Weekly Business News: India Business News Weekly Roundup 16th to 21st November 2020

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India Business News Weekly Roundup 16th to 21st November 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 16th to 21st november 2020

Corporates – India Business News Weekly Roundup 16th to 21st November 2020

  • Competition Commission of India has approved the asset sale of Future Retail to Reliance Industries. Future Retail had agreed to sell its various assets to Reliance for Rs.24,713 crores in August.
  • In view of the increased demand for non-stop flights, Vistara is considering starting direct flights to the US.
  • Amazon has launched a leadership development program for students of premier Indian B-schools like ISB, XLRI, IIMs, to prepare them for leadership roles at Amazon. The program is called ‘Amazon Future Builders Program’.
  • Sebi panel has suggested that listed companies should make available audio and video recordings of post-earning conference calls on their websites as also on stock exchanges within 24 hours or before the next trading day.
  • Within a year of launching the LPG cylinder bookings option, Paytm is said to have made over 5 million bookings.
  • Shapoorji Pallonji Group has reportedly restarted the sale process of Eureka Forbes and is said to be already in talks with a consumer appliances company.
  • SBI has asked fellow lenders of DHFL to persuade all four suitors to upgrade their offers as an improvement in the asset quality of DHFL has made it more valuable.
  • The government has decided to freeze the hike in DA for CPSEs employees from October 1 till June 30, 2021.
  • BARC India viewership data, almost 50% of Indian television viewers watched the IPL 2020.
  • Infosys and ATP have extended their digital innovation partnership for 3 years. Since 2015 Infosys has been instrumental in supporting ATP’s development of key digital assets and infrastructure.
  • Reliance Retail has completed the current phase of partner induction and fundraise of Rs.47,265 crores for a 10.9% stake.
  • Future Retail advocate Harish Salve, while arguing before the Delhi HC submitted that Amazon is misrepresenting its legal rights and should not be allowed to wreck its business transaction with Reliance’s retail arm. He said that Amazon is behaving like East India company and trying to destroy competition in the market.
  • Supreme Court has adjourned the hearing on the loan moratorium case until next week.
  • MEA has said that Vijay Mallya can be extradited to India after a “confidential legal issue” is taken care of in the UK.
  • Flipkart is reportedly in talks with Kontoor Brands for the rights of Lee and Wrangler brands in India. It has already bought a minority stake in Flying Machine brand owner Arvind Youth Brands.

India Business News Weekly Roundup 16th to 21st November 2020

  • As per a survey conducted by 360 EDGE on lead acquisition in real estate, 52.8% of the respondents said that they will be actively using online portals, 43.7% of the brokers suggested using online ads and 25.4% said will be using webinars.
  • Uber has announced to launch 500 e-rickshaws on its platform in Greater Kolkata.
  • Acting on the order of a Calcutta High Court, Harsh Vardhan Lodha has reportedly been removed from the boards of five M P Birla group investment companies.
  • Fidelity Investments, the US-based financial services firm, is said to have renewed its lease for 300,00 sq. ft office space for its India headquarters at double the current rental.
  • DGCA is awaiting formal communication on the decision of the US Federal Aviation Administration to allow Boeing Co.’s 737 Max planes to resume flights. FAA approved the return of 737 Max to commercial service after a long and strict safety review. Only SpiceJet and now-defunct Jet Airways were using these in India.
  • LVB retail shareholders are crying for unfair treatment. Holding 23.98% of its shares as on 30 Sept, they will be left with absolutely nothing if RBI decides to delist any listed shares or debentures of the bank after the proposed merger.
  • The Supreme Court shall hear pleas seeking relief on loan moratorium. Petitioners include power producers and builders among others. They are also seeking relief on the interest charged by banks and NBFCs.
  • Zomato has announced that it will not charge any commission from restaurants for services. It will also let go of the payment gateway charges it incurs on all takeaway orders.
  • Wipro has set Dec 11 as the record date for share buyback.
  • Supreme Court adjourned the hearing date in the case of alleged mismanagement and oppression of minority investors at Tata Sons Ltd to December 2.
  • CapitaLand of Singapore has secured its first three green loans in India worth Rs.1,700 crore from DBS Bank and HSBC. The debt will be used to finance the development of its green-certified International Tech Parks in Chennai, Gurugram, and Pune. The company has a portfolio of over 20 business and IT parks, industrial, lodging, and logistics properties in India.
  • Vedanta Group has reportedly confirmed having submitted a preliminary EoI for buying the government’s stake in BPCL.
  • Emami has entered into home hygiene market with a new brand ‘Emasol’. The home hygiene market in India is said to be around Rs.4000 crores.

