Current Affairs on Companies

Centre imposes Rs 10,000 cr penalty on RIL and its partners

1. Government has slapped a nearly 10,000 crore rupee fine on Reliance Industries Limited (RIL) and its partners BP and Niko for pumping out gas that flowed to the Krishna Godavari-D6 Block from an adjoining field owned by ONGC
2. All the three partners sought 1.47 billion dollars for producing nearly 338 million British thermal unit in seven years ended March this year.

Suzuki Motor to Invest $970 million

1. Japan’s Suzuki Motor Corp will invest about 100 billion yen ($970.97 million) in a second vehicle production line at its new plant in Gujarat and addition of the production lines are expected to increase Suzuki’s manufacturing capacity.
2. The second line could debut in early 2019.
3. It will manufacture the same yearly volume as the first production line, which is slated to debut in 2017.

Zensar Acquires UK-based Foolproof

1. Pune-based Zensar Technologies to build its digital portfolio acquired Foolproof Limited along with three of its subsidiaries for an undisclosed sum .
2. Foolproof helps global brands design digital products and services and had revenues of £8.5 million for last 12 months and employs 100 consultants.
3. Foolproof will continue to be managed by founders Peter Ballard and Tom Wood.

Mutual fund equity portfolio in listed Indian firms crossed the portfolio holding of LIC

1. At the end of September, the value of mutual fund equity portfolio in listed firms stood Rs.4.94 lakh crore compared to Rs.4.75 lakh crore held by PSU insurance behemoth Life Insurance Corp. of India (LIC).
2. This is the first time that the country’s 44-firms strong mutual fund industry overtook LIC as a bigger owner of local stocks.
3. Mutual fund holdings were spread across 1,088 companies while LIC has invested in 310 firms.

India’s Biocon Ranks Among the Top 10

1. According to a web-based annual survey by the magazine, India’s bio-pharma major Biocon Ltd has moved to ninth this year from 13 last year in the ‘Science 2016 Top Employer’ ranking.
2. Of the top 10 employers, six are based in the US, two  in Denmark and one in Switzerland.