Read India business news headlines weekly roundup 24th to 28th June :
- Binny Bansal has sold around 54 lakh of his equity shares valued at approx. Rs.531 crores to Walmart.
- IIFL India Private Equity Fund has bought a majority stake in Infigo Lifesciences, an eye care hospital chain, for Rs.70 crores.
- Two units of Dr Reddy’s Laboratories in Andhra Pradesh have been issued Form 483 with two observations by the FDA. Form 483 is issued to a company when investigators observe any violations in FD&C or related acts.
- Tata Group, who have been running Zara stores in India, is now building its own apparel with Trent Ltd. The brand has fine-tuned its local supply chain as per the latest trends.
- Coca-Cola India has started to explore the process of divesting its asset-heavy bottling partner Hindustan Coca-Cola Beverages’ plants.
India business news headlines weekly roundup 24th to 28th June
- The employees union of Hindustan Aeronautics held a relay hunger strike demanding fair revision of wages. The major issue is executives getting 15% fitment and 35% perks but workmen being offered only 10% fitment and 18% perks.
- LIC has sold around 2 percent stake of Asian Paints, through an open market transaction.
- 63 Moons Technologies has filed a complaint with Central Vigilance Commission against Ramesh Abhishek, secretary of DPIIT, for allegedly “misleading” the government into ordering firm’s merger with scam-hit NSEL.
- Piramal Enterprises and TPG Capital have decided to sell their stakes in Shriram Capital.
- As per a study by the University of Sydney and Data61, there are around 2040 fake apps on Google Play Store.
- Madras High Court has rejected the plea of Cognizant challenging recovery of Rs.2912 Crore tax by the Income Tax Deptt.
- The DHFL management met MCA top brass over to apprise them of the financial situation of the firm and repayment schedule.
- Reliance Infra has bagged an Rs.7000 crores Versova-Bandra Sea Link project from MSRDC. The project once completed would cut down commute time from over 90 minutes to 10 minutes.
- Delhi High Court has restrained hoteliers’ welfare associations to issue any notice, boycott or ban Oyo as this would be a breach of contract between hotels and Oyo.
- Flipkart has introduced ‘SuperCoins’ to enhance its loyalty program. With the Supercoins earned, the users will be able to shop on over 100 partner brands of Flipkart including Zomato, Oyo, PhonePe and MakeMyTrip.
- Donald Trump has been expressing his displeasure over the status of the Indian and US economic relationship and has also threatened to impose a reciprocal tariff on Indian products. He also called India the ‘Tariff King’.
- Adani Ports have launched a $750-million off-shore bond sale to repay their existing loans and finance capital expenditure.
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There’s more in India business news headlines weekly roundup 24th to 28th June
- True North has sold a part of its stake in Aster DM Healthcare, an India and Gulf-based hospital chain, for Rs448.5 crores. ED has attached assets worth over Rs.9, 000 crores of Sterling Biotech, which is allegedly involved in a multi-crore bank fraud case.
- The Godrej Family has denied to any dispute over land holdings. They were only looking for ways to look at long-term strategy options. There were The Godrej family is discussing ways to rework certain family agreements after a dispute over the development of landholding owned by Godrej and Boyce.
- Flipkart is planning to replace almost 40% of their delivery fleet with EVs by March next year.
- Cox & Kings defaulted on payments of ₹150 crore. They said they are planning to meet the financial obligations by monetization of assets and internal accruals. This was planned after a mismatch in cash flows which led to a downgrade in their ratings.
- The money deposited by Indians in Swiss Bank accounts fell with a margin of 6% in the past year. It is now the second lowest level hit in the last 2 decades as shown by the data presented by the Swiss National Bank.
- L&T has bagged two large orders ranging between Rs.2500 crores to Rs.5000 crores from ONGC.
- The RBI after a review of their master direction on frauds is planning to take additional measures for a timely recognition of frauds and enforcement actions against any violations.
- SEBI is looking into the allegations on SBI mutual funds’ stake buy in Emami which bought nearly 3.5% in Emami. This is nearly Rs.400 crores which was almost like a bailout for the company’s promoters.
- LIC has seen an asset base rise of 9.1% which is almost Rs.31.1 lakh crores at the end of the past financial year, 31-March-2019. It was 28.5 lakh crores in the financial year ending 31-march-2018.
- The RBI has said that denomination of 50paise and above are now legal tenders irrespective of the design they should be accepted in.
