India business news headlines weekly roundup 14th to 18th October 2019

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Here is India business news headlines weekly roundup 14th to 18th October. News on Corporates, policies, budget, start-up world, funds, funding.

india business news headlines weekly roundup 14th to 18th october

Corporates

  • Netflix, which launched Rs 199 subscription mobile plan in the Indian market, says that it has been a huge success and will be testing it in other markets too.
  • India rallied 51 nations to reject the memorandum of US Government asking developing nations to let go of their WTO Special and Differential Treatment flexibilities before 24 October 2019 failing which the US may reportedly name and shame them at the US trade representatives’ websites as also at the White House.
  • Cipla, India’s third-largest pharmaceutical company acquired Elores, a novel and patented anti-infective drug from Venus Remedies.
  • According to the Hurun Global Unicorn List 2019, India emerges as the third largest ecosystem for successful startups right behind China & the US.
  • Oyo has now launched a new online portal for travel agents to enhance the booking experience. The portal is named SuperAgent.
  • The IMF trimmed down India’s growth forecast by nearly 90 basis points to around 6.1%. This is now the second downward revision for India in the past seven months with a total of 120 basis points reduction. Nirmala Sitharaman, in response to the above, said that one must not forget that India is still the fastest growing economy in the world.
  • The rural FMCG growth rate dropped down to 5% in the third quarter of 2019 in comparison to 20% in the corresponding quarter last year.
  • Marriott, which has emerged as the largest foreign chain in India with nearly 119 hotels, is now planning to open 6 more by the end of this year and 20 more by the end of 2020.
  • The Indian Overseas Bank is set to e-auction more than 500 re-possessed properties on MagicBricks worth Rs 800 crores on 21st and 30th October 2019.
  • Hadi Badri, CEO of Emaar Properties said that he will be focusing on developing projects under joint development agreements with local players in India with land banks at good locations.
  • The Tea Board of India is set to meet with the producers of Darjeeling tea to propose a 100% mandatory sales through auction.
  • PSBs are all set to implement doorstep banking services like deposits, withdrawals, etc. for its millions number of consumers.
  • The demand for fuel has touched its lowest level in more than 2 years due to a drop in the consumption of diesel and other industrial fuels which also reflects the slowing pace of economic growth.
  • Reliance Jio has accused Bharti Airtel and Vodafone Idea of disguising wireline numbers as mobile numbers for their revenue enrichments. They have urged Trai to serve a penalty to these telecom companies in violation of the telecom rules.

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There’s more in India business news headlines weekly roundup 14th to 18th October

  • TCS iON inaugurated its Al-powered command centre in Chennai at the TCS’ Sholinganallur facility.
  • The RBI has imposed a penalty of Rs 3 crores on the SBM Bank (India) for non-compliance with regulatory norms set by the SBM Bank (Mauritius).
  • The JSW Group has repaid nearly Rs 1200 crore of debt in order to release their Rs 2500 crores worth pledged promoter shares of JSW Steel and JSW Energy.
  • Genpact is looking forward to acquiring Right point for an undisclosed amount. This deal will bring experience and process innovation together to help the clients drive an end-to-end digital transformation with Ross Freedman as the CEO of this business.
  • Subhash Chandra has been looking to retain Zee reins in the middle of the VTB’s 10.71% stake sale in Zee Entertainment Enterprises Ltd.

India business news headlines weekly roundup 14th to 18th October

  • Supreme Court has directed Metal Scrap Trade Corporation to auction the attached properties of Amrapali Group to collect funds to help in speedy completion of stalled projects.
  • Abhijit Guhathakurta, the new RP for the Videocon group has asked expressions of interest for 13 group companies currently undergoing the insolvency process.
  • As per a report by KPMG created in association with India Mobile Congress and Cellular Operators Association of India, 5G may add 0.35-0.5% to India’s GDP.
  • Hindustan Aeronautics Limited has termed the strike by it’s around 18000 employees as ‘illegal’ and said that the firm was offering the best-revised package.
  • ExxonMobil India LNG has signed a MoU with IndianOil to expand its LNG business initiatives in India. The companies will focus on exploring new models of delivering cost-effective natural gas in the country.
  • Walmart India is planning to open six more ‘Best Price’ modern wholesale stores in UP. It already has four stores in the state.
  • NCLAT has stopped the transfer of Bhushan Power and Steel to JSW Steel and also stayed ED’s move to attach assets of the Bhushan Steel till investigation into allegations of fraud and money laundering by the former owners is decided.

