India business News Weekly Roundup 13th to 17th January 2020

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India business news weekly roundup 13th to 17th January 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:

Corporates

  • Audi India is planning to drop selling its diesel models from April to switch to BS6 norms.

india business news weekly roundup 13th to 17th january 2020

  • The automobile industry in demands from the Budget 2020, is stressing over the scrap page policy along with a 4% cut in GST.
  • The CBI filed an FIR against Adani Enterprises for alleging irregularities in the selection of a company for the supply of coal to power stations in Andhra Pradesh.
  • The SC lifted its suspension of the environment clearance on the Goa International Airport and permitted the construction of the Greenfield.
  • Future Groups’ founder Kishore Biyani said that the introduction of the hybrid model, ‘phygital’ could help businesses in performing better.
  • RBL Bank MD, Vishwavir Ahuja said that the bank has tightened its risk filters and is taking measures to ensure that their growth remains prudential.
  • The Carlyle Group is planning to sell its stake in Visionary RCM Infotech.
  • The RCom resolution has been delayed in view of the unavailability of Chinese lenders that are busy with celebrations of the Chinese New Year.
  • One97 Communications is planning to expand its loan offerings to merchants with a financial services stack within a year or more.

India business news weekly roundup 13th to 17th January 2020

  • The SC stayed HC’s order that allowed shifting of HDIL promoters from jail to their residence.
  • Orient Electric launched its new Eleganza series of air-circulating luxury chandeliers.
  • The government is set to initiate a PMP to promote the domestic production of medical devices.
  • Wockhardt received approval from DCGI for two of its new antibiotics, EMROK (IV) and EMROK 0.
  • Strides Pharma gets USFDA nod for anti-allergic drugs, Loratadine Softgel Capsules.
  • Alembic Pharmaceuticals received a final nod from USFDA for its Tizanidine hydrochloride capsules that are used to treat spasticity.
  • The Macquarie group is planning to make an exit from Soham Renewable.
  • The government has asked both state-run and private banks to open up 15000 location wise branches in FY21.
  • The Indian Bank is most likely to retain its name after merger with Allahabad Bank.
  • The CCI ordered a probe against Asian Paints for allegedly hindering the entry of JSW Paints by virtue of its dominance in the market for manufacture and sale of decorative paints.
  • The IT department wrote to the ED seeking details of its investigation into the money-laundering allegations against Chanda Kochhar, former ICICI Bank MD and her husband, Deepak.
  • Oetker is looking to generate over Rs 500 crores from its business in the next two years.
  • SEBI has sought clarifications on Allcargo Logistics’s proposed acquisition of Gati amid court dispute over ownership of shares within Gati’s promoter family.
  • The Indian drug regulator – CDSCO flagged 49 samples of medicines for failing quality test including Torrent Pharmaceuticals’ anti-hypertension drug-Lorvas.
  • The ministry of corporate affairs is planning to move to the SC next week with a plan to supersede the board of directors of Unitech.
  • SAT granted interim relief to Axis Bank in the Karvy Stock Broking matter and has directed status quo to be maintained on the SEBI order till further hearings on the matter.
  • The Hinduja group pulled out from the race to take over Jet Airways, leaving Synergy and Prudent in the fray to acquire the airline.
  • L&T’s Q3 net profit grew 4.3% to Rs 376.7 crores.

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More in India business news weekly roundup 13th to 17th January 2020

  • The Aleris deal is likely to face more delays as the Aditya Birla Group is planning to extend the closure of its planned acquisition of Aleris by three months due to delay in securing regulatory approvals.
  • McDonald’s India – North and East has announced its partnership with Zomato that will expand the availability and accessibility of McDelivery. The service will be available over 125 McDonald’s restaurants in North and East India.
  • Blackstone Group owned-SPV, Indiabulls Finance Centre is looking to raise around $100 million by selling non-convertible debentures in order to refinance its debt and capital exp.
  • The Civil Aviation Ministry said that it will ensure that Air India continues to operate uninterruptedly and improves its operations even during its disinvestment process.
  • Wipro’s Q3 net profit fell 3.8% to Rs 2463 crores.
  • The SAT upheld a fine of around Rs 2423 crores levied by SEBI on 4 directors of PACL for illegal fund mobilization via various schemes from the public.
  • Amazon infused Rs 1355 crores more in its India payments venture – Amazon Pay India.
  • At the committee of creditors meeting held on 13th January for RCom assets, Jio and UVARC were declared highest bidders.
  • Mindtree’s Q3 net profit increased by 3% to Rs 197 crores.
  • Canara Bank has called off its stake disinvestment from Can Fin Homes.
  • In a communication received by the ED, Edelweiss Financial Services has been asked to appear before them today.
  • Bandhan Bank’s Q3 net profit increased to Rs 731 crores.
  • JSPL resumed its operations in the coal gasification plant in Odisha.
  • Wipro is planning to double up it’s hiring this year and is also planning to depute its techies from India to the US for some specialized skills.
  • Amazon CEO, Jeff Bezos landed in India and paid his tributes to Mahatma Gandhi at the Raj Ghat memorial ahead of Amazon’s two-day summit for small and medium businesses in Delhi.
  • At the launch of the electronic version of the Chetak scooter, Bajaj Auto MD – Rajiv Bajaj said that the ‘over-regulated’ market has pushed up the prices of two-wheelers and that the prices would increase around 30% in another period of one and a half years.
  • Kumar Mangalam Birla, head of the Aditya Birla group said, “Sustainability is not just good for citizenship but also, good business.”

