India business news weekly roundup 1st to 6th June 2020

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India business news weekly roundup 1st to 6th June 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 – India business news weekly roundup 1st to 6th June 2020

  • Tata Sons rule out immediate plans to sell assets to shore up its finances.

india business news weekly roundup 1st to 6th june 2020

  • The State Bank of India and Larsen and Toubro showed cautious optimism that business may rebound from later this year.
  • SEBI paved way for financial innovations through sandboxes.
  • Greaves Cotton has reported a Q4 decline of 32% YoY in its revenue from operations to Rs 360 crores.
  • Sun Pharmaceutical Industries said it has begun phase 2 clinical trials of the potential COVID-19 drug, AQCH.
  • Ikea said its Hyderabad store is most likely to reopen from June 8.
  • L&T reported a 6% decline in its Q4 consolidated net profit to Rs 3197 crores.
  • Ninjacart has launched ‘FoodPrint’ in order to help users trace fresh goods from farm to home.
  • Numero Uno has forayed into the PPE category with the launch of its reusable face masks.
  • Atlas Cycles shut its last manufacturing unit in Sahibabad, citing a lack of funds to run the factory. Its CEO, NP Singh Rana said that the shutdown was temporary and that the company will resume operations once it’s able to raise Rs 50 crores by selling off surplus land.
  • SBI’s Q4 net profit jumped up four times to Rs 3581 crores due to lower provisioning.
  • Kiran Mazumdar Shaw, the executive chairperson at Biocon Ltd, won the EY World Entrepreneur of the Year 2020 Award.
  • Honda Motorcycle & Scooter India said its May domestic wholesales fell 88% YoY at 54000 units.
  • The DoT revised the dues from Power Grid Corp of India for the licence fee for FY 2006-2010 to Rs 13614 crores.
  • A survey by AIMO found that over 70% MSMEs intend to trim the workforce.
  • Sonalika Tractors reported an 18.6% YoY rise in May wholesales to 9177 units.
  • HCL and Google Cloud announced an expansion of their partnership to digitally transform commerce.
  • IBM said, “The Andhra Pradesh National Health Mission portal has integrated the IBM Watson virtual agent in order to help residents in getting quick answers about COVID-19. This chatbot is designed to understand and respond to common questions in English, Telugu, and Hindi.”

India business news weekly roundup 1st to 6th June 2020

  • Maruti Suzuki has come up with unique products, including cabin protective partition in order to make automobile travel safer.
  • After Jharkhand and Odisha, Swiggy has started delivering alcohol in Kolkata and Siliguri. The company said that an age verification for buyers is a must. The company also plans to expand to 24 other cities across West Bengal.
  • CEO at Bata India said demand has been rising for the last three weeks and that the trend is expected to continue as consumers start feeling more confident. He added, “We are expecting a revival in demand by September with the onset of festival season.”
  • Amazon is planning to buy a $2 billion stake in Bharti Airtel.
  • DocsApp, an online doctor consultation app announced a merger deal with MediBuddy, a health-tech platform.
  • Nestle India said it has resumed operations across all its manufacturing units.
  • Dentsu Aegis Network India won the top category at the Indian Agency Awards 2020.
  • M&M said its estimated quantum of sales lost due to the ongoing pandemic would be around 87,000 vehicles and 30,000 tractors in Q1FY21.
  • The NAA has ordered a probe into Phillips India for ‘profiteering’ aspects of goods sold by the company.
  • The SC asked NBCC, SBI Cap, the court Receiver, and the UCO Bank to file for a joint meeting and present a finalized proposal on Amrapali projects in the court next week.
  • Reliance Industries closed its Rs 53125 crores rights issue successfully with 1.6 times subscription.
  • Facebook struck a global licensing deal with Saregama under which the Indian music company’s entire catalog will be available on the social media platform and on its video-sharing app, Instagram.

