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

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India Business News Weekly Roundup 11 to 16 October 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 october 2021

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

  • Larsen & Turbo has launched L&T EduTech a new-industry-led and practical-oriented hybrid online learning platform to create industry-ready talent.
  • Air India’s accumulated losses reportedly rose to Rs.77,953 crores in FY 20-21 from Rs.70,820 crores in FY19-20.
  • Toyota Motors Corp has announced a cut in planned global output by 15% for the month of November due to shortages of chips but would revamp in December by sticking to its full-year production targets.
  • Urban Company has announced changes in the payment policy for service partners by reducing the highest commission it charges from beauty service professionals to 25% from 30% along with increasing prices of high-demand services.
  • DGCA has reportedly suspended SpiceJet’s licence for the transportation of ‘dangerous goods’ for 30 days due to alleged violations.
  • Realme has reportedly signed a partnership agreement with Khy Electronics to manufacture a range of AIOT products and accessories in India. The products include- Realme Watch 2 Pro, Wireless Buds and Smart TV Google Stick.
  • RBI has issued a licence of Small Finance Bank to a consortium of Centrum Financial Services and BharatPe.
  • Power Finance Corporation has become the 11th Maharatna central public sector enterprise, with greater operational and financial autonomy.
  • Sobha Ltd, a real estate developer, has launched its second project Sobha Avalon, a 31-storeyed residential project spread across 5,400 square meters in GIFT City of Gujarat to expand its portfolio in the state.
  • RBI has authorized Karur Vysya Bank to collect direct taxes on behalf of the Central Board of Direct Taxes. Once the integration process gets completed, the customers can remit the direct taxes through any branch, net banking services, or mobile banking services of the bank.
  • The Department of Telecom has notified reforms for future spectrum auctions and has waived off the compulsory submission of financial bank guarantee to securitize annual spectrum installment.

India Business News Weekly Roundup 11 to 16 October 2021

  • Coca-Cola India has extended its partnership with Saurav Ganguly as its brand ambassador for the next three years.
  • As per sources, the Gujarat government has agreed to buy 1800MW power from Tata Power’s ultra mega power plant at ₹4.50 per unit.
  • Hero MotoCorp has signed a pact with Gilera Motors Argentina to reinvigorate and expand operations in the key markets of South America in line with its global business strategy.
  • According to the Attractiveness Index released by consultancy firm EY, India has retained its third rank in the Renewable Energy Country. The index ranks the world’s top 40 nations on the attractiveness of their renewable energy investments and deployment opportunities.
  • Adani Group has taken over responsibilities of Jaipur International Airport from AAI.
  • The Ministry of New & Renewable Energy has announced India’s target to achieve 450 GW renewable energy installed capacity by 2030.
  • Ujjivan Small Finance Bank has reportedly got an overall growth of 4% from Rs.13,890 crores last year to Rs.14,508 crores at the end of September 2021 in housing and MSME loans.

India Business News Weekly Roundup 11 to 16 October 2021

  • RBI has reportedly imposed a penalty of Rs.30 lakh on Janata Sahakari Bank in Pune for non-compliance with certain directions under Supervisory Action Framework and Frauds in UCBs.
  • Amitabh Bachchan has terminated his endorsement contract with chewing tobacco brand Kamala Pasand as people raised questions on him advertising products harmful to health.
  • Welspun Corp, a leading pipe maker, has joined a global industry project to develop the world’s first guidelines for the transportation of hydrogen gas in existing and new offshore pipelines.
  • Ashok Leyland has launched ecomet STAR truck with additional features in the Intermediate Commercial Vehicle segment.
  • TVS Supply Chain Solutions has reportedly raised Rs.590 crore from an Exor-managed fund. Exor is a Europe-based lending firm that is controlled by Agnelli family.

India Business News Weekly Roundup 11 to 16 October 2021

  • As per reports, C-DoT has become the first organization in India to offer a complete portfolio of indigenous quantum secure telecom products and solutions to address the requirements of telecom operators and strategic sectors.
  • Jio Platform’s AI maker, Haptik Technologies has claimed 300% growth year-on-year basis and is bullish about e-commerce facilities getting developed on Whatsapp.
  • Macrotech Developers, a realty firm, has sold properties worth Rs 3000 crore during April-September and is looking to double the sales bookings in the second half to reach Rs.9000 crore target.
  • According to resources, India has witnessed companies mopping up $ 9.7 billion in the sales of initial shares in the first nine months of 2021, the highest amount in two decades’ nine-month period.
  • FPI’s remained the net buyers to the tune of Rs 1997 crores in October so far in India. The data showed ₹1530 crore investment in equities and ₹ 467 crores in debt.
  • Chittaranjan Locomotive Works has recently turned out 200th electric locomotives of 2021-22 from loco-dispatch siding in 146 working days despite Covid-19 restrictions because of a motivated workforce and proper monitoring of production and supply chain.
  • As per reports, the handset industry in India is running at historically low inventory levels due to the power crisis in China, adding to the already existing challenges of components shortage and supply chain hurdles. As a result, Counterpoint Research has cut the 2021 forecast to 164 million units from 170 million.
  • Maharashtra has resorted to power cut and load shedding because of the shutting down of 13 power generating units supplying electricity to the state, leading to a shortfall of 3330 MW.
  • As per reports, GOI considers raising more than Rs 30,000 crore via sales of bonds to repay the dues of Air India, which it has agreed to sell to the Tata Group.
  • As per Moneycontrol, HDFC Bank has recently launched 24 Gold Loan desks in Uttrakhand to allow people to make most of their idle gold with minimum documentation and transparent charges. The loans will be available for tenures starting from three months up to 24 months.
  • India will reportedly abolish the equalization levy imposed on multinational companies like Google, Facebook, Amazon, and Netflix only after a new mechanism to allocate revenues of such entities under a proposed global tax deal comes into effect.

