Business Current Affairs

CCEA approves Strategic Sale of Government Equity in Dredging Corporation Of India

Cabinet Committee on Economic Affairs (CCEA) has approved strategic disinvestment of 100% Government of India’s shares in Dredging Corporation of India Limited (DCIL) to consortium of four ports. Presently, Central Government holds 73.44% shares in DCIL. The consortium of four ports consists of Vishakhapatnam Port Trust (Andhra Pradesh), Paradeep Port Trust (Odisha), Jawahar Lal Nehru Port Trust (Maharashtra) and Kandla Port Trust (Gujarat). The government’s divestment target for fiscal 2018-19 was Rs 80,000 crore and so far it has garnered over Rs 15,000 crore from PSU stake sales.

Significance

Strategic sale of DCIL will further facilitate linkage of dredging activities with ports, keeping in view the role of DCIL in expansion of dredging activity in the country as well as potential scope for diversification of ports into third party dredging. The co-sharing of facilities between company as well as ports shall lead to savings for ports.  This will also further provide opportunities for larger investment in DCIL as integration with ports shall help ineffective vertical linkage in value chain.

Dredging Corporation of India Limited (DCIL)

It is miniratna public sector unit (PSU) engaged in the business of dredging. It does dredging for Indian seaports exclusively. It is involved in capital dredging, beach nourishment, and land reclamation. It was established in March 1976 and is headquartered in Visakhapatnam, Andhra Pradesh. It reports to the Ministry of Shipping. Almost all maintenance dredging in Indian seaports is carried out by DCI. It also occasionally dredges at foreign seaports in countries such as Sri Lanka, Taiwan and Dubai.

Month: Categories: India Current Affairs 2018

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India overtakes US to become 2nd largest smartphone market behind China

According to research firm Canalys, India has overtaken US to become second largest smartphone market in the July-September 2018 quarter. India saw shipment of 40.4 million units during third quarter and was second to China where 100.6 million smartphones were shipped. Smartphone shipment in US was at 40 million units.

Key Highlights

Worldwide smartphone shipments fell by 7.2% year-on-year to 348.9 million units during July-September 2018, a fourth consecutive quarter of decline. This was also worst third quarter performance since 2015. Seven of the top ten markets recorded year-on-year (y-o-y) declines, mainly caused by lengthening smartphone replacement cycles, worsening international trading conditions and competition from major Chinese vendors.

The three markets (among top 10) that registered growth were Indonesia (13.2% increase y-o-y to 8.9 million units), Russia (11.5% jump y-o-y to 8.8 million units) and Germany (2.4% rise y-o-y to 5.5 million units). China’s smartphone shipment declined 15.2% y-o-y, India by 1.1% and US by 0.4% in September 2018 quarter.

Samsung led vendor tally with 20.4% share in said quarter, followed by Huawei (14.9%), Apple (13.4%), Xiaomi (9.6%), and Oppo (8.9%). The worldwide smartphone market faces unprecedented challenge, while its dynamics are changing rapidly at both vendor and country level. This is providing growth opportunities for aggressive vendors with speed to respond quickly to market changes.

Month: Categories: Business & Economy Current Affairs 2018

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