Business & Economy, August 24th, 2018, Current Affairs Current Affairs Notes | EduRev

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Current Affairs : Business & Economy, August 24th, 2018, Current Affairs Current Affairs Notes | EduRev

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BUSINESS & ECONOMY

‘2gud’: Flipkart’s dedicated portal for Refurbished Goods has been launched
On August 24, 2018, Flipkart unveiled a dedicated portal ‘2Gud‘ for refurbished goods, including mobile phones, laptops and tablets.
i. It is aimed to bring affordability, accessibility and availability to the refurbished market.
ii. It would offer refurbished mobile phones, tablets, laptops and other electronic accessories along with a 3-12 month warranty.
iii. The platform would also allow customers to return their products
iv. It will soon be accessible through desktop browsers and a mobile application.
v. Every product that is sold on the platform will go through 47-step quality check and will be categorized in five grades based on their physical condition — ‘Like New’, ‘Superb’, ‘Very Good’, ‘Good’ and ‘Okay’.
vi. The company estimates the refurbished goods market in India to be worth $20 billion in the coming five to six years.
Flipkart:
♦ Headquarters: Bengaluru.
♦ 77% holding of Walmart.

Reliance Industries (RIL) became the first Indian company to cross Rs 8 lakh crore
On August 24, 2018, Reliance Industries (RIL) became the first Indian company to cross Rs 8 lakh crore market capitalization.

i. The company’s market valuation soared to Rs 8,04,247.76 crore.
ii. M-cap of TCS’ Rs 7,77,870 crore m-cap.

Other announcements:
i. While RIL is the first homegrown major to achieve this feat, the aggregate market capitalisation of 15 Tata group companies comes to Rs 11.32 lakh crore.
ii. HDFC Group had recently crossed Rs 10 lakh crore.
Background:
On July 13, the market valuation of RIL surged past Rs 7 lakh crore mark, making it the second company after TCS to achieve this milestone.

Highlights :
i. Reliance Jio tops the list followed by Merck and Bank of America.
ii. Due to its 215 million subscribers and its since its launch in 2016, Jio has provided the public with ‘digital oxygen'”. Internet services has been declared as a basic human right by the UN.
iii. Apart from Reliance Jio, another Indian Company that has ranked is Mahindra and Mahindra in 23rd position.
iv. The 57 companies chosen for this year’s Change the World list hail from 19 countries.
The top 10 companies in the list are:

Rank Company Industry
1 Reliance Jio Telecommunications
2 Merck Pharmaceuticals
3 Bank of America Commercial Bank
4 Inditex Specialty Retailers
5 Alibaba Group Internet Services and retailing
6 Kroger Food and Drug Store
7 Xylem Industrial Machinery
8 ABB Industrial Machinery
9 Weight Watchers International Business Services
10 Hughes Network System Network and other  communications

About Fortune Change the world list :
♦ The Change the World list recognizes companies that have had a positive social impact through activities that are part of their core business strategy.
♦ Considering only companies with annual revenues of $1 billion or more, the list measures social impact, business results (profitability), the degree of innovation and corporate integration.

Paytm Partners with Alibaba to launch “Paytm AI Cloud for India”
Paytm has launched “Paytm AI Cloud for India” for developers, start-ups, and enterprises in partnership with Alibaba, a global tech giant.

Fortune’s 4th ‘Change the World’ list 2018 has been released; Reliance Jio tops the list
On August 24, 2018, Fortune released its 4th annual ‘Change the World’ List 2018.

Paytm AI Cloud for India:
i. This is a made-in-India AI-powered cloud. It offers ready-to-use services to automate workflow, easy to integrate payments, messaging and customer engagement without the trouble of managing hardware and software, in-built CRM, Campaign Management.
ii. It also offers affordable, easy-to-access computing services, ready-to-use apps, pattern recognition technology, pre-trained models and predictive computation to businesses.
iii. The data centre and cloud service are provided in partnership with Alibaba. Processeing and storage of all consumer data will be done in servers located in India.
iv.Paytm will soon provide enterprise-messaging solutions in partnership with DingTalk.

About Paytm:
♦ CEO – Vijay Shekhar Sharma
♦ Headquarters – Noida, Uttar Pradesh

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