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News in Short

News in Short - 20-May-2019

AFSAC Project: Tech Mahindra inks defence contract with Indian Navy

Date: 20 May 2019 Tags: Defence & Security
  • IT major Tech Mahindra has signed defence contract worth Rs.300 crore with Indian Navy for 'Armed Forces Secure Access Card (AFSAC)' Project. It is its biggest agreement to date.
  • Under AFSAC Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships.
  • AFSAC will replace existing paper-based identity card for all Indian Navy personnel, including dependents and ex-servicemen.

HDFC Group becomes India’s most valuable company

Date: 20 May 2019 Tags: Economic Organizations
  • HDFC group has overtaken 151-year-old Tata group to emerge as India’s most valuable company interms of market capitalization (m-cap).
  • The combined market value of five listed companies of HDFC group – HDFC, HDFC Life, HDFC Bank, HDFC Asset Management and Gruh Finance stood at Rs 11.66 lakh crore.
  • The combined m-cap of 29 Tata group companies was  Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group.

LIBRA: Facebook Registers New Fintech Firm in Switzerland

Date: 20 May 2019 Tags: Economic Organizations
  • Social media giant Facebook has formed and registered new financial tech firm, Libra Networks LLC, in Geneva, Switzerland. It was registered in Geneva by Facebook Global Holdings II LLC.
  • Earlier, Facebook had registered  trademark “Libra” with United States Patent and Trademark Office back which was reportedly part of its secretive in-house crypto project.