Daily GK Updates: 3rd November 2020

“Bankrupt, grounded Jet Airways is world’s best performing airline stock.”

  • All airlines are feeling the coronavirus pinch but one that hasn’t flown since April 2019 after collapsing under a pile of debt is the world’s best performing — at least from a share price point of view.
  • Stock in Mumbai-listed Jet Airways India Ltd. has surged almost 150% this year versus a 42% plunge in the 27-member Bloomberg World Airlines Index, which comprises the globe’s biggest carriers.
  • Its runaway gains have market watchers scratching their heads, especially since Jet Airways is undergoing bankruptcy proceedings, has almost 17,000 creditors seeking claims of around $3.4 billion and has had most of its landing slots confiscated.
  • Jet Airways was India’s No. 1 private carrier, taking on the monopoly of state-run Air India Ltd. and offering intercontinental voyages with free gourmet meals and in-flight entertainment.

Source: Business Standard

“India’s First Solar-Powered Miniature Train Launched In Kerala.”

  • A solar energy-driven miniature train, billed as the country’s first of its kind, was inaugurated at the Veli Tourist Village in Thiruvananthapuram by Kerala Chief Minister Pinarayi Vijayan.
  • The train, which would be an attraction for children especially, was part of a string of projects totally worth ₹ 60 crore taken up to elevate the facilities at the panoramic destination to international standards.
  • Mr Vijayan also dedicated an “Urban Park” and a swimming pool at the eco-friendly tourist village, located on the outskirts of the state capital where the Veli Lake meets the Arabian Sea.
  • The miniature rail has all the features of a fully- equipped rail system, including a tunnel, station and a ticket office. The train has three bogies that can accommodate around 45 people at a time.

Source: NDTV

“Govt extends emergency credit line guarantee scheme till November 30.”

  • The National Democratic Alliance (NDA) government announced extending the time window for businesses to seek sovereign-guaranteed loans under the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30.
  • The Finance Ministry said in a statement that it has extended the scheme till the end of this month or “or till such time that an amount of Rs 3 trillion is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase in demand during the ongoing festive season.
  • Under the scheme, 100 per cent guarantee coverage is being provided by the National Credit Guarantee Trustee Company for additional funding to the tune of Rs 3 trillion to borrowers.
  • Banks provide fully guaranteed and collateral free additional credit to micro, small and medium enterprises, businesses, individual loans for business purposes and Mudra borrowers, to the extent of 20 per cent of their credit outstanding as of 29.2.2020.
  • Interest rates for loans under the scheme are capped at 9.25 per cent for banks and financial institutions, and 14 per cent for non-banking financial companies.

Source: Business Standard

“AAI hands over Lucknow airport to Adani group on lease for 50 years.”

  • The Airports Authority of India (AAI) midnight handed over the Lucknow airport to the Adani group on lease for a period of 50 years. The AAI had handed over the Mangaluru airport to the group on October 30 midnight.
  • The central government in February 2019 privatised six major airports of the country — Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati.
  • The AAI had signed concession agreements with the Adani group on February 14 for operations, management and development of the Mangaluru, Lucknow and Ahmedabad airports.
  • The concession agreements for the other three airports — Jaipur, Guwahati and Thiruvananthapuram — were signed between both the parties in September.

Source: Economic Times

“IREDA signs MoU with MNRE, setting key targets for year 2020-21.”

  • Indian Renewable Energy Development Agency (IREDA) has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), for setting key targets for the year 2020-21.
  • The MOU was signed by MNRE Secretary, Indu Shekhar Chaturvedi and IREDA CMD, Pradip Kumar Das.
  • The government has set a revenue target of 2,406 crore rupees under ‘Excellent’ rating along with various performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT (profit after tax) as a percentage of Average Net worth, Loan disbursement, Overdue loan etc.
  • IREDA as on today, has financed more than 2700 renewable energy projects in India with cumulative loan disbursements to the tune of 57,000 crore rupees, and has supported green power capacity addition of 17,259 MW in the country.

