India business news headlines weekly roundup 07th to 11th October. News on Corporates, policies, budget, start-up world, funds, funding. Here’s a roundup of all the India business news that created the buzz in India this week:
- Many PSBs including Bank of India, OBC and Bank of Maharashtra, have reduced lending rates by up to 25 basis points after repo rate cut by RBI.
- BSNL has said that there is no plan to shut down the company as being reported.
- As per a new study by Credit Suisse Research Institute, India ranks 23 globally for female representation at senior management levels. India also has the third-lowest rank in the Asia Pacific for female CEO representation which is 2%, and second-lowest for female CFO representation which is barely 1%.
- Piramal Enterprises is said to have filed a complaint with Sebi against the spreading of “misleading rumours” by “certain market participants” about their company and said that it is committed to bringing in Rs.8,000-10,000 crores of equity in the financial services.
More in India business news headlines weekly roundup 07th to 11th October
- The Delhi police’s Economic Offences Wing has arrested Malvinder Singh, former promoter of Ranbaxy for allegedly causing wrongful loss worth Rs.2, 397 crore to Religare Finvest. His younger brother Shivinder Singh, Sunil Godhwani, and two other officials have already been arrested in the same case.
- Auto component manufacturer, Prico, has announced 1-5 non-working days in October in its 8 plants across India due to the on-going slowdown in the auto sector.
- As per reports, around 120 A320 first officers have resigned in the last 3-4 months.
- Ravi Shankar Prasad, the Communication, Electronics and IT Minister, has been named in the list of ‘World’s 100 Most Influential People’ in digital governance, prepared by Apolitical, a UK based NGO.
More in India business news headlines weekly roundup 07th to 11th October
- Indiabulls Group may rework its plan for exiting the real estate business after RBI’s rejection of a merger proposal of Indiabulls Housing Finance with Lakshmi Vilas Bank.
- US FDA has issued a warning letter for Torrent Pharma’s Indrad plant in Gujarat reportedly for violations of current good manufacturing practices and the requirement of urgent remedial measures.
- Haryana GST authorities have arrested two persons, namely Gulshan Dhingra and Sanjay Dhingra, for generating fake invoices and fraudulently availing input tax credit amounting to Rs.127 crores.
- RBI has rejected the proposed merger of Lakshmi Vilas Bank and Indiabulls Housing Finance.
- Tech Mahindra and Cisco have announced an end-to-end 5G-enabled network infrastructure assessment and consultancy services solution to build wireless and secure “factories of the future” in the areas of SDN, cyber security and IT-OT.
- After TRAI’s review of the IUC regime, Reliance Jio has announced to charge 6 paise per minute for voice calls made on other networks, but it will compensate them by giving free data of equal value.
- The government has allowed Huawei to participate in the 5G use case demos during India Mobile Congress to be held from Oct 14 to 16.
- As per ICRA, the Indian logistics sector may grow at 8 to 10 percent over the medium term.
- Twitter has admitted that users’ data like phone numbers and emails provided by them for “security purposes” may have been used for ad purposes.
- CBI has booked CEO and CMD of Livewel Air Team, a ground handling company, for allegedly cheating SBI for Rs.70 crores.
- Bank of India has filed an insolvency petition with NCLT against Dharani Sugars and Chemicals.
- EOW is likely to extend probe in PMC Bank to HDIL’s auditors, Rajeswari & Associates.
- WeWork India is set to enter into the Noida market and has taken around 3 lakh sq ft office spaces on lease to open three centres with around 3,900 seats.
- As per a report released by RedSeer Consulting, a market research firm, e-commerce firms, including Flipkart and Amazon, have clocked around Rs.19,000 crores in GMV during the six-day festive sales.
- ReNew Power has put 300 MW of solar assets on sale reportedly due to the rising uncertainty in the industry.
- PepsiCo India has been named as the winner of the US 2019 Secretary of State’s Award for Corporate Excellence in sustainable operations for its Indian sustainable farming initiative.
- The government has deferred the sale of its under-construction steel plant in Chhattisgarh as it may take another year to complete the plant.
- Oyo is planning to enter into offline retail space by launching stores to sell wedding products to create a 360-degree ecosystem including wedding halls.
- The government is said to have identified 100s of products including electronic toys and daily use items for possible “import substitution” by discouraging their import.
- Although Tata Motors has not officially announced the discontinuation of Nano, it has not produced any unit of Nano in 2019 till now and sold just one car in Feb.
- Many luxury hotels have started setting up in-house plants to manufacture glass-bottled water to reduce plastic consumption.
- Uniqlo, the Japanese fashion retailer, is claimed to have sales of Rs.2.2 Crores in the first two days of opening its first Indian store in Delhi. It is planning to open some more stores within the next few months.
