India Business News Headlines Weekly Roundup 02nd to 06th December 2019

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Here is India business news headlines weekly roundup 02nd to 06th December. News on Corporates, policies, budget, start-up world, funds, funding.

Corporates

  • The Welspun Group bought a majority stake in One Industrial Spaces founded by Anshul Singhal in July 2019.

india business news headlines weekly roundup 02nd to 06th december

  • AstraZeneca’s non-executive chairman, Leif Johansson is seeking an ease of laws in order to allow patents for incremental innovation.
  • The allotment committee which is authorized by the board of directors of Tata Motors has approved allotment of ordinary shares and warrants to Tata Sons on preferential basis.
  • Puravankara launched the ‘WorldHome Collection’, which is an Uber luxury residential line.
  • Allcargo Logistics bought a majority stake in Gati for about Rs 416 crores.
  • Oppo extended its global partnership with ICC till September 2023.
  • Kay Beauty, which currently offers a wide range of eye and lip products is now also looking at different verticals to expand the brand.
  • Grofers reported a widened loss of Rs 448 crores in FY19.
  • Cummin India announced a VRS scheme for its employees.
  • JSW Group entered the Jaypee Infra insolvency scene by finalizing to partner with Suraksha Realty.
  • Manipal Hospitals and BRS Ventures fray for Columbia Asia’s India hospitals.
  • Goldman Sachs raised the target price of shares of Reliance Industries to Rs 1850.
  • Coca Cola realigned its bottling operations in North India in order to optimize its resources.
  • The new tariffs offered by Reliance Jio from December 6 onwards will range from Rs 199 a month to Rs 2199 a year.

India business news headlines weekly roundup 02nd to 06th December 2019

  • IL&FS reported a net loss of Rs 22527 crores in FY19.
  • Sembcorp Utilities signed a non-binding term sheet with Gayatri Energy Ventures to acquire a 5.95% stake in SEIL Sembcorp Energy India Limited.
  • United Breweries launched its first craft beer Kingfisher Ultra Witbier.
  • IKEA’s parent company, the Ingka Group is exploring investment opportunities in India, majorly in renewable energy, and everything connected to sustainability.
  • Lenders of Karvy’s pledged shares moved to the tribunal in order to recover over Rs 1000 crores of loans from the brokerage and now the SAT will decide who owns Karvy’s pledged shares.
  • The centre is considering on offering concessional loans to state governments to help power distribution companies in clearing green energy dues.
  • The PSUs had set December 3 as the last date for employees of BSNL and MTNL to opt for the Voluntary Retirement Scheme and around 92700 employees – 78300 from BSNL and 14378 from MTNL opted for the scheme.
  • Advent International along with Temasek sold shares of Crompton Greaves Consumer Electrical worth Rs 1275 crores.
  • The former BPSL CMD Sanjay Singal who was arrested on 22nd November moved to the court seeking a bail in the money laundering case.
  • NBSS and Suraksha Realty have both submitted in their final bids to acquire Jaypee Infratech through the insolvency process.
  • Wipro Consumer Care and Lighting in its 12th acquisition, bought Canway and their transaction for the same is set to be completed by January 2020.
  • Future Consumer, a part of Kishore Biyani-led ‘Future Group’ named Rajnikant Sabnavis as their new CEO effective January 1, 2020.
  • Y Combinator, a start-up accelerator has selected 28 Indian start-ups for its winter batch engaging in diverse sectors including fitness, farm and finch, etc.
  • ICICI Venture settled cases against a bunch of PE firms managed by it for 5.22 crores.
  • Oyo CEO, Aditya Ghosh has been shifted from the position of the CEO to a board member and now Rohit Kapoor is the newly appointed CEO of Oyo Rooms.
  • Kiran Mazumdar Shaw, Biocon Chairperson, and MD said that India Inc is neither anti-national nor anti-government.
  • Biocon and its partner Mylan announced a launch of their bio similar to oncology drug trastuzumab in the US under Ogivri.

India business news headlines weekly roundup 02nd to 06th December

  • Kia Motors have now become India’s 4th largest vehicle manufacturer after dispatching 14005 units of Seltos.
  • Chanda Kochhar’s counsel sought permission from the Bombay HC to amend their petition in view of the reply filed by ICICI Bank by 9th December.
  • Intel India launched its latest centre in Hyderabad in order to expand its footprint in India.
  • Suraksha Realty firm which is in a race to acquire Jaypee Infratech, might offer more cash & land to lenders in the Jaypee Infra Case.
  • The lenders of Jaypee Infratech will be meeting on today to decide on bids by NBCC and Suraksha Realty.

