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Current affairs Business - CSEET

  1. Airtel Payments Bank partnered with this insurance company to offer "Smart Plan Shop Package Policy".

A. Bajaj Allianz General Insurance B. Bharti AXA General Insurance C. TATA AIG Insurance Company D. HDFC ERGO General Insurance Company Answer: Option B

Explanation:

Airtel Payments Bank has entered into a partnership with Bharti AXA General Insurance to offer the latter's affordable and newly launched shop insurance product namely "Smart Plan Shop Package Policy" for financial protection of the bank's retailers and merchants. The policy will provide financial protection in case of damage to assets inside the shop due to fire and allied perils and burglary, among others, as covered in the product. The insurance policy has a flexible sum insured option, starting from Rs 2 lakh up to Rs 25 lakh.

  1. Oman India Joint Investment Fund Acquired how much percentage of stake in DCB Bank?

A. 1.63% B. 1.33% C. 1.50% D. 2.00% Answer: Option A

Explanation:

Oman India Joint Investment Fund(OIJIF) II acquired 5.07 million (50,69,903) shares or 1.63% stake in DCB Bank Limited(DCB Bank)through a block trade (bulk deal) on stock exchanges. The stake is valued at Rs 42 crore. The shares were purchased at an average price of Rs 81.90 valuing the transaction at Rs 41.52 crore.

  1. UAE starts its first-ever nuclear reactor "Barakah" at Abu Dhabi in a joint venture with the Emirates Nuclear Energy Corporation (ENEC) and __.

A. Siemens B. KEPCO C. Enel D. KT Corporation Answer: Option B

Explanation:

Oil-rich Gulf state UAE finally starts its first-ever nuclear reactor "Barakah" at Abu Dhabi on the Gulf coast. Developed in a joint venture with the Emirates Nuclear Energy Corporation (ENEC) and Korea Electric Power Corporation (KEPCO) Barakah means "blessing" in Arabic.

  1. Which of the following become World's first Large Scale Chemical Production Plant to completely run on Renewable Energy?

A. Sipchem B. Asahi Kasei Corporation C. Evonik Industries D. SABIC Answer: Option D

Explanation:

SABIC in Spain, is set to become the World's first large scale industry to completely run on renewable power on signing a major agreement with Iberdrola, an electricity utility company to secure power from solar power projects. The Facility is expected to become fully operational by 2024 and support SABIC to achieve its clean energy target by 2025. This new plant will contribute 80,000 tonne annual reduction in the indirect emission of carbon dioxide supporting the climate change initiatives like EU 2030.

  1. NTPC signs the MoU with which organisation to seek investment opportunities in areas like renewable energy, power distribution and other areas of mutual interest in India?

A. CSIR B. ISRO C. NIIF D. DRDO Answer: Option C

Explanation:

NTPC (formerly known as National Thermal Power Corporation Limited) signs the Memorandum of Understanding with National Investment and Infrastructure Fund(NIIF), acting through National Investment and Infrastructure Fund Limited(NIIFL) to seek investment opportunities in areas like renewable energy, power distribution and other areas of mutual interest in India.

  1. L&T Technology Services, the engineering services arm of Larsen and Toubro Group, informed that it will acquire a 100 % stake in which Texas-based company?

A. PCL Construction B. Orchestra Technology C. Bechtel Group Inc D. Turner Construction Answer: Option B

Explanation:

L&T Technology Services(LTTS), the engineering services arm of Larsen and Toubro Group, informed that it will acquire a 100 % stake in Texas-based Orchestra Technology(Tech). The acquisition is an all cash deal of USD 25 million, or about Rs 187 crores.

  1. The Competition Commission of India approved acquisition of upto 58.92% stake in HealthCare Global Enterprises Limited by which company?

A. Mahindra & Mahindra Financial Services Ltd. B. Aceso Company Pte. Ltd. C. GIC Housing Finance Ltd D. Indiabulls Housing Finance Ltd Answer: Option B

Explanation:

The Competition Commission of India approved acquisition of upto 58.92% stake by Aceso Company Pte. Ltd.(Aceso) in HealthCare Global Enterprises Limited(HCG), under Section 31(1) of the Competition Act, 2002.

  1. The Competition Commission of India has approved the proposed combination which involves Eros International Plc, STX Filmworks Inc and Marco Alliance Limited. Competition Commission of India was formed in which year?

A. 2003 B. 2009 C. 2006 D. 2014 Answer: Option A Explanation:

The Competition Commission of India has approved the proposed combination which involves Eros International Plc, STX Filmworks Inc and Marco Alliance Limited. The indirectly wholly owned subsidiary of Eros Plc will merge into STX, where STX will continue to be the surviving entity. The Hony Group will subscribe some shares of the merged entity through Marco, an existing investor in STX. Competition Commission of India was Formed in 14 October 2003.