India Business News Weekly Roundup 16th to 21st November 2020

  • JSW Infrastructure has completed the acquisition of port business of Chettinad Group.
  • Hero MotoCorp is said to have done retail sales of over 1.4 million motorcycles and scooters during the 31-day festive period between 17 October to 16 November.
  • Indiamart Intermesh and Just Dial are engaged in a legal war over copyright infringement issues. Indiamart has alleged that Just Dial infringed upon its copyright over website compilations.
  • A few lenders to Srei group may approach NCLAT over Srei’s move to reconsolidate its assets in a separate group company which allegedly would be a potential breach of loan covenants.
  • Wipro shareholders have approved a share buyback plan of Rs.9,500 crores. The plan was approved by the board last month. TCS has also proposed Rs.16,000 crore buyback plan.
  • Lakshmi Vilas Bank has been brought under moratorium effective 6 pm, 17 November until 16 December. The withdrawals have been restricted to Rs.25,000 per borrower during the period of moratorium.
  • DLF Ltd has said it has been recognized as an index component of the Dow Jones Sustainability Indices in the emerging markets category. It ranked 18th with 93 percentile overall score in governance, environment, and social dimension.
  • Airtel has reportedly started deploying 4G technology in 900 megahertz band across 10 telecom circles. The move is to enhance indoor coverage of high-speed mobile telephony.
  • The government has sought additional time from Delhi HC to decide whether it will challenge the ruling of international arbitration court in favour of Vodafone in a retrospective tax case.
  • Four former independent trustees of Akshaya Patra have raised concerns over its governance.
  • Pfizer and its group companies have reportedly filed a petition in a US court against Aurobindo Pharma and Dr Reddy’s Laboratories alleging that the Indian drug makers were planning separately to come out with generic versions of its multi-billion-dollar drug Ibrance (palbociclib) before the expiration of its patent.

India Business News Weekly Roundup 16th to 21st November 2020

  • The government has said that several local and foreign investors have expressed interest in buying its 52.98% stake in Bharat Petroleum. However, Reliance Industries and Aramco, which were considered the front-runners, have not submitted their interests.
  • Lenders to Dewan Housing Finance Corp. may call for fresh bids after the Adani group unexpectedly offered a higher price for the company’s assets.
  • Vodafone Idea added 4.6 million mobile broadband subscribers in August 2020, the highest among all telcos. However, the company’s debt situation remains grim.
  • Automakers like Tata Motors and Toyota Kirloskar Motors have reported good growth in bookings and retail deliveries during Dhanteras this year in comparison to 2019. Tata Motors saw a 95% jump in retail sales, Toyota Kirloskar saw a 12% growth in retail sales.
  • National Anti-profiteering Authority has ordered two developers to cut prices of flats to pass on the profiteered amount due to a reduction in GST in 2017 to buyers with 18% interest within November.
  • As per industry analysts, Royal Enfield may continue to retain its pole position in India’s market for retro-style mid-sized motorcycles despite challenges from rivals like Honda Motor and Jawa Motorcycles.
  • According to a LocalCircles survey, 71% of local consumers did not purchase goods that carried a ‘Made in China’ tag during this Diwali period.
  • As the nodal points in a buyer’s purchase journey turn digital, auto brands are looking at ways to connect with the customers digitally to get engagements and create lifelong associations.
  • The government has said that it will not sign free trade agreements which in reality were “trade deals with China by stealth”.
  • Ahead of its stake sale, the Finance Ministry has invited bids from actuarial firms for arriving at the embedded value of LIC.

Must Read: Luxury Private Jets Owned by Indian Businessmen

India Business News Weekly Roundup 16th to 21st November 2020

  • Baba Ramdev has reportedly said that Ruchi Soya will launch a follow-on PO in 2021 to bring down promoters’ shareholding in the company.
  • Amazon India has launched a performance-based benefits program called ‘STEP’ to help sellers accelerate their growth. Benefits include fee waivers, faster disbursement cycles, priority seller support, and free account management.
  • Bombay High Court has dismissed a bunch of petitions challenging disinvestment by the government in BPCL.
  • Sebi has reportedly ordered Anugrah Stock Broking to stop operations and barred its promoters Paresh and Sadhana Kariya from trading in the market after they were allegedly found to have violated many market rules.
  • Indian Hotels has said that they are expanding their ama Stays & Trails portfolio by adding 5 new properties. It currently has 16 operational properties under the portfolio.
  • IRDAI has extended the facility for life insurers to obtain the consent of prospective policyholders electronically by three months till March 31, 2021.
  • A surprise last-minute bid by the Adani group for entire assets of DHFL has angered the Piramal group, which has threatened to exit the race if the former’s bid is accepted.
  • Infosys co-founder S D Shibulal received around 400,000 shares as a gift, taking the total number of shares owned by him to over 2,160,000.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 16th to 21st November 2020

