India business news headlines weekly roundup 17th to 21st 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:
- Axis Bank is planning to buy up to 30% of stake in Max Life Insurance.
- Aeris Communications announced the launch of the industry’s first asset protection and repossession IoT platform for auto financing and lending companies that require logistics and distribution.
- After a few cases of H1N1 (Swine Flu) were detected out of SAP’s Ecoworld office in north Bengaluru, the company has advised its employees in India to work from home from 20-28 February.
- Westinghouse, a US energy firm, is expected to sign a new agreement with the Nuclear Power Corporation of India for the supply of six nuclear reactors.
- DHFL reported a surprising standalone profit of Rs 934 crores for the December quarter.
- The BSES discoms have started using drones to map distribution assets, detect power theft, inspect rooftop solar installations, and for other similar purposes.
- The Hinduja Group is partnering with Cerberus Capital Management to pick up a stake in Yes Bank.
- As the first step towards saving the stressed wind power firm, SBI approved a restructuring plan proposed by Suzlon Energy.
- SBI has approved a restructuring plan proposed by Suzlon Energy as their first step towards saving the stressed wind power firm.
- Ahead of the peak summer season, HUL will be listing more pushcarts, restaurants, and shops that stock its ice cream brands on Swiggy.
- Paytm Mall, an e-commerce platform, said it ventured into exports while targeting Rs 500 crores of the gross merchandise value (GMV) in the first two years of operations.
- Fabrice Cambolive, senior vice president, Africa, Middle-East, India, and Asia Pacific region at Renault, assured its consumers in India that the alliance between Renault and Nissan will stay unchanged while the companies are facing tensions globally.
- Sunil Bharti Mittal, founder, and chairman of Bharti Enterprises, said that the telecom sector in India has been under stress for around 3.5 years and that the government should focus more on its sustainability.
- Founder and CEO of Droom, Sandeep Aggarwal said that the United States Department of Justice has dropped all charges connecting him to the insider trading case from 2013.
- Aurobindo Pharma received EIR from FDA for Unit IV of its general injectable formulation manufacturing facility in Pashamylaram, Hyderabad.
- During the inspections conducted by the CDSCO in January, Sun Pharmaceutical’s antiviral medicine and Zydus Cadila’s anti-inflammatory drugs along with 32 more samples were flagged as substandard.
- Kumar Mangalam Birla, chairman of Vodafone Idea met with telecom secretary amid fears that the government may invoke the company’s bank guarantees.
- Infosys entered into a long-term strategic partnership with GE Appliance to streamline the GE Appliance’s IT operations.
- HSBC’s pre-tax profit from India grew to $1 billion in 2019.
- Indian officials stepped up Airbus probe in wake of global bribery settlement.
- Honda Motorcycle and Scooter India on Tuesday said it started the delivery of its Forza 300.
- The SAT granted SEBI time till 10th March to pass its final order in the matter relating to CG Power and Industrial Solutions.
- Patanjali Ayurved is set to expand its foray into India’s key airports.
- Barbeque Nation has filed in fresh papers with SEBI to raise around Rs 1000-1200 crores via IPO.
- Fonterra, the world’s largest dairy company, has selected HCL Technologies to modernize and manage its entire technology infrastructure which their employees use every day.
- GAIL India, in an attempt to revive sales growth, is planning to convince Tata Steel and SAIL to switch to less-polluting fuel.
- The Software Technology Parks of India (STPI) expects exports from STPI units, which stood at Rs 4.24 lakh crore in 2018-19, to grow by at least 10% in the current fiscal, STPI Director-General Omkar Rai.
- With the government coming down heavily on telcos after the Supreme Court’s rap, Bharti Airtel said it has paid Rs 10,000 crore to the telecom department towards statutory dues.
- Beleaguered Indian wireless carrier Vodafone Idea will pay 35 billion rupees ($490 million) in telecom dues to the federal government by the end of this week.
- Moody’s Investors Service slashed India’s growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery.
- Tata Power is planning to increase its network of electric vehicle charging stations to 700 by next year.
- India emerged as the world’s fifth-largest economy by overtaking the UK and France in 2019.
