India business news headlines weekly roundup 21-25 Jan 2019

Please follow and like us:

India business news headlines weekly roundup – 21 – 25 January 2019


– The government may offer an additional 50% stake in Gujarat State Petroleum Corp. to Adani Group after Indian Oil decided to opt out of the race. Adani group currently holds a 25% stake in the company so this will give Adanis’ a controlling stake in Mundra LNG terminal.
– Tata Motors has indicated to stop production and sales of Tata Nano would from April 2020.
– US govt is said to have shown its concern on the revised e-comm norms as this may affect Indian investment plans of Amazon and Walmart.
– After Trai’s show-cause notice, Tata Sky has agreed to follow the new broadcast tariff rules and is said to have initiated the process.
– Sebi has banned Reliable Multi Managerial Services and its Directors from trading for four years and has ordered to refund Rs.477 Crores to investors within the next three months.

India business news headlines weekly roundup
– Co-founders of Mindtree are trying to increase their stake to avoid a possible takeover by the buyer of VG Siddhartha’s 21% stake.
– Vijay Shekhar, Paytm founder, has denied that the company is planning to sell its online marketplace.
– WhatsApp has claimed that it has around 5 million users on its business platform within a year of launch.
– The central bank of Nepal has banned the use of Indian currency notes of 2000, 500 and 200 denominations. However, Indian notes of 100 or below are allowed for conversion and trading.
– RCom has posted a loss of Rs341 Crores for Oct-Dec 2018 quarter. In the same quarter in 2017, the loss was Rs.206 Crores.
– InterGlobe Aviation, the parent company of IndiGo Airlines, has reported around 73% lower net profit in the third quarter of 2018. As against the profit of Rs.171 Crores in the Oct-Dec 2018 quarter, the profit was Rs.762 Crores in the same quarter last year.
– REHAU, the Swiss-based firm, has said that it will set up 56 retail centres in India by 2020, out of which 18 will be set up within 2019. REHAU, having 3 plants in India, offers polymer-based solutions and systems in construction, industry and automotive segments.
– ANA airlines will be starting a direct flight from Japan to Chennai this year. Currently, it has direct flights from Japan to only Mumbai and Delhi.
– Vodafone and Idea will infuse around Rs.18,000 Crores through a rights issue.
– Sebi has slapped a fine of Rs.15 Lakhs on UB Ventures, Pumarth Credit and Pumarth Commodities for fraudulent trades.

Some more news from Corporates

– RCom has said that it will not pay the fourth instalment of Rs.375 Crores to NCD holders till the completion of the restructuring process.
– Titan is considering both inside and outside candidates to be a successor to the current MD Bhaskar Bhat. Bhat is set to retire by the end of 2019.
– Anticipating a shortfall in revenue collection, the tax department has reportedly issued notices to around 12 asset management companies which have announced dividends but are yet to pay the tax.
– NCLAT is planning to take action against firms like Liberty House which successfully bid for companies under insolvency resolution but later withdraw giving excuses.
– Anushress Jindal has launched a microfinance firm which will be headed by Kiran Kumar, formerly with PwC and Capital One. The firm will be focussing on women entrepreneurs with a ticket size between Rs.16000-25000.
– Sun Pharma has denied giving any loan to Suraksha Realty, owned by Sudhir Valia, brother-in-law of the main promoter of Sun Pharma, Dilip Shanghvi.

Also read: Sports weekly roundup from 20th to 25th January 2019

– Ahmedabad hotels and restaurants continue to boycott Swiggy and Zomato over high commissions charged. They have refused to agree to the suggestion by aggregators of increasing the food prices to absorb the high commissions.
– IAMAI has opposed the suggestions that OTT services be licensed and regulated.
– Google is set to introduce a searchable Political Ads library in India in March 2019. It will also have country-specific political ad transparency report.
– Amul has launched camel milk in select Gujarat markets on trial basis. The company said that camel milk is high in an insulin-like protein which is beneficial for diabetic people.
– Uber India has posted revenue of Rs.533 Crores for fy 17-18 against Rs.418 Crores in fy 16-17. Its net profit also increased by 30% to Rs.26 Crores in fy 17-18.
– Allianz, the German insurer, has set up a reinsurance arm in India with a startup capital of Rs.127 Crores, with the primary objective of underwriting speciality risks like cyber and financial lines of business.
– Naresh Goyal has agreed to give away the controls of Jet Airways provided Etihad gives the right price for upping its stake.
– CAIT, the Traders’ body, has requested the Commerce Minister to order a probe into the acquisition of Aditya Birla Group’s ‘More’ by Amazon India.
– NCLAT has dismissed the petition of Jignesh Shah and others challenging NCLT order allowing insolvency proceedings against their investment firm La-Fin over a plea by IL&FS Financial Services.

