Weekly Business News: India Business News Weekly Roundup 10th to 15th August 2020

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India Business News Weekly Roundup 10th to 15th August 2020. 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:

india business news weekly roundup 10th to 15th august 2020

Corporates – India Business News Weekly Roundup 10th to 15th August 2020

  • Mukesh Ambani is planning to set up a family council to implement a collective governance structure in order to manage the family’s sprawling business empire as part of the group’s succession-planning process.
  • A.M. Naik, Group Chairman at L&T said the Anti-China sentiment in India and around the world is a possible game-changer for India Inc.
  • Pharmaceutical companies with COVID-19 drugs reported rescue earnings in Q1.
  • Tata Consumer Products is streamlining its distribution network in India as the company seeks to expand its direct reach and footprint in the market.
  • Maruti Suzuki is aiming to increase the volumes of its mid-size SUVs. The company is planning to reposition its crossover vehicle, the S-Cross, as a mid-size SUV and is aggressively pushing the petrol variant of entry level SUV, the Vitara Brezza.
  • Beetel, a popular landline phone maker announced its plan to make a foray into the mobile phone accessories segment with ‘Flix’ as their brand name.

India Business News Weekly Roundup 10th to 15th August 2020

  • WeWork India offered a discount of upto 50% for 3 months to gain new clients amid COVID-19. The company has also given free access to its members to over 800 centres globally.
  • Finance minister Nirmala Sitharaman praised the strength of the farm sector during the coronavirus pandemic and backed more support for the sector in the post-pandemic era.
  • Venture capital fund SAIF Partners has doubled down on investments in India in the last seven months, and seeks to tap into new segments including edtech, health tech enterprise software-as-a-service.

India Business News Weekly Roundup 10th to 15th August 2020

  • As deal-making goes virtual, venture capital funds expect startup founders to provide detailed product demos & video walkthroughs, sharper pitch decks, and deeper domain knowledge during remote pitching to raise funds.
  • SEBI pulled up Kirloskar promoters with a fraud in a decade-old case of the promoter group selling a 13.5% stake in the then-ailing company to Kirloskar Industries Ltd, harming the interests of minority investors.
  • India’s B9 Beverages that crafted Bira is planning with foreign investors to sell a stake of up to 20% in the company.
  • The Inox Benefit Trust sold a 4.32% stake in INOX Leisure for Rs 101 crores to ADIA and HDFC.
  • Chairman and MD at Glenmark, Glenn Saldanha said the COVID-19 pandemic has highlighted the need for Indian companies and research organizations to collaborate with the government to develop new drugs in order to meet future health crises.
  • Despite the impact of the coronavirus, SAIF Partners have doubled their investments in India in the last 7 months. They tapped into new segments including edtech, healthtech, SaaS, entertainment, and direct to consumer startups.

India Business News Weekly Roundup 10th to 15th August 2020

  • Goldman Sachs Singapore PTE sold a 0.75% stake in TVS Motor Company for Rs 148 crores via open market transactions.
  • South Indian Bank said it obtained in-principle approval from the RBI to set up a wholly-owned non-financial subsidiary.
  • JSW Cement postponed its IPO plans to 2022, due to muted demand. The company was earlier planning to release its IPO in December 2020 but now they are planning to use the intervening period to increase their capacity from 14 million tonnes per annum to 20 million tonnes by 2022.
  • Patanjali is planning to bid for the IPL 2020 title sponsorship. This decision came after the anti-China backlash which forced the BCCI and Chinese smartphone, Vivo to mutually annul the sponsorship association for the 13th edition of the T20 tournament being held in UAE from 16 September.
  • Kotak Mahindra Bank said the company has complied with RBI’s guidelines on promoter shareholding within the prescribed timeline.
  • Prestige group is planning to sell its various commercial assets for around Rs 12000 to Rs 13500 crores as part of its strategy to clear debt and achieve growth in the future.
  • ICICI Bank announced floor price for its QIP at Rs 351.36 per share.
  • Union Bank of India announced a cut in its MCLR by up to 15 basis points across various tenors, effective 11 August.

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India Business News Weekly Roundup 10th to 15th August 2020

  • Swiggy launched ‘Instamart’. It is a quick grocery delivery bandwagon that delivers grocery within 45 minutes in Gurugram.
  • Zoomcar has launched a telematics software, ‘Zoomcar Mobility Stack’ for fleet owners amid a slowdown in mobility. This product includes an IoT device and software that will work across both internal combustion and electric vehicles and is fully hardware agnostic.
  • Honda Cars India said it has started pre-launch bookings of its new model, Jazz at an amount of Rs 21000 at all authorized HCIL dealerships across India or online via ‘Honda from Home’ platform on the HCIL website with an amount of Rs 5000.
  • Flipkart has launched ‘Flipkart Leap’ which is a startup accelerator program. The 16-week program will open opportunities for startups to prepare their innovative solutions to be market-ready and to allow them to win an equity-free grant of $25000.
  • The COVID-19 pandemic negatively impacted JNPT’s traffic by 26% YoY from April to July.
  • Yulu, the bike-sharing platform, is planning to focus on long-term rentals. The company is also planning to add 1 lakh electric bikes by 2021.
  • ICICI Bank has taken possession of Mantri Developers’ Bengaluru office due to non-payment of dues.
  • ArcelorMittal is now focusing on cost reduction measures to protect profitability which has been hit hard by the COVID-19 pandemic.
  • Zomato said it will give female and transgender employees up to 10 days of ‘period leave’ per year. The company’s CEO said the move is to “foster a culture of trust, truth and acceptance”.
  • Coal India has revised its production target to 650-660 million tonne for FY21 in wake of the disruptions caused by the COVID-19 pandemic.
  • Renault India announced the opening of 14 new dealerships and 3 new workshops across the country.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 10th to 15th August 2020

