Weekly Business News: India Business News Weekly Roundup 11 to 16 January 2021

Please follow and like us:

India Business News Weekly Roundup 11 to 16 January 2021. 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 11 to 16 january 2021

Corporates – India Business News Weekly Roundup 11 to 16 January 2021

  • Maruti Suzuki India has launched an online financing platform called Smart Finance across 30+ cities.
  • 94% of DHFL lenders have voted in the favour of Piramal group.
  • Snapdeal has contested a US Trade Representative report placing it on the Notorious Markets List for counterfeiting and piracy and said that it is ill-informed and incorrect.
  • As part of its plans to expand product portfolio, Dabur has entered into the ghee category.
  • NTPC’s 1,320 MW JV power plant at Meja, Uttar Pradesh, has been made fully operational with successful completion of trial operation of Unit-2 of 660 MW.
  • Skootr, a co-working firm has taken 3.25 lakh sq ft office space on lease in Hyderabad, thereby increasing its portfolio to almost double. It currently has desks in Delhi, Gurugram, and Jaipur.
  • 315Work Avenue, a Flexible office provider, has leased 1 Lakh sq ft of office space in Bangaluru to cater to the growing demand from large enterprises.
  • The Delhi High Court has sought the response of the Central government and the RBI on a PIL seeking regulation of online lending platforms operating through mobile apps claiming that such platforms charge exorbitant interests on the loans.
  • Universal Sompo General Insurance Company has tied up with Jammu & Kashmir and Ladakh Finance Corporation which provides financial assistance to SMEs in the region.
  • PM Narendra Modi is expected to launch the Co-WIN app while inaugurating the Covid-19 vaccination rollout today.
  • Airtel Xstream Fiber has launched a 1GB speed Wi-Fi plan.
  • The government has said that only DISCOMS are authorized to install rooftop solar plants and empanel vendors.
  • PM Narendra Modi will address “Prarambh: Startup India International Summit” on 16 January via video conferencing. The summit, organized by DPIIT, is taking place on 15 & 16.
  • Albinder Dhindsa, Grofers CEO has said that the firm is looking at acquisitions possibly in the technology products space, before going in for an IPO planned for later this year.

India Business News Weekly Roundup 11 to 16 January 2021

  • Google India has pulled down many instant loan apps from its Play Store for breaching its user safety policies. Many of these apps were said to be trying to recover overdue personal loans by restoring to aggressive tactics while a lot of borrowers are fighting job losses and other problems caused by the covid pandemic. It is also reviewing similar apps used by 96% of smartphone users in India.
  • As per DoT’s directive, it is now mandatory to prefix 0 before the mobile number while dialing from the landline.
  • Infosys will buy assets and onboard employees of Carter Digital, an Australian experience design agency to strengthen its global design and experience offerings.
  • The tenure of Justice B L Bhat as the officiating Chairperson of the National Company Law Appellate Tribunal has been extended for the fourth time by the government.
  • Sebi has reportedly restrained Hemant Ghai, co-host of the CNBC Awaaz show, and his family from accessing the securities market over charges of fraudulent trading.
  • Amazon India has announced the launch of Amazon Academy to help students with JEE preparation.
  • Paytm Money has now started providing Futures & Options trading on its platform.
  • RBI has constituted a Working Group on digital lending to study aspects of digital lending activities in the regulated and unregulated financial sector including lending through online platforms and mobile apps.
  • Instant messaging app Telegram has said that it will never monetize users’ private data for profiling for targeted ads.
  • IRDAI has set up an advisory committee including some of India’s leading medical practitioners and researchers to improve the quality of product and coverage of health insurance in India.
  • Amazon Prime Video has launched a mobile-only plan starting at Rs.89 per month.
  • Adani Trading Services LLP, a promoter entity of Adani Green, sold shares of Adani Green Energy worth over Rs 1,840 crores through open market transactions.

