DAILY GK UPDATE - 9th May

1.    Tech Mahindra forays into Mexican market 

(i) Major IT Company Tech Mahindra has ente

red the Mexican market, where it will focus on industries such as telecom, banking, energy and manufacturing and help create about 500 jobs in the next 24 months.

(ii) The foray into Mexico is part of the company's expansion strategy in the Americas region. In Mexico, the company will offer solutions and consulting services focused on meeting the needs of customers in various industries. These include retail distribution and insurance, among others.

(iii) Tech Mahindra will form partnerships with local

universities, business schools and trade bodies to enable the creation of 500 jobs in the next 24 months 

2.    India's ranking improves among high-risk nations: Analysis 

(i). India's long-drawn election campaign may have seen rhetoric reach new extremes of divisiveness but the risk of conflict and political violence in the country has significantly declined relatively to others, according to a global index that has red-flagged rising terror attacks in China as a growing cause of concern for prospective investors. 

(ii). India remains a high-risk country and is rated 18 on the places most risky to do business in according to the Conflict and Political Violence Index for 2014 compiled by London-based risk analytics firm Maplecroft.

(iii). But this is an improvement from ninth place on the political violence front among 197 countries in 2011, when it was categorised as an "extreme risk" nation.

3.    Sensex, Nifty end at record highs on capital inflows

(i). The benchmark sensex on 9^th May crossed record 23,000 level for the first time but closed a tad lower at 22,994.23, posting its biggest single-day gain of 650.19 points since September 2013, on strong FII buying in banking, auto and power stocks ahead of election results next week.

(ii). In the day trade, the 30-share BSE barometer scaled its all-time high of 23,048.49 points as ICICI Bank, Tata Motors and Reliance Industries spurted.

(iii). The broad-based Nifty of the National Stock Exchange too spurted by 198.95 points, or 2.99 per cent to settle at record closing of 6,858.80. It touched an all-time intra-day high of 6,871.35 points, breaching previous record of 6,869.85 reached on April 25.

4.    GDP growth can reach 6.5% in 2014-15 with reforms: CII

(i). According to the new president of the Confederation of Indian Industry (CII), India can achieve GDP growth rate of well over 6% provided that systemic reforms are carried out quickly by the new government.  

(ii). In the period of 2004-08 the GDP was at an average growing at the level of 9%, thereafter for next 2 years the average growth fell down to 7% and in the last few years it has lowered further. One of the important issues which the lower economic growth brings to the forefront is of job creation and with no economic growth it will be a greater challenge.

(iii). Unveiling the CII action theme for the year as 'Accelerating Growth, Creating Employment', he  said, "With slowing growth and high inflation adversely impacting employment, CII will urge the next government to focus on reviving growth and generating new jobs."

(iv). He added that CII has proposed a strong 100-day action agenda for the new government to boost growth. "A strong economic revival package and right implementation of policies by a fresh Government can help create as many as 150 million jobs in the next ten years

(v). CII further stated that with continuing robust reforms, GDP growth could be taken back to the 8 per cent level in the next three years.

5.    BHEL commissions Gas Turbine Generating Unit in Oman

(i). The Bharat Heavy Electricals Limited, BHEL has commissioned Gas Turbine Generating unit at a power project in Oman. The 126 MW Gas Turbine Generator at Qarn Alam-3 power project of Petroleum Development Oman is the second successive project of BHEL in Oman.

(ii). It has earlier commissioned two units of 126 MW Petroleum Development Oman Amal Gas Turbine Generating project in 2012.

(iii). The Gas Turbine Generator units were engineered, manufactured and supplied by BHEL's Hyderabad Plant while the control system has been supplied by the company's Bangalore works. Oman is one of the key export territories of BHEL.

(iv). The public sector company has secured and executed 14 major contracts which include the supply of 16 Gas Turbine sets in Oman alone in the past nearly two decades. BHEL is currently executing various power plant projects in 20 countries for installing 7,000 MW power generating capacity worth over three Billion dollars.