Weekly Business News: India Business News Weekly Roundup 20 to 25 September 2021

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India Business News Weekly Roundup 20 to 25 September 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 20 to 25 september 2021

Corporates – India Business News Weekly Roundup 20 to 25 September 2021

  • The Tata Group is voted as the most trusted corporate house in a poll conducted by Equitymaster to gauge the trustworthiness of various corporate groups of India. The poll was carried out on 17 of India’s most well-known corporate groups.
  • The Direct Taxes collection for the FY 2021-22 stood at Rs 5,70,568 crores demonstrating an increase of 74.4%, compared to Rs 3,27,174 crores in the last FY.
  • SJVN Ltd, a state-run hydropower generator, has secured 1GW solar power project contracts in bids floated by IREDA by quoting a tariff of Rs2.45 per unit.
  • Aditya Birla Sun Life has announced its IPO, to be priced between Rs 696-712 per share, will open on September 29. The promoters are expected to raise Rs 2768.25 crores.
  • Nucleus Software Exports has announced a buyback offer of up to Rs 158.7 crore from equity shareholders on a proportionate basis via a tender offer route.
  • Competition Commission of India has imposed penalties of over Rs 873 crores on the United Breweries, Carlsberg India, All India Brewers’ Association and other individuals for cartelisation in the sale and supply of beer in different states and UTs.
  • Indiabulls Housing Finance has sold its stake worth Rs 251 crores in OakNorth Holdings Ltd. The proceeds from the sale will be added to the equity capital of the IHF.
  • RBI has imposed a fee of Rs 79 lakhs on Apna Sahakari Bank in Mumbai for not complying with certain directions of the RBI which includes NPA classification.
  • Northern Coalfields Ltd, a subsidiary of Coal India Limited, has joined hands with NTPC to install a 50 MW solar power project in MP.
  • As per RBI data, the bank deposits grew 11.9% year-on-year during 2020-21 as compared to 8.8% in 2019-20 on the back of high growth in current and savings account deposits.
  • BPCL and SBI Card have joined hands to launch “ BPCL SBI Card co-branded RuPay contactless credit card” to offer rewarding fuel savings and other benefits to its consumers.
  • Bharti Airtel has selected Tejas Networks to enhance the telecom operator’s optical network capacity in key metropolitan markets.
  • Amazon has recently infused Rs 450 crores into Amazon Pay India ahead of the festive season to compete against Flipkart and other e-commerce platforms.
  • Jindal Steel and Power has reportedly bagged Kasia Iron ore block with 278 million tonnes reserves in Odisha.
  • Artha Venture Fund has reportedly launched the “Artha Acess” program to invest in pre-seed funding rounds through its associations with multiple accelerators. It is expecting to invest in around 40 ventures by 2025.

India Business News Weekly Roundup 20 to 25 September 2021

  • According to Asian Development Outlook, India’s GDP is expected to grow 10% in the fiscal year 2021-22 driven by an increase in domestic demand and exports.
  • The board of Zee Entertainment Enterprises has reportedly approved its merger with the Indian unit of Sony Group Corp… It aims to improve profitability and growth in South Asia.
  • Paytm has recently launched the F&O dashboard in India. It provides all the information needed to make informed derivatives trades in a single click to the users.
  • Flipkart has introduced “Flipkart Xtra”, a separate marketplace to give flexible earning opportunities to individuals, service agencies, and technicians.
  • Kotak Mahindra has expanded its services into the healthcare lending space. It will reportedly be taking exposures of up to Rs 15 crore apiece.
  • As per reports, a Hyderabad-based Greenko targets to become a “Net Zero Carbon Company” by 2040 and has inked “The Climate Pledge”.
  • Trend Micro Inc., a cyber security company, has launched its first Cloud One Regional Data Centre with the aim to uphold data sovereignty and safeguard data privacy in India.
  • HDFC will reportedly be launching a new festive offer for giving out home loans at 6.7% per annum w.e.f. September 20. It will be applicable to all the new loan applications irrespective of employment category and loan amount.
  • GOI has amended the rules for ammonium nitrate to curb its pilferage. It has introduced fire-fighting provisions and improved the ways for handling and storage of chemicals.