India business news weekly roundup 1st to 6th June 2020

  • BMW India Financial Services has launched new schemes to drive sales as the company resumes operations across its dealership network and corporate office.
  • Kishore Biyani’s led Future group is planning to sell some of its in-house brands as the company faces pressure from lenders to reduce debt.
  • HUL said the company has ramped up production to 80-90% of normative levels and that majority of its suppliers in India have now resumed business. The company also donated 74000 RT-PCR kits for testing worth Rs 13 crores.
  • Uday Kotak sold 56 million shares held by him in Kotak Mahindra Bank for Rs 6913.75 crores via a block deal.
  • Small and mid-sized hospitals have reached out to the Union Health Ministry, seeking benefits/sops similar to those extended to MSMEs.
  • Make MyTrip is laying off 10% of its staff (350 employees), citing business slowdown due to travel restrictions.
  • Honda Cars India announced domestic wholesales of only 375 units in May. The company is yet to open its production in its Uttar Pradesh and Rajasthan factories.
  • Ashok Leyland reported a total domestic sales of 1277 units in May which records a 90% year-on-year drop.
  • Hero MotoCorp announced wholesale of 112682 motorcycles and scooters in May.
  • According to ICRA, Passenger vehicle sales in Q1 are likely to crash by over 80%.
  • UPI transactions witnessed a recovery in May as lockdown norms ease. According to NPCI, the total number of transactions touched close to 1.23 billion.

India business news weekly roundup 1st to 6th June 2020

  • The SEBI panel proposes wider avenues for Social welfare enterprises and non-profits by allowing them to raise social capital on a transparent electronic platform. This will aid the process of rebuilding livelihoods post the pandemic.
  • Max India said it completed its merger of Radiant Life’s hospital assets with Max Healthcare. The process followed the NCLT’s approval for the composite merger scheme.
  • JK Tyre announced that the company forayed into the US by setting up wholly-owned subsidiary Western Tyres.
  • In an effort to minis disruption, OYO is granting ESOPs worth Rs 130 crores to all its furloughed employees impacted by the pandemic.
  • The government (CAPF canteens) has decided not to sell 1000 non-swadeshi products from firms like HUL, Jaguar, Eureka Forbes, and others from today itself.

India business news weekly roundup 1st to 6th June 2020

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  • Biocon partner Mylan received a favorable ruling from the US PTAB in its dispute with Sanofi over 4 patents of their insulin injection pen.
  • Sundar Pichai said Google stands in support of racial equality and all those searching for it.
  • Amit Jain, MD of L’Oreal India said the long-lasting lockdown may have posed many challenges, but the pandemic has given the company an opportunity to pick cues from evolving consumer trends to quickly build solutions around them.
  • Biocon Biologics India has started conducting trials for the novel biologic, itolizumab, to treat cytokine storms, a leading cause of death among severe COVID-19 patients.
  • Mahindra and Mahindra is shifting their focus from electric cars to electric three-wheelers as India’s top electric vehicle maker by volume seeks to improve the viability of electric mobility business.
  • Toyota Kirloskar Motor reported sales of 1,639 units in May amid the resumption of partial operations at its Bidadi manufacturing plant since 26 May.
  • As hotels and other hospitality services reopen from June 8, top hotels are holding the price line for room rates which will remain under pressure for almost the rest of the year. They have also started training and upskilling their teams.
  • Large E-commerce firms are opening up inventory across categories as it sees spike in demand, even in unusual categories.
  • Yes Bank said its leadership team has voluntarily agreed to earn up to 30% of FY21 remuneration in variable pay.
  • Pushpa Bector, executive director of DLF Shopping Malls said the era of crowding is over and the new normal is about one person for every 75 sq ft. She also mentioned that pre-booking and pre-planning will become a way of life in malls.
  • Restaurants gear up for their openings on June 8, as directed by the government, by upskilling staff to serve better post lockdown.

India business news weekly roundup 1st to 6th June 2020

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Start-up world, funds, funding and investments

  • Maruti Suzuki India said it has invested Rs 20 crores to commission a 5-megawatt solar power plant at its Gurugram plant.
  • Ola said it has committed to invest Rs 500 crores in safety initiatives to fight COVID-19 globally.
  • InvAscent, healthcare-focused private equity (PE) firm said it invested Rs 70 crores in Sharp Sight Group of Eye Hospitals.
  • WeWork Global is set to invest around $100 million in its Indian affiliate WeWork India.
  • Tata Power is planning on raising around Rs 2000 crores via a rights issue.
  • RIL announced an additional investment of Rs 4547 crores by Silver Lake for a 0.93% stake in Jio Platforms.
  • Kotak Mahindra Bank said it raised Rs 7,442.5 crores via issuance of 65 million shared in QIP.
  • Since the government has announced special packages for MSMEs, startups are lining up to register as MSMEs.
  • Startups are planning to reduce dependence on lithium from China as the coronavirus pandemic has brought the over-dependence of global supply chains on China into stark focus.
  • A Pune-based startup, which makes available services of priests and material required for prayer ceremonies is now planning to launch an online holistic funeral management service.

