UAE's ADNOC inks new long-term agreement for base oil sales in India

• Indian Oil is the largest seller of finished lubricants in the Indian market with approximate volume of 450,000 tonnes per annum
• The total Indian market for finished lubricants is two million tonnes and is growing at the rate of 2.4% per annum

RBI steps up liquidity management to make rate cuts count

• The RBI's 2 rate cuts this year, totalling 50 basis points, have not been followed with moves of a similar magnitude by commercial banks
• After April's cut, RBI Governor said the central bank was 'conscious' that the transmission of rate decisions had to be 'appropriate and effective'

VRS package may save ₹1,080 crore in annual salary tab: MTNL chief Purwar

• The Department of Telecom (DoT) has prepared a rescue plan for the distressed PSUs, MTNL and BSNL
• MTNL Chairman and Managing Director PK Purwar said recently that the telecom corporation expects annual salary expenses to reduce by ₹1,080 crore

Xiaomi aims 10,000 retail stores in India by 2019

• Xiaomi had primarily been an online brand since its inception and started its offline sales in India two years ago
• Xiaomi India said it generated employment for over 2,000 people with the opening of 1,000 Mi Stores, which are spread across 19 states in the country

Flipkart to set up more logistic parks, generate 50, 000 jobs: Report

• This comes at a time when both Flipkart and Amazon have upped ante to secure market leadership
• The idea behind setting up logistics park is to consolidate fulfilment, sorting and transport centres as supply chain

Cambridge University approved online courses to be offered in schools in India

• Pamoja Education has received its approval by Cambridge Assessment International Education
• All the schools across India which already offer Cambridge Assessment curricula and programmes will be able to offer a new range of Pamoja courses online

RBI needs to inject $35 billion in FY20 to allow 16% loan growth, says BofAML

• The RBI on Tuesday said that it will inject ₹25,000 crore liquidity through open market operations (OMOs) in May
• The RBI on Tuesday also conducted its second successful dollar swap auction of $5 billion

RBI’s second dollar swap auction fetches bids worth $18.65 billion

• RBI accepted bids at a premium of ₹8.38 at at an annualized rate of 4.01% from authorized dealers and paid them rupees in return
• The central bank says it will purchase govt securities against infusing liquidity worth ₹12,500 crore through OMOs

P&G India faces charges over profiteering under GST law

• P&G India reportedly did not pass on GST rate cut benefits of about ₹250 crore to consumers
• P&G India says passed on the net benefit to consumers and that it continues to cooperate with authorities

HT Media acquires 51% stake in Radio One parent Next Mediaworks

• The Radio One acquisition will not only add an additional station to HT Media's Top 5 metros but also the key market of Pune to its network
• HT Media is now detailing out the synergies of operations of Radio One with its own brands Fever FM and Radio Nasha

RBI approves proposal of HDFC for holding 9.9% stake in Bandhan Bank

• The Gruh Finance deal will reduce stake of Bandhan Financial Holdings in Bandhan Bank to about 61% from the current 82%
• The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance

RBI annouces another ₹25,000 crore OMO in May as liquidity dries up

• The apex bank also added that the OMO amount is indicative and the RBI retains the flexibility to change it
• The purchase, called as open market operations (OMOs), will be undertaken in two equal tranches with the first one on May 2

Softbank may invest in Jio as Mukesh Ambani deleverages business

• It, however, remains to be seen how much money does Softbank actually put in
• It was reported that SoftBank's Vision fund is currently undertaking due diligence to buy a stake in Jio Infocomm

India explores for crude oil on sweeter terms after end of US Iran oil waiver

• India is trying to leverage its robust middle-east ties for oil imports from countries such as Saudi Arabia, Kuwait and UAE
• India is seeking terms similar to those of its annual contracts in a bid to avert any sharp rise in its domestic fuel prices

TCS, Infosys increase hiring by 350% in FY19

• TCS hired 29,287 employees in the financial year ending on March 31
• Bengaluru-based Infosys added 24,016 software professionals

Government raises authorised capital of Allahabad Bank to ₹8,000 crore

• The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of ₹8,000 crore
• The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from ₹3,000 to ₹8,000

Trai to finalise views on OTT by May-end; studying global best practices: Sharma

• OTT services refer to applications and services that are accessible over the Internet and ride on an operator's network
• Skype, Viber, WhatsApp and Hike are some of the popular and widely-used OTT services

Air conditioner demand likely to pick up in Q1FY20: Report

• India’s air conditioner market is estimated at over 7 million units
• It is likely to grow on the back of rising penetration, urbanisation and higher disposable incomes

Microfinance sector faces rising risk of overleverage, says Icra

• Icra says that the domestic microfinance sector has registered a 28% growth during the 12 months ended December 2018
• Investors however have continued to support the microfinance industry with equity infusion of around ₹4,350 crore in FY19

Global media rights for cricket to touch $2 billion by 2021: Report

• The findings stated that three key markets – India, Australia and England – accounted for 90% of the value of cricket’s global media rights in 2018
• With the explosion of smartphones and broadband connectivity, the consumption of live matches has significantly shot up