Daily Current Affairs - 06th Feb 2020

Adani Enterprises Q3 net profit jumps 362% to Rs 426 crore; revenue up 5%

  • Adani Enterprises (AEL), the flagship company of the Adani Group, has reported three-fold jump in its consolidated net profit at Rs 426 crore during the third quarter ended December 31, 2019. The Gautam Adani-led company had posted a consolidated net profit of Rs 92 crore during the same quarter last year.
  • Consolidated total income for the quarter increased by 5 per cent to Rs 11,075 crore against Rs 10,548 crore in the same quarter previous year.
  • The company's EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) rose by 58 per cent to Rs 884 crore in Q3FY20 versus Rs 562 crore in Q3FY19.

Cabinet approves to confer the status of Institution of National Importance to five IIITs

  • The Union Cabinet gave its approval to confer the status of Institution of National Importance to five Indian Institutes of Information Technology, IIITs. The Five IIITs in PPP mode at Surat, Bhopal, Bhagalpur, Agartala and Raichur will now be able to use the nomenclature of Bachelor of Technology, BTech or Master of Technology or PhD degree.
  • The cabinet has approved introduction of the Indian Institutes of Information Technology Laws (Amendment) Bill, 2020. The bill will declare the remaining five IIITs along with the existing 15 IIITs in PPP mode as Institutions of National Importance with powers to award degrees.

Cabinet gives in principle approval to set up a new major port in Maharashtra

  • The Union Cabinet has given in principle approval to set up a new major port at Vadhavan near Dahanu in Maharashtra. The total cost of the project is likely to be over 65 thousand crore rupees. The Vadhavan port will be developed on “landlord model” (where infrastructure is leased to private firms or industries and chemical plants). A special purpose vehicle (SPV) will be formed, with the government planning to hold 51 per cent stake in the project.
  • Jawaharlal Nehru Port Trust will be the lead partner in the SPV with equity participation equal to or more than 50 per cent to implement the project. All the business activities will be undertaken under public private partnership mode by private developers.

Cooperative banks to come under Reserve Bank purview

  • The Union Cabinet has approved amendments to the Banking Regulation Act, which will empower the Reserve Bank of India to have regulatory oversight over cooperative banks.
  • Cooperative banks which are 1500 plus in number, have been brought under the regulation of RBI. Cooperative movement is very strong. It has more than 8.6 crore depositors; Rs 5 lakh crore deposits and 1,540 multi-state, urban and other cooperative banks.

Great Wall Motors to invest $1 billion in India

  • The latest entrant into the Indian automobile market — Great Wall Motors, the largest manufacturer of SUVs in China has committed an investment of $1 billion (about Rs. 7,000 crore) in the country. The company aims to boost the plant’s manufacturing capacity that can make 137,000 vehicles per annum—expand its vendor network and research and development centre.
  • The company has agreed to buy General Motors Co.’s plant in Talegaon, near Pune in Maharashtra.

Hollywood Legend Kirk Douglas Dies At 103

  • US silver screen legend Kirk Douglas, the son of Jewish Russian immigrants who rose through the ranks to become one of Hollywood's biggest-ever stars, has died. He was 103.
  • One of the last survivors of the golden age of cinema and the father of Oscar-winning actor and filmmaker Michael Douglas, the "Spartacus" actor was renowned for the macho tough guy roles he took on in around 90 movies over a six-decade career.
  • Douglas was Oscar-nominated for his roles as a double-crossing and womanizing boxer in "Champion" (1949), a ruthless movie producer in "The Bad and the Beautiful" (1952) and tortured artist Vincent Van Gogh in "Lust for Life" (1956).

Jagmohan Dalmiya's son Avishek becomes youngest CAB president

  • Former BCCI president late Jagmohan Dalmiya's son Avishek became the youngest president of Cricket Association Bengal after being elected unopposed. Avishek, 38, was holding the post of joint secretary before his elevation.
  • The CAB president's post was lying vacant after former India captain Sourav Ganguly took over the reins of BCCI.

More Chinese cities shut down as virus toll rises

  • Millions more people have been ordered to stay indoors as China battles to curb the spread of a new virus that has already killed nearly 500 people. With more than 24,000 cases in China, a growing number of cities have been imposing a range of restrictions in recent days far from central Hubei province, the epicentre of the outbreak, as authorities struggle to contain the virus.

