Baahubali blazes past Bollywood

Rs 5.04 lakh crore

What is it? The market capitalisation of Reliance Industries (RIL) as on Monday, the second company to cross the Rs 5 lakh crore mark after Tata Consultancy Services.

Why is it important? Investors are betting on better business prospects as their telecom offering, Reliance Jio started charging its clients, and other investments in petrochemicals space getting realized soon.

Tell me more: Since the beginning of this year, RIL has gained 43.5%, more than double of the Sensex index (20.6% in the same period). IT major TCS crossed the Rs 5 lakh crore mark in market capitalisation on July 23, 2014.

 

Rs 510 crore

What is it? The national box office collection of the Hindi version of the mythological sequel, Baahubali 2.

Why is it important? This is nearly 42% of the total box office collections of the top six Hindi movies (Rs 1,218 crore) in the first half of the year. This is probably the first time that a dubbed movie (originally, in Telugu) has overtaken Hindi movies by box office collections by a wide margin: Shahrukh Khan’s Raees earned only Rs 139 crore while Salman Khan’s Tubelight fetched Rs 121 crore. Even last year, it was Disney’s ‘The Jungle Book’ (dubbed in Hindi) that was the highest grosser at around Rs 110 crore, surpassing movies from the ‘Bollywood’ industry.

Tell me more: Dharma Productions spent Rs 95 crore in the acquisition of rights and distribution of Baahubali 2.

 

$53 billion

What is it? The potential economic losses due to a major cyber attack, according to a report by Lloyd’s of London and Cyence, a cyber risk analytics modelling firm.

Why is it important? This is roughly equivalent to the economic losses caused by a catastrophic natural disaster such as the 2012 Superstorm Sandy, says the report. The economic costs in hypothetical hacking of a cloud service provider is huge compared to the global cost of $8 billion of the ‘WannaCry’ ransomware attack in May. Due to lack of historical data on cyber attacks and their potential costs, it is a great challenge for insurers to estimate their potential exposure.

Tell me more: For a hypothetical cloud service attack, the average economic losses would range from $4.6 billion for a large event to $53 billion for an extreme event, according to the report. The actual losses could be as high as $121 billion, of which as much as $45 billion may not be covered by cyber policies due to under-insuring by firms.

 

$850 million

What is it? The revised offer for buying Snapdeal, the embattled e-commerce firm, by larger rival, Flipkart.

Why is it important? It is still lower than the reported sum of at least $900 million that Snapdeal wanted from India’s largest online marketplace. But the revision is $100-150 million more than Flipkart’s first formal offer ($700-750 million). Snapdeal’s board is considering the offer.

Tell me more: Flipkart wants to pay $650-700 million in equity shares and another $150 million later. Along with the SoftBank Group, Snapdeal has 25 institutional shareholders and dozens of individual part-owners.

 

$3 billion

What is it? The penalty payable by Reliance Industries (RIL), Shell India and Oil and Natural Gas Corp (ONGC) – the joint owners of Panna-Mukta oilfield – to the government.

Why is it important? This comes after a London-based arbitration panel decided in favour of government in October, 2016. The owners of the oilfield were deducting higher taxes (prevailing at the time of getting the oilfield in early 90’s) even though corporate tax rate has dropped to 30%. Lower deduction of taxes would mean higher share of profits for government. The penalty is to recover past due from the owners of the oilfield.

Tell me more: RIL and Shell each own 30% stake in the PMT fields, while ONGC has 40%. The ruling entitled the government to a larger profit share and more royalty payment. The government is also locked in a dispute with RIL over the KG-D6 basin.

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Stress relief for ICICI

676 million Swiss Francs

What is it? The money kept by Indians in Swiss banks in 2016, according to the Swiss National Bank (SNB), Switzerland’s central bank.

Why is it important? The amount, around Rs 4,600 crore, is at an all-time low. India and Switzerland, considered a tax haven, have signed an agreement to automatically share information when money is deposited in the latter’s banking system. Exchange of information will begin from next year.

Tell me more: The amount, however, does not reflect money kept by Indians through entities from other countries.

 

Rs 16,189 crore

What is it? The amount paid by UltraTech Cement to acquire Jaiprakash Associates and Jaypee Cement Corporation.

Why is it important? It marks the biggest sale of stressed assets by lenders, a consortium led by ICICI Bank in this case. Loans worth Rs 12,000 crore of Jaiprakash Associates will move to the books of the Aditya Birla Group-owned cement major. The debt will now be labelled as AAA status from a non-performing asset.

