Weekly Business News: India Business News Weekly Roundup 19th to 24th October 2020

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India Business News Weekly Roundup 19th to 24th 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 19th to 24th october 2020

Corporates – India Business News Weekly Roundup 19th to 24th October 2020

  • Bajaj Auto is planning to set up a dedicated plant for its electric scooter Chetak.
  • Flipkart agreed to buy a 7.8% stake in Aditya Birla Fashion and Retail for Rs 1500 crores.
  • Bharat Biotech International is aiming to launch its COVID-19 vaccine, Covaxin, by June 2021.
  • Tech Mahindra reported a 9.5% rise in net profit from the preceding quarter to Rs 1065 crores.
  • Gland Pharma received SEBI’s approval for its proposed Rs 6,000 crore IPO.
  • The Blackstone Group is planning to buy L&T Asset Management to double down on its investments in India.
  • Swiggy said the company witnessed a recovery to pre-covid levels in over 200 cities and that 70 cities saw full recovery to pre-covid levels.
  • Dr Reddy’s Laboratories said the company isolated its data centre servers across the world post the cyberattack.
  • After the government offered incentives to produce drug ingredients in India to cut reliance on China, Pharma promoters look to cash in on PE buyouts.
  • Amazon  is open to help the Future Group but might also bail out  as it will have to call off its Rs 24700 crore deal with Reliance Retail.
  • Ashok Leyland witnessed a demand recovery in intermediate commercial vehicles.
  • Pernod Ricard, a French company that sells Blenders Pride and Absolute Vodka reported a Q1 dip by 13% in its sales in India.
  • Amazon India has allowed its staff to Work From Home until June 2021.
  • SEBI penalised Kirloskar Industries and 6 promoters for fraud over various charges related to a share transaction in Kirloskar Brothers Ltd (KBL) in 2010.

India Business News Weekly Roundup 19th to 24th October 2020

  • Nestlé India said the company posted a single-digit growth.
  • TCS in planning to acquire a technology unit of Deutsche Bank AG.
  • Due to reverse migration, food delivery volumes have spiked in small cities.
  • Embassy is planning to sell two of its maintenance biz office parks to REIT for Rs 474 crores.
  • With an end to Flipkart’s Big Billion Day sales, it was noted that most of its sales was driven by WFH items and new customers.
  • According to a recent study, with the coronavirus crisis, startup jobs lost their appeal as job seekers shifted away from early-stage startups towards more established and mature firms.
  • Google may not step back to demands by Indian startups to roll back the 30% commission it charges for selling digital content and services via the Play Store.
  • PayPal allowed cryptocurrency buying, selling, and shopping on its network.
  • Salil Parekh, CEO & MD at Infosys in a recent interview said that the company is reaping the benefits of early digital investments.

India Business News Weekly Roundup 19th to 24th October 2020

  • The Dhoot family has offered to pay Rs 30,000 crore to lenders to settle the outstanding loans and pull out 13 Videocon group firms from the insolvency proceedings.
  • DLF announced the pre-leases 7.7 lakh sq ft office space in Chennai to Standard Chartered GBS.
  • SBI announced up to 25 bps concession on home loan rates as part of its festival offers for customers.
  • Malabar Gold and Diamonds launched the ‘One India One Gold Rate’ initiative, offering a uniform gold rate across all states in the country for 100% BIS hallmarked gold.

India Business News Weekly Roundup 19th to 24th October 2020

  • As the price for coffee surges due to a pest damage, crop diseases, and climatic conditions, Cafes are feeling the heat to serve cappuccinos and latte.
  • HUL said the worst fallout from the COVID-19 pandemic is over as the company reported an 8.7% increase in its quarterly profit, signalling a revival of demand.
  • Reckitt Benckiser said it’s toilet cleaner brand Harpic has widened its reach in India amid covid-19.
  • Ather Energy has launched a buyback scheme for its 450X EV scooter model.
  • Mrs Bectors Food Specialities has filed draft papers with SEBI for Rs 550 crores via IPO.
  • Jio and Qualcomm Technologies will be developing 5G solutions to fast track the 5G network infra in India.
  • Sebi asked Prabhat Dairy to deposit Rs 1292 crores in an escrow account for failing to comply with forensic auditors.
  • Uber has introduced a new rider mask verification selfie feature in India. This feature will request riders who have been tagged for not wearing masks on their previous trip, to take a selfie before booking their next trip to ensure that they’re wearing a mask.
  • Sanjay Aggarwal, president at PHDCCI and chairman & chief executive at Paramount Communications said that while supply-side interventions have been made, India needs a huge demand push to sustain the economic green shoots which only the central can help revive.
  • Maruti Suzuki’s dealerships may get a margin lift as the company plans a series of steps to improve the financials of its struggling dealers.
  • The Kerala HC allowed Gautam Adani to operate the airport in the state capital Thiruvananthapuram.
  • Jet Airways will need more capital post-rescue because the rescue deal alone will be insufficient for the airline to return to the skies.
  • The Blackstone Group is planning to up its ante in India by buying L&T Asset Management.
  • Global investors like the Blackstone Group and Brookfield Asset Management have been placing larger bets in India’s office assets, even as rental and leasing outlook will stay subdued for the next two years.