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There’s more in India business news headlines weekly roundup

  • GuarantCo, a Mauritius based firm, has filed a petition for insolvency against a subsidiary of Dalmia Cement (Bharat), Calcom Cement for alleged non-payment of approx. Rs.100 Crores.
  • Before the end of fy 19-20, Anand Mahindra will step down from his executive role to become a non-executive Chairman. As per the rules of Sebi, the top 500 listed entities shall need to have a non-executive Director Chairperson from April 1, 2020.
  • Yes Bank has sold its entire 6.5 percent stake in Fortis Healthcare for Rs.645 crores through block deals.
  • Moody’s Investors Services, the global rating major, has downgraded the rating of Indiabulls Housing Finance by three notches due to governance-related issues, RBI’s refusal for its merger with Lakshmi Vilas Bank and tough fund-raising situation.
  • JSW Energy has said that a committee of creditors has approved a resolution plan submitted by the company for Ind-Barath Energy. Exact details have not been disclosed.

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Start-up world, funds, funding and investments

  • Paytm is reportedly set to raise $2 billion from a group of existing investors at a pre-money valuation of $15 billion.
  • BASF is now teaming up with partners, Abu Dhabi National Oil Company, Adani Group, and Borealis AG to study the feasibility of setting up a petrochemical complex in India which would be worth over $4 billion.
  • Ratan Tata shall be investing an undisclosed amount in Tork Motors, an electric motorcycle start-up. Tork has been looking to raise over Rs.250 crores to fund its operations.

India business news headlines weekly roundup 14th to 18th October

  • White Owl raised around Rs 40 crores in the Series B round of funding led by IIFL India.
  • Freshworks which has raised $250 million so far is in talks with their existing investors Tiger Global and Sequoia to lead fresh funding round at a valuation of $3 billion.
  • WEGoT, a water management start-up has raised nearly $2 million in its seed funding round led by GoFrugal, Brigade Enterprises, and ithought’s Shyam Shekar.
  • The SoftBank is in plans to rescue financing for WeWork with $5 billion.
  • A startup, Bare Anatomy has raised around $500000 of seed funding from Sauce.vc to augment its research & development activities to create customized beauty products for its consumers.
  • Legalkart raised Rs 3.5 crores in their seed round from angel investors.
  • SOAL, an alternate education venture raised $300000 from Astarc Ventures.
  • Nazara Technologies Ltd invested nearly Rs 83.5 crores in Paper Boat Apps which is India’s largest kids’ subscription company.
  • CleverTap has raised around $35 million in a Series C round led by their existing investors Tiger Global and Sequoia Capital. The start-up is now valued at $385 million.
  • Wipro Ltd reported its September quarter net profit of Rs 2552.6 crores with a 6.9% jump from Rs 2387.4 crores last quarter.
  • Shuttl which focuses on daily consumer travel for long distances has crossed the Rs 100 crore revenue in the FY 2019 with nearly 1 lakh riders daily. This start-up has raised over $50 Million since its launch in 2015.
  • MyGate, a Bengaluru company that offers security management for gated communities raised nearly $56 million from Tiger Global, JS Capital, and Tencent.
  • The Software as a service start-up, UrbanPiper has raised nearly $7.5 million in a Series A round led by the Tiger Global along with Sequoia India and their existing investor Axilor.

India business news headlines weekly roundup 14th to 18th October

  • The Emami Group has put up its cement unit up for bids with the help of Arpwood Capital Ltd and Credit Suisse Group AG to seek a valuation of around $1 billion.
  • Doodhwala, a Bengaluru-based milk delivery start-up, has suspended delivery services and handed over operations to its biggest rival Freshtohome. Freshtohome has raised over $30 million till date from multiple investors and operates in 8 cities in India, and the Middle East. Doodhwala had last raised $2.2 million last February from Omnivore Partners.
  • Cognizant is all set to acquire the UK-based Contino which is a privately-held DevOps consulting firm with nearly 350 active employees all over the world.

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Ongoing cases-

  • People:
  • JSW Ventures has appointed Sachin Tagra as a partner to strengthen fundraise. It is planning to mark the first close of its second fund within 2019. Tagra was previously with Network18 Group, heading investments at Capital18.
  • Airlines updates:
  • Vistara has signed a $2.4 billion engine and maintenance contract with the CFM International.
  • IL&FS update:
  • IL&FS raised nearly Rs 806 crores from the sale of wind assets to Orix. Orix now has 100% Ownership in the seven SPVs.

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