- Due to the IL&FS crisis, RBI is planning to discipline the NBFCs. They believe it can cause losses comparable to those caused by big bank’s failures if not disciplined.
- SEBI has come out with a framework for issue of shares with DVRs in order to encourage founders of technology companies to list their businesses in India.
- Lemon Tree is conducting a due diligence for acquisition Key hotels to strengthen their position as the world’s sixth largest economy.
- Kerala Co-operative Milk Marketing Federation started a new venture. It has introduced the Milma mobile app which plans to deliver milk and other milk products to doorsteps of consumers.
- Tora Cabs have added ride hailing services in Hyderabad. Reports state that nearly 4000 drivers on board with this new invention.
- DoT has reportedly asked BSNL to put all tenders and purchase orders on hold. BSNL has been facing stress in revenues. BSNL and MTNL have approached DoT for immediate help as they are facing financial stress. The government may work on their revival.
M&As and tie-ups
- Affle, Microsoft-backed consumer Intelligence Company, has acquired mobile advertising company RevX Inc in an all-cash deal for an undisclosed amount.
- NCLT has approved resolution plan of Embassy Property to acquire Tiffins Barytes Asbestos for around Rs.89.4 Crores.
- Adani Power’s resolution plan to acquire GMR Chhattisgarh Energy has been approved by GMR lenders.
- L&T has acquired a controlling stake in Mindtree and is said to have increased its stake to 51 percent. Nalanda Capital also sold its entire 10.61% stake to L&T Rs.1, 707.46 crores.
Start-up world, funds, funding and investments
- Naspers’s talks to invest around $200 Million in Capital Float have fallen through.
- China’s biggest electric car maker company, BYD Auto Co. Ltd is set to make an investment in India to develop and produce electrical vehicles.
- IFCI is looking to raise around Rs.2000 Crores by selling its stakes in the National Stock Exchange and Clearing Corporation of India.
- An RBI panel has proposed Rs10000 crore government fund to develop MSMEs.
- Mahindra Finance is looking to raise around $460 million from offshore markets.
- RIL has entered into an agreement with some offshore lenders for getting long term loans of around $1.85 billion.
- Open Financial Technologies has raised $30 million in a Series B round led by Tiger Global. The firm offers banking services to businesses.
- Startup India fund fell short by around Rs.1000-1200 Crores of its targeted funds allocation.
- Dewan Housing Finance is yet to repay Rs.225 crores out of the total Rs.375 crore due to its investors. DHFL defaulted on interest payment of Rs.850 crore on its NCSs on June 4 also, after which its credit rating was downgraded.
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- GoAir recently invited investment bankers and lawyers to discuss to manage their IPO and to pitch in to at least one aircraft to fleet every month.
- Air India has suspended Rohit Bhasin, its Regional Director for East, for allegedly shoplifting a wallet from a duty-free shop at Sydney airport.
- Directors of Air India will meet in the first week of July to discuss selling a few properties of the airline and transferring the non-operational assets to a government-approved SPV.
- The Government is planning to disinvest in Air India as they provided them with about Rs.3975 crores in the past financial year which only hived off some of their debt.
- SpiceJet bagged the maximum number of airport slots vacated by Jet Airways grounding.
India business news headlines weekly roundup 24th to 28th June
- PNB scam
- As per Antigua PM, Mehul Choksi could be extradited to India after his legal options are exhausted. Read all about the Nirav Modi-PNB Scam details.
- Viral Acharya, Dy Governor of RBI, has resigned six months before his term ends.
- Cognizant is planning to reshuffle their top deck by hiring the former Wipro executive, Jeff Heenan-Jalil in replacement of Kaushik Bhaumik.
- Bessemer Venture Partners is reportedly leading an Rs.100 crore funding round in MyGlamm at a valuation of Rs.500 crores.
- Boeing has appointed Surendra Ahuja, former Indian Navy official, as MD of its defense vertical, Boeing Defense India. Ahuja took early retirement from his position as the Rear Admiral in 2018.
- NCLT has approved the proposal of Dhanuka Lab to buy Orchid Pharma for Rs.1116 Crores.
- L&T has gained a controlling stake of 60% in Mindtree. Rostow Ravanan, Mindtree current CEO, is likely to resign in the coming weeks.
- Tata Steel will seek approval from its shareholders for reappointment of T.V. Narendran as CEO and MD and appointment of Vijay Kumar Sharma as Director in their next AGM on 19 July.