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CWG: India’s First Badminton Gold

 

6

What is it? The number of weeks within which the Central government was to set up the Cauvery water management board and monitoring authority, following the Supreme Court’s February 16 judgment.

Why is it important? The top court on Monday pulled up the Centre for not drawing up the scheme to implement its February judgment on the distribution of Cauvery river water among Tamil Nadu, Karnataka, Kerala and Puducherry. This was in response to a contempt petition filed by the Tamil Nadu government, which has accused the Centre of doing little to follow the court’s orders. The Centre is expected to file the Cauvery management scheme by May 3.

Tell me more: Both Tamil Nadu and Karnataka has witnessed protests in recent days and the Centre has been accused of acting in favour of the latter, where state elections will be held next month.

 

14.2%

What is it? ICICI Bank’s core capitalisation in December 2017, among the highest in the banking sector, according to Fitch Ratings

Why is it important? Fitch says though the bank’s core capitalisation and profitability are strong enough for a favourable rating, the recent allegations against the bank involving its chief Chanda Kochhar, her husband’s firms and the Videocon Group could pose reputational risks. It is the first rating agency to express doubts about the accusations of nepotism against ICICI Bank, India’s second largest private lender.

Tell me more: The board of the bank is reportedly divided over whether Kochhar should be asked to step down even as federal authorities are probing the case. The government changed its nominee on the bank’s board on Monday, which it termed as ‘routine’.

 

$2.5 billion

What is it? The total investment India could get if Xiaomi convinces its 50 global suppliers to set shop in India.

Why is it important? This could provide a major fillip to Prime Minister Narendra Modi’s ‘Make in India’ programme. Finnish company HMD Global, which manufactures the Nokia brand of phones, is also making efforts to manufacture its components in India. The Indian government recently imposed a 10% duty on the import of components such as populated printed circuit boards.

Tell me more: Xiaomi recently dethroned Samsung to become the top smarthphone brand in the country. If Xiaomi’s suppliers set up base in the country, they could together create 50,000 jobs.

 

1

What is it? The number of times that India have won the mixed team gold in badminton at the Commonwealth Games, following a 3-1 victory over three-times and defending champions Malaysia yesterday.

Why is it important? The mixed team event in badminton was introduced in the Commonwealth Games in 1998, but India never managed to go all the way. Emphatic singles wins by Kidambi Srikanth and Saina Nehwal scripted yesterday’s win.

Tell me more: At the end of Day 5, India stood third in the medals tally, with a total of 19 medals, including 10 golds. Australia led with 39 golds, followed by England with 22 golds.

 

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Maruti takes a hit

Rs 1,556 crore

What is it? Maruti Suzuki’s net profit in the April-June quarter, a 4.4% increase from a year-ago period.

Why is it important? The net profit has lagged estimates – a Bloomberg poll of analysts had estimated a net profit of Rs 1,692.3 crore. Maruti, which has more than 50% market share, said the company’s performance was impacted by a one-time compensation to dealers due to the switch to the goods and services tax, higher raw material prices, sales promotion and marketing expenses.

Tell me more: Maruti’s revenue from operations increased by 16.4% to Rs 19,777 crore from a year ago. It sold 3.94 lakh units in the latest quarter, up 13.2% from the same period a year ago.

 

 

24.1%

What is it? Samsung’s market share in India’s smartphone market in the April-June quarter this year.

Why is it important? With this, Samsung continues to be the leader in the smartphone segment in the country followed by Chinese brands such as Xiaomi and Vivo, which have more than doubled their market share from a year ago. However, Xiaomi overtook Samsung in the category of smartphones selling under Rs 10,000 in the second quarter with its phones Redmi Note 4 and Redmi 4. This is the first time any brand has been able to overtake Samsung, which has held the best-seller slot for its models for the last four years or so.

Tell me more: Chinese smartphone brands account for more than half of the shipments and this is the second straight quarter when their market share exceeds 50% after they took over local brands in the second half of 2016.

 

 

6

What is it? The number of years after which banks in India can appoint the same audit firm, as per a notification by the Reserve Bank of India (RBI) on Thursday.

Why is it important? This has been increased from two years. Earlier, upon completion of its four year term with a bank, an audit firm, could be reappointed after a gap of two years. The central bank observed that in some cases, the statutory central audit responsibility was handled by two audit firms, who were appointed alternately. This policy change is aimed at deterring the auditors and the auditee from establishing a comfortable relationship that might hinder strict adherence to audit principles and also, to enable the examination of issues in a bank from a different perspective.

Tell me more: The change in rule comes at a time when there has been a great divergence between the bad loans reported by some banks for 2015-16 and the RBI’s findings.

 

 

0

What is it? The number of top-100 Joint Entrance Examination (JEE) rankers who opted for three IITs — Kharagpur, Kanpur and Madras.

Why is it important? While 65 of them opted for IIT Bombay, 31 of the rankers chose IIT Delhi. However, this year, the remaining four rankers did not opt for the other IITs. While the IIT Kharagpur had stopped attracting the top-100 rankers for some years, some of them had still chosen Kanpur and Madras (Chennai) till 2016. But in 2017, these three top seats of learning seem to have fallen out of favour.

Tell me more: The three institutes have got around 50 students from the top 500 rankers this year.

 

 

Rs 1,250

What is it? The average wholesale price of a quintal of onions in Maharashtra on Thursday.

Why is it important? It is a rise of 118% since July, 13. A wait for kharif crops in October, Gujarat’s floods and hoarding by farmers of crops from March and April have led to the hike.

Tell me more: The central government might reinstate a minimum export price which had been withdrawn in the last 19 months. The country is already reeling under the rise in prices of tomato, another kitchen staple.

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