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Current Affairs of 7th May

Anjali Singh, Published On:07-May-2019


                          Current affairs

1.The Election Commission of India (ECI) has permitted relaxation in the Model Code of Conduct (MCC) in Maharashtra for conducting drought relief works in the state. The relaxation was made after state CM Devendra Fadnavis wrote to the EC on the issue.

  • The EC further directed that government staff involved in vote counting shouldn't accompany ministers on any tour during this period.

2.INS Vela, Indian Navy’s 4th Scorpene-class submarine was launched at Mazagon Dockyard in Mumbai. This is the fourth submarine in the series of six submarines under Project 75 built by Mazagon Dock Ltd, Mumbai.

  • The Scorpene-class submarine has been termed as the Kalavari Class.
  • Project 75 is a $3.75 billion contract inked between French Company DCNS (now Naval Group) and the Mazagon Dock Ltd in 2005 for construction and transfer of technology for 6 Scorpene-class submarines.

3.The Confederation of Indian Industry(CII) has notified certain observations regarding the second phase of the Faster Adoption and Manufacture of (Hybrid and) Electric Vehicles in India (FAME India).

  • It has observed that India can save 64% of anticipated road-based mobility-related energy demand and 37% of carbon emissions by 2030.
  • The reduction in energy demands would lead in the reduction of 156 million tonnes of oil equivalent in diesel and petrol consumption and net savings of approximately $60 billion in 2030 at current oil rates. This will boost India’s vision of reducing oil imports by 10% by 2022.
  • The tentative aim is to have 30% electric vehicles by 2030 and the electric vehicle penetration in India is currently at 1%. Therefore, CII added that FAME alone is not enough to reach the 2030 target.

4.For the 1st time, private lender YES Bank Ltd, in terms of market valuation, has slipped by 3 levels to come down to the 10th spot.

Previously, YES Bank was the 7th most-valued bank.

  • The position of the bank has come down due to its shares collapsing over 30% in the last 4 sessions after YES bank had reported a net loss of Rs. 1500 crore in its March quarter earnings.
  • The most valued Indian bank with a market cap of Rs. 6.34 trillion is HDFC Bank Ltd. This is followed by (SBI) State Bank of India and Kotak Mahindra Bank with market cap of Rs 2.76 trillion and Rs 2.68 trillion, respectively.

5.SBI Card raised Rs. 700 crore from various financial institutions including its parent SBI (State Bank of India) in the 2nd half of FY19 (Financial Year) to grow above the industry average.

  • SBI Cards and Payment Services Pvt. Ltd (SBI Card) raised Rs. 100 crore from ICICI Securities Primary Dealership Ltd, Rs. 250 crore from State Bank of India and Rs. 50 crore each from Canara Bank and Axis Bank by issuing NCDs (Non Convertible Debentures) at 9.15% coupon.
  • SBI Card also raised additional Rs. 250 crore from Axis Bank through a coupon of 9.55%.

                  Awards and Recognition

6.Israel honoured Lt. Gen. (retd) Jack Farj Rafael (JFR) Jacob who negotiated the historic surrender of Pakistani troops in Dhaka after the 1971 Bangladesh liberation war, with a plaque on the Wall of Honour at the Ammunition Hill.

  • Lt. Gen. Jacob, who passed away in 2016 at the age of 92, was one of the most prominent members of India’s relatively small Jewish community serving as a Lieutenant General in the Indian Army and later as a Governor of two Indian states-Goa and Punjab.

7.Indian –origin journalist G D ‘Robert’ Govender conferred with V K Krishna Menon Award 2019 in UK for his contribution as a pioneer of decolonised journalism.  

  • The award is given to mark the 123rd birth anniversary of V K Krishna Menon, Indian diplomat and politician.  He is the first person who has been awarded the V K Krishna Menon posthumously.

                Appointment and Resignation

8.Flipkart-owned fashion e-commerce platform Myntra appointed Virat Kohli and Anushka Sharma as its first ever official brand ambassadors.

  • Myntra launched an integrated campaign called ‘Go Myntra-lala’ to promote the brand. Advertising agency McCann Worldgroup from Bengaluru has created the television campaign.

9.Backed by North Macedonia’s ruling party, Stevo Pendarovski, the 55-year-old former political-science professor won the presidential runoff vote amid promises to push the Balkan state towards NATO (The North Atlantic Treaty Organization) and European Union membership. He will succeed Gjorge Ivanov.

10.The Panama Electoral Tribunal announced Laurentino “Nito” Cortizo (with 95% of votes counted) as the winner of Panama’s presidential election. He will succeed Juan Carlos Varela Rodríguez.

                  Books and Authors

11.Shahid Afridi, former captain of the ‘Pakistan national cricket team’ wrote his autobiography titled, ‘Game Changer’ will unveil answers to the much-contemplated questions about him.

  • Afridi is popularly known as ‘Boom Boom’ and holds the world record for the fastest ODI (One Day International) century in 37 deliveries. He also holds the distinction of having hit the most number of sixes in the history of ODI cricket.


12.The XXXVI Feliks Stamm International Boxing Tournament 2019 was held at Centre of Sport and Recreation in Warsaw, Poland from April 28 to May 5, 2019.

  • The event was organised by the Polish Boxing Association.
  • In this tournament, India won a total 6 medals which include 2 gold, 1 silver and 3 bronze medal.
  • The 22-year-old Gaurav Solanki defeated England’s William Cawley by 5-0 in Fly (52-kg) category.

13.The Volleyball Federation of India appointed Serbian Dragan Mihailovic as head coach of the men’s national team in a move linked to the long term goal of Olympic Games qualification.

  • Mihailovic has more than 25 years of experience as a coach. The VFI also announced the appointment of Przemyslaw Soszynski and Vladimir Radosevic as the team’s physio trainer and physiotherapist respectively.

Source: The Hindu, The Economic Times, The Indian Express, Press Information Bureau website

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