Do read: Today News Headlines 7th December 2019

There’s more in India business news headlines weekly roundup 02nd to 06th December

  • Syngene appointed Sibaji Biswas, former Vodafone executive, as CFO. His position will be effective from December 18 onwards.
  • Walmart India in partnership with HDFC Bank launched a co-branded credit card exclusively for its members of the Best Price Modern Wholesale ‘B2B Cash and Carry’ stores, offering free credit up to 50 days.
  • The petroleum ministry asked Bharat Petroleum and Indian Oil to recover Rs 108 crores that they gave to its employees in the form of pre-loaded cards and vouchers on completion of 15, 20, and 25 years of service in violation of rules, as found by the CAG.
  • Yes Bank filed an insolvency petition against Jaypee Healthcare with claims worth Rs 189.4 crores.
  • The NSDL on 2nd December unilaterally transferred the securities back to client accounts that Karvy Stock Broking had illegally pledged with lenders.
  • The NSE suspended Karvy’s trading license due to their non-compliance with SEBI norms after allegedly misusing client securities worth Rs 2800 crores.
  • Reliance Jio will be introducing the new ‘All in One’ plans and will raise the mobile services rates by up to 40% from December 6 onwards.
  • Arcelor Mittal in a bid for Odisha Slurry Pipeline Infrastructure is facing a tough competition by Thriveni Earthmovers.
  • Sobha is all set to enter the new property markets and will launch projects in Delhi, Hyderabad, and Thiruvananthapuram to start with and will expand beyond 10 more cities where projects are still ongoing.
  • NBCC is most likely to offer more land to lenders and reduce the timeline for the completion of about 20000 flats in its final bid to acquire the bankrupt Jaypee Infratech.
  • The sales of Mahindra & Mahindra declined nearly 9% in November this year bringing the total wholesale across their commercial and passenger vehicles at 41235 units as against 45101 units in November 2018.
  • The project called ‘Ratnagiri Refinery & Petrochemicals’ which was announced in December 2015 was to be commissioned by 2022 but due to delay in land acquisition, the deadline has now been pushed to 2025.
  • The Governor of Maharashtra, BS Koshyari said that the government will enact a law to ensure 80% reservation for the ‘sons of the soil’ in private sector jobs.

India business news headlines weekly roundup 02nd to 06th December

  • Piyush Goyal, the Commerce and Industry Minister said that India will be looking at introducing a ‘border adjustment tax’ on low-cost imports from free trade partner countries so as to promote sales of locally produced goods.
  • Patanjali has secured Rs 3200 crores in the form of loans from SBI, PNB, UBI, Syndicate Bank, and Allahabad Bank to buy Ruchi Soya.
  • Ola is planning on restructuring and redesigning its company and will commence with a trimming down of 5-8% of its employees ahead of their IPO.
  • Paytm’s parent company One97 Communications India reported a loss of Rs 3,960 crore in fiscal 2019 which is double as compared to the previous year.
  • ExxonMobil Corporation is planning to set up a lubes blending plant in India.

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Start-up world, funds, funding and investments

  • Mahindra & Mahindra invested acquired a 36.63% in equity share capital of Meru by investing Rs 44.71 crores. This was their first tranche as part of their Rs 201.5 crore deal to acquire 55% of shareholding.
  • Flipkart led a $60 million investment in Shadowfax.
  • CarDekho raised $70 million in a Series D funding round led by Ping a Global Voyager Fund.
  • Airtel after getting a nod from its board raised around $3 billion through a mix of equity and debts.
  • Manappuram FInance is looking to raise nearly $250 million via bonds and the first tranche of the planned bond issue is expected to close within a week.
  • Eris Life sciences bought anti-diabetes novel drug, Zomelis in India for nearly $13 million and will start selling the same in the Indian market from December 10 onwards.
  • Punjab & Sindh Bank is looking in to raise around Rs 500 crores through QIP.
  • Piramal raised Rs 1100 crores from Barclays in order to refinance a part of its existing debt and extended new loans.
  • RBL Bank is looking to raise nearly Rs 2000 crores through Qualified Institutional Placement offering.
  • Accel Partners raised $550 million for its sixth India fund.
  • The World Bank Group’s IFC – International Finance Corp said that it was leading a $200 million debt financing in Mahindra and Mahindra Financial Services as part of its plan to create a pool of financing for micro, small, and medium enterprises in low-income states.
  • Temasek is currently in talks to invest around $100 million in Cure.fit as they are looking to diversify their strategy and back more tech start-ups.

Do read: A complete list of all the major hindu festivals in India

India business news headlines weekly roundup 02nd to 06th December

Ongoing cases-

  • People:
  • Google CEO Sundar Pichai will be taking over the reins of Alphabet in replacement of its co-founders, Larry Page and Sergey Brin.
  • Maruti Suzuki appointed Kenichiro Toyofuku as the director of its corporate planning department and as a Wholetime Director on the board of the company for 3 years starting 5th December 2019.
  • Siddharth Mittal has taken over as the new CEO and joint MD of Biocon from his former position of CFO and president-finance.
  • Airlines updates:
  • IndiGo has told its pilots to stop pushing engines on its new Airbus SE jets in order to limit turbines failing in the air.
  • As mentioned by the Civil Aviation Minister, Hardeep Singh Puri, Air India posted a provisional net loss of Rs 8556.35 crores in 2018-19. A net loss of Rs 5348.18 crores was recorded in the previous year.
  • Sanjay Kumar stepped down as CEO of AirAsia India.

Do read: Sports Weekly Roundup 02nd to 06th December 2019

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