 As part of its social commitment, a special health insurance policy has been launched by the Karnataka Bank in association with Universal Sompo General Insurance Company Ltd to cover the uncertainties posed by COVID-19 pandemic. Under this health insurance policy, an individual can avail health cover for COVID-19 at a nominal premium of Rs 399, with the validity period of 120 days. The health insurance policy will cover COVID-19 pandemic related health expenses such as in-patient hospital expenses of up to Rs 3.00 lakh, outpatient treatment expenses of Rs 3000 and will also offer a sum of Rs 1000 per day towards expenses incurred towards 14 days of quarantine at a government or military hospital. All the customers of the Bank in the age group of 18-65 years will be able to subscribe the policy. |
 United Kingdom oil major “British Petroleum” is going to set up Global Business Service Centre in Pune, Maharashtra to support its global businesses. The centre would be established for its global business services (GBS) operations in Pune, Maharashtra. The centre is expected to begin its operations by January 2021. The planned Global Business Service Centre will employ around 2000 people and provide business processing as well as advanced analytics capabilities in support of British Petroleum businesses worldwide. The GBSC in India will allow the oil major to tap into India’s digital talent pool and would result in its development and application of cutting-edge digital solutions. |
 HDFC ERGO General insurance firm has partnered with UK based tech firm TropoGo Limited to launch India’s 1st ‘Pay as you Fly’ insurance for drone-owners in India. This policy, which can be offered on-demand to commercial drone owners and operators, give life assurance for Third Party Liability Claims. This insurance policy protects property damage and bodily injuries that maybe happened while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel & tourism purposes among others. Members of this policy can claim an insurance cover of up to Rs 10 lakh on TropoGo mobile app & they will choose 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities. |
 Infrastructure Leasing & Financial Services Limited (IL&FS) has completed the sale of its 50% stake in Gujarat International Finance Tec-City (GIFT City). These stakes were bought by the Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government, at an amount of Rs 32.71 crore. The stake sale took place after the approval from the National Company Law Tribunal (NCLT). IL&FS has received Rs 32.71 crore as equity value for shares. Selling of stakes to Gujarat government has helped the IL&FS group in reducing its debt by Rs 1,230 crore. Its current outstanding debt is around Rs 94,000 crore. Gujarat International Finance Tec-City Company Ltd (GIFTCL) is active in the business of real estate development. |
 Jio Platforms has received investment of Rs 5683.50 crore from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Hence, ADIA has bought 1.16% stake in Jio Platforms with its investment of Rs 5683.50 crore. The investment done by ADIA valued the Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Jio Platforms is a wholly-owned subsidiary of Reliance Industries (RIL). It aims to provide high-quality and affordable digital services across India. Abu Dhabi Investment Authority (ADIA) is the largest investment arm of the government of Abu Dhabi. ADIA was established in 1976 and is a globally-diversified investment institution. |
 The merger of Peugeot S.A (PSA) and Fiat Chrysler Automobiles N.V. (FCA) has been approved by the Competition Commission of India (CCI). Peugeot S.A (PSA) is a publicly listed limited liability company incorporated in France. PSA is an original equipment manufacturer and dealer of motor vehicles, passenger cars as well as light commercial vehicles under the brands Peugeot, Citroën, Opel, Vauxhall and DS. Headquartered in London, Fiat Chrysler Automobiles N.V. (FCA) is a public company with limited liability. FCA is a global automotive group. Its works include manufacturing, designing, engineering, distributing and selling vehicles, components as well as production systems worldwide. |
 The “Real-Time Electricity Market (RTM)” has been launched by the Indian Energy Exchange on its platform and it will be effective from 01st June 2020. Central Electricity Regulatory Commission (CERC) envisages to make the power market dynamic via the recently launched real time market. The RTM will make the power market dynamic by enabling trade in electricity through half-hourly auctions, totalling 48 auction sessions per day. |
Features of Real-Time Electricity Market:
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 Yes Bank Limited has acquired a 24.19% stake in Dish TV India Ltd, a corporation providing Direct to Home (DTH) television service in India, following invocation of 44.53 crores pledged shares thanks to default in payment of the debt by Dish TV and a few other companies. This is the fifth instance within the past one year that Yes Bank has acquired majority stake during a non-banking business simply thanks to the invocation of the pledge against shares of a corporation that had availed loans from the bank and later did not repay the dues. |
 Reliance Industries Ltd (RIL) has launched a “WhatsApp chatbot” to address rights issue queries of its 2.6 million shareholders on the offering. With a task of executing massive Rs 53,125 crore rights issue amid a nationwide lockdown, RIL has turned to WhatsApp Chatbot which has been developed by Jio Haptik Technologies. This chatbot is the first one which has been rolled out for a public offering and is available on WhatsApp. As with the lockdown it would have been difficult to manage sufficient call centre service, this chatbot will address the queries of the shareholders such as: important dates related to its rights issue, rights entitlement a shareholder is eligible for, how to trade their rights entitlement, and what to do if one has physical shares and sample forms, etc. |
 The National Highways Authority of India (NHAI) has been penalised with amount of Rs 7 lakh by the Securities and Exchange Board of India (SEBI). SEBI has imposed the penalty on NHAI for delay in disclosing half yearly financial results between FY16 and FY19. The penalty has been imposed on the basis of SEBI’s listing obligation and disclosure norms (LODR) according to which half yearly results have to be filed within 45 days from the end of the half year. The National Highways Authority of India (NHAI) delayed in disclosing half yearly financial results ranging from 4 days to 78 days. |
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