India business news headlines weekly roundup 19th to 23rd August

Please follow and like us:
RSS
Follow by Email
Facebook
Twitter
YouTube
Pinterest
LinkedIn
Instagram

India business news headlines weekly roundup 19th to 23rd August

Here is India business news headlines weekly roundup 19th to 23rd August. News on Corporates, policies, budget, start-up world, funds, funding.

Corporates

  • Future Group has said that Amazon.com is acquiring a 49 percent stake in Future Coupons, a group entity. The deal amount has not been disclosed yet.
  • NCLAT has given Vikram Bakshi the last chance to settle his dispute with HUDCO, which is claiming dues worth Rs.195 crores. The matter will be listed on 18th September.

India business news headlines weekly roundup 19th to 23rd August

  • Hewlett Packard Enterprise has introduced 26 weeks paid leave for new parents after birth or adoption of a child. The move is in line with the global announcement made by the firm earlier this year.
  • Amazon India has launched Amazon Fresh store, a 2-hour grocery delivery of daily essentials for select places in Bengaluru.
  • The tax department has said that only small startups with a turnover of up to ₹25 crore will get tax holiday on fulfilling certain conditions. Section 80-IAC of the IT Act, 1961 provides a deduction for 100 percent of the income of an eligible start-up for 3 years out of 7 years from the year of its incorporation.
  • ShareChat had to remove TikTok videos uploaded by its users after TikTok sent notices citing exclusive rights. Facebook and YouTube users have also put TikTok videos but it’s not clear if they also have received notices to this effect.
  • Due to the non-payment of dues, oil marketing companies have stopped fuel supplies to Air India at six tier-II airports at Pune, Patna, Cochin, Mohali, Ranchi, and Visakhapatnam. Air India has sought SOS funding of Rs.2500 Crores in debt from the government.
  • As per an estimate by media buyers, despite a slump in consumer spending and slow down, advertising during the festive season is expected to grow at a rate of 10-12 percent over 2018 to touch around Rs.20,000 crores in 2019.
  • Due to pressure from NRAI to end steep discounting on dine-in offers, Zomato agreed to make some changes in its Gold program. The suggestions, however, have not been accepted by NRAI.
  • As per a Trai report, in the last five years, prices of mobile data have fallen drastically by about 95 percent but the cumulative revenue of telecom operators has risen by approx. 2.5 times to Rs.54,671 crores.
  • Amazon has opened its largest campus in the world in Hyderabad, spread over 9.5 acres which will house over 15000 employees. Interestingly it’s been reported that measured by weight, the building contains over 2.5 times more steel than the Eiffel Tower.
  • ITC Ltd. is reportedly considering a bid to buy a stake in Coffee Day Enterprises.

Must read: Unknown facts about the Amazon River, the largest river in the world in terms of water discharge

There’s more in India business news headlines weekly roundup 19th to 23rd August

  • Parle Products may reportedly be forced to lay off around 10,000 workers if consumption slowdown persists.
  • Khadi and Village Industries Commission had a turnover of over Rs.74, 323 crores in 2018-19, a growth of over 145% since 2014-15.
  • Microsoft Research India has announced the launch of a center for societal impact through Cloud and AI. The center will focus on creating and nurturing projects that can have a real-world and large-scale societal impact in collaboration with a number of partners, like academia, startups, and NGOs.
  • Google and the Telangana government have signed an MOU to improve and get more local language content online using Navlekha, Google’s digital publishing tool.
  • BCCI announced that Paytm has retained title sponsorship rights for all domestic and international cricket matches played in India for five years for Rs.326.80 Crores to be paid between 2019 and 2023.
  • In line with layoffs at HSBC globally, HSBC India has laid off around 200 employees engaged in tech functions in Pune and Hyderabad.
  • NCLT has admitted insolvency plea filed by Bank of India against Housing Development and Infrastructure which owes around Rs.520 crores to the bank.
  • USFDA has issued eight observations to Dr Reddy’s Laboratories after the inspection of its Duvvada facility in AP. The firm says it will address them within the stipulated timeline.
  • Wipro has tied-up with IISc for advanced research and innovation in 5G, autonomous systems, and robotics.
  • Max Life Insurance has launched Max Life Innovation Labs, its startup accelerator program. Under the Innovation Labs, it will invite disruptive startups and out of the box thinkers to partner with them to create futuristic tech-based solutions for Max Life.
  • Ashutosh Raghuvanshi, the new CEO of Fortis Healthcare is planning to reduce expenses by around $31 Million over the next two years. The former owners had reportedly defrauded the firm by tens of millions of dollars.
  • In order to push sales of diesel cars, Maruti has launched a scheme offering free warranty for 5 years or 1 lakh km.
  • To boost its retail lending portfolio, SBI is offering various festival discounts including processing fee waiver on car loans, long repayment tenure for car, personal and education loans.
  • Walmart is in talks with RIL for a tie-up to boost its retail in India.
  • DoT has written to RoC to withhold any further action on the Airtel-Tata Tele merger as DoT is yet to give its written approval.
  • The board of Gautam Thapar-promoted CG Power and Industrial Solutions has said that the company will restate accounts as it has discovered “significant accounting irregularities” and governance lapses.