India Business News Weekly Roundup 11 to 16 January 2021

  • RBI has imposed a penalty of ₹2 crores on Deutsche Bank for non-compliance with certain provisions of its directions.
  • Tesla has registered a subsidiary company in India and named Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as Directors. The state government had reportedly earlier said that Tesla would open an R&D centre in Bengaluru.
  • Toyota Kirloskar Motor has lifted the lockout at its Bidadi, Karnataka plants.
  • Infosys will ring the closing bell at the New York Stock Exchange to commemorate its eighth anniversary of listing on the exchange.

India Business News Weekly Roundup 11 to 16 January 2021

  • Future-RIL deal: Amazon has once again written to Sebi requesting it to suspend the review of the ₹24,713 crores deal of Future Group and Reliance Industries.
  • BHEL has bagged an order worth Rs.450 crores from NALCO for a steam and power plant.
  • Volkswagen Finance India has acquired a majority stake in KUWY Technology for an undisclosed amount to support its new and used car financing business. It had earlier bought a 25% equity stake KUWY, an instant lending platform.
  • Axis Bank has announced the removal of penalty on premature closure of all new retail term deposits booked on or after December 15, 2020, for a tenure of 2 years or more.
  • As per the data released by the Federation of Automobile Dealers Association, vehicle registration in December 2021 saw a growth of 11% on a year-on-year basis.
  • RBI has canceled the license of Vasantdada Nagari Sahakari Bank, Osmanabad, Maharashtra as in its current financial position, the bank would be unable to pay its present depositors in full.

Must Read:How To Register For Covid-19 Vaccine in India

India Business News Weekly Roundup 11 to 16 January 2021

  • RBI has expressed concerns over zero-coupon bonds for the recapitalization of PSBs and discussions are reportedly on between RBI and Finance Ministry to find a solution.
  • HUL has reportedly said that it will take “suitable action” against the German maker of Sebamed branded personal care products for making scathing claims against its soap brands in a series of ads.
  • National Committee on Textiles and Clothing has appealed to the PM seeking removal of anti-dumping duty on viscose staple fibre to prevent job losses.
  • Udayan Bose, pioneer of investment banking in India, passed away on 9 Jan. He was the one to have brought modern investment banking and VC to India in the 80s.
  • Promoters of Vedanta announced an open offer for up to 37.2 cr shares of the firm at Rs.160 per share.
  • FMCG firms may hike prices to offset inflationary pressure on key raw material inputs. While a few have already raised the prices of their products, some are closely watching the situation before taking a decision.
  • Future Group is expecting swift regulatory approval of its deal with Reliance.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 11 to 16 January 2021

  • Lava is planning to invest Rs.800 crores to boost its smartphone business in India.
  • UBS Group AG is said to be in talks with Paytm to invest around $400 million.
  • Power Finance Corp. is planning to raise up to ₹5,000 crores through NCDs.
  • As part of its disinvestment drive, the government has reportedly decided to sell 10% of its stake in SAIL to raise around Rs.2,600 crores.
  • Google has completed a $2.1 billion acquisition of wearable device maker Fitbit Inc.
  • N+1 Capital, a new revenue-based debt fund started by investment professionals Ashish Singla and Rahul Chowdhury is looking to raise up to $100 million. The fund is planning to make its first close of approx. $19 million by February.
  • CoinSwitch Kuber, a Cryptocurrency investment platform, has raised $15 million as part of its Series A round of funding led by Ribbit Capital and Paradigm. Its existing investors Sequoia Capital India and angel investor and CRED founder Kunal Shah also participated in the round.
  • Byju’s has reportedly entered into a deal to acquire test prep leader Aakash Educational Services for $1 billion.
  • Pluss Advanced Technologies is said to be in discussions with investors to raise funds for R&D. The company had announced about designing and manufacturing of precise temperature-controlled boxes for last-mile delivery of COVID-19 vaccines last month.
  • VComply, a B2B platform, to corporate businesses helping them track and standardize governance, risk and compliance, has raised $6 million as part of its Series A funding round which was led by Counterpart Ventures and Accel.
  • Tech Mahindra will acquire Payments Technology Services Ltd, a FIS subsidiary, for $9 million.
  • Power Finance Corporation will raise Rs.10,000 crores through bonds in two tranches, the first one opening on 15 January.
  • The Board of Embassy Office Parks REIT has approved a plan to raise up to ₹2,600 crores through the issuance of NCDs.
  • TA Associates has acquired a 60% stake in nutraceutical ingredients player OmniActive Health Technologies for around $150 million.
  • Sterlite Power has raised ₹200 crores from Allianz Global Investors in debt financing. This is one of the first Indian infrastructure sector financing deals of Allianz GI.
  • KKR has achieved a final close of $3.9 billion for its maiden infrastructure fund, KKR Asia Pacific Infrastructure Investors SCSp, focused on infrastructure-related investments across the Asia Pacific.
  • After selling some of its office, retail and hotel assets to Blackstone Group Lp, real estate developer Prestige Group is planning to build over 40 million sq. ft of office space across various cities in India.