- Lenders of the Videocon Group are likely to make an appeal to the NCLT order passed on Feb 12 stating that the company’s foreign assets shall be included as part of the ongoing insolvency proceedings in India.
- As the Financial Ministry prepares to list LIC on domestic exchanges by the end of the next fiscal, they are looking for ways to infuse funds into the state-owned insurer.
- Vodafone Idea is planning to dip into its modest reserves and will tap on short-term loans to pay a part of the Rs 44,000 crores that it owes to the government for license fee and spectrum usage charge dues.
- Online retailers, Amazon and Flipkart have demanded a scale back in India’s proposed tax on third-party sellers stating that the burden of compliance will hurt their industry.
- Deloitte Haskins and Sells will no longer offer non-audit services to ‘public interest entities’ that they audit in India.
- Tata Steel is most likely to touch the Rs 9000 crore mark in FY20.
- The NIIT Tech shareholders have approved an Rs 337.4 crores of buyback program with requisite majority.
- Coca-Cola’s Dasna plant, after staying non-operational for close to two months, has reopened as workers have reached a settlement with the new owner.
- SAIL reported Rs 343.57 crores of loss for the December quarter.
india business news headlines weekly roundup 17th to 21st february
Start-up world, funds, funding and investments
- Porter, a logistics start-up, is planning to raise $30 million in its ongoing round of funding.
- Future Lifestyle Fashions said its board approved to raise over Rs 600 crores from its promoters and IFC.
- Udemy raised around $50 million from Benesse Holdings at a valuation of $2 billion.
- Shubham Housing Development Finance is planning to raise Rs 1000 crores of funds for capital growth and to help its early backers from exiting.
- Swiggy raised nearly Rs 804.68 crores in a fresh round of funding led by Naspers.
- Unacademy, an education technology start-up, raised $110 million in a Series E round of funding led by Facebook and General Atlantic.
- Whatfix, a SaaS startup, raised $32 million in a Series C round of funding led by Sequoia.
- Iron Pillar, a venture capital fund, is planning to raise around $30 million in add-on funds to invest in existing portfolio companies like FreshToHome and Servify.
- Droom is planning to raise around 150 million before it launches an IPO in 2021.
- MaxWholesale raised $3 million from a Series A round of funding led by IAN Fund-I and Al Falaj.
- The National Company Law Appellate Tribunal (NCLAT) allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.
- Innovaccer, a healthcare start-up, raised $70 million in a Series C round of funding from Tiger Global, Steadview Capital, Dragoneer, Westbridge, Mubadala, and M12.
- DLF is planning to raise Rs 2000 crores via sale of commercial lands to existing JV or new partners.
- Pawan Munjal, chairman, and MD of Hero Motocorp said that the company will invest around Rs 10000 crores in R&D over the next 5-7 years.
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india business news headlines weekly roundup 17th to 21st february
- OYO Hotels and Homes reported a consolidated revenue of $951 million for the financial year 2018-19, over fourfold increase from $211 million as reported in the previous fiscal.
- Swedish investment firm Kinnevik has marked down the valuation of Quikr by 45% to about $570 million from more than $1 billion as of September 2019, the firm said in its annual earnings statement earlier this month.
- Ambuja Cements appointed Neeraj Akhoury as its new MD and CEO with effect from 21 February 2020.
- Kearney appointed Kaushika Madhavan as the new MD and country head for the company’s Indian unit.
- GoAir appointed Vinay Dube, former Jet Airways executive, as their new CEO.
- After a forensic audit stated that CARE Ratings MD, Rajesh Mokashi and chairman, SB Mainak interfered with ratings of instruments issued by IL&FS, SEBI has barred them from the securities markets.
- An appeals court allowed JSW Steel’s Rs 19,700-crore purchase of bankrupt Bhushan Power by offering it immunity from criminal proceedings in relation to offenses committed by the target company’s previous management.
- Russia’s Far East Development Fund has shown interest to bid for Jet Airways.
- Jet Airways’ Committee of Creditors decided to extend the deadline for submission of bids to March 10 after a new entity evinced interest in the airline.