India business news headlines weekly roundup – Policies & Practices

– DIPP has called for a round table meeting on Feb.4 to discuss concerns on angel fund taxation. The meeting will include representatives of startups, angel investors, income tax deptt and DIPP along with revenue secretary.
– NCLT has rejected EPFO’s petition to allow higher priority to clear PF dues of employees of companies facing insolvency proceedings.
– The government is considering giving relaxation in mandatory 30 per cent local sourcing norm in FDI.
– The government is soon revising rules whereby shareholders and companies with over 10% stake in a company will have to disclose the ultimate beneficiaries of shares.
– Finance Ministry is considering the suggestion to increase the upper age limit for availing Atal Pension Yojana to 50 years from the existing 40.
– The government will set up a committee to work as a recommending body for affordable medicines and health products.
– The Government is considering to offer cheap loans and free accidental insurance coverage to millions of small businesses. It is working on to offer a 2 per cent points discount on loans to businesses with annual sales of less than Rs.5 Crores.

Recommended reading: Development in India – top developed states in India

India business news headlines weekly roundup – M&As and tie-ups

– BSNL has tied up with Be-Bound, a French company, to offer data connectivity through SMS. The service is aimed for areas having no internet connectivity or facing frequent signal breaks.
– Global dairy major Lactalis’ Indian subsidiary, Tirumala Milk Products, is acquiring the dairy business of Prabhat’s dairy for Rs 1,700 crores. This is Lactalis’s fifth Indian acquisition in five years.
– NCLT has approved the merger of Tata Teleservices with Bharti Airtel in a no-debt deal. Tata Teleservices reportedly has around Rs.40,000 crore debt.
– KFC has tied up with Alexa devices to push online ordering in India. KFC also has tie-ups with Alexa for markets in various other countries including Canada.
– Hitachi Payment Services will buy a 26% stake in SBI Payment Services for around Rs.1250-1500 Crores.

India business news headlines weekly roundup – Stats

– As per a report published by YouGov, Google was the top brand to generate positive buzz in India in 2018. Google buzz score is 55.7, followed by WhatsApp with 55.7 and YouTube with 52.9 points.
– As per a UN report, India will continue to remain the world’s largest fastest-growing economy in 2019 and 2020.
– According to a KPMG report, VC investments worldwide crossed the $250-billion mark in 2018.
– As per a RedSeer report, India’s beauty and personal care products market is expected to cross $1 billion mark in 2019.
– December saw the highest ever domestic flyers at 1.3 Crores. Around 14 Crore flew on the domestic sector in 2018.
– As per The International Monetary Fund, India is projected to grow at 7.5% in 2019 and 7.7% in 2020, ahead of China’s estimated growth of 6.2 per cent.
– As per media reports, advertising spends on social media platforms during elections are expected to be around Rs.12,000 Crores. Facebook is expected to lead with the most spends.

Also read: India startup World News monthly roundup for Dec 2018

Start-up world, funds and fundings
– Sequoia Capital is launching a startup accelerator with an investment folio of around $100 million. It will pick up 10-20 early stage startups twice every year and shall invest around $1.5 million in each firm.
– TrueBil, an online marketplace for used vehicles, has raised Rs.100 crores in a Series-B round of funding from Japanese investor Joe Hirao. It has so far raised Rs.160 Crores in funding.– Country Delight has raised around $7-10 million in a Series B round of funding led by Matrix Partners. The online milk delivery industry is said to have an addressable market of $1.2 billion, out of which only 8-10% is currently online.
– Kalaari Capital is likely to raise its fourth India focussed fund of $200 million this year. The VC firm has not raised a new fund since 2015. Kalaari Capital has investments in Urban Ladder, Curefit and Myntra among others.

India business news headlines weekly roundup – Ongoing cases

– Videocon case – CBI has booked Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot for criminal conspiracy and cheating.
– Sajjan Mittal’s JSW Steel will support Ruia family to win back control of Essar Steel provided NCLT approves Ruia family’s offer to repay all outstanding debt. The Ruias have offered to repay almost all of Essar Steel’s debt of Rs.54,550 crore, much more than Rs.42,000 crores bid by ArcelorMittal.
– Suraksha Asset Reconstruction, owned by co-promoter of Sun Pharmaceutical, is likely to drop out of the race for Jaypee Infratech.

India business news headlines weekly roundup – People

– InterGlobe has appointed M. Damodaran, former Sebi chairman, as chairman of the company’s board. His appointment comes two months after the death of M.D. Mallya previous chairman.
– InterGlobe has also appointed Ronojoy Dutta as the CEO. Dutta was President of United Airlines as also an advisor to the restructuring of Air Canada and US Airways.
– Reliance Entertainment has elevated Shibasish Sarkar as group CEO. Sarkar joined Reliance Entertainment in 2007 as CFO and pushed JV business model with Bollywood filmmakers.
– Yes Bank has named Ravneet Singh Gill as the new MD & CEO succeeding Rana Kapoor. Gill is currently chief of India operations of Deutsche Bank.
– Railways Minister Piyush Goyal has been given additional charge of finance ministry as Arun Jaitley is in the US for medical treatment. Goyal may also present the budget.

Must read: The journey of Oberoi Group of Hotels

For more updates, do Subscribe to our newsletter and follow us on FacebookTwitter and Google+

News credit: Livemint, Economic Times, Business Standard


One thought on “India business news headlines weekly roundup 21-25 Jan 2019

  • January 27, 2019 at 4:30 pm

    Thank you dear your sight is. Very good give the. Very interested knowledge able enjoyable news fitness healthly happy life . Legay raho tentaran team. be happy all is well .


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 All rights reserved.
× How can I help you?