
(CNH), L&T Mindtree, K12 Techno services (Orchids International Schools),
and d.light, where he served as Global CFO.
AWARDS AND HONOURS
1. President confers Bharat Ratna to Lal Krishna Advani and four others: The President of India, Droupadi Murmu conferred India’s highest civilian award, Bharat Ratna, on the former Prime Minister Chaudhary Charan Singh, PV Narasimha Rao, former Deputy Prime Minister Lal Krishna Advani, former Chief Minister of Bihar Karpoori Thakur and famous agricultural scientist M.S. Swaminathan. Except for Lal Krishna Advani, the Bharat Ratna to Chaudhary Charan Singh, PV Narasimha Rao, Karpoori Thakur, and M.S. Swaminathan were awarded posthumously. This year, the government conferred Bharat Ratna on five people. This is the highest number in a year for Bharat Ratna and the maximum since 1999 when four people were conferred with Bharat Ratna.
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