Weekly Business News: India Business News Weekly Roundup 12th to 17th October 2020

Please follow and like us:

India Business News Weekly Roundup 12th to 17th October 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 12th to 17th october 2020

Corporates – India Business News Weekly Roundup 12th to 17th October 2020

  • As the economic fallout of the coronavirus pandemic makes valuations of businesses attractive, Uday Kotak said now is the best time fir overseas investors to invest in India.
  • Uday Kotak also said that India is under-invested in the healthcare sector and needs to double its spends over the present level of 1.3 per cent of GDP.
  • Easy to Pitch launched India’s first helpline for founders grooming. It provides expert assistance to aspiring and existing founders & entrepreneurs with the right solutions to take their business to the next level.

India Business News Weekly Roundup 12th to 17th October 2020

  • The Ministry of Consumer Affairs wrote to e-commerce majors Amazon and Flipkart for not displaying the mandatory declarations, including ‘country of origin’.
  • Liberty Steel said the company made a non-binding offer for Thyssenkrupp’s steel unit.
  • GCCs and GICs have been using automation to increase biz during covid-19.
  • Federal Bank said it is expecting to recast 3% of its loans once the moratorium ends.
  • Fintech and e-commerce companies are increasingly shifting their focus on buy now pay later services ahead of the big festive season.
  • HCL Technologies said the company will be rolling out salary hikes for its employees across bands.

India Business News Weekly Roundup 12th to 17th October 2020

  • Cinema hall owners in Andhra Pradesh have requested the state government to provide them with exemptions from power bills and some taxes.
  • Mindtree announced salary hike for its employees, effective January 1.
  • Equitas SFB is looking at inorganic buyouts to bring down the promoter stake post completion of the IPO process.
  • Rapido, a Bike taxi app, has now forayed into the on-demand autorickshaw servicing.
  • The Tata Group is planning to buy a stake in IndiaMart to beef up its presence in the e-commerce industry.
  • Tata Sons said it is yet to receive a formal notice of its separation from the SP Group, hinting at a court-monitored split.

India Business News Weekly Roundup 12th to 17th October 2020

  • Paytm Mall said it will start its 8-day long sale ‘Maha Shopping Festival’ from October 16 onwards.
  • General Electric is targeting at carbon neutrality for its own operations by 2030.
  • Apollo Hospitals said it is preparing to administer around 1 million covid-19 vaccines daily when the successful shot will be made available.
  • Religare has approached the BSE and NSE exchanges for declassifying Singh brothers as promoters and shift them to public shareholders category.
  • Meru Cabs have launched office commute servicing called the ‘Meru Reserve’ with no surge pricing features and up to one-month advance booking.

Must Read: Most generous Indians – Some of the top Indian Philanthropists

India Business News Weekly Roundup 12th to 17th October 2020

  • US apparel watchdog has probed Jockey’s Indian partner following human rights abuse allegations at one of its factories.
  • According to a report by TiE, India is on a path to have 100 unicorns by 2025 despite the impact of the covid-19 pandemic on the Indian start-up ecosystem.
  • The Tata group is planning to buy a stake in BigBasket.
  • After health insurance, PhonePe has now launched car and bike insurance plans as well.
  • YouTube announced that the platform will remove videos with Covid-19 vaccine misinformation.
  • TCS said it witnessed a surge in demand for its services and is planning to hire 10,000 staff in the US by 2022.
  • Coursera, an online learning platform, has launched new features to help students gain relevant job skills in the post covid world.
  • RedBus witnessed over 50% jump in its traffic in October as the covid-induced restrictions are gradually easing to enable inter-state mobility.
  • Infosys announced that the company will be rolling out salary hikes and promotions across all levels effective 1st January.
  • Co-living  startups are  tap ping onto new revenue  streams to diversify their business to renegotiate rentals, invoke force majeure clauses, and face low occupancies.
  • Khatabook has rebranded its online storefront app to ‘MyStore’ after facing legal entanglement with its competitor Dukaan.
  • RIL eyes smart electricity meter business to leverage its Jio business to offer meter data collection, communication cards, telecom, and cloud hosting services to electricity distribution companies.
  • ‘Despite Covid-19 impact, India remains a promising market’, says Giuseppe Pedretti, Petronas Lubricants International’s regional managing director for Asia.
  • Paytm launched same-day bank settlement for businesses.
  • Capital Float said the company reached 1 million customers. The company also said that it has disbursed over Rs 9,000 crores till date to small businesses and retail borrowers.
  • Wipro is planning for robust hiring in the second half of nm this fiscal year.
  • Reliance Jio has become the first mobile service provider to cross 40 crore customers mark in India.
  • According to the data released by telecom regulator Trai, Reliance Jio has become the first telco to cross the 40 crore subscribers mark.
  • The Delhi HC allowed the interim moratorium on Anil Ambani’s personal asset to ensure that SBI’s interest is protected.
  • Coal India said the total coal allocation under its 4 e-auction windows registered a jump by 65% between Apr-Sept.
  • Oil Minister Dharmendra Pradhan said the government is moving cautiously on the privatisation of Bharat Petroleum.
  • US-based retailer Walmart Inc. and Flipkart Group have made an additional investment in Bengaluru-based fresh produce supply startup Ninjacart.
  • Finance minister Nirmala Sitharaman said an additional budget of ₹25,000 crore will be provided as capital expenditure to develop roads, urban development and domestically produced capital equipment to boost economic growth.
  • After Vedanta’s delisting went from an expected success to a failure, the company is now seeking an extension of its buyback period by a day.
  • E-commerce companies are offering finance and credit products to make purchases more affordable than the discounted offers in the upcoming festive sales.
  • The delivery business in India witnessed a spike in attrition. But now internet companies are scrambling for new hires as India’s turnover in the gig workforce is high.
  • Adani Airport Holdings is in talks with Qatar Investment Authority to sell a minority stake in the Mumbai International Airport that the company acquired last month.
  • Mukesh Ambani’s led Reliance Retail has withdrawn its interest in buying Debenhams.
  • A group of 15 startup founders held a virtual meeting with the CCI to inform the regulator about Google’s anti-competitive policies in India.
  • PepsiCo hiked the investment in its UP plant to Rs 814 crores in order to meet the increasing demand for its products.
  • Flipkart has began a 45-day paid internship programme for students in supply chain management ahead of Big Billion Day sale.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 12th to 17th October 2020

