Business & Finance - General awareness questions on current affairs

1)   TCS is the largest listed Indian company in terms of?
- Published on 27 Feb 17

a. market cap
b. GDP
c. profits
d. sales
Answer  Explanation  Related Ques

ANSWER: market cap

Explanation:
Tata Consultancy Services (TCS), which is the country’s largest listed company in terms of market capitalisation, has announced India’s biggest buyback offer till now.

The software major plans to buy back up to 5.61 crore equity shares at INR2,850 per share.

Assuming that 5.61 crore shares - equivalent to 2.85% of the company’s equity - are bought back, the offer size would be pegged at INR 16,000 crore, surpassing Reliance Industries Ltd.’s 2012 share buyback offer of INR 10,400 crore.

The buyback is being made through the tender offer route.

This means the existing shareholders can tender their shares through the stock exchange.

The buyback offer price of INR 2,850 represents a 13.7% premium to INR 2,506.50, the closing price on February 20 when the announcement was made.

Since the buyback announcement, the stock has lost nearly 1% to close at INR 2,481.65 on Thursday (the stock market was shut on Friday on account of Mahasivaratri).

The buyback offer price is at a premium of almost 15% over the current market price.

TCS has a cash pile of more than INR 38,000 crore as on December 31, 2016.

Given the tax rules of India, a buy back is a comparatively better way of rewarding shareholders than doling out hefty dividends.

While there is no additional tax in buyback, dividends come at a cost to the company and the shareholders.

There is a dividend distribution tax of more than 20% on the companies while individuals have to pay 10% tax if dividend received is more than INR 10 lakh.

Buy Backs in IT Space: Know More

  • The mega buyback offer and the response to it could lead to more such offers, mostly from the IT space.
  • Infosys is seeking shareholder approval for amending its Articles of Association to include the provision of buybacks - as mandated by the new Companies Act.
  • Wipro, Tech Mahindra and HCL Technologies might be still some time away from such offers because of the lower levels of cash and a historical trend of inorganic growth.
  • The board of NASDAQ-listed Cognizant has also approved a plan to return $3.4 billion to its shareholders over two years through buybacks and dividend.
  • The NYSE-listed Accenture Plc has a history of returning all its profits to its shareholders in the form of buybacks and dividend payouts.


2)   Which state will Microsoft introduce Azure Stack in for the first time in India?
- Published on 27 Feb 17

a. Andhra Pradesh
b. Himachal Pradesh
c. Madhya Pradesh
d. Uttar Pradesh
Answer  Explanation  Related Ques

ANSWER: Andhra Pradesh

Explanation:
Government of Andhra has entered into an agreement with technology giant Microsoft to use Microsoft Azure Stack for AP government state data centre.

The chief minister Chandrababu Naidu and Microsoft CEO Satya Nadella signed an MoU during an event called ‘Microsoft Future Decoded’ in Mumbai on 22nd Feb 2017.

Under the MoU, Microsoft Azure Stack for the first time in the world will be used to migrate live applications currently hosted in Hyderabad State Data Centre (SDC) to Vizag data centre.

Government of India helped erstwhile Andhra Pradesh to build a state data centre in Hyderabad with the funding of INR 400 crore.

However, after bifurcation of the state into residual Andhra Pradesh and Telangana, both the states have bifurcated servers and data but they are using the same data centre in Hyderabad.

As per the Andhra Pradesh Reorganisation Act, 2014, AP has 10 years rights on the data centre but state is gradually planning to move all applications hosted in Hyderabad SDC to Vizag and Vijayawada data centres.

The US-based company has tested this Microsoft Azure Stack in its lab but it has not been physically delivered or commercially used anywhere in the world.

For the first time, Microsoft is doing proof of concept (POC) with Government of Andhra Pradesh to prove its capability.

Currently more than 340 applications of Andhra Pradesh including eSeva, MeeSeva, Core Dash Board are running in Hyderabad SDC.

Under the PoC agreement, state will migrate 15 applications to Vizag data centre.

To migrate, part of the applications will be taken to cloud and from cloud it will be transmitted onto the Azure Stack.

In this process, live applications will move from Hyderabad to Vizag.