  • The RBI brought startups under the purview of priority sector lending (PSL), a move that will make it easier for startups to raise funds from banks.
  • Online education startup Springboard has raised $31 million in Series B funding, led by new investor Telstra Ventures.
  • To help new and upcoming startups, e-commerce major Flipkart announced the launch of Flipkart Leap, the Walmart-owned company’s first startup accelerator program.
  • Public-transit focussed payments firm CityCash has raised $1 million as a part of its seed round from early stage venture capital firm Orios Venture Partners.
  • Shares of Moderna Inc rose 11% after the company signed a $1.5 billion deal with the US government for the supply of its experimental coronavirus vaccine.
  • Eduvanz, a digital non-banking company, has raised $5 million in a Series A round of funding led by Sequoia India.
  • Indian social media platform, Chingari received seed funding of $1.3 million from AngelList, LogX Ventures, iSeed, Village Global and some others.
  • Software-as-a-service (SaaS)-based people analytics inFeedo raised $700,000 in funding from early stage startup accelerator Y Combinator along with other Indian founders.
  • IIT startup to launch wrist band for Covid detection, gets ₹22 crore funding.
  • Public-transit focussed payments startup, CityCash raised $1 million as a part of its seed round of funding from Orios Venture Partners.
  • Equinix Inc announced its acquisition of GPX India for $161 million.
  • HDFC Ltd said the company raised Rs 10000 crores equity capital in QIP.
  • Aramco, the Saudi Arabian Oil company said its still working on its deal to invest $15 billion in RIL.

Some stats: India Business News Weekly Roundup 10th to 15th August 2020

  • Tata Steel reported a Q1 consolidated net loss of Rs 4648 crores due to lower production and sales in domestic and European markets.
  • Shriram Transport Finance Company reported a Q1 decline in net profit by 50% to Rs 320.06 crores.
  • Hero MotoCorp reported a Q1 net profit decline by 95% to Rs 61.31 crores.
  • Adani Ports and SEZ reported a net profit decline by 26% in the June quarter to Rs 757.83 crores.
  • Bosch Ltd reported a 64% YoY decline in its standalone revenue from operations in the June quarter to Rs 992 crores.
  • Central Bank of India reported a 21% increase in its Q1 consolidated net profit to Rs 147.21 crores.
  • Power Grid’s Q1 decline by 18% in its consolidated profit after tax to Rs 2048 crores.
  • Bank of Baroda reported a Q1 net loss of Rs 864 crores due to higher provisions and contingencies.
  • Titan reported Q1 consolidated net loss of Rs 297 crores, impacted by lower income due to the COVID-19 pandemic.
  • Force Motors reported a Q1 consolidated net loss of Rs 64.99 crores.
  • Divi’s Laboratories reported a rise in Q1 consolidated net profit by 81% to  Rs 492.06 crores.
  • Abbott India reported a 54.22% rise in its Q1 net profit by 54% to Rs 180.35 crores.

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India Business News Weekly Roundup 10th to 15th August 2020

Tie-ups: India Business News Weekly Roundup 10th to 15th August 2020

  • Biological E has signed a pact with Janssen Pharmaceutica NV to manufacture J&J arm’s COVID-19 vaccine which is currently in Phase I and II clinical trials.

Ongoing cases: India Business News Weekly Roundup 10th to 15th August 2020

People:

  • Viacom and CBS Chairman Emeritus Sumner Redstone died at 97.
  • Sameer Gehlaut, co-founder and chairman of Indiabulls Housing Finance Ltd ( IBHFL) stepped down from his current position in the mortgage lender.
  • Early stage venture capital fund Prime Venture Partners appointed Dr Ashish Gupta as Partner Emeritus to strengthen its investment team.
  • Advertising and marketing firm, Cheil India announced the promotion of Sourav Ray to the post of chief strategy officer.
  • General Motors’ CFO resigned after 2 years to take a job at a fintech startup called, Stripe.
  • Samir Ojha, an executive at Credit Suisse has been roped in to join EY as a partner.

Airlines:

  • Airports Authority of India has put GoAir on a cash and carry mode with effect from 11 August. The AAI had earlier asked the company to clear its unpaid dues of around Rs 50 crores.
  • The board of directors of InterGlobe Aviation Limited, which operates IndiGo, has approved to raise up to Rs 4000 crores via QIP.

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