Source: News on Air

“Indian Naval Ship Airavat arrives in Sudan with food aid as part of Mission Sagar-2.”

  • As part of ‘Mission Sagar-II’, Indian Naval Ship Airavat carrying a consignment of 100 Tonnes of food aid arrived in Sudan.
  • Under the mission, the Indian government is providing assistance to friendly foreign countries to overcome natural calamities and the coronavirus pandemic.
  • Mission Sagar-II follows the first ‘Mission Sagar’ undertaken in May-June 2020, wherein India reached out to Maldives, Mauritius, Seychelles, Madagascar and Comoros, and provided food aid and medicines.
  • As part of Mission Sagar-II, Indian Naval Ship Airavat will deliver food aid to Sudan, South Sudan, Djibouti and Eritrea.

Source: India Today

“Lewis Hamilton wins Emilia Romagna GP as Mercedes win constructors’ title.”

  • Lewis Hamilton moved to the brink of a seventh world title with victory in the Emilia Romagna Grand Prix.
  • A one-two for Mercedes with Valtteri Bottas second sealed a record seventh consecutive constructors’ championship.
  • In the drivers’ title chase, Hamilton is 85 points clear of Bottas, who was promoted to second when Red Bull’s Max Verstappen suffered a puncture.
  • Hamilton will win the title at the next race as long as Bottas does not out-score him by more than seven points.

Source: BBC

“Kiren Rijiju inaugurates SAI’s new Regional Centre at Zirakpur.”

  • After a wait of more than seven years, the Sports Authority of India (SAI) regional centre (Chandigarh) ’s new centre at Zirakpur, Punjab, was virtually inaugurated by Kiren Rijiju, union sports and youth affairs minister.
  • The SAI Regional centre, which is the SAI’s 11th regional centre in India and third in region after Patiala and Sonepat, will cater to athletes and coaches from Punjab, Himachal Pradesh, Union Territory of Jammu and Kashmir, Union Territory of Ladakh and Chandigarh.
  • The northern belt of India covers a huge region, right from Jammu and Kashmir and Leh to Himachal Pradesh and we are doing a lot of development in this region with the aim of building world-class sporting facilities in India.
  • SAI officials have been operating from Chandigarh since 1992 and the SAI officials and coaches have been working from various UT Administration facilities since 1992. In 2013, the central government had announced the new SAI regional centre at Chandigarh and Rs 13crore were sanctioned for the first phase of the centre. The SAI local office received the funds in 2017 and the work had started at Zirakpur in 2017.

Source: Indian Express

“CCI approves acquisition of Bharti AXA by ICICI Lombard.”

  • The Competition Commission of India (CCI) approved acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) under Section 31(1) of the Competition Act, 2002, the Ministry of Corporate Affairs said in a statement.
  • ICICI Lombard is a general insurance company registered with the Insurance Regulatory and Development Authority of India (IRDAI) and is engaged in providing a comprehensive and well-diversified range of general insurance products, including motor, health, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.
  • Bharti AXA, on the other hand, is a general insurance company registered with the IRDAI and is a joint venture held by Bharti General Ventures Private Limited (51%) and Societe Beaujon (49%).
  • It is engaged in providing general insurance products, including motor, health, travel, crop and home insurance to its customers.

Source: Livemint

“Cricket Association of Ladakh organises Ladakh Premier League 2020.”

  • In Leh, Cricket Association of Ladakh is organising Ladakh Premier League 2020. Upper Leh Councillor Phunsog Stanzin Tsepag inaugurated the Ladakh Premier league at NDS Stadium.
  • Speaking on the occasion, Tsepag said, tournaments like these are a big opportunity for youth in Ladakh region to prove their talent.
  • Organisers said, 22 teams from various parts of Leh district are participating in the tournament.

Source: News on Air