  • Sebi has filed a petition with the SC to ask Subrata Roy and two of his companies to deposit INR 626 billion ($8.4 billion) that it said was due to its investors.
  • A consortium led by Oaktree Capital, including PE firms like Varde Partners, has reportedly proposed to invest up to $2.5 billion through hybrid debt papers into Vodafone Idea.
  • The construction arm of L&T has won a ‘mega’ contract worth over Rs.7,000 crores from National High-Speed Rail Corp. for bullet train project construction on 87.57 km long stretch of Mumbai-Ahmedabad.
  • Indigo Paints has filed preliminary papers with Sebi to raise around Rs.1,000 crores through IPO.
  • As per a regulatory filing, the merger of Bharti Infratel and Indus Towers has been completed. Vodafone Idea has received Rs.3,760.1 crore for its 11.15% holding in Indus.
  • Kitchens Centre, a shared kitchen start-up, has raised an undisclosed sum in a Pre-Series A round from Village Global, a US-based early-stage VC firm backed by entrepreneurs, like Mark Zuckerberg, Bill Gates, Jeff Bezos, Eric Schmidt, and Bob Iger. The firm had raised $500,000 in a seed round in April from AngelList India.
  • Turtlemint, an insuretech start-up, has raised $30 million in a funding round led by GGV Capital. The funds will be used to add cutting-edge technology solutions and scaling penetration in tier 2-3 towns.
  • EY India has acquired Spotmentor Technologies, an AI-powered skilling platform to help businesses identify skills required for the future of work and upskill and reskill talent at scale, for an undisclosed amount.
  • Zomato raised $195 million from six investors at a post-money valuation of $3.6 billion.
  • Reliance Retail Ventures has acquired a 96% share in Urban Ladder through an all-cash transaction for Rs 182 crores.
  • NCLT has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures.

Some stats: India Business News Weekly Roundup 16th to 21st November 2020

  • PE firm Blackstone sold 15 million shares (11.03%) in Tanla Platforms for Rs.587 crores in open market transactions.
  • ONGC booked impairment loss of Rs.1238 crores for quarter ending Sept.2020.
  • Eveready Industries has reported a 216% increase in net profit to Rs 58.02 crore in the quarter that ended September 2020.

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

India Business News Weekly Roundup 16th to 21st November 2020


  • Microsoft has partnered with Social Alpha and launched a program for health-tech startups to help them scale.
  • Apollo Hospitals have partnered with Tata Medical and Diagnostics for offering Covid-19 testing in all parts of the country.
  • Google is entering into airport retail through a tie-up with startup Airbuy’s Spot platform. With this app, passengers can order from F&B outlets and book lounges at select airports.
  • PVR Cinemas has tied up with India Accelerator to mentor startups in the media and entertainment space.
  • Poonawalla Finance has tied-up with the Institute of Company Secretaries of India to offer collateral-free special term loans to Company Secretaries in India.
  • Lummus Technology and TCG Digital have entered into a strategic JV to implement digital analysis and operative solutions in their petrochemical, gas processing, and refining assets.


  • AirAsia Bhd has said it is evaluating its loss-making JV with Tata Sons in the wake of the financial distress caused due to the Covid-19 pandemic.
  • NCLT appointed RP for Jet Airways, Ashish Chhawchharia, has said that neither the airline nor its new owners have appointed any agencies to issue an offer of employment in the airline.
  • Vistara has started special non-stop flights twice a week between Delhi and Doha under an air bubble arrangement.

Ongoing cases: India Business News Weekly Roundup 16th to 21st November 2020


  • HDFC AMC has named Navneet Munot to be its new MD & CEO.
  • Munot is currently CIO at SBI Mutual Fund and will succeed Milind Barve. The average asset under management at HDFC AMC stood at ₹3.75 lakh crores.
  • Sunil Mittal, chairman of Bharti Enterprises, has been appointed Executive Chairman of OneWeb, a broadband satellite communications company, which has now emerged from bankruptcy. Mittal said that OneWeb will boost rural broadband connectivity in India as also in some other developing countries.
  • Route Mobile has appointed Sandipkumar Gupta, the company’s co-founder, as the Chairman.

JSW Steel

  • JSW Steel gets LoI for the acquisition of Bhushan Power & Steel. It is one of the 12 cases mandated by RBI to be resolved under IBC.

Essar Steel

  • Essar Steel is reportedly in a tight spot for failing to develop 1262 acres of land at Paradip where it initially proposed a 6M tonne greenfield steel mill.

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