Once the box is with government Microsoft will not have access to the data but they will have access to data in the cloud.

The security of the data and application at this stage resides with the Microsoft.

What is Azure Stack?

  • A data centre basically has three important components - server, applications and storage.
  • The hardware for all three components are different and they are controlled by software also knows as controller.
  • For migration of the data centre from one location to other, generally private companies put on-premise data centre into the cloud and then to different location or it remains in the cloud.
  • However, governments are highly conscious of data security because they deal with personal data of citizens.
  • So, they usually avoid going to cloud and prefer data to be within their boundaries.
  • Microsoft Azure Stack which encompasses three key components of the data centre - application, server, and the storage - into one physical box and delivers to the client, ensures 100% control over the box.
  • Technically, it is a cloud software that is binding the entire stack together in one environment.


3)   Which Snapdeal payment subsidiary executive resigned on 21st Feb 2017?
- Published on 27 Feb 17

a. Govind Rajan
b. Sachin Bansal
c. Binny Bansal
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Govind Rajan

Explanation:
FreeCharge CEO Govind Rajan has resigned from the company within 9 months of his appointment as payment subsidiary of online marketplace Snapdeal.

Snapdeal, run by Jasper Infotech Pvt Ltd, has been trying to independently raise funds for FreeCharge but the company has struggled to attract investors in the past six to 10 months.

FreeCharge, which provides digital payments services, was acquired by Snapdeal for $450 million in April 2015 and appointed Rajan as the chief executive in May 2016.

Govind has brought incredible energy and focus in growing FreeCharge. The pace of progress will continue with the strong team that he has built.

Jason Kothari will oversee the business operations of FreeCharge as part of his overall responsibilities of portfolio management as the chief strategy and investment officer of Snapdeal.

Rajan was initially hired as the chief strategy officer of Snapdeal, prior to which he was at Bharti Airtel Ltd as its chief marketing officer and chief executive of Airtel Money.

He also worked at Hindustan Unilever Ltd for over 15 years.

Numerous high-level exits at Snapdeal, include Sandeep Komaravelly, head of peer-to-peer marketplace Shopo; Tony Navin, head of partnerships and strategic investments; and Abhishek Kumar, head of corporate development, mergers and acquisitions and investments.

Backed by Japan’s Softbank Group, which holds close to 33% in the company, Snapdeal has also received funding from Kalaari Capital.

Other funders are Nexus Venture Partners, eBay Inc., Foxconn Technology Group and Alibaba Group Holding Ltd.

Co-founders Kunal Bahl and Rohit Bansal now have a stake of less than 6.5% in the company, which has raised around $2 billion since its inception.


4)   Which eBay executive has resigned from the online marketplace firm?
- Published on 27 Feb 17

a. Ramkumar Narayanan
b. Lakshmankumar Narayanan
c. Shivkumar Narayanan
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Ramkumar Narayanan

Explanation:
Ramkumar Narayanan, general manager and global head of monetisation products at eBay Marketplaces in India, has resigned from the firm.

He was primarily responsible for generating revenues for eBay.

Previously, he was the vice president of global product management at Yahoo and also worked with Microsoft in the past.

eBay has mainly two divisions in the country - a marketplace, which is based in Mumbai, and the development centre in Bengaluru.

The development centre is divided into two teams—core product and development, and analytics.

eBay Inc. entered India after acquiring an existing online site Bazee.com in 2004, much before Flipkart or Amazon started business in the country.

However, due to heavy investments from other competitors, the company could not thrive on its early-mover advantage in the country.

The Indian arm of US-based online selling platform reported a three-fold rise in revenue and a wider loss for the financial year 2015-16.

According to filings with the Registrar of Companies, eBay reported losses of INR 262 crore for the year ended March 2016 versus INR 172 crore in the same year-ago period. Revenues soared to INR 392 crore in 2015-16 from INR 132 crore in the previous financial year.

In November 2016, eBay dismissed nearly 30% of the product and technology team at its development centre in Bengaluru.

The work done by these teams was transferred to other global locations, the company had said.

The company has been trimming its global workforce since 2015 when it had laid off 350 people from its marketplace and payments entity PayPal, which it acquired in 2002.


