India moved a step closer to having its own satellite navigation system when scientists of Indian Space Research Organisation (ISRO) successfully launched its second Indian Regional Navigation Satellite System(IRNSS-1B) from Sriharikota in Andhra Pradesh on 4th April 2014.
With this successful launch, the second of the seven satellite system, India inches closer to a select group of countries that have such a navigation system.
The 1,432 kg satellite was blasted off by the rocket Polar Satellite Launch Vehicle (PSLV C24) at 5.14 pm from the launch pad of Satish Dhawan Space Center. IRNSS-1B is the second navigation satellite of the seven satellites constituting the IRNSS space segment.
Its predecessor IRNSS-1A was launched in July 2013. Two more navigational satellites - IRNSS-1C and IRNSS-1D are scheduled to be launched before the end of 2014.
IRNSS-1B carries two types of payloads - navigation payload and ranging payload. The IRNSS system will provide two types of services - Standard Positioning System provided to all the users and the Restricted Service provided only to authorised users.
Most Efficient Navratna Award to HAL[03/04/2014]
HAL received the "Most Efficient Navratna 2013" award at the fifth Dalai Street Investment Journal Awards night held in New Delhi yesterday. HAL Chairman, Dr. R.K. Tyagi received the award from the jury.
The awards were presented to the various PSUs in different categories in recognition of their performance and contribution to the Indian economy. Mr. T.K.A. Nair, Advisor to PM and Dr. Pritam Singh, Director General of International Management Institute, New Delhi, addressed the top executives representing Maharatna, Navratna, Miniratna, government Insurance Companies and banks.
Speaking on the occasion, Dr. Tyagi dedicated the award to all HALites and said the company is on its way to future growth through measures taken on various fronts such as R&D, modernization, customer initiatives, quality and thrust given on indigenization.
HAL has notched-up the highest ever turnover of Rs. 15,180 crores for the FY 2013-14 surpassing the previous year’s figure of Rs. 14,324 crores. “We crossed the psychological barrier of Rs. 15,000 crores and the production has been pretty good as we produced 60 aircraft and helicopters, achieved the initial operational clearance (II) of LCA and filed record 209 patents during the year", said Dr. R.K. Tyagi, Chairman, HAL. "We are preparing the company for 2020 and beyond", he added. HAL`s Value of Production (VOP) for FY 2013-14, stood at Rs. 15,296 crores as against the figure of Rs. 14,202 crores of the previous year. The operating profit went up to Rs. 1,651 crores in the FY 2013-14 as against Rs. 1,194 crores in 2012-13.
IDFC, Bandhan get banking licences[03/04/2014]
IDFC and Bandhan Financial Services Pvt Ltd on 2nd April 2014 won banking licences, with the RBI approving permits for only two of the 25 applicants. A day after the Election Commission permitted it to go ahead with the issue of new banking licences, the Reserve Bank of India gave in-principle approval to infrastructure finance company IDFC and Kolkata-based microfinance firm Bandhan to comply with the requirements of a fledged bank in 18 months.
With regard to the application of the Department of Posts, the RBI accepted the recommendation of the high-level screening committee to take further action in consultation with the government. The RBI originally received 27 applications in July 2013, after which Tata Sons and Videocon Group withdrew, leaving 25 contenders in the fray.
Besides India Post, the other applicants included state-run IFCI and private sector Anil Ambani group and Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital.
Sports Ministry derecognises IABF[01/04/2014]
The suspended Indian Amateur Boxing Federation's refusal to comply with its directives, the Sports Ministry on Tuesday derecognised the IABF with immediate effect. It comes as another massive jolt to the IABF, which has already been terminated by its international parent body, AIBA.
"The matter has been considered in totality and keeping in view all relevant facts including the fact that the International Federation of Boxing has withdrawn its recognition to IABF, it has been decided to withdraw the recognition granted by Government of India to IABF with immediate effect," a source in the Ministry said.
The IABF was provisionally suspended by the Ministry in December 2012. The Ministry had asked the IABF to hold fresh elections and make its constitution compliant with the National Sports Code.
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