  1. Which Indian company is set to acquire Mumbai based private sector general insurer Raheja QBE General Insurance Company Limited in a deal worth around $76 million?

A. Myntra B. Paytm C. Flipkart D. Phonepe Answer: Option B

Explanation:

Indian e-commerce payment system Paytm & QorQl Pvt. Ltd, a Healthcare startup company with majority shareholding of Paytm founder Vijay Shekhar Sharma, is set to acquire Mumbai (Maharashtra)-based private sector general insurer Raheja QBE General Insurance Company Limited in a deal worth around $76 million (or Rs 570 crore). Raheja QBE is a joint venture of India's Prism Johnson (51%) and QBE Australia (49% ).

  1. According to the COVID-19 and Tourism: Assessing the Economic Consequences published by UNCTAD the World Tourism sector could lose how much money?

A. 1.2 trillion USD B. 2.2 trillion USD C. 3.2 trillion USD D. 4.2 trillion USD Answer: Option A

Explanation:

The United Nations Conference on Trade and Development (UNCTAD) published the report, COVID-19 and Tourism: Assessing the Economic Consequences stating that the World Tourism sector could lose around 1.2 trillion USD or 1.5% of the Global Gross Domestic Product (GDP) because of the 4 months lockdown due to global pandemic situation.

  1. Which US private equity giant has agreed to acquire a 54% stake in Mumbai-based drug manufacturer JB Chemicals & Pharmaceuticals for approximately Rs 3100 crore?

A. The Blackstone Group B. Kohlberg Kravis Roberts & Co. C. The Carlyle Group D. KKR Group Answer: Option D

Explanation:

US private equity giant KKR has agreed to acquire a 54% stake(41.7 million or 4.17 crore fully paid up equity shares) in Mumbai-based drug manufacturer JB Chemicals & Pharmaceuticals for approximately Rs 3100 crore. KKR will make the investment through its subsidiaries, Tau Investments Holdings Pte. Ltd., Tau Holdco Pte. Ltd., and KKR Asia III Fund Investments Pte.

  1. Edelweiss Asset Management Company, a subsidiary of Edelweiss Capital Limited has decided to bring the second installment of the Bharat Bond ETF with two new series to raise how much fund in July 2020?

A. Rs 14,000 crore B. Rs 24,000 crore C. Rs 4,000 crore D. Rs 16,000 crore Answer: Option A

Explanation Edelweiss Asset Management Company (AMC), a subsidiary of Edelweiss Capital Limited (ECL) has decided to bring the second installment of the Bharat Bond ETF (Exchange Traded Fund) with two new series to raise Rs 14,000 crore in July 2020.

  1. US based Electronic chip maker Intel's investment arm, Intel Capital will buy 0.39% stake in which indian platform for Rs 1,894.50 crore?

A. Tata Sky B. Reliance Industries Limited C. Vodafone Idea D. Bharti Airtel Limited Answer: Option B

Explanation:

US based Electronic chip maker Intel's investment arm, Intel Capital to buy 0.39% stake in Reliance Industries Limited(RIL)'s Jio Platforms for Rs 1,894.50 crore. This is the 12th deal of Jio Platforms. With this investment, Jio Platforms has raised Rs 1,17,588.45 crore from global investors since April 22.

  1. Which company has decided to acquire about 25% stake in India's second largest telecom company Bharti Airtel's data centre business -Nxtra Data Ltd- for $235 million?

A. General Electric B. Wal-Mart C. Carlyle Group D. General Motors Answer: Option C

Explanation:

American multinational private equity company Carlyle Group has decided to acquire about 25% stake in India's second largest telecom company Bharti Airtel's data centre business -Nxtra Data Ltd- for $235 million (about Rs 1,780 crore) through a company called Comfort Investments II, which is an affiliated entity of CAP V Mauritius Ltd., an investment fund managed and advised by affiliated firms of the Carlyle.

  1. Which company will acquire Zoox, a self-driving startup founded in 2014?

A. Google B. Uber C. Flipkart D. Amazon Answer: Option D

Explanation:

Amazon announced that it will acquire Zoox, a self-driving startup founded in 2014 that has raised nearly $1 billion in funding and which aims to develop autonomous driving technology, including vehicles, for the purposes of providing a full-stack solution for ride-hailing.

  1. Which company will close its physical store locations permanently?

A. IBM B. Microsoft C. Apple D. Google Answer: Option B

Explanation:

Microsoft Corp said it will close its physical store locations permanently but will continue to invest in a digital storefront that, along with third-party retailers, has driven sales of products such as the Xbox game player and Surface tablets.