5)   Union Finance Ministry has issued which series of Sovereign Gold Bonds in 2016-2017?
- Published on 27 Feb 17

a. Series II
b. Series III
c. Series IV
d. Series V
Answer  Explanation 

ANSWER: Series IV

Explanation:
The Union Finance Ministry has decided to issue Sovereign Gold Bonds 2016-17-Series IV. The applications for the bonds will be accepted from 27th February to 3rd of March, 2017.

These will be sold through banks, designated post offices, Stock Holding Corporation of India Limited and recognised stock exchanges.

The bonds will be restricted for sale to resident Indian entities including individuals, Trusts, Hindu Undivided Families, Universities and Charitable Institutions.

The investors will be compensated at a fixed rate of 2.50 percent per annum payable semi-annually on the nominal value.

Sovereign Gold Bond scheme was launched in September 2015 with an aim to reduce the demand for physical gold by shifting it to gold bonds.


6)   SHA-1 is a cryptographic technology which stands for _________
- Published on 24 Feb 17

a. Secure Hash Algorithm-1
b. Social Hash Algorithm-1
c. Simple Hash Algorithm-1
d. Superior Hash Algorithm-1
Answer  Explanation  Related Ques

ANSWER: Secure Hash Algorithm-1

Explanation:
A collaboration between Google's research unit and a Dutch institute on Thursday cracked a widely used cryptographic technology SHA-1.

This technology that has been one of the key building blocks of internet security, is known as Secure Hash Algorithm 1 or currently used to verify the integrity of digital files and signatures that secure credit card transactions as well as Git open-source software repositories.

Researchers were able to demonstrate a "collision attack" using two different PDF files with the same SHA-1 fingerprint, but with different visible content.

Moving forward, it's more urgent than ever for security practitioners to migrate to safer cryptographic hashes such as SHA-256 and SHA-3.

SHA-1: Know More

  • In cryptography, SHA-1 (Secure Hash Algorithm 1) is a cryptographic hash function.
  • It is designed by the United States National Security Agency.
  • It is a U.S. Federal Information Processing Standard published by the United States NIST.
  • SHA-1 produces a 160-bit (20-byte) hash value known as a message digest.


7)   TATA Communications has launched which iOT platform?
- Published on 24 Feb 17

a. MOVE
b. TROVE
c. SPEED
d. None of the above
Answer  Explanation 

ANSWER: MOVE

Explanation:
Tata Communications on 24th Feb 2017 announced its entry into the USD 4 billion mobile data connectivity and cross-border Internet of Things market.

This is by unveiling its MOVE platform that will enable people and things to become seamlessly connected on a global scale.

With more than 3 billion Internet users globally and billions more connected 'things' from activity trackers and smart home hubs to connected cars and street lights, one lives in a truly digital world.

Tata Communications MOVE platform will enable people and things to become seamlessly connected on a global scale.

The platform is underpinned by Tata Communications' global network partnerships with 900 mobile communications service providers globally, and recent investment in Teleena.

Teleena is an IoT connectivity specialist and mobile virtual network enabler, whose technology manages the operational complexity and reduces the cost of IoT deployments for businesses.

Tata Communications' investment has made it the single largest shareholder in Teleena with a 35 per cent stake.

TATA Communications: Know More

  • CEO: Vinod Anand Kumar (since Feb 2011)
  • Headquarters: Mumbai
  • Revenue: 3.2 billion USD (2014)
  • CFO: Pratibha K Advani


8)   Bharti Airtel will acquire the business of which company?
- Published on 24 Feb 17

a. Telenor (India) Communications Private Limited
b. Telenor India
c. Vodafone
d. Both a and b
e. All the above
Answer  Explanation  Related Ques

ANSWER: Both a and b

Explanation:
Telecom operator Bharti Airtel will acquire the business of Telenor India for an undisclosed sum in all seven circles where it holds spectrum.

Airtel on 23rd Feb 2017 said it had entered into a definitive agreement with Telenor South Asia Investments Pte Ltd to acquire Telenor (India) Communications Private Limited.

In a statement, Telenor said the transaction would not trigger any impairment.

