Weekly Business News: India Business News Weekly Roundup 17 to 22 January 2022

January 22, 2022 Team Tentaran 0 Comment

Please follow and like us:

India Business News Weekly Roundup 17 to 22 January 2022. 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 – India Business News Weekly Roundup 17 to 22 January 2022

The Appellate Authority for Advance Ruling has notified that the allocation of salaries to the head office employee to a branch and its recovery from there, will be subject to GST.
The merger of Punjab & Maharashtra Cooperative Bank with Unity Small Finance Bank is under examination and is subject to government approval.
Indian Oil Corp is accorded with city gas licenses for 9 out of 15 high potential geographical areas and it plans to invest Rs7,000 crore in the development of infrastructure in these areas.
NTPC aims to raise around $750 million through external commercial borrowings in form of the term loan to be utilised for capital expenditure for new capacity addition programmes.

India Business News Weekly Roundup 17 to 22 January 2022

State Bank of India has withdrawn its special support scheme of offering Rs 20,000 to the employees infected by Covid-19.
GOI has approved a sanction worth Rs 973.74 crore to SBI for rein related to the loan moratorium implemented in 2020.
Cabinet Committee on Economic Affairs has approved an equity infusion of Rs 1500 crore in IREDA for enabling it to lend Rs 12,000 crore for green energy projects.
Coal India Ltd. has committed to meet the elevated demand for dry fuel from the power sector and of coastal plants dependent on imports.
Gem& Jewellery Export Promotion Council and Maharashtra Industrial Development Corporation have signed a draft agreement for granting the possession of land for 95 years period for setting up India Jewellery Park Mumbai.
GOI has extended the deadline for the buyers to submit their expression of interest for sale bound HLL Lifecare till February 28, 2022.
GOI has announced the launch of the Koyla Darpan portal to share key performance indicators related to the coal sector.

India Business News Weekly Roundup 17 to 22 January 2022

Dixon Tech has entered into an equal joint venture with the makers of the Boat brand, Imagine Marketing, to undertake manufacturing and designing of wireless audio solutions in India.
JSW Energy has reported a surge of 162% in its net profit in the third quarter at Rs 324 crore as compared to Rs 124 crore last year, and is going to announce its first green hydrogen project.
Hitachi Energy India has bagged an order worth Rs 160 crore for providing key electric components to support the electrification of rail routes in India.
Automobili Lamborghini, an Italian super luxury carmaker, has reported 86% growth in 2021 by sales of 69 units in India as compared to 37 units in 2020.
HeroElectric has partnered with Mahindra Group for joint development and manufacturing of electric two-wheeler business.
ArcelorMittal India- linked firms have emerged as the front runner for the acquisition of Indian Steel Corporation, which was admitted for debt resolution by the bankruptcy court.
A neobank for teenagers, Fyp, has acquired an ed-tech start-up Edunify to expand its user base via school tie-ups across India.
Kotak Mahindra Bank Group has signed an MoU with GIFT SEZ Ltd. to boost the financial services ecosystem at IFSC, Gandhinagar.
Convergence Energy Services Ltd. has sought bids for the procurement of 5580 electric buses to be deployed over five major cities by floating Rs 5500 tender termed as Grand Challenge.

India Business News Weekly Roundup 17 to 22 January 2022

South Indian Bank has reported a net loss of Rs 50.3 crore in the December quarter due to a fall in interest income along with the deterioration of asset quality.
Lotus Herbal, a beauty care brand, has acquired a 25% stake in the skincare brand Conscious Chemist to increase its presence in the green beauty category.
FedEx Express has announced the commencement of the trial of Electric Vehicles in Bengaluru, India as a part of its goal to achieve carbon-neutral operations by 2040.
Tata Motors has launched its new range of passenger vehicles in Bhutan in association with Samden Vehicles.
Skoda Auto India has begun with the production of its mid-size sedan Slavia for the Chakan plant in Pune.
L&T Financial Services has reported an increase of 12% in its net profit on a consolidated basis for the quarter ending in December 2021 due to intensified focus on retail loans.
Omega Seiki Mobility has entered into a strategic alliance with Sun Mobility to launch 10,000 units of cargo three-wheeler with smart swappable batteries across India.
Indian Accelerator had partnered with IIT Guwahati Technology Incubation Centre and NEWGEN IEDC to organise Research and Industrial Conclave to be held from January 20th to January 23rd, 2022.
RIL has posted a jump of 41.58% in the consolidated net profit from Rs 13,101 crore to Rs 18,549 crore for the quarter ending on December 31, 2021.

Must Read:20 Inspirational Quotes For Startups

India Business News Weekly Roundup 17 to 22 January 2022

Start-up world, funds, funding and investments – India Business News Weekly Roundup 17 to 22 January 2022

ZingHr has raised funds worth $10 million from Tata Capital Funds, thus, giving a 33% stake of the company to TCF.
upGrad has reported a consolidated net loss of Rs 211 crore in FY 2021 as compared to Rs 78 crore in FY 2020 due to the doubling of its expenses on advertisement and promotion.
CredR, a platform for buying and selling used two-wheelers, has announced to invest USD 15 million in its business in 2022-23 for business expansion by setting up 50 showrooms.
Dogsee Chew, a natural pet treat brand, has raised Rs 50 crores in a Series A funding round from Mankind Pharma, Sixth Sense Ventures, and other existing investors.
SOCIAL gaming and entertaining platform, WinZO, has roped in Youtuber Carry Minati as its brand ambassador.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 17 to 22 January 2022

As per reports, Razorpay aims to acquire a majority stake in Ezetap Mobile.
StockGro has raised funds worth USD 32 million in a Series A funding round led by BITKRAFT Ventures, General Catalyst, and Itai Tsiddon along with many other existing investors.
A doorstep diesel provider, Humsafar India, to foray into the growing Electric Vehicles charging and battery replacement business by setting up charging stations in Delhi and Noida.
piVentures, an early-stage deep-tech focused venture fund, has achieved the first close of funds at Rs 300 crore driven by HNIs, family offices across the world, and entrepreneurs.