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India Business News Weekly Roundup 19th to 24th October 2020

  • With a bid of Rs 24985 crores, L&T has emerged as the lowest bidder to build the largest segment of the upcoming high speed rail line between Mumbai and Ahmedabad which will be nearly 237.1 km long.
  • Vodafone Idea announced the rollover of its unused data to weekends. The offer will be effective immediately for prepaid customers using unlimited packs with daily quota of benefits.
  • Brookfield, CPPIB, NIIF and Edelweiss Yield Plus Infrastructure Fund are in the race to buy Mahindra’s 600MW solar assets.
  • Top IT companies are acquiring smaller technology firms to expand their cloud computing business.
  • Adani Group and Piramal Enterprises are how among the 4 bidders for DHFL while lenders stare at over Rs 60,000 crores in write-off.
  • dentsu X India has won the media mandate for the AMFI.
  • Walt Disney is now likely to scale down its TV broadcasting, sports, and film studio business in India.
  • Until now, Paytm users had to pay 2% charge on using credit cards to top up wallets for the amount of Rs 10000 or above but now, they will have to pay 2% each time they add money from their credit cards to their wallet.
  • REC said that as much as 1.08 lakh crores worth of loans have been sanctioned under the liquidity package for stressed power distribution utilities.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 19th to 24th October 2020

  • Nestlé India said the company will invest Rs 2600 crores over the next 3-4 years to scale up its manufacturing capacity.
  • Slintel and Mountain View raised $4.2 million in a funding round led by Accel.
  • ShopUp, a B2B commerce startup, raised $22.5 million as part of its Series A round of funding led by Sequoia and Flourish Ventures.
  • Knowledgehook raised £13.5 million in a Series A round of funding to expand globally
  • Britannia Industries reported a 23% growth in net profit in Q2 to Rs 495 crores.
  • Sunteck Realty has entered into an agreement to acquire approximately 50 acres of land parcel in Thane’s Vasind. The project will offer approximately 2.6 million square feet.
  • Dukaan said the company raised $6 million in a seed funding round co-led by Matrix Partners India and Lightspeed India Partners.
  • AnaCap Financial Partners made its first investment in India by acquiring 3 K-12 school and student housing assets from the Jain Group of Institutions.
  • The Edelweiss Group raised Rs 6,600 crores from global long term investors for on-lending to Indian companies and projects requiring long term capital.
  • DLF Cyber City Developers said the company raised Rs 2,400 crores from SBI to refinance debt.

Some stats: India Business News Weekly Roundup 19th to 24th October 2020

  • JSW Steel reported a Q2 net profit of Rs 1,595 crores as domestic demand recovered and lockdown curbs were eased across the country.
  • Hexaware Technologies, an IT company, clocked a revenue growth of 2.9% QoQ in July-Sept, as it focused on cloud and automation to grow post-covid.
  • Asian Paints reported a net profit rise by 1.15% at Rs 851.90 crore in the September quarter.
  • The Indian Bank reported a Q2 net profit rise by 15% to Rs 412.28 crores, despite increase in provisions for bad loans.
  • Bharti Infratel reported a Q2 net profit fall by 24% to Rs 733 crores.
  • L&T Finance Holdings reported a Q2 net profit up by 52% to Rs 265.12 crores.
  • Bajaj Auto has reported a 19% YoY decline in its standalone profit to Rs 1,138 crore for the September quarter.
  • JK Tyre reported a Q2 consolidated profit decline by 34.5% to Rs 109.68 crores, majorly because of covid -19 related disruptions in India and abroad.
  • Bajaj Finance reported its Q2 net profit drop by 36% to Rs 965 crores.
  • IEX said the company witnessed a 13.2% growth in electricity sales in Q2 to 16,486 million units.
  • Britannia Industries reported a Q2 net profit rise by 22.96% to Rs 495 crores.
  • HDFC Life Insurance Company reported a Q2 profit rises of 6% to Rs 327.83 crores.
  • HCL Technologies bounces back with its September quarter performance with a sequential 7.4% growth in net profit and 18.5% YoY to Rs 3142 crores.

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India Business News Weekly Roundup 19th to 24th October 2020

Tie-ups:

  • CGS-CIMB has tied up with Earnest Innovation Partners in a collaboration agreement for market research coverage with a focus on research on Indian economy as well as listed and unlisted Indian corporates.

Ongoing cases: India Business News Weekly Roundup 19th to 24th October 2020

People:

  • Tekion, former CIO at Tesla Jay Vijayan’s tech startup, has joined the unicorn club.
  • Brookfield backed IndoStar Capital Finance has appointed Deep Jaggi as it’s Chief Business Officer.
  • The IL&FS group announced the resignation of Vineet Nayyar as the executive vice chairman.

JSW Steel

  • The Mumbai bench of the NCLT has approved JSW Steel’s acquisition of the bankrupt Asian Colour Coated Ispat. JSW Steel has offered over Rs 1550 crores for the 1 million tonne steel plant.

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