India Business News Weekly Roundup 20 to 25 September 2021

  • HCL Technologies have announced a five-year digital transformation deal with UK-based MKS Instruments Inc. It will improve the performance, productivity and speed through ML-led automation, end-to-end Infrastructure services and IT Transformations.
  • True North, a homegrown private equity firm, has sold its majority stake in the largest non-cement ready mix concrete company, RDC Concrete to a technology startup, Infra. Market for an undisclosed amount.
  • HDFC Bank has recently announced its tie-up with Paytm for the sales of co-branded cards before the onset of the festive season. These cards will be powered by Visa and will include offerings targeting millennials, business owners, and merchants.
  • Hindustan Copper has undertaken an expansion project for increasing output from mines and its mining capacity, to be carried out in a phased manner.
  • Himachal Pradesh Rural Development Minister has announced the launch of famous handmade shawls, carpets, fruits, spices etc. on e-commerce platforms to reach markets.

India Business News Weekly Roundup 20 to 25 September 2021

  • Advent International has reportedly agreed to buy Eureka Forbes, a consumer durables flagship of Shapoorji Pallonji Group, for Rs.4400 crores.
  • RBI has allowed NBFCs and Payment Service Providers to apply for obtaining an Aadhaar e-KYC Authentication License. It will boost digitization, improving trust levels among customers, and check frauds.
  • As per reports, the consumer durables industry might be expecting double-digit growth in the upcoming festive season despite inflationary pressure on inputs, shortage of components, or third wave of the pandemic.
  • Welspun India, India’s largest textile manufacturer, is expected to invest ₹800 crores in capacity expansion of home textiles and flooring businesses in the next two years.
  • IIFL Home Finance has reportedly signed an agreement with Punjab National Bank for co-lending. It is the fourth agreement signed by IIFL Home Finance with banks.
  • According to the President of The Indian Electrical & Electronics Manufacturers’ Association, the domestic equipment market is determined to grow at an annual rate of 12% to reach USD 72 billion by 2025.
  • India’s first “Mobile Music Classroom and Recording Studio” has been launched by Delhi Government to provide training to students in audio production, film production, and graphics designing.
  • It has been reported that Droom, an online automobile marketplace, has recently hired investment bankers for a planned listing worth ₹ 1000 crores to join other start-ups to tap stock market rally.
  • Jindal Steel and Power has reportedly won Kasia Mines in Odisha at 118% premium to the sale value of ore. It will boost access to quality iron ore and de-risk raw material supplies.

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India Business News Weekly Roundup 20 to 25 September 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 20 to 25 September 2021

  •  Karbon Card, a corporate card fintech, has reportedly raised $12 million as part of the Pre-Series A funding round from Ramp, Rainfall Ventures, Roka Works, Y Combinator and other global ventures.
  • Delivery, a logistics company, has reportedly raised $125 million from Lee Fixel’s venture capital firm, Addition.
  • Chqbook, a neo banking platform, has reportedly raised Rs 40 crores as part of a Pre-Series B round led by Rajiv Dadlani Group and existing investor Aavishkaar Capital.
  • Medikabazaar, a healthcare platform, has raised $75 million as part of Series C investment led by CDS Group, the UK’s development finance institution and Creagis.
  • FrontRow, a learning platform, has reportedly raised $14 million as part of a Series A round of funding led by Eight Roads Ventures and GSV.
  • Pentathlon Ventures, a SaaS focused VCF, has reportedly made a closure of its first fund at Rs 76 crores.
  • ZestMoney, a digital credit platform, has reportedly raised $50 million in Series C round of funding from Australia-based Buy Now Pay Later provider Zip Co. Ltd.
  • Eupheus, an ed-tech startup, has reportedly acquired student personalization startup, ClassKlap at a $19 million valuation.
  • LifeCell International, an Indian stem cell bank, has announced fundraising of Rs 225 crore from OrbiMed Asia Partners IV, a healthcare investment firm.
  • Emerging Vision, an online spiritual wellness company, has reportedly raised $4 million as part of its Series A round of funding led by Lightspeed Venture Partners.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 20 to 25 September 2021

  • Novvy Technologies, a prop-tech startup, has launched a real estate investment product in Mahindra World City Project in Chennai. It aims to offer “buy-to-let” assets for buyers in India and those living overseas.
  • Cars24 Services, an online market for used cars and two-wheelers, has recently raised $ 450 million in a new funding round led by SoftBank Vision Fund 2, DST Global and Falcon Edge.
  • Salesforce Ventures has reportedly invested an undisclosed amount in Razorpay at a valuation of over $3 Billion.
  • As per reports, WheelsEMI Ltd is set to raise $35-40 million in the C Series funding round for business expansion.