India business news weekly roundup 1st to 6th June 2020

  • Mahindra & Mahindra Financial Services said the company will raise up to Rs 3500 crores via a rights issue.
  • OPPO and T-Hub have partnered announced a tie-up to support India’s startup ecosystem. It aims at helping startups in scaling up areas of AI, 5G, battery, camera and image processing, gaming, and system performance.
  • Cube Wealth, a Technology-based investment startup, has raised mid-series funding of $500000 led by founder Satyen Kothari, along with Beenext and Asuka Holding.
  • Shriram Transport Finance is planning on raising up to Rs 2000 crores via a rights issue.
  • BankBazaar, an online financial services marketplace raised Rs 45 crores from new investors WSV Capital and a JV fund of Walden International and SK Telecom.
  • Pocket52, an online gaming platform, raised $1.75 million in a Series A round of funding led by Gameskraft.
  • WoodenStreet, a Jaipur-based online custom furniture platform, raised $3 million in a Series A round of funding led by IAN Fund and existing investor Rajasthan Venture Capital Funds.
  • LetsTransport, a logistics solutions provider, raised Rs 10 crores from Blacksoil Capital, a venture debt firm.
  • IVF Access, a healthcare startup raised $5 million in a Series A round of funding led by Vertex Ventures Southeast Asia and India.
  • RIL said Mubadala Investment Company will be investing Rs 9093.60 crores in Jio platforms for a 1.85% stake.
  • After DGCA’s permission, Hyperlocal delivery startups including Zomato, Swiggy, and Dunzo can now begin to test drones for deliveries.
  • BPCL has decided to slash FY21 CAPEX by 36% or Rs 4500 crores amid COVID-induced stress. The company also said it will hold minor projects with investment less than Rs 150 crores.

 India business news weekly roundup 1st to 6th June 2020

Some stats:

  • Mahindra & Mahindra reported a 79% decline in its domestic sales to 9076 units in May and has also reported total domestic tractor sales of 24017 units in May.
  • Royal Enfield reported a 69% decline in its volume for May at 19113 units.
  • Hyundai Motor India reported domestic wholesales of 6883 units in May.
  • Zomato announced that the company has partnered with the Singapore tourism board to host its flagship Zomaland event on a digital platform.
  • Motherson Sumi Systems’ Q4 net profit fell 68.4% YoY to Rs 135.66 crores.
  • Britannia Industries reported a 26% YoY jump in its Q4 net profit to Rs 375 crores.
  • Aurobindo Pharma reported a 45% YoY jump in Q4 consolidated profit to Rs 850 crores.
  • Life Insurance Corp. is planning to cut its equity investment target to Rs 30000 crores and is likely to invest less in stocks.
  • BPCL posted a consolidated loss of Rs 1819.6 crores on inventory loss and lower GRM for the quarter that ended in March 2020.
  • DLF said it posted a Q4 net loss of Rs 1861 crores. The company has also appointed Rajiv Singh as their new chairman.

 India business news weekly roundup 1st to 6th June 2020

Ongoing cases:

People

  • The Banks Board Bureau (BBB) recommended Ashwini Bhatia, M V Rao and P P Sengupta for the post of State Bank of India MD, Central Bank of India MD, and Indian Overseas Bank MD.
  • Paytm Mall has appointed Abhishek Rajan as COO and has plans to shift its headquarter from Noida to Bengaluru.
  • BharatPe has appointed Ankur Jain, former Walmart Labs executive, as its chief product officer to handle the complete product life cycle and innovation at the startup.

 India business news weekly roundup 1st to 6th June 2020

Tie-ups:

  • Syngene International has developed its own ELISA antibody testing kit at its research facility in Bengaluru. The company has tied up with HiMedia Laboratories for manufacturing and distribution.
  • In partnership with the Delhi International Airport, Uber said it set up a sanitization hub at the Delhi airport to disinfect cars before every single trip.

 India business news weekly roundup 1st to 6th June 2020

Airlines:

  • AirAsia said it is offering 50000 seats without base fare to doctors amid pandemic.
  • India’s aviation regulator, DGCA has told airlines to keep middle seats in the aircraft vacant or offer protective gowns to passengers.
  • AirAsia India slashed the salary of pilots by an average of 40% for May and June.

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