Weekly Business News: India Business News Weekly Roundup 18 to 23 January 2021

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India Business News Weekly Roundup 18 to 23 January 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 18 to 23 january 2021

Corporates – India Business News Weekly Roundup 18 to 23 January 2021

  • RBI has proposed a four-layered structure for regulating NBFCs looking to tighter capital, lending and governance norms.
  • IRCTC, the catering, and tourism arm of Indian Railways, will resume its e-catering services from the next month.
  • Indian Bank has reported seven borrowal accounts totaling Rs.1012.72 crores as fraud during the Oct-Dec. 2020 quarter.
  • UBS Principal Capital Asia sold around 40 lakh shares of IndusInd Bank worth over Rs.366 crores which were purchased by BofA Securities Europe SA.
  • As per the Futures Industry Association, NSE remained the world’s largest derivatives exchange for the second consecutive year.
  • Microsoft has rolled out a new feature called Password Monitor in Microsoft Edge. This will ensure the privacy and security of the user’s passwords and ensure that no other party including Microsoft can learn the user’s passwords.
  • RBI has reportedly imposed a penalty of ₹2 crores on Standard Chartered Bank–India due to delays in reporting of frauds.
  • Cabinet Committee of Economic Affairs has reportedly given consent to shutting down of Scooters India that manufactures scooters like Lambretta, Vijai Super, Vikram, and Lambro.
  • The Tata Group is said to have offered to run the iconic hotel in Mysuru, Lalitha Mahal Palace Hotel, currently being managed by Jungle Lodges and Resorts.

India Business News Weekly Roundup 18 to 23 January 2021

  • Welspun Group, a leading player in textiles and line pies, has launched an Alternate Investment Fund to invest in warehouses.
  • Sebi has directed Future Group to inform its shareholders about the complaints made by Amazon while seeking their approval for its deal with Reliance Industries.
  • As part of the second phase of blockchain implementation, from 31 January, mobile phone companies will start filtering out commercial SMSes with unregistered content. All entities registered on the DLT platform with a unique ID will have to submit content templates of all messages it wishes to deliver.
  • SEBI has granted its approval to Rs.24,713 crore Future Group and Reliance Retail deal.
  • Competition Commission of India has approved Rs.1,500 crore deal of Flipkart & Aditya Birla Fashion and Retail.
  • Bajaj Finance is in the process to enter the payment solutions market with an integrated payment solution ‘Bajaj Pay’ which is expected to be launched in the last quarter of FY 21.
  • YES BANK has recently launched YES MSME — an initiative to facilitate “speedy and easy access to funds” to the MSME sector. Under the scheme, it will provide “curated offerings to address both business and individual needs of MSMEs, nurture new-age entrepreneurs and maximize their potential,”. Under this initiative, the start-ups can avail up to Rs.5 crore collateral-free funding.

India Business News Weekly Roundup 18 to 23 January 2021

  • Federation of Automobile Dealers Associations has requested FM Nirmala Sitharaman to introduce benefits of claiming depreciation on vehicles for income tax-paying individuals as also extend the depreciation period for corporates.
  • General Motors will appeal against the Maharashtra government’s rejection of its plant closure. Maharashtra government has rejected the closure application of the Talegaon plant of General Motors India.

India Business News Weekly Roundup 18 to 23 January 2021

  • As per data from Sensor Tower, the Signal messaging app has recorded 26.4 million downloads from India between 4 and 17 January.
  • Tata Motors is said to have received 98 patents in 2020 under its accelerated drive for engineering excellence and innovation.
  • Industry body NRAI has requested Harsh Vardhan, the Health Minister to consider their viewpoints on the proposed amendments which include removal of smoking rooms from restaurants and airports as also increasing the smoking age.
  • Amazon India has launched an accelerator program to help early-stage startups in the consumer products segment go global.
  • Hike Messenger, known as Hike Sticker Chat, has been officially shut down and also removed from Google Play Store and App Store.
  • The board of Yes Bank will meet on January 22, 2021, to discuss through permissible modes.
  • HDFC Bank has submitted its plans to the RBI on fixing the issues that led to its getting barred from launching new digital initiatives and signing up credit card customers.
  • The government has extended the submission deadline of the preliminary bid for buying Pawan Hans till February 18.
  • Delhi Police’s economic offences wing has reportedly arrested Anjani Sinha, former NSEL CEO for alleged fictitious trading and creating false stocks.

Must Read:Latest India business news today 23 January 2021

India Business News Weekly Roundup 18 to 23 January 2021

  • A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with DBS, contending shareholders being “left in the lurch” and their interests not being protected.
  • Wipro has completed its Rs.9,500 crores share buyback program.
  • YouTube is said to be currently experimenting with embedding shopping links within videos to help sellers and viewers.
  • Amazon Prime Video may invest in more Indian content as India is among the fastest-growing markets for Amazon Prime Video globally.
  • A parliamentary IT Panel has called representatives of Facebook and Twitter on 21 January to discuss various concern areas.
  • The restaurants and food delivery sector has demanded a reduction of GST to 5% from the current 18%.
  • WhatsApp has delayed the implementation of its new privacy policy and terms of service until 15 May 2021.
  • The government may soon approve the policy to scrap 15-year old vehicles to spur the adoption of electric vehicles.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 18 to 23 January 2021