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More in India business news weekly roundup 13th to 17th January 2020

  • Walmart that laid off 56 of its employees in Gurugram is currently having a relook at its brick and mortar business in India.
  • The CCI ordered an anti-trust probe against Amazon and Flipkart over allegations of exclusive launches of mobile phones, preferred sellers on platforms, deep discounting and preferential promotion of private labels.
  • SEBI allowed two more years for companies to ensure that their chairman has a non-executive role. This comes as a major relief for companies that will now get additional time for succession planning.
  • The SC directed ED to attach assets of JP Morgan for transacting with the Amrapali Group.
  • MoneyGram and EbixCash signed a deal to expand money transfer services in India.
  • As part of its restructuring and reorganisation of teams across various businesses and functions to trim redundancy, Oyo is planning to let go over 1000 people in India.
  • Nusli Wadia has withdrawn his criminal defamation suit against Ratan Tata.
  • SEBI deferred its directive for companies to separate the roles of chairman and MD by almost two years till 2022.
  • As revealed by redBus, a total of 71.63 million Indian passengers travelled through their platform in 2019.
  • If the directive by SEBI on separations of Chairman and MD implements as per schedule on 1st April, Reliance Industries is most likely to have a new non-Ambani MD.
  • Infosys Chairman, Nandan Nilekani said that the global major was absolutely right in concealing the whistle-blowers’ complaints from regulators and the media.
  • Reliance Home Finance said that an independent forensic audit which was mandated by lenders found no fraud, embezzlement or diversion of funds in the company which is seeking a debt resolution.
  • The CEO of the financial services firm Edelweiss, Rashesh Shah said that the company has no relationship with Capstone Forex that is being investigated by the ED for foreign exchange rules violation.
  • BharatPe is currently in plans to hire over 75 engineers & project managers to expand its techno team and set up a tech hub in Delhi this year.
  • In a latest report by the American Health Regulator, Granules India is recalling over 2.3 crore ranitidine tablets from the US. These tablets are used to treat ulcers of stomach and intestines.

India business news weekly roundup 13th to 17th January 2020

  • Lupin said that they received two observations from the US Health Regulator following the inspection of its Nagpur manufacturing facility after a PAI which was carried out by the USFDA.
  • Lenders of Hindustan Construction (HCC) said that they were going to carve out about Rs.2, 100 crore of debt on the construction firm to a third-party-controlled special purpose vehicle (SPV).
  • Vodafone Idea board approved a proposal to modify the utilisation of its rights issue proceeds to use around ₹2,826 crores for repayment of loans and redemption of non-convertible debentures, including interest. This comes after the DoT granted a two-year moratorium on deferred payment liabilities towards spectrum dues.

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M&As and tie-ups

  • CCI is now going to authorise clearance to global M&As among technology companies entering the Indian market.

India business news weekly roundup 13th to 17th January 2020

Start-up world, funds, funding and investments

  • PayU acquires a controlling stake in PaySense and all its assets at a valuation of $185 million.
  • Zomato on Friday announced its secured fresh funding of $150 million from Ant Financial, a subsidiary of Alibaba.
  • Yes Bank board approved ₹10000 crores of funding in one or more tranches like QIP or any other private placement of equity or debt.
  • Blackstone is set to invest around Rs 380 crores in Allcargo’s warehousing business.
  • Private equity funds raised $595 billion in 2019 globally.
  • Adani Gas sought perpetual loan worth $350 million from its promoters to finance its expansion.
  • Cityflo, a bus commuting start up is planning to raise funds from Lightbox, a venture capital firm.
  • Wipro launched a second venture fund of $150 million.
  • Venture Highway raised $78.6 million for its second fund to fund early-stage tech firms.
  • A91 Partners invested around $20 million in Aye Finance.
  • Amazon is planning to invest over $1 billion to digitise small and medium businesses in India.
  • Airtel raised around $3 billion in order to repay government dues.
  • Yes Bank has acquired a 30% stake in Reliance Power.
  • Future Retail raised $500 million via dollar bonds.
  • The Shakambhari Group acquired SPS Steel Rolling Mills and is now eyeing a topline of Rs 4000 crores by 2020-21.

India business news weekly roundup 13th to 17th January 2020

  • TechnifyBiz raised around $2 million in seed funding from Omnivore, Insitor Impact Asia Fund, and co-founders of Razorpay – Shashank Kumar and Harshil Mathur.
  • Glenmark Pharmaceuticals is planning to raise around $200 million via dollar bonds to refinance its debts.
  • KEI Industries which is a housing wire and cable maker, is currently looking to raise ₹600 crore by selling shares to qualified institutional buyers.
  • Purplle raised around $8 million from Verlinvest as part of its Series C round of funding.
  • Paytm Payments Bank issued 3 million FASTags and has simultaneously become the largest issuer of the electronic toll tags in India in between the boost for adoption of electronic toll payments.
  • Microsoft said that it has selected 54 start-ups from Gujarat, Maharashtra, Rajasthan, Kerala, and Telangana out of which 3 from each state will finally win a one-year long mentorship programme and a 2-day founder boot camp.

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Ongoing cases:

Jet Airways update

  • The ED has summoned Tony Fernandes, the CEO of AirAsia on 20th January in an ongoing probe against the airline.
  • IndiGo has earned a reprieve with the aviation regulator extending its deadline to replace the P&W engines on its Airbus A320neo aircraft by four months to 31st May.

India business news weekly roundup 13th to 17th January 2020

People

  • Dentsu Webchutney announced Gautam Reghunath as its new CEO.
  • Mars Wrigley appointed Kalpesh Parmar as the General Manager for its business in India. Kalpesh, former Unilever executive replaced Andrew Leaky who moved on to head the company’s business in Australia.

IL&FS group

  • The NCLAT said it will provide a formula for proceeds distribution among creditors of the debt-ridden IL&FS group firms.

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