Tell me more: By December, 2016, Indian banks had stressed assets/bad loans worth Rs 9.64 lakh-crore, up from Rs 8 lakh-crore a year ago. The deal also marks the largest acquisition of cement assets in India.

 

7th

What is it? India’s rank among countries most affected by the recent ‘Petya’ ransomware.

Why is it important? India is the worst hit in the Asia Pacific region. Russia’s oil firm Rosneft, international advertising behemoth WPP and one of Jawaharlal Nehru Port Trust’s terminals were among the companies that got infected.

Tell me more: Ukraine, US and Russia were the worst hit globally, with France, UK, Germany, China and Japan also coming under attack. This is the second ransomware attack in less than two months, after ‘WannaCry’ wreaked havoc in over 100 countries in May.

 

1,600

What is it? The number of US local talent Indian software company, Wipro, has hired in the last six months.

Why is it important? Local staff now account for half of Wipro’s 14,000 employees in US. Other Indian outsourcing companies like Infosys have also started hiring local talent in US, the largest market for software exports from India. This comes at a time when the world’s largest economy is tightening norms for issuing H1-B visas – which allows temporary employment in US and was used extensively by Indian companies to service US clients.

Tell me more: Infosys plans to hire 10,000 Americans in the next two years, and TCS too plans to ramp up local appointments.

 

85%

What is it? The percentage of seats in 28 Delhi University colleges that Delhi government wants to reserve for local students.

Why is it important? Delhi government passed a resolution on Thursday, but it has to get the approval from the governor and Union education ministry. The Delhi government is demanding reservation in 28 out of 63 Delhi University colleges that it funds fully or partially.

Tell me more: The Delhi government says of the 250,000 students passing out from Delhi’s schools, only 28,000 are able to secure a college seat in Delhi due to intense competition.

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The Infra Play

$124 billion

What is it? The amount pledged by Chinese President Xi Jinping for China’s Silk Road plan or ‘Belt and Road Initiative’ (BRI).

Why is it important? India boycotted China’s forum for the initiative last weekend. The forum where the investment was declared saw India’s neighbours such as Pakistan and Sri Lanka participate. India has an issue with the new Silk Road plan as China is approaching connectivity projects in various parts of South Asia without taking it in confidence.

Tell me more: Recent data, however, shows, China’s investment in the BRI to have gone down by 2% in 2016 and 18% in 2017 so far.

Rs 11,725 crore

What is it? The amount to be spent on roads to connect 44 Naxal-affected districts.

Why is it important? The connectivity of Naxal-stricken areas was again under the scanner following the recent attack in Sukma, Chhattisgarh, which was one of the deadliest, killing over 24 security personnel in an ambush attack. The battalion under attack was providing cover for road construction. Rs 55 crore or 5% of the expenditure would be for administrative purposes which includes deployment of security forces.

Tell me more: The states besides Chhattisgarh are Odisha, Jharkhand, Bihar, Madhya Pradesh, Telangana and Maharashtra. The project will be implemented under the Pradhan Mantri Gram Sadak Yojana.

>150

What is it? The number of countries which were hit by a cyber attack that affected 200,000 computers.

Why is it important? Car factories, hospitals, shops, schools were affected among others by the widespread computer worm, ‘WannaCry’ last weekend. A type of ransomware, the virus could cause more damage as offices open on Monday. It locks users out of their computers and demands a ransom to be paid for restoring access to files. Microsoft has squarely laid the blame at governments’ door for the creation of such threats.

Tell me more: The software giant whose operating system the virus exploits, blamed the governments for not sharing software weak spots that they know as part of their intelligence gathering but are kept secret. The virus was the result of one US National Security Agency’s hacking tools getting leaked online earlier this year.

9.15 km

What is it? Length of Dhola-Sadiya bridge over the Brahmaputra river in Assam.

Why is it important? India’s longest bridge. It is to be inaugurated by Prime Minister Narendra Modi on May 26th. It will improve connectivity in the region, help India strengthen its defence in the border (the bridge is situated close to Indo-China border and can withstand the weight of a 60-tonne battle tank and act as a counter to China’s infrastructure geo-politics.

Tell me more: The construction of the bridge started in 2011, at a project cost of Rs 950 crore. It’s lengthier than Bombay Worli Sea Link by 3.5 kms.

50,000

What is it? The number of candidates who stood for elections in 283 local municipalities in Nepal.

Why is it important? This is the first time in 20 years that Nepal held its local body elections, and its first major step since adopting a democratic constitution in 2015.

Tell me more: The elections saw 71% turnout. There was sporadic violence, and one person lost life in police firing.

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