Some stats: India Business News Weekly Roundup 17 to 22 January 2022

According to the latest data by SIAM, the exports of passenger vehicles from India have increased by 46% in the first nine months of the current FY with Maruti Suzuki leading the segment.
As per the data of the Commerce Ministry, the import of gold in India has increased from USD 16.78 billion in April-December 2020 to USD 38 billion in the same time period in the current FY due to increased demand.
Out of the 10 most valued firms, eight of them added a whopping amount of Rs 2,34,161.58 crore in the market valuation with RIL, TCS, and Infosys emerging as the gainers.
As per the ICRA ratings, the new restrictions and curtailment of mobility under the third wave of covid will shave off around 8% of the revenue of the fashion retailers in FY 2022.
NTPC has emerged as the top user of biomass, having co-fired 59,000 MT of biomass in thermal power plants in the country.
According to a report, the domestic auto components industry might grow by 15-17% in the current FY, and by 10-12% in the next FY on the back of the recovery in the sales of automobiles, which was subdued from last few years.
The Asset under Management growth outlook of retail non-banking financial companies has been revised by ICRA ratings to 5-7% for the current FY from expectation of 8-10%.
As per CRISIL Report, the local manufacturing of solar modules is expected to soar by around 400% by FY 2025 with investments worth Rs 50,000 crore.

Must Read:How to Raise Funds for Startup in India

Tie-ups – M&As – India Business News Weekly Roundup 17 to 22 January 2022

Tata Motors plans to produce 50,000 electric vehicles in the next fiscal year, and scale it up to 125,000-150,000 units annually in upcoming years.
India1 Payments Ltd aims to deploy around 20,000 ATMs in the next 4-5 years for ensuring cash availability to customers in rural and semi-urban areas.
Oil India has divested its stake in Niobrara Sale Asset in the US by selling its 20% stake to its venture partner for $25 million.
Metro Brands Ltd, a retail chain of footwear, had reported a 54.63% increase in its consolidated net profit to Rs 100.85 crore in the third quarter ending in December 2021 from Rs 65.22 crore in the previous FY.
Shriram Transport Finance Company has entered into a partnership with Skill India for training 1,000 drivers to ensure accident-free and seamless transportation of oxygen tankers.
Capacit’e Infraprojects Ltd. has received a work order worth Rs 231 crore from Raymond Realty in Mumbai for civil and shell works for premium projects.
Tech Mahindra has acquired a 100% stake in Europe-based Com tec Co IT for Rs 2628 crore and a 25% stake in SWFT and Surance IT platforms for 20 million euros.
Indian Hotels Company has announced the opening of an IHCL SeleQtions hotel, Raajkutir, in Kolkata, embodied with the spirit of the Bengal Renaissance.
HFCL Ltd has reported a consolidated net profit of Rs 81 crore in the December quarter, which declined by 5% from Rs 85.11 crore in the same quarter last year.
Vishwaraj Surag Industries Ltd to invest Rs 250 crore for setting up a new greenfield ethanol production facility in Karnataka.
Mahindra’s Truck and Bus Division has announced the launch of the “Get More Mileage or Give Truck Back” guarantee for its range of BS-VI trucks.
UPL Corporation has raised a $700 million sustainability loan from global banks to repay the debt it has raised to finance the acquisition of Arysta Life Sciences in 2019.
UltraTech Cement has announced Rs 965 crore capital expenditure for its modernization along with a doubling of its production capacity for Birla White.
Honda Motorcycle and Scooter India have notified that its 125cc bike Shine has hit cumulative sales of one crore units.
Prestige Estates had recorded the highest collections of Rs 5005.4 crore and quarterly sales of Rs 4267.6 crore in the third quarter of the current FY.
Allianz Group leased 4.63 lakh sq. ft in Embassy Taurus TechZone in the largest single office lease transaction in India in the current year.
Reliance Retail Ventures Ltd has acquired a stake of 54% in a robotics start-up Addverb Technologies for USD 132 million.
Renaissance Global, a branded jewellery maker, has inked a licensing agreement with the National Football League of the United States for designing a unique branded jewellery collection using NFL technologies.
EaseMyTrip has partnered with the regional airline Flybig for selling the latter’s ticket exclusively on its platform.
Tata Motors has announced to increase the prices of its passenger vehicles by 0.9% w.e.f., January 19, 2022, to partially offset the impact of the rise in its cost.
India Post Payment Bank has become the third-largest entity after Paytm and Airtel Payment Bank to cross the 5-crore customer mark.
IndusInd Bank has sold around Rs 4,050 crore of distressed loans to asset reconstruction companies in the last three quarters for clearing its books.

Ongoing cases: India Business News Weekly Roundup 17 to 22 January 2022

People:

Piyush Arora has been named as the Managing Director by Skoda Auto Volkswagen.
Dileep Sanghani has been elected as the Chairman of the Indian Farmers Fertilizer Cooperatives.
An ed-tech start-up, Classplus, has appointed Manish Chawla as the Chief Technology Officer.
RBI has approved the appointment of Vinod Rai as the Independent Chairman of Unity Bank.
Anil Kumar Chaudhary has been appointed as the Chief Executive Officer for the metal and mining vertical by Essar Capital.

Must Read:Top Electric Vehicle Start-ups in India

For more articles like, “India Business News Weekly Roundup 17 to 22 January 2022”, do follow us on Facebook, Twitter, and Instagram. For watching our collection of videos, follow us on YouTube.