Some stats: India Business News Weekly Roundup 20 to 25 September 2021

  • The oil imports in India have risen to a four-month high of about 4.2 million barrels per day in August as compared to 6.2% from the same month last year.
  • As per RBI, forex reserves of India has declined to USD 639.642 billion from USD 641.113 billion on account of a fall in the foreign currency assets in the week ending on September 17.
  • As per Mercom India Reports, India has added 521 MW of rooftop solar capacity in Q2 of April-June as compared to 341 MW installed in Q1 of January-March 2021.
  • According to RTI Information, PNB has collected Rs 170 crores by levying penalties on customers for not maintaining the required minimum balances in their accounts during 2020-21.
  • As per depositories data, the FPI remained net buyers in the Indian market in September by investing a sum of ₹16,305 crores. The overseas investors invested ₹11,287 crores into equities and ₹5018 crores in the debt segment on a net-based between September 1-17.
  • As per International Copper Association, India’s copper import might rise beyond 60,766 tonnes in the remaining part of the FY2021-22, with economic activities witnessing recovery after covid restrictions.

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Tie-ups – M&As – India Business News Weekly Roundup 20 to 25 September 2021

  • Axe deodorant, a male grooming brand of HUL, has entered into an in-game partnership with World Cricket Championship 3 for India. The gaming integration will be implemented by GroupM ESP.
  • Jubilant Foodworks Ltd, a quick-service restaurants operator, has acquired a 25% stake in Wellversed Health, a Gurugram-based nutrition company and will invest Rs 10 crores in two tranches.
  • Veranda Learning Solutions has recently acquired Edureka, a live-instructor-led online solution provider, at the sum of Rs 245 crores.
  • Infosys has recently announced its collaboration with Amazon Web Series to develop Quantum Computing capabilities. Amazon Braket will be used by Infosys to explore and build multiple cases as part of Infosys Cobalt Cloud offerings.
  • M2P biotech, an API infrastructure company, has reportedly acquired Wizi, a credit card focussed startup.
  • Infosys has recently announced its tie-up with a digital workflow company, ServiceNow for offering enterprise-level service management for its manufacturing industries’ customers.
  • Adani Electricity has collaborated with Yulu, an e-mobility service provider, for battery charging and battery swapping stations in Mumbai.
  • CCI has reportedly cleared the acquisition of a 10.4% stake in Gangavaram Port by APSEZ.
  • Yes Bank has announced its partnership with Visa to offer credit cards to customers. The Visa platform consists of nine credit card variants for all segments- consumer, business and corporate cards across YES First, YES Prosperity and YES Premia.
  • Delhivery, a supply chain startup, has recently partnered with a Mumbai-based startup, Reseau to launch Delhivery Innovation Lab, to enable strategic engagements and technology partnerships.
  • Piaggio Vehicles, a commercial vehicle manufacturer, has signed a pact with EV fleet operator, MoEVing for the induction of electronic vehicles. MoEVing targets to add 500 Piaggio Ape’ E-Xtra FX to the existing fleet by 2022.

Ongoing cases: India Business News Weekly Roundup 20 to 25 September 2021


  • Nehul Malhotra is the newly appointed head of the consumer lending division at BharatPe.
  • Tata Digital, a 100% subsidiary of Tata Sons, has appointed Modan Soha as the new CEO-Financial Services.
  • Rajiv Bansal, an IAS officer, is the newly appointed Secretary to the Union Ministry of Civil Aviation.
  • K Rajaraman has been appointed as the new Telecom Secretary by Cabinet as part of the top-level bureaucratic reshuffle.
  • Ajay Banga, a strong advocate of the India-US relationships and one of the top Indian-American corporate leaders, has recently announced his retirement from Mastercard, effective from December 31, 2021. He had taken up the role of Executive Chairman in Feb. 2021 for smooth transition facilitation.
  • Tanya Chadha is the newly appointed Chief Operating Officer of Msapital, the lending business of Mswipe.
  • Rajiv Aggarwal, an ex-IAS officer, is the newly appointed Director of Public Policy of Facebook India.
  • Rummy Chhabra has been appointed as the Chairman of The Rubber, Chemical and Petrochem Skill Development Council.

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