- Lenders to HDIL will now have to classify their loans to the firm as frauds and more money is to be set aside for these advances in their balance sheet. The EOW has also arrested the former MD of PMC Joy Thomas, and the promoters of HDIL Rakesh and Sarang Wadhawan.
- Nirmala Sitharaman, the Finance Minister will inaugurate the NeAC, i.e., the Income Tax department’s national e-assessment centre which will promote PM Modi’s vision of ‘Digital India’.
- Yes Bank has filed a complaint with the Mumbai Police and the Cyber Cell against the dissemination of fake news and rumours about their financial health on social media.
- Snapdeal is set to launch 3 special e-stores for the festivals of Karva Chauth, Dhanteras, and Diwali. These e-stores will offer all essentials for the festival at one place.
- Toyota Kirloskar Motos has initiated a voluntary retirement scheme for its employees in its manufacturing facility in Bidadi, Karnataka.
- Yes Bank is in talks with Microsoft and 2 other top tech companies to induct one of them as strategic shareholders to get fresh capital and also to augment their digital ambitions.
- The homebuyers of HDIL have written a letter to PM Narendra Modi through the Whispering Towers Flat Owners Welfare Association to seek his intervention as last resort.
- Haldiram group has emerged as the sole bidder with their offer of approx. Rs.130 crores for acquiring ‘Kwality’. Kwality, currently undergoing insolvency proceedings, has a total debt of around Rs.1, 900 crores.
M&As and tie-ups
- Pepsi will enter into the fashion industry through collaboration with HUEMN, a ready-to-wear label by Pranav Misra and Shyma Shetty, at the upcoming Lotus India Fashion Week SS20.
Start-up world, funds, funding and investments
- Multiples Alternate Asset Management is said to be in advanced talks to lead a $60 million funding round of Kissht, a digital lender.
- Sequoia Capital India has started its second batch of start-ups from Surge, its accelerator program to find, help and fund, early-stage start-ups in India and South-East Asia. The new batch of 20 start-ups to receive around $1-2 million each covers various sectors like robotics, clean energy, consumer internet, and social commerce.
- Centrum Alternative Investment Managers has achieved its maiden structured credit fund at Rs 155 crores.
- Lite Bite Foods is planning to rise around Rs 500 crores to fund its domestic and international expansion.
- The Executive Chairman of Godrej Properties, Pirojsha Godrej is planning to use the on-going slowdown in the real estate sector to consolidate their market share and scale up their business. The group is planning to invest Rs 5000 crores in the next 2 years in new projects.
- Embassy Industrial Parks are set to invest nearly $300 million in the upcoming 3 years to develop their on-going warehousing and logistic projects.
- Minda Industries, an auto parts maker, has signed a definite pact to acquire Delvis Gmbh, a German automotive lamp company, at an enterprise value of around €21 million.
- Melorra, an online jewellery brand, has raised $12 million in a Series C round of funding led by Lightbox Ventures, its existing investor.
- As per reports, Naspers and Tencent are among the players looking to pick up a stake in Pine Labs at a valuation fo $1.5 billion.
- Inventus Capital India has made a final close of its new fund at Rs.369 crores as against its target of Rs.325 crores. The fund will invest in areas like hardware and IoT, consumer internet and software services.
- A startup using social media to offer group-buying discounts on household items, DealShare, has raised around $11 million in a Series A round of funding led by Matrix Partners and Falcon Edge Capital.
- Airlines update
- OMCs like IOCL, BPCL, and HPCL have told Air India that they would have to suspend jet fuel supplies if it does not clear pending fuel bills within a week.
- Air India is hoping to meet its fund requirements by raising loans of around Rs.2, 500 crores against government guarantee until the sale process is completed.
India business news headlines weekly roundup 07th to 11th October
- Everstone Capital has hired Vibhor Kumar Tareja as their MD to lead the firm’s investment in the financial sectors along with other responsibilities.
- Bhaskar Bhat, MD, Titan has retired after being with the company for 33 years. K. Venkataraman, CEO of Titan’s jewellery business, is taking over from him.
- Yes Bank has appointed Anita Pai as COO and Jasneet Bachal as CMO. Pai was previously senior GM and head of ATM business at ICICI Bank.
- Anil Ambani led Reliance Infra has appointed both his sons, Anshul and Anmol Ambani, as directors. Anmol has been overseeing Group’s financial services business Reliance Capital since August 2016.
- Daiichi Sanyko case:
- Delhi high court has directed 55 entities to deposit the amount within 30 days they owe to RHC Holdings with the registrar general of the court. These entities include Radha Soami Satsang Beas’s head Gurinder Singh Dhillon and his family members.
- PNB Scam case:
- CBI has asked a Mumbai Court to declare Mehul Chkosi as proclaimed offender.