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Important Current Affairs of 11th May

NATIONAL:

The man with all the toys: Why Mukesh Ambani bought Hamleys.

• India's richest man has sealed another deal in his battle with Amazon and Walmart for India's online retail market, which a Morgan Stanley estimate sees at $200 billion by 2028.

• On Thursday, Reliance agreed to purchase the 259-year-old British toy store chain Hamleys from C.Banner International Holdings for $88.5 million in cash in a transaction that will “catapult Reliance Brands to be a dominant player in the global toy retail industry,” said a statement.

• The 62-year-old businessman is quietly piecing together a network of partners through stake purchases or outright acquisitions in his push for consumer business, which Ambani says will contribute nearly as much as to the conglomerate’s total earnings as its core energy business by the end of 2028.

Ex-Flipkart execs' unicorn Udaan gets ₹139 crore from parent.

• Bengaluru-based B2B online marketplace Udaan has raised over ₹139 crore from Singapore-based parent firm Trustroot Internet. The parent entity has invested over ₹400 crore in Udaan in past five months. Founded in 2016 by former Flipkart executives Sujeet Kumar, Vaibhav Gupta and Amod Malviya, Udaan had achieved the 'unicorn' tag with a billion-dollar valuation within just 26 months of launch.

INTERNATIONAL:

Uber falls below $70bn value on 1st trading day, CEO blames trade war.

• Uber ended its first day of trading with a market cap of $69.7 billion, below its last private valuation of $76 billion. CEO Dara Khosrowshahi said US-China trade tensions played a role in the stock's weak performance, adding, "You can't pick when you go public". Uber priced its IPO at $45 per share, valuing the company at $75.5 billion.

Japan tests world's fastest bullet train capable of 400 kmph speed.

• Japan has started testing world's fastest bullet train, the 'ALFA-X' version of the Shinkansen train, capable of reaching 400 kmph speed. It will be tested twice a week after midnight between Sendai and Aomori, which are around 280 kilometres apart. On entering operation, it will run at up to 360 kmph, outpacing China's Fuxing train, which runs 10 kmph slower.

BANKS AND ECONOMICS:

RentoMojo raises ₹77 crore funding co-led by Accel, Chiratae.

• Bengaluru-based furniture and appliance rental startup RentoMojo has raised ₹77 crore in the first tranche of its Series C funding round, regulatory filings revealed. The funding was co-led by Chiratae Ventures and Accel Partners and also saw participation from existing investor Bain Capital. RentoMojo was founded in 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain.

DAYS:

India celebrates National Technology Day on 11th May.

• National Technology Day is observed every year on the 11th of May in India. It is a reminder of the anniversary of Shakti. The aim of the celebration is to highlight the achievements of the scientists and engineers of India in the field of science and technology.

It also helps to encourage students towards science and technology field.

• Shakti:

The first nuclear test Pokhran with a codenamed as ‘Smiling Buddha’ was carried out in May 1974. The second test conducted was Pokhran II which was a series of five tests of nuclear bomb explosions, administered by India at the Pokhran Test Range of Indian Army in May, 1998.

Pokhran II comprised of five detonations out of which the first one was a fusion bomb while the other four were fission bombs. These nuclear tests evolved various sanctions against India by many major states, including the United States and Japan.

• Why the day is celebrated?

On 11th of May, 1998, India victoriously test fired the nuclear missile, Shakti-I at the Pokhran Test Range of Indian Army in Rajasthan in an operation administered by late president and aerospace engineer Dr. APJ Abdul Kalam. After two days, the country victoriously tested two additional nuclear weapons.

Following this, Prime Minister Atal Bihari Vajpayee announced India as a nuclear state, making it sixth country in the world that has joined the nations “nuclear club” and the first country that was not party to the Non-Proliferation of Nuclear Weapons Treaty (NPT). NPT is a global treaty signed by the UK, Russia, China, France, and the US which has the objectives to prevent the increase of nuclear weapons and attain nuclear disarmament.

AWARDS:

Actress Anne Hathaway receives star on Hollywood Walk Of Fame.

• Oscar-winning actress Anne Hathaway on Thursday was honoured with a star on the Hollywood Walk Of Fame in Los Angeles, US. Thanking her fans, she said, "I'm really very moved by every aspect of this." Anne was accompanied by her husband actor-producer Adam Shulman, her mother actress Kate McCauley, as well as her co-stars from her upcoming film 'The Hustle'.

SPORTS:

Harbhajan Singh 3rd Indian to claim 150 IPL wickets.

• Chennai Super Kings spinner Harbhajan Singh became the third Indian cricketer to claim 150 or more wickets in the history of Indian Premier League. Delhi Capitals' Amit Mishra with 157 wickets in 147 matches and Kolkata Knight Riders' Piyush Chawla, with 150 wickets in 157 matches, are the only two other Indians who have reached the mark.

World no. 3 Halep beats Bencic to reach 4th Madrid Open final.

• World number three Simona Halep defeated Belinda Bencic to reach her fourth Madrid Open final. Halep won the match with a scoreline of 6-2, 6-7(2-7), 6-0 in one hour and 57 minutes. The final will also be Halep's first of 2019. Bencic had defeated world number one Naomi Osaka in the quarter-finals.

Roger Federer beats Gael Monfils in Madrid to claim 1,200th win.

• Roger Federer on Thursday became the second player in Open Era (since April 1968) to record 1,200 match wins. The 20-time Grand Slam champion saved two match points against France's Gaël Monfils before clinching the match after a final-set tiebreak to reach quarterfinals of Madrid Open. Notably, the 37-year-old is playing in his first tournament on clay since May 2016.

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