India business news headlines weekly roundup 10th to 14th February

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India business news headlines weekly roundup 10th to 14th February. 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:

Corporates

  • Bharat Petroleum Corporation’s Q3 net profit jumped up nearly three folds to Rs 2051.43 crores.

india business news headlines weekly roundup 10th to 14th february

  • Avenue Supermarts is planning to sell up to 2.28% of a stake through an OFS to fetch around Rs 3032.5 crores.
  • The ICAI president, Atul Kumar Gupta said that ICAI is planning to recommend greater disclosure by companies on how to meet with sustainable development goals.
  • Nestle India’s net profit for the quarter that ended in December was reported at Rs 473.02 crores.
  • Vodafone Idea narrowed down its net loss to Rs 6438.8 crores for the December quarter.
  • Price Waterhouse (PwC) will no longer provide non-audit services to companies that it audits in India.
  • Future Retail reported a 16.72% decline in its consolidated net profit at Rs 164.56 crores for the third quarter that ended in December.
  • Meesho allowed some of its employees to sell their shares in the company in an ESOP buyback.
  • The Indian Railways is planning to offer around 500 trains to private operators over the next 5 years.
  • Wockhardt sold a part of its domestic branded formulations divisions and a manufacturing facility at Baddi in Himachal to Dr. Reddy’s Laboratories for Rs 1850 crores.
  • Yes Bank said that it received non-binding expressions of interest from around 4 prominent investors because of which they will delay in publishing their financial results of the December quarter till either 14 March or before.

India business news headlines weekly roundup 10th to 14th February

  • Ashok Leyland’s Q3 consolidated net profit declined 86.68% to Rs 57.11 crores.
  • Swiggy announced the introduction of ‘BrandWorks’ to co-create delivery brands with its restaurant partners.
  • Hindalco Industries reported a 24% year-on-year fall in its consolidated net profit for Q3. Their net profit for the quarter that ended in December 2019 was Rs 1062 crores.
  • Bharti Airtel’s wholly-owned subsidiary, Network i2i is planning to raise an additional Rs 1780 crores via perpetual bonds.
  • ABB India bagged two orders worth Rs 191 crores to supply traction equipment for Chittaranjan Locomotive Works, and industrial drives to Megha Engineering and Infrastructures.
  • The government approached the NCLAT to seek 270 additional days in order to complete the resolution process of 105 IL&FS group companies.
  • Brookfield Asset Management overtook Blackstone to emerge as the largest private capital investor in India in 2019.
  • Allahabad Bank’s Q3 net loss widened over two-folds to Rs 1986 crores as compared to Rs 733 crores a year ago.
  • Coal India reported a 14% slip in the net profit for Q3 to Rs 3922 crores.
  • MakeMyTrip reported an operating loss of Rs 78 crores in Q3.

India business news headlines weekly roundup 10th to 14th February

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More in India business news weekly roundup 10th to 14th February

  • The IDBI Bank reported a net loss of Rs 5763 crores in Q3.
  • BHEL posted a 17% decline in profit to Q3 to Rs 162 crores.
  • Syndicate Bank reported a net profit of Rs 435 crores in Q3.
  • The Q4 net profit of Hexaware dropped down 8.6% to Rs 167.7 crores.
  • Uber India set up a new fintech team in Hyderabad that aims to work on financial products and technologies that support its riders and drivers.
  • Eight Roads Venture is planning to sharpen up its focus on the Indian software start-ups.
  • Uber is planning to offer self-driving car rentals and shuttle bus services in India to trump their rivals, Ola.
  • GMR Airports has received the concession commencement date for design, construction, financing, operation, and maintenance of the new International airport of Heraklion in Greece.
  • The competition commission has approved Mahindra & Mahindra’s acquisition of a majority stake in a wholly-owned subsidiary of Ford Motor Co to create a JV.
  • Amazon’s India unit filed a writ petition to seek a stay on the probe ordered by the country’s antitrust regulator against the company for alleged violations of the competition law.
  • Bharat Forge reported an 81% decline in its Q3 profit to Rs 40.44 crores.
  • Motherson Sumi Systems reported a 38.67% decline in the consolidated net profit for the third quarter to Rs 340.32 crores.
  • The Government e-Marketplace (GeM), an online platform for public procurement completed procurements worth Rs 40000 crores.
  • SBI entered into a partnership with Realme to offer finance to the distributors and dealers of Realme through SBI’s electronic lending product.
  • Cognizant Technology is planning to hire more than 20000 technical graduates in India this year as a growing number of students are equipping themselves with digital skills.
  • The Centre will soon release another Rs 35,000 crore to states to compensate for the revenue loss on account of GST rollout.
  • PSU banks may see enhanced profits with write back of some loan provisions in their balance sheets on account of IBC resolutions and they must now tap the market themselves instead of looking for recapitalization, chief economic adviser Krishnamurthy Subramanian said.