Must Read: Bollywood Weekly News 11 to 16 October 2021

India Business News Weekly Roundup 11 to 16 October 2021

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

  • We Founder Circle, a startup led by founders, has announced ‘EvolveX’ a We Founder Circle Accelerator Programme, to provide guidance and seed funding to early-stage growth-driven companies.
  • Tala, a Fintech platform, has reportedly raised $145 million as part of Series- E round of funding led by Upstart. Stellar Development Foundation also participated.
  • CarDekho reportedly turned unicorn after raising $250 Million in its series E round of funding at a valuation of around $1.2 Billion.
  • Reshamandi, a silk-tech startup, has reportedly raised $ 30 million as part of its Series A round of funding in a mix of debt and equity. The funding round was led by Creation Investments and saw participation from various other investors like Nexus Venture Partners, 9Unicorns, IndiaMart founder Brijesh Aggarwal and Omnivore.
  • Open, an MSME-focused neo-bank, has reportedly raised USD 100 Million as part of the Series-C round led by Temasek, Google, and some of its existing investors.
  • Melorra, a jewellery brand, has reportedly raised $24 million in a fresh round of funding led by 9Unicorns, Symphony International Holdings, and others.
  • VerSe Innovations, parent of Dailyhunt and Josh app, has reportedly announced the acquisition of the Indian social networking app GolBol to multiply the impact of Josh.
  • Playto Labs, an educational startup, has reportedly raised ₹4 crores in a seed round led by Infection Point Ventures, for customer expansion and increasing its team.
  • MobiKwik has become the 32nd Indian unicorn this year after concluding a secondary transaction as its staffers exercised Esop option thereby valuing the firm at $1 billion.

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

  • Docprime Technologies, a PB Fintech subsidiary, has reportedly invested approximately $ 7.5 million in telehealth and wellness platform, Visit Health.
  • Unacademy group owned- Graphy, has reportedly acquired ed-tech platform, Spayee for $ 25 million to increase its reach and optimize product offerings.
  • ForeignAdmits, an ed-tech startup, has raised ₹ 3.5 crores in a seed funding round led by Unicorn India Ventures with participation from various other investors.
  • leap. club, a women-focused professional network, has reportedly raised $ 810,000 in a pre-series A round led by Enzia Ventures, Kunal Shah, and others.

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

  • According to the RBI data, the forex reserves of India have increased by $2.039 billion to $ 639.516 billion from $637.477 billion in the week that ended on October 08, 2021.
  • According to HSBC estimates, the Indian bond index could bring in potential inflows of $30billion to $40 billion via fully accessible routes.
  • According to government data, retail inflation based on the Consumer Price Index has eased from 5.3% in the month of August to 4.35% for September.

Must Read:Weekly Sports News of this week 11 to 16 October 2021

Tie-ups – M&As – India Business News Weekly Roundup 11 to 16 October 2021

  • Ahmednagar-based Malpani Group has reportedly submitted a bid of around Rs.500 crores to acquire Imagicaaworld that owes its lenders around Rs.1020 crores.
  • Reliance has reportedly picked up a stake of 40% in MM Styles owned by Manish Malhotra, an Indian couture brand. It is aimed to bolster the portfolio of Reliance’s homegrown designer labels.
  • Accenture will reportedly be acquiring BRIDGEi2i, a Bengaluru-based AI & Analytics firm, to expand its capabilities in data science, ML and AI-powered insights.
  • Tata Motors has reportedly entered into a binding agreement with PE investor TPG Rise Climate, along with co-investor ADQ who will invest $1 Billion in be incorporated subsidiary of Tata Motors.
  • InMobi, a marketing technologies provider, has reportedly entered into a definitive agreement for acquiring Appsumer, a mobile app performance insights platform, for an undisclosed amount.
  • Thomas Cook India and its Group firm SOTC Travel Ltd have entered into a three-year agreement with Air Arabia to deliver a range of customizable air-inclusive holidays.
  • Hero MotoCorp has signed a pact with Gilera Motors Argentina to reinvigorate and expand operations in the key markets of South America in line with its global business strategy.
  • Sharechat is reportedly in talks for acquiring MX TakaTak, owned by Times Internet.
  • HCL announced to have expanded its strategic partnership with Google Cloud for jointly launching life sciences and healthcare solutions.
  • ACME Group, a renewable energy firm, has signed a partnership with US-based KBR Technology for USD 3.5 billion green hydrogen and green ammonia project in Oman.
  • Reliance Industries Ltd announced the acquisition of REC Solar Holdings AS (REC Group) from China National Bluestar Co Ltd at a valuation of $ 771 million. It also bought a 40%  stake in Sterling & Wilson Solar Ltd for about Rs 2845 crores with an aim to grow its renewable energy portfolio.

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

People:

  • Pankaj Kumar Panja’s appointment as non-executive chairman of Karnataka Bank has been approved by RBI.
  • RBI has approved the re-appointment of Amitabh Chaudhary as the Managing Director of Axis Bank for three years period.
  • Rajnish Kumar, former SBI head, has been appointed as the Chairman of the Board of Directors of BharatPe.
  • Sajjan Jindal, the Chairman and MD of JSW Steel Ltd, has become the first Indian to serve as the Chairman of the World Steel Association.
  • Ayyappan R has been appointed as the CEO of Cleartrip, which was recently acquired by Flipkart.
  • Deepak Amitabh, the Chairman and MD of India’s largest electricity trader, PTC India Ltd has resigned from his post due to personal reasons.
  • Energy Efficiency Services has appointed Arun Kumar Mishra as the CEO on deputation.

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