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  • Current Affairs 23rd July 2014

    Updated : 23-Jul-2014

    Current Affairs 23rd July 2014 - Important Points

    Current Affairs 23rd July 2014 - Details

    TCS became first Indian Company to achieve Market Capitalization of 5 lakh crore rupees

    On 23rd July 2014, Tata Consultancy Services Ltd (TCS), India's largest software services exporter, became the first Indian company to exceed Rs.5 trillion in market capitalization in its 10th year on the stock markets. Its market capitalization was Rs.3.42 trillion one year ago. 

    Shares of TCS, which hit their 52-week high on the bourses today, closed 2.21 per cent higher at Rs 2,586.9. At the closing price, TCS market cap amounted to Rs 5,06,703 crore.

    The market capitalization of TCS is higher than the combined market capital of next 4 biggest IT Indian companies, viz. Infosys (1.90 lakh crore rupees), Wipro ( 1.39 lakh crore rupees) and HCL Tech (1.07 lakh crore rupees) and Tech Mahindra (45000 crore rupees). The combined market value of these four biggest IT companies in India is approximately 4.88 lakh crore rupees.

    TCS has reported a 45 per cent jump in net profit at Rs 5,568 crore and a 22.9 per cent rise in revenue at Rs 22,111 crore for the first quarter ended June 30, 2014.

    Sania Mirza appointed as Brand Ambassador of Telangana

     On 22nd July 2014, Indian tennis star Sania Mirza was appointment as Brand Ambassador of Telangana. The letter of appointment and a cheque of one crore rupees was handed over to Sania Mirza by the Chief Minister of Telangana K Chandrasekhar Rao in Hyderabad.

    Sania Mirza will promote the new state's interests in India and abroad.

    Do You Know : 

    • Sania Mirza is the highest ranked female tennis player ever from India, with a career high ranking of 27 in singles and 5 in doubles. 
    • Sania Mirza is the first Indian woman to win a WTA title. She won it at Hyderabad in 2005.
    • She has won 20 WTA doubles titles.

    National Geographic launches magazine for schoolchildren in India

    On 22nd July 2014, National Geographic launched a special edition of Explorer magazines for schoolchildren in India. With this, India became one of the first countries where the magazine has been launched. The magazine will provide educational resources and new learning solutions for teachers as well as students.

    The programme includes accessing content through an interactive application, content on its website, large posters, projectable magazine content, monthly magazines and a teacher's guide. There will be four reading levels and seven issues will be published in a calendar year for each level.

    RBI issues draft guidelines to facilitate financing to MSMEs

    On 23rd July 2014, The Reserve Bank of India (RBI) has proposed a Trade Receivables Discounting System (TReDS), which would be a scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of Micro, Small & Medium Enterprises (MSMEs). 

    The draft guidelines issued were a follow up to a paper titled Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange published by the RBI in March 2014.

    Following are the Draft Guidelines : 

    • The Trade Receivables Discounting System (TReDS) will provide the platform to bring these participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices or bills of MSMEs.
    • The TReDS may also introduce some random audits to ensure that there is no window dressing and that factoring units uploaded on the exchange are authentic & based on genuine transactions.
    • TReDS would put in place a standardized mechanism / process for on-boarding of buyers and sellers on the TReDS. This one-time on boarding process will require the entities to submit all KYC related documents to the TReDS
    • The TReDS would be governed by the regulatory framework put in place by the Reserve Bank of India under the Payment and settlement Systems Act 2007. 
    • TReDS will not be allowed to assume any credit risk and the minimum paid up voting equity capital shall be 100 crore rupees Further, the TReDS should have a net worth of 100 crore rupees at all times.
    • The promoter's minimum initial contribution to the paid up voting equity capital of TReDS shall be at least 40 per cent which shall be locked in for a period of five years from the date of commencement of business of the TReDS.
    • Shareholding by promoters in TReDS in excess of 40 per cent shall be brought down to 40 per cent within three years from the date of commencement of business of TReDS.
    • The foreign shareholding in the TReDS would be as per the extant FDI policy. 
    • The TReDS should have sound technological basis at the minimum to support its operations.

    CMSA scheme launched in Meghalaya for widows and pensioners

    On 23rd July 2014, The Chief Minister of Meghalaya, Dr Mukul Sangma launched a mass enrolment drive under the Chief Minister's Social Assistance (CMSA) Scheme for widows and persons with disabilities at Patharkhmah in Ri Bhoi District in Meghalaya.

    Each beneficiary shall be given a financial assistance of 500 rupees per month under the scheme. 

    As far as the persons with disabilities are concerned, there is no age bar for receiving the financial aid. However, in case of widow, the age limit of 58 years was decided for a woman and 60 years for a man to be made eligible for receiving this aid.