  1. The CCEA has approved additional investment of how much by ONGC Videsh Ltd towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar?

A. US$ 100.27 million B. US$ 156.27 million C. US$ 121.27 million D. US$ 234.27 million Answer: Option C

Explanation:

The CCEA has approved additional investment of US$ 121.27 million (about Rs.909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had picked up a stake in the Shwe Project in Myanmar in 2002, as part of a consortium of companies from South Korea, India and Myanmar. The firm has invested USD 722 million in the project till March 31, 2019.

  1. Which company has signed an agreement to acquire the 49% of stake in Odisha Power Generation Corporation?

A. Eveready Industries India B. Ballarpur Industries Limited C. Adani Power Ltd D. Aditya Birla Group Answer: Option C

Explanation:

Adani Power Ltd (APL) has signed an agreement to acquire the 49% of stake(a total of 89,30,237 equity shares) in Odisha Power Generation Corporation(OPGC) from the affiliates of the US-based global energy company, AES Corporation(AES) for USD 135 million (around Rs 1,019 crore). The remaining 51% stake in OPGC is held by the Government of Odisha.

  1. Which company in partnership with US Gold Currency Inc and Blockfills introduced the world's first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council, Middle East and Africa?

A. IBMC Financial Professionals Group B. Visionary Related Entertainment C. Rockwell Collins D. Marriott International Answer: Option A

Explanation:

IBMC Financial Professionals Group in partnership with US Gold Currency Inc and Blockfills introduced the world's first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council (GCC), Middle East and Africa. It was launched from Dubai, United Arab Emirates (UAE) at a specially designed IBMC Hybrid Event in the virtual presence of officials from the US Gold Currency, Asia-Africa Development Council, GSEF and Blockfills USA. Each US Gold digital currency is backed by a US American Eagle one ounce (33.931 gram) gold coin, minted by the US Federal Agency, US Mint.

  1. Which Indian company became the first Indian company to reach a market capitalisation of Rs 11 trillion?

A. Infosys B. Reliance Industries Ltd C. Indian Oil Corporation D. Tata Power Answer: Option B

Explanation:

Reliance Industries Ltd (RIL) became the first Indian company to reach a market capitalisation of Rs 11 trillion, as the company was valued at Rs 11.15 trillion. With this, RIL accounts for nearly 9% of the country's total m-cap of Rs 138 trillion. Its stock on Bombay stock exchange (BSE) was record high at Rs 1,738.95. Notably the company's share doubled since mid-March 2020.

  1. Which AMC has recently launched 1st Corporate bond ETF?

A. Global Investment House B. KB Kookmin Bank C. Edelweiss Asset Management Company D. Aditya Birla Sun Life Asset Management Company Ltd. Answer: Option C

Explanation:

Edelweiss Asset Management Company (AMC), a subsidiary of Edelweiss Capital Limited (ECL) has launched India's 1st Corporate Bond ETF (exchange trade fund) called the Bharat Bond ETF. The ETF is a government initiative and Edelweiss AMC was given the mandate to design and manage the product.

  1. A National level Business meet was organized by CPWD in which city?

A. Mumbai B. Chennai C. New Delhi D. Kolkata Answer: Option C

Explanation:

CPWD organized a National level Business meet in New Delhi. The national-level meeting was held to get the views from the Clients and stakeholders about the Services provided by CPWD.

  1. India with which of the following countries has signed MOC to strengthen cooperation in steel sector?

A. Russia B. USA C. Japan D. UAE Answer: Option C

Explanation:

Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing Memorandum of Cooperation (MOC) between Government of India and Government of Japan to constitute 'India-Japan Steel Dialogue' to strengthen cooperation in steel sector. MoC will help in capacity building for high grade steel manufacturing in India.

  1. Vistara inked code share agreement with which of the following company?

A. Alliance Air B. GoAir C. SpiceJet D. Lufthansa Answer: Option D

Explanation:

Full-service airline Vistara on December 8 said it has entered into a codeshare pact with Lufthansa.The two carriers already have an interline partnership.Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence. An interline arrangement refers to a pact to issue and accept tickets for flights that are operated by the partner airline.

  1. What is India's rank in UNCTAD's Business-to-Consumer E-commerce Index 2019?

A. 53rd B. 63rd C. 83rd D. 73rd Answer: Option D

Explanation:

According to the "Business-to-Consumer (B2C) E-commerce Index 2019" released by UNCTAD's (United Nations Conference on Trade and Development), India has moved seven places up and ranked 73rd out of 152 countries index that measures an economy's preparedness to support online shopping with the Index score of 57.0. For the 2nd consecutive year in a row, the Netherlands leads the Index with the score of 96.4, followed by Switzerland (2nd with 95.5) and Singapore(3rd with 95.1).

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