More than 22 crore Soil Health Cards distributed to farmers till date: Agriculture Ministry

  • More than 22 crore Soil Health Cards have been distributed to farmers till date. The Soil Health Card scheme was launched by the union government in 2015 with a view to address the decline of soil nutrients.
  • The Agriculture Ministry has said that in the first phase between 2015 to 2017 over 10 crore cards were distributed, while in the second phase over 11 crore 50 lakhs cards have been given away from 2017 to 2019
  • This scheme provides for the analysis of soil composition by the State Governments once in every two years so that remedial steps can be taken to improve soil nutrients.

New Zealand defeat India by four wickets in first One-day International

  • New Zealand defeated India by four wickets in the first One-day International of the three-match series in Hamilton. Chasing a mammoth target of 348 runs set by India, the hosts achieved it in 48.1 overs losing six wickets. New Zealand's Ross Taylor top scored 109 off 84 balls and remained not out.
  • Earlier put into bat, India made 347 for four in the stipulated 50 overs. Shreyas Iyer scored his maiden ODI century with 103 off 107 balls

Rakhi Halder bags gold at Senior Women's National Weightlifting Championships

  • In Senior Women's National Weightlifting Championships, Rakhi Halder of Bengal has bagged gold in the 64kg category of the 35th edition of the event in Kolkata. Ranked 19th in the Olympic qualifiers list, Halder had produced a personal best of 218 kg at the Qatar International Cup last year to win the bronze medal.

RBI to announce its last monetary policy for current financial year today

  • The Reserve Bank of India will announce its last monetary policy for the current financial year. The sixth bi-monthly monetary policy statement for 2019-20 will come after 3 days of deliberations by the Monetary Policy Committee (MPC) which began on Tuesday.
  • RBI Governor Shaktikanta Das-led MPC is expected to maintain status quo on policy rates. In 2019, the RBI cut rates five times in a row by a total of 135 basis points. It kept the interest rates unchanged in its previous policy review in December.
  • Amid spike in inflation, most economists expect the central bank to hold rates.

Romania’s pro-European govt collapses after no-confidence vote

  • Romania's pro-European government collapsed in a parliamentary no-confidence vote after only three months in office. A total of 261 of 465 MPs voted in favour of a motion against the minority government led by Ludovic Orban, which took over in November, 2019.
  • President Klaus Iohannis must now appoint a new Prime Minister who in turn must try to assemble a majority.

Trust formed for Ram temple construction: PM

  • Prime Minister Narendra Modi has told the Lok Sabha that the Union Cabinet had approved a scheme for the construction of a grand Ram temple in Ayodhya by setting up an autonomous trust, the Ram Janmabhoomi Teerth Kshetra, to take forward the process as per the Supreme Court’s orders.
  • The prime minister said that the trust would be independent and had been approved by the Uttar Pradesh state government too.
  • On November 9, the Supreme Court of India (SC) - in a historic judgment - awarded the disputed land in Ayodhya to Ram Lalla Virajman and directed the Centre to form a trust within three months to oversee the construction of the temple.
  • The top court said that a five-acre plot would be awarded to the Sunni Waqf Board for building a mosque.

US President Donald Trump acquitted of all impeachment charges

  • The United States President Donald Trump has been acquitted of all impeachment charges. The US Senate has acquitted President Trump on two articles of impeachment that are- abuse of power and obstruction to Congress.
  • The Republican-majority Senate voted 52-48 to acquit him of abuse of power and 53-47 to acquit him of obstruction of Congress. Democrats required two-thirds of votes in the 100-member House to impeach the president. The ruling Republican party has 53 seats while the Democrats have 47.

Women's hockey: India beat New Zealand 3-0 to end tour on bright note

  • In Women's Hockey, India drew curtains on the New Zealand tour on a bright note with striker Navneet Kaur scoring a brace to guide the Indian team to a convincing 3-0 win over New Zealand. India began the tour by thrashing New Zealand Development squad 4-0 before suffering close 1-2 and 0-1 defeats to the home senior team.