6

What is it? The minimum number of directors a listed company should have, a report prepared by a Securities and Exchange Board of India (Sebi)-appointed panel has recommended.

Why is it important? There are no regulations on how many directors a listed company should have. If this proposal is accepted along with other recommendations like independent directors should account for 50% of the board strength, and one independent director has to be a women will improve corporate governance.

Tell me more: The panel also recommended the chairman of the board cannot be the managing director or CEO of the company, and chairman should be a non-executive. 20% of 4,887 listed companies have less than five directors, with Larsen & Toubro Ltd having the highest number at 22.

Rs2.64

What is it? The price quoted by two companies to supply one unit of wind power in an auction conducted by state-run Solar Energy Corp. of India.

Why is it important? The price quoted is cheaper than average cost of power (Rs3.2 per unit) generated by NTPC Ltd, India’s largest power utility, using mostly coal as input. ReNew Power Ventures Pvt. Ltd and Orange Sironj Wind Power Pvt. Ltd will supply 250 megawatts (MW) and 200MW each at Rs2.64 per unit.

Tell me more: India plans to install 60,000MW of wind power projects by 2022.

17

What is it? The seventeenth edition of the under-17 foortball World Cup will start from Friday.

Why is it important? The Indian team will be participating in the football world cup for the first time, having qualified as a host nation. 24 teams will play in six Indian cities over the next 22 days. India, which is ranked 107 in men’s ranking, is hoping the event will help increase popularity of the sport.

Tell me more: Nigeria has won five times, and Brazil and USA have participated in 15 editions. The world cup is held once in two years.

Rs655 crore

What is it? The price paid by Future Retail Ltd to purchase HyperCity Retail Ltd.

Why is it important? The acquisition will help Future Retail add 19 stores in large metros, where Big Bazaar—the biggest brand of Future Retail—is already present. The deal will mean 7% addition in turnover for Future Retail, but HyperCity has reported a loss of Rs85 crore during last financial year.

Tell me more: Rs500 crore of the acquisition price will be through stock-swap (shareholders of HyperCity getting shares in Future Retail) and the remaining Rs155 crore will be via cash. Future Retail’s share price has increased by 235% in the last one year.

50.7

What is it? Nikkei’s India Services PMI Business Activity Index, a composite indicator of India’s services based on a survey by financial information and services company Markit, in September.

Why is it important? It has expanded for the first time in three months (a reading above 50 indicates growth and below that, contraction). The survey attributed the rise to a recovery from the contractions caused due to the confusion around the goods and services tax rules in addition to increased demand that led to new business growth. Services employment increased at the fastest pace in 75 months—it increased in two of the five sub-sectors, transport and storage, and consumer services.

Tell me more: Manufacturing activity expanded for the second consecutive month in September and improvements in both these sectors resulted in Nikkei India Composite PMI Output Index increasing to 51.1 in September from 49 in August.

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