  • Packaged foods company Britannia Industries will increase its investment in Tamil Nadu to ₹550 crore from the earlier planned ₹300 crore to set up a plant in the region.
  • Robotics start-up Miko raised ₹23 crore in a pre-series B round led by Stride Ventures.
  • Pesto Tech, an edu tech start-up offering remote work opportunities for Indian engineers has raised funds from a bunch of investors based in Silicon Valley.
  • Credit Wise Capital (CWC), a consumer finance NBFC raised $6 million in its seed funding round.
  • ReNew Power is planning to tap into the offshore bond market to raise nearly $320 million to refinance local debt.
  • Fintech startup Uni has raised $18.5 million in seed funding led by Lightspeed India Partners and Accel Partners.
  • Location-based social network app Public has raised $35 million from venture capitalist Lee Fixel’s Addition, SIG Global and Tanglin Venture Partners.
  • San Francisco and New Delhi-based startup SquadStack has raised $5 million in a Series A funding round led by Chiratae Ventures.
  • Capital markets infrastructure startup smallcase has raised $14 million as part of its Series B financing round led by DSP Group along with existing investors Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures.
  • Indian content-sharing platform ShareChat raised $40 million from investors including Twitter Inc and Lightspeed Ventures as it seeks to boost usage of its new short-video app.
  • Razorpay raised $100 million in its latest funding round led by GIC and Sequoia India. This company is also the latest fintech unicorn in the country.
  • Unacademy, an Edutech platform said the company will undertake an ESOP buyback programme of Rs 25-30 crores in December this year.
  • To bolster its cash reserves at a time when the food delivery sector is rebounding from the ravages of the coronavirus pandemic, Zomato has raised $52  million from US fund Kora Investments.
  • Avataar.me, an AR Platform, has raised $7 million in a Series A round of funding from Sequoia Capital India.
  • Equitas Small Finance Bank is aiming to raise Rs 517.6 crores via stake sale.
  • Lakshmi Vilas Bank said it’s board approved raising upto Rs 500 crores via rights issue.
  • Infosys raised its FY21 forecast as its digital service biz booms.
  • JSW Energy is in plans to invest Rs 8860 crores to set up 2 wind power projects in Karnataka.
  • Miko, a Robotics startup, raised Rs 23 crores in a pre-series B round of funding led by Stride Ventures.
  • Wipro said the company will acquire Eximius Design for nearly Rs 586.3 crores.
  • Pepper Content said the company raised $4.2 million as part of its Series A round of funding led by Lightspeed India.
  • Ultraviolette Automotive, an EV startup, is planning to raise up to $75 million in the next one year.
  • Walmart and Flipkart invested $30 million in Ninjacart.
  • Britannia Industries will be increasing its investment in Tamil Nadu to Rs 550 crores.
  • JSW Energy Limited has sought 3,150 acre of land from the Karnataka government to set up two wind energy power projects, at an estimated investment of ₹8,860 crore.
  • Speciality Chemicals maker SRF Ltd launched a so-called qualified institutional placement (QIP) offering to raise as much as Rs750 crore from institutional investors.

Some stats: India Business News Weekly Roundup 12th to 17th October 2020

  • HCL Technologies reported a 4.5% increase in revenue in the second quarter of the current fiscal.
  • Mindtree’s Q2 net profit was up by 88% YoY to Rs 253.7 crores as the company witnessed a broad-based growth.
  • The ACC extended NTPC CMD Gurdeep Singh’s term till July 2025.
  • Walmart India reported a net loss of Rs 299.20 crores in FY20.

Must Read: JRD Tata – a Successful Businessman and a great human being

India Business News Weekly Roundup 12th to 17th October 2020

Tie-ups:

  • Ahead of the Big Billion Days, Flipkart has tied up with SBI and Paytm for various offers.

Ongoing cases: India Business News Weekly Roundup 12th to 17th October 2020

People:

  • Shoppers Stop announced Venu Nair as MD & CEO effective 6 November 2020.
  • Vodafone Idea said the company’s CTO, Vishant Vora has resigned.
  • Raymond said the company has appointed Joe Kuruvilla as CEO of the Raymond Lifestyle.
  • Facebook announced the appointment of Sunil Abraham as the director-public policy for data and emerging tech.
  • Joe Kuruvilla has been appointed as the Chief Executive Officer (CEO) of Raymond Lifestyle.
  • Raymond said the company has appointed Joe Kuruvilla as CEO of the Raymond Lifestyle.
  • Facebook announced the appointment of Sunil Abraham as the director-public policy for data and emerging tech.

Must Read: Success stories of these 7 Indian entrepreneurs will motivate you to face any hurdles in life

For more articles like, “India Business News Weekly Roundup 12th to 17th October 2020”, do follow us on Facebook, Twitter, and Instagram for interesting content. 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?