There’s more in India business news headlines weekly roundup 19th to 23rd August

  • To expand retail loan business, PSU Banks are getting ready to introduce various retail loans on the portal ‘psbloansin59minutes’. Currently the portal issues in-principle approval of loans up to Rs.1 Crore to MSMEs in 59 minutes subject to meeting certain conditions.
  • Shell India has offered to sell its 10 percent stake for over Rs.700 crores held in Mahanagar Gas Ltd through a block deal. Mahanagar Gas is a JV between Maharashtra government, GAIL (India), and BG Asia Pacific.
  • Wadhawan Global Capital, the parent company of Dewan Housing Finance, is reportedly selling its loan distribution business to Metdist Group of companies, London-based metal trading firm, for around Rs.150 crores.
  • DHFL has made a fresh default on Rs.1, 571 crore on interest payments on NCDs and commercial papers. It is estimated to have a debt of over Rs.90000 Crores.
  • Suresh Narayanan, CMD, Nestle India has said that the FMCG sector is unlikely to touch double-digit growth but will not have regrowth also as it deals with essential items.
  • CCI has put in place a green channel route for quick clearing of M&A approvals subject to certain conditions.
  • IKEA has launched its online store in Mumbai. The move is part of its new multichannel approach to reach 100 million customers over the next few years.
  • Cognizant is reportedly planning to reduce grace time for employees ‘on the bench’ from 90 to 60 days. If they do not find any billable project within 60 days, they may have to go.
  • H&M says that it has not experienced any slowdown in its stores in India and believes that the growth will continue.
  • RBI is planning to ask banks to start offering loans linked to external benchmarks like the repo rate. The move will benefit customers.
  • Flights to and from Jammu Airport may be suspended for two weeks from October 2, 2019, to facilitate expansion.
  • National Restaurant Association of India has said that restaurants will not the online food delivery Apps to dictate discounts, although they are willing to pay for reservation and delivery. Reportedly 1200 restaurants delisted themselves from various online platforms, but Zomato said only 65 restaurants have logged out.
  • FM Nirmala Sitharaman has rejected the demand for rollback of customs duty on newsprint.
  • Mahindra & Mahindra has deferred some of its new investments and also shed some temporary jobs since April  to cope with the sharp slowdown in demand in the domestic auto industry,
  • Hyundai Motor has announced various days as ‘no production days’ in August at its Sriperumbudur facility due to the current market conditions.
  • H&M has unveiled a new ad campaign with Bollywood actors to promote its launch on Myntra. It crossed sales of over Rs.1, 100 three years after entering into the Indian market.
  • Discussions for the acquisition of Medanta by Manipal Hospitals have reportedly been called off.
  • Coffee Day Group promoters are planning to restart talks with Coca-Cola for selling a chunk of their stake to further reduce group’s debt.
  • The government is planning to give a debt waiver for small distressed borrowers as part of ‘Fresh Start’ provisions Insolvency law. Fresh Start can be availed only once in five years by the debtors whose annual income does not exceed Rs.60, 000.
  • The Government may reportedly soon come out with a clarification on FDI policy applicability on the digital media sector.
  • In view of the market conditions in the auto industry, SBI has extended the credit period of automobile dealers from 60 to between 75-90 days.
  • BPO firm Aegis may shut down more loss-making centers in various cities to cut down costs. For the quarter ending June 30, the firm reported a loss of $3.5 Million at a revenue of $161 Million.

