Daily Current Affairs 10th May 2024

States News

• Uttarakhand Introduces ‘Pirul Lao-Paise Pao’ Initiative to Curb Forest Fires
  
  The Uttarakhand government has introduced the ‘Pirul Lao-Paise Pao’ initiative to tackle the widespread forest fires plaguing the state.
• Chief Minister Pushkar Singh Dhami inaugurated the campaign on May 8, 2024, in the Rudraprayag district, encouraging citizens to participate actively.
• He noted that cooperatives, the Yuva Mangal Dal, and Van Panchayat would also be involved.

International News

• Sri Lanka Signs 20-Year Wind Energy Agreement with Adani Green Energy
  
  The Sri Lankan cabinet has approved a power purchase deal with Adani Green Energy, led by Gautam Adani, for constructing wind power plants in Mannar and Poonerin.
• This 20-year agreement, approved on May 7, will compensate Adani Green Energy at 8.26 cents per kilowatt-hour (kWh) for the electricity produced by these facilities.

Appointments News

• R Shankar Raman Promoted to President at L&T

  R Shankar Raman, who is currently the Whole-time Director and CFO of L&T, has been promoted to the role of President.

• He will continue to fulfill his duties as Whole-time Director and Chief Financial Officer.
• SBI General Insurance Names Jaya Tripathi as Key Relations Group Head
  
  SBI General Insurance has appointed Jaya Tripathi as the Head of the Key Relations Group.
• Tripathi will now focus on driving new business opportunities, expanding partnerships, enhancing sales team growth, and improving partner relationships to increase profitability.

Banking News

• RBI’s G-Sec Buyback Results and Market Dynamics
  
  In a recent buyback of government securities (G-Secs), the Reserve Bank of India received offers totaling ₹17,384.552 crore.
• However, it accepted only ₹10,513 crore despite the ₹40,000 crore notified amount.
• Market analysts believe that banks priced the G-Secs higher than the secondary market, leading to the rejection of mismatched offers.

  YES BANK and EBANX Collaboration to Expand Global Commerce
  

• YES BANK and EBANX, a global fintech company specializing in emerging market payment solutions, are teaming up to offer a variety of scalable payment solutions to merchants.
• Their partnership aims to ease cross-border transactions, promoting global commerce between merchants and customers in India.

  SBI’s Q4 Report Shows Strong Growth and Improved Asset Quality
  

• In its most recent quarterly report, the State Bank of India (SBI) recorded its highest-ever standalone net profit of ₹20,698 crore.
• This performance was driven by an increase in non-interest income, effective cost management, and favorable adjustments to asset provisions.

  India’s Fiscal Deficit Update: 2023-24 Revenue Increases
  

• The anticipated fiscal deficit for the 2023-24 period is set to be lower than the government’s projected ₹17.35 trillion ($207.81 billion).
• This improvement is due to a surge in tax revenue and non-tax income, according to an unnamed government official.
• The final figures will be disclosed on May 31.

Business News

IREDA Creates Subsidiary at GIFT City to Boost Renewable Energy Sector

• The Indian Renewable Energy Development Agency (IREDA), a government entity under the Ministry of New and Renewable Energy (MNRE), has established a subsidiary named IREDA Global Green Energy Finance IFSC Limited in GIFT City, Gujarat.
• This entity is designed to harness international financial markets to fuel growth in the renewable energy sector.

  Bharti Enterprises Sells ICICI Lombard Shares for ₹663 Crore
  

• Bharti Enterprises, headed by Sunil Bharti Mittal, sold 38.50 lakh ICICI Lombard General Insurance Company shares through open market transactions for ₹663 crore.
• This reduced its stake from 2.43% to 1.63%. Meanwhile, ICICI Bank, a promoter, boosted its ownership to 51.7% by purchasing 21 lakh shares.

Ranks and Reports News

Mumbai and Delhi Listed in the Top 50 Wealthiest Cities

• Mumbai and Delhi have been recognized among the world’s 50 wealthiest cities in the Wealthiest Cities Report 2024, compiled by Henley & Partners and New World Wealth.
• Mumbai was placed 24th, while Delhi secured the 37th position.

Awards News

Pawan Sindhi Receives the Global Pride of Sindhi Award 2024

• Pawan Sindhi has been honored with the Global Pride of Sindhi Award 2024.
• The event was attended by notable saints, Mahatmas, and sadhus, who recognized Sindhi’s impactful contributions to society and his unwavering dedication to humanity.

Sports News

Amul Becomes Official Sponsor of Sri Lanka’s T20 Cricket Team

• Indian dairy company Amul has been declared the ‘Official Sponsor’ of the Sri Lankan Men’s Cricket Team during the ICC Men’s T20 World Cup 2024.

  Bajrang Punia Provisionally Suspended by Wrestling Authorities
  

• Indian wrestler Bajrang Punia has been temporarily banned by United World Wrestling (UWW) until December 31, 2024, following a suspension by the National Anti-Doping Agency (NADA) due to his failure to provide a urine sample.

Science and Technology News

• ISRO Develops Semi-Cryogenic Engine Using Liquid Oxygen and Kerosene
  
  The Indian Space Research Organisation (ISRO), via the Liquid Propulsion Systems Centre (LPSC), is working on a semi-cryogenic propulsion system.
• This engine will utilize liquid oxygen and kerosene to increase payload capacities of Launch Vehicle Mark-3 (LVM3) and other future spacecraft.
• The propulsion system will feature a 2,000 kN thrust engine.

Important Days

• International Day of Argania 2024 Commemorated on May 10
  
  Every year on May 10, the International Day of Argania highlights the ancient Argan tree, which has been a part of Morocco’s landscape for around 80 million years.
• The day aims to bring awareness to the tree’s importance, its uses, and the challenges it faces in today’s world.