  • Agritech startup DeHaat has raised $30 million in a Series C round of funding led by Prosus Ventures.
  • Welspun One Logistics Parks has launched a fund of Rs.500 crores to invest in industrial real estate and warehousing projects.
  • PM Narendra Modi has announced a seed fund of Rs.1000 crores for startups.
  • Dunzo, a hyperlocal delivery startup, has raised $12 million, in a fresh round of funding led by many investors including Google LLC, Evolvence, Hana Financial Investment, Alteria, Lightbox, and LGT Lightstone Aspada. The firm had secured $28 million in September 2020.
  • Salesforce Inc. has made its first investment in an Indian venture, Darwinbox, of $15 million.
  • MFine, a digital health startup, has raised $16 million in a fresh round of funding. Led by Heritas Capital, the Singapore-based family office of Y’S Investment Pte Ltd. also participated in the round.
  • Godrej Fund Management has made the first close of $250 million for its $500 million office fund. $200 million came from APG Asset Management, its existing investor, and $50 million from the Godrej Group.
  • Tata Capital Growth Fund II has raised Rs.1,250 crores corpus. The funds raised will be invested across urbanization, strategic services, and discrete manufacturing.
  • Udayy, a kids learning platform, has raised $2.5 million in seed funding led by Alpha Wave Incubation.
  • Maruti Suzuki has decided to raise the price of its models by up to ₹34,000 w.e.f. January 18, 2021.
  • BharatPe has raised Rs.139 crores in debt from Alteria Capital and ICICI Bank. Rs.90 crores came from Alteria Capital and Rs.49 crores from ICICI Bank.
  • Antler, a Global early-stage VC fund is planning to invest over $100 million across Indian tech startups in the next four years.
  • AlphaICs, an AI based tech company, has secured $8 million in a Series B equity round of funding led by Endiya Partners and Emerald Technology Ventures.
  • Fireside Ventures, an early-stage investor focussing on consumer startups, is said to have raised $118 million, marking the final close of its second fund.
  • The government has raised the authorized share capital of PNB from Rs.3000 crores to Rs.10,000 crores.
  • The government is reportedly planning to sell its remaining 26.12% stake in Tata Communications Ltd and is looking to raise around Rs.8,000 crores before the end of the current FY.
  • Kunal Shah has invested an undisclosed amount in the new venture of Carl Pei, OnePlus co-founder, in his personal capacity.
  • Grasim is set to enter the paints business with a planned ₹5,000 crore investment over three years.

Some stats: India Business News Weekly Roundup 18 to 23 January 2021

  • IAMAI has requested the government to reduce TDS deducted from sellers on e-comm platforms from 1% to 0.25%.
  • Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have increased their stake in Indian Hotels from 1.05 to 2.1%.

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India Business News Weekly Roundup 18 to 23 January 2021

Tie-ups:

  • HDFC Ltd has entered into an agreement to sell its 24.48% stake in Good Host for Rs.232.81 crores. Good Host manages student housing facilities.
  • As part of the expansion of its enterprise portfolio, Tata Communications have signed up many Indian and global companies to provide cloud, mobility, video content, and IoT services.
  • Decathlon has signed a multi-year merchandising partnership with NBA and it has been appointed as the official licensee of the National Basketball Association across India, Africa, Asia, Europe, the Middle East, and Latin America markets.
  • Sunil Doshi and Rainshine Entertainment have partnered to start Manzar Studios aimed to bring global stories to Indian audiences.
  • Morgan Stanley India Infrastructure has acquired a stake in LEAP India, the largest pallet pooling company of India, for Rs.180 crores.
  • LT Foods Ltd has acquired a 30% stake in Leev. nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV. LT Foods sells packaged rice under the brands like Daawat, Heritage, and Royal.
  • Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange for an undisclosed amount.
  • France-based Total will acquire 20% minority interest in Adani Green Energy.
  • Hero Motors has acquired a strategic stake in Hewland Engineering, a UK-based transmission design tech company, for an undisclosed amount.
  • To bolster its international business, Cure. fit has acquired California-based fitness company Onyx, which specializes in body tracking technology.
  • Adani Group has signed a concession agreement with the Airports Authority of India for the operation, development, and management of three airports – Guwahati, Jaipur, and Thiruvananthapuram. As per the terms of the agreement, Adani Group will have to take up these airports within the next six months.
  • Paytm Payments Bank has partnered with Suryoday Small Finance Bank to facilitate FD services to its account holders.
  • German footwear brand Birkenstock has partnered with Seva Group to enter the Indian market.
  • Metropolis Healthcare has agreed to acquire Dr Ganesan’s Hitech Diagnostic Centre in a cash and stock combination deal.

Airlines

  • Vistara has started daily flight service to Sharjah from Delhi under the air bubble agreement.
  • SpiceJet will start a direct daily flight from Delhi to Pakyong, Sikkim from 23 January. Pakyong is one of the most beautiful airports in the world.

Ongoing cases: India Business News Weekly Roundup 18 to 23 January 2021

People:

  • Ashok Kumar Sonthalia, CFO of Larsen & Toubro Infotech has resigned from the company citing personal reasons.
  • Sundaram Finance has made certain key changes in its management including the appointment of Rajiv Lochan as MD who will succeed T T Srinivasaraghavan. Rajiv has experience in the financial services of over 25 years.
  • Havmor Ice Cream, a brand owned by Lotte Confectionery, has appointed Komal Anand as MD, who was previously associated with McCain Foods.
  • The government has appointed Siddhartha Mohanty as the MD of LIC w.e.f. 1 February. Mohanty is currently CEO of KIC Housing Finance.
  • Arun Alagappan has resigned from the post of MD of Cholamandalam Investment and Finance Company.
  • Justice Gita Mittal, former J&K high court Chief Justice, has been appointed as the new chairperson of Broadcasting Content Complaints Council by the Board of Directors of the Indian Broadcasting Foundation.
  • Ajay Munot, CEO of Emaar India has resigned from the company citing personal reasons. THE former CEO of Adani Realty had joined the firm in August 2019.
  • Citi India has elevated Arjun Chowdhry as the head of its consumer banking business.

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