Do read: Latest Bollywood updates, news, upcoming movies and gossips

Start-up world, funds, funding and investments

  • Zendrive, a data analytics firm, is said to have raised $37 million in a Series B round of funding led by XL Innovate. Various other investors also participated.
  • Tiger Global has invested $15 million in INDwealth started by Ashish Kashyap, former CEO of Ibibo. INDwealth is a wealth management firm targeted at HNIs and affluent families.
  • Nazara Technologies, a mobile gaming platform, has acquired a 67 percent stake in Sportskeeda, a sports content website, for Rs.44 Crores. Sportskeeda reportedly has a monthly user base of 45 Million.
  • Zolostays, backed by Nexus Venture Partners, is in advanced talks with new investors to raise up to $100 million.
  • H2O.ai, an open-source platform offering AI and other solutions, has raised $72.5 million in a Series D round of funding led by Goldman Sachs and Ping a Global Voyager Fund with participation from some other investors. It has so far raised total funding of around $147 Million including the current round.
  • SBI Cards and Payment Services has invited investment banks and lawyers to act as advisers for its proposed IPO of Rs.1000 Crores.
  • Ally, a goal setting and execution management software startup, has raised $8 million in a Series a round of funding led by Accel Partners India.
  • Tech Mahindra has agreed to divest 73.38% stake in its subsidiary FixStream Networks to US-based Resolve Systems LLC for $2 million. FixStream Networks reported revenue of $5.15 million with a loss of $5.19 million in fy 18-19.
  • Global Infrastructure Partners, a New York-based infrastructure fund manager, has initiated talks to raise around $1 Billion India-focused infrastructure fund.
  • RedDoorz, hotel management and booking platform startup, has raised $70 million in its latest round of funding, led by Asia Partners, Mirae Asset Naver Asia Growth Fund and Rakuten Capital. So far, the firm has raised around $140 million in equity funding.
  • MPower Financing has raised $100 million in debt from Goldman Sachs.
  • Everstone Capital and ChrysCapital are reportedly planning to acquire a majority stake in eMids, a healthcare tech firm, at a valuation of around $200-250 Million.

Must read: Today News Headlines 24th August 2019 

  • People:
  • Tata Sons have launched a new entity, Tata Digital, to incubate new-age digital business. Pratik Pal, a veteran of TCS, has been appointed as the CEO of the new venture.
  • The CBI has booked Ratul Puri, former Executive Director and four other Directors of Moser Baer in connection with an Rs.354 crores bank fraud case.
  • Madhur Deora, CFO of Paytm has been promoted as President. He will be responsible for P&L of consumer business verticals like travel, movie ticketing, and content.
  • Balesh Sharma, CEO, Vodafone Idea has resigned citing personal reasons. Vodafone Group’s India representative, Ravinder Takkar will replace him.
  • Sidharath Kapur, CEO of the newly created airports division within the Adani Group, has reportedly resigned citing personal reasons. He did not complete even five months with the group.

Do read: Sports weekly roundup 19th to 23rd August 2019

 

  • Airlines updates:
  • IndiGo shall restart daily non-stop flight on Delhi-Singapore route from 12 September.
  • Vistara has launched daily flights from Mumbai to Dubai.
  • From 1 October 2019, SpiceJet will shift its entire Mumbai operations to Terminal 2 of Chhatrapati Shivaji International Airport.
  • The Government has extended temporary allocation of Jet Airways’ slots and flying rights to other airlines till December 2019.

Must read: Reaction of politicians on the demise of Arun Jaitley, Former Finance Minister

  • IL&S update:
  • NCLAT has refused to stay NCLT hearing in the IL&FS fraud case. As per a report by Grant Thornton, after the RBI advised IL&S Financial Services not to lend to the group firms, circumventing the advisory, IFIN started buying shares from those companies to provide them funds.

For more articles like, ‘India business news headlines weekly roundup 19th to 23rd August’ do follow us on FacebookTwitter, and Instagram.

Leave a Reply

Your email address will not be published.

The content and images used on this site are copyright protected and copyrights vests with their respective owners. We make every effort to link back to original content whenever possible. If you own rights to any of the images, and do not wish them to appear here, please contact us and they will be promptly removed. Usage of content and images on this website is intended to promote our works and no endorsement of the artist shall be implied. Read more detailed ​​disclaimer
Copyright © 2019 Tentaran.com. All rights reserved.
× How can I help you?