India business news headlines weekly roundup 10th to 14th February

Must read: Technology Events in India in February 2020

Start-up world, funds, funding and investments

  • Clover, a greenhouse agritech startup, raised $5.5 million in a Series A round of funding from Omnivore and Accel.
  • NestAway Technologies acquired ApnaComplex to expand its property management business.
  • JM Financial raised a total of Rs 300 crores in debt.
  • Brick & Bolt raised around $1.5 million in a pre-Series A round of funding led by Surge – Sequoia India.
  • Sunshine Teahouse that runs Chaayos raised $21.5 million in a Series B2 round of funding led by Think Investments.
  • WorkIndia, a platform for job-seekers, raised Rs 42 crores from Xiaomi.
  • CitiusTech earmarked $100 million for potential acquisitions.
  • Rebel Foods, which runs cloud kitchens like Faasos, Oven Story Pizza and Behrouz Biryani, is eyeing a valuation of about $1 billion as it looks to mop up a new round of funding of $100- 150 million.
  • The country’s foreign exchange reserves swelled by $4.607 billion to $ 471.3 billion in the week to January 31, helped by a rise in foreign currency assets, according to RBI data.
  • Investments of Rs 70 crore into start-ups from various sectors were announced at the fifth edition of the two-day ‘Seeding Kerala’ investment summit, organized by Kerala Start-up Mission (KSUM) here.
  • Education technology company Byju’s has raised another $200 million at a valuation of close to $8 billion as part of its ongoing round of funding.
  • Pidilite Industries, the makers of popular home-grown adhesive brand Fevicol, has led a $40 million funding round in online furniture retailer Pepperfry, as it looks to make strategic bets in new-age companies to complement its core product offering.
  • Mindspace REIT was expected to raise around Rs 1000 crores by selling new shares but its IPO which was slated for March hit a roadblock after the Union Budget proposed to tax dividends at the receiver’s end.
  • Vedantu, an interactive online tutoring platform, raised $24 million in a Series C extension round of funding led by GGV Capital.
  • With the proposed taxation on dividends, real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) fear this would put the potential pipeline to raise Rs 1.14 lakh crore through these platforms at risk as investors and promoters consider overseas jurisdictions.
  • After a large capital infusion by Brookfield, IndoStar Capital Finance said that it is planning to acquire small NBFCs.
  • Inflexor Ventures launched a new $100 million early-stage fund to invest in tech start-ups.
  • Tata Chemicals’ promoter, Tata Sons is planning to increase its stake in the company to 25.26% by acquiring around 1.08% stake from other group firms.

India business news headlines weekly roundup 10th to 14th February

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Some stats:

  • Tata Steel reported a consolidated net loss of Rs 1,229 crore for the quarter ended on December 31, 2019, mainly due to lower sales and impairment provisions for its European operations.
  • IRCTC reported Rs 206 crores of profit after tax for the quarter ending in December 2019 as compared to Rs 73.6 crores from a year ago.

India business news headlines weekly roundup 10th to 14th February

Ongoing cases:

People

  • The government has appointed Rajiv Bansal (senior bureaucrat) as the chairman and MD of Air India.
  • Hero Electric appointed Piyush Prasad as the national business head.
  • Former IOC and BPCL chairman, Sarthak Behuria has joined RIL as a senior advisor.
  • Ducati appointed Bipul Chandra as their new MD for its operations in India.
  • HDFC Bank announced the appointment of Anjani Rathor as its new Chief Digital Officer.
  • Airtel chief information officer (India operations) Anjani Rathor has joined HDFC Bank as chief digital officer (CDO). He joins in place of Nitin Chugh, who has moved to Ujjivan Small Finance Bank as its CEO.
  • MakeMyTrip announced their CEO, Rajesh Magow’s exit from the group.
  • Tata Trusts named Srinath Narasimhan as their first chief executive, signifying a shift to a professional leadership framework.

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