As of fourth quarter 2016, the remaining value of tangible and intangible assets in Telenor India amounted to NOK 0.3 billion. '

The transaction is expected to close within 12 months.

Airtel is India’s largest wireless operator with over 269 million subscribers and a revenue market share of over 33 per cent.

As the new owner, Airtel will take over Telenor India’s spectrum, licences and operations, including its employees and customer base of 44 million.

As a part of the agreement, Airtel will acquire Telenor India’s running operations in Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

It will also enable Airtel to further bolster its strong spectrum footprint in these seven circles, with the addition of 43.4 MHz spectrum in the 1,800 MHz band,” Airtel said.

Telenor India’s operations and services will continue as normal until the completion of the transaction.

The acquisition of additional spectrum through this transaction, which made an attractive business proposition, has further enhanced Airtel’s spectrum portfolio.

With effect from the first quarter of 2017, Telenor India will be treated as an asset held for sale and discontinued operations in Telenor Group’s financial reporting.

Telenor announced its entry into India in 2008. In 2016, Telenor India’s revenues were NOK 6.0 billion and the operating cash flow was NOK - 0.4 billion.

Telenor: Know More

  • CEO: Sigve Brekke (17 Aug 2015)
  • Headquarters: Fornebu, Bærum, Norway
  • Owner: Politics of Norway (54%)


9)   SIDBI has signed an MoU for concessional loans to MSEs with _______
- Published on 23 Feb 17

a. State Bank of India
b. Punjab National Bank
c. Vijaya Bank
d. Oriental Bank
Answer  Explanation  Related Ques

ANSWER: Vijaya Bank

Explanation:
Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Vijaya Bank for providing concessional finance to micro and small enterprises (MSEs).

The MoU aims at promoting and strengthening units in the MSE segment through concessional funding - that is, at the marginal cost of funds-based lending rate (MCLR) of Vijaya Bank under refinance from SIDBI.

The MoU also envisages joint financing/co-financing of MSMEs for meeting capital expenditure under the ‘SIDBI Make in India Soft Loan Fund for Micro, Small & Medium Enterprises’ scheme at concessional rate of 9.60 per cent.

This is along with working capital from Vijaya Bank.

The resources and expertise of SIDBI in MSME financing and the outreach of Vijaya Bank are proposed to be leveraged.

This initiative of SIDBI and Vijaya Bank will go a long way in creating a conducive ecosystem for MSEs desirous of accessing concessional/composite funding.

Vijaya Bank's partnership with Small Industries Development Bank of India would further improve the financing of MSMEs.

This year alone, nearly 500 new entrepreneurs have been financed by Vijaya Bank to set up greenfield projects under the ‘Stand Up India’ scheme. Further, the bank has lent over INR1,250 crore this year alone under the ‘Pradhan Mantri Mudra Yojna (PMMY).

Vijaya Bank: Know More

  • Headquarters: Bengaluru
  • CEO: Kishore Kumar Sansi (1 Jan 2015)
  • Founder: A. B. Shetty
  • Founded: 1931


10)   Britannia has signed a MoU with which Greek company?
- Published on 22 Feb 17

a. Lays
b. Chipita
c. Chickita
d. Ruffles
Answer  Explanation  Related Ques

ANSWER: Chipita

Explanation:
Britannia Industries, has signed a non-binding memorandum of understanding with Greek company, Chipita BIL said on Tuesday.

In a regulatory filing, BIL said that it has signed a non-binding memorandum of understanding with Chipita, a Greek company for exploring certain business opportunities.

“The company is in an advanced stage of discussion with Chipita to finalise definitive agreements which inter alia includes joint venture agreement.

Presently the 123-year old mother-brand marks a presence in biscuits, breads, cakes, rusk and dairy products including value-added ones like cheese.

The company said that it is working not only in the new-launch space in biscuits but also in the adjacent macro snacking space.

Chipita: Know More

  • Chipita said on its website that it started in 1973 , producing and marketing savoury snacks.
  • This include mainly croissants and similar dough products like bakery rolls.
  • Since 1995, it has marked a presence outside the country.
  • It now has 38 production lines in 11 manufacturing facilities in several countries including India.


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