Finance & Economy Current Affairs Update: 28.6.09

June 19, 2009 TCS opens new center in Mexico
Tata Consultancy Services, India’s largest outsourcing firm, has opened a new center in Queretaro, Mexico. TCS would hire 500 people to work at the new center, its third in Mexico since entering the country in 2003.

June 20, 2009 : CII India Business Forum-UK

21 Jun 2009: Apparel exports fell by 10 per cent in April
Garment exports from the country dropped to USD 800 million in April this fiscal from USD 886 million in the same month of 2007-08 as per the data of Apparel Export Promotion Council.

June 21, 2009: PSEB ranked third among 33 power utilities
Punjab State Electricity Board (PSEB) has been ranked third among 33 power utilities in 14 States, according to the Quarterly Performance Report of the State Power Utilities (SPUs) framed by the Power Finance Corporation for the quarter ended December 2008.

Union Bank of India cuts BPLR by 25 bps to 11.75%
Union Bank of India has decided to cut its benchmark prime lending rate (BPLR) by 25 basis points to 11.75 per cent, with effect from July 1. This is the fifth successive reduction since November 2008. Till now, the Bank has reduced a total of 225 bps in BPLR.

June 24 , 2009 : GAIL approved a Rs 7,600-crore investment for two pipeline projects for karnataka
The board of the public sector GAIL (India) Ltd has approved a Rs 7,600-crore investment for two pipeline projects linking Karnataka to the National Gas Grid. The projects include linking both Kochi and Dabhol to Bangalore. GAIL has a pipeline infrastructure of 7,000 km in the country.

June 25, 2009 : Amul ranked amongst top 21 dairy businesses of the world
Amul has been ranked amongst the top 21 largest dairy businesses in the world as per the findings published by International Farm Comparison Network (IFCN) at the 10th IFCN Dairy Conference 2009 at Stockholm. Amul is on Rank 21 World based on the milk intake during the year 2007. However due to growth in last two years Amul rank could have been 16 in the current year .

About IFCN: The IFCN is a network of dairy researchers responsible for analysing global dairy trends and creating knowledge to guide the various stakeholders in the dairy sector covering about 80 countries, over 60 dairy related companies, a number of dairy related institutions and dairy farmers. It publishes “IFCN Dairy Report” every year.

About India’s Milk Production:
India with its milk production touching 114.4 Million MTs during the year (under review) is the largest milk producer in the World.
The second and third ranks are of USA and Germany with 79.3 Million MTs and 39.4 Million MTs respectively
This is because of the White Revolution pioneered by Amul.
About White Revolution & Operation Flood:
Operation Flood was a rural development programme started by India’s National Dairy Development Board (NDDB) in 1970. Amul was the engine behind the success of Operation Flood and in turn became a mega company based on the cooperative approach. Verghese Kurien who was chairman of NDDB at that time gave the professional management skills and necessary thrust to the cooperative, and is considered the architect of India’s ‘White Revolution’ (Operation Flood). His work has been recognised by the award of a Padma Bhushan, the Ramon Magsaysay Award for Community Leadership, the Carnegie-Wateler World Peace Prize, and the World Food Prize. One of the largest of its kind, the programme objective was to create a nationwide milk grid.

June 26, 2009 Cane support price raised to Rs 107.76 a quintal
The govt. has approved an almost one-third increase in the statutory minimum price (SMP) of sugarcane from Rs 81.18 to Rs 107.76 a quintal to be payable by mills in the forthcoming 2009-10 crushing season (October-September).

June 28, 2009 : LIC will invest Rs. 50000 crore in equities in Fy’10
LIC has announced that it would invest about 50,000 crore rupees in the equity market during this financial year 2010. LIC had invested 40800 crore last year.

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