Some stats: India Business News Weekly Roundup 11 to 16 January 2021

  • Edible oil Companies manufacturing have requested FSSAI to “not enforce” its recent gazette notification capping trans fatty acids in oils and fats to 3% starting 2021 which is currently capped at 5%.
  • The board of GAIL will be meeting on 15 January to consider share buyback and payment of interim dividend for the FY 20-21.
  • Reliance Infrastructure has completed the sale of its entire 74% stake in PKTCL to India Grid Trust for Rs.900 crores.

Must Read:Coronavirus vaccine update: Vaccines in various phases of trial

India Business News Weekly Roundup 11 to 16 January 2021

Tie-ups:

  • Cognizant Technology Solutions has signed an agreement to acquire Servian, a Sydney-based, enterprise transformation consultancy specializing in data analytics, experience design, AI, digital services, and cloud.
  • Mahindra Lifespace Developers has signed an MoU with SBI for quick home loan approvals.
  • Microsoft has joined Oracle Corp, Cigna Corp and Mayo Clinic for project Vaccination Credential Initiative for digital records of COVID-19 vaccination. This will help people get encrypted digital copies of their immunization records.
  • James Murdoch, the son of media mogul Rupert Murdoch has joined Uday Shankar to set up a new venture for exploring tech and media opportunities in the emerging markets.
  • Thales and Bharat Dynamics have signed an agreement to work together on the air defence system.
  • ICICI Bank has tied up with Niyo, a new age fintech, to issue prepaid cards to MSME workers.

Airlines

  • Vistara has also joined the COVID-19 vaccine transportation drive in India.
  • SpiceHealth, SpiceJet’s health care arm, has tied up with CSIR-Institute of Genomics and Integrative Biology to set up a portable testing lab for genome sequencing at Delhi IGI airport for all positive samples from international travellers.
  • SpiceJet has signed an agreement with Brussels Airport for providing transportation of COVID-19 vaccines.

Ongoing cases: India Business News Weekly Roundup 11 to 16 January 2021

People:

  • Ravinder Pal Singh, Chief Information and Innovation Officer, Vistara has resigned from the airline.
  • Morgan Stanley has named Sanjay Shah as its India country head.
  • Morgan Stanley has promoted Kamal Yadav and Sachin Wagle to Co-heads, India Investment Banking.
  • Oyo Hotels and Homes has appointed Martin HP Söderström, chairman of DIG Investment, at its European arm, Oyo Vacation Homes as a non-ED.
  • KPMG India has appointed Sunit Sinha as the Partner and Head of People, Performance and Culture.
  • Airtel has appointed Pradipt Kapoor as CIO. He will succeed Harmeen Mehta.

Must Read:Reaction of farmers, politicians on Supreme Court order on farmers protest

For more articles like, “India Business News Weekly Roundup 11 to 16 January 2021”, do follow us on Facebook, Twitter, and Instagram. For watching our collection of videos, follow us on YouTube.

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?