Weekly Business News: India Business News Weekly Roundup 21 to 26 March 2022

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India Business News Weekly Roundup 21 to 26 March 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:india business news weekly roundup 21 to 26 march 2022

Corporates – India Business News Weekly Roundup 21 to 26 March 2022

  • A dozen of NPA’s for sale have been lined up by SBI for recovery of loan dues of about Rs 820 crores.
  • From the services in FY22, BSNL aims for a revenue of Rs 17,000 crore, which is less than the revenue from FY21 of Rs 17,452 crore due to the removal of call connect charges.
  • The GOI aims to merge Bharat Broadband Nagar Limited with Bharat Sanchar Nagar Limited, thus, giving the telecom firm an opportunity to turnaround.
  • According to the RBI data, the reserves of forex in India have fallen to USD 622.3 billion in the week ending of March 11 as from USD 631.9 billion in the week that ended on March 04.
  • The government has filed updated draft papers with SEBI for the upcoming LIC IPO.
  • Central Coalfields Limited has launched the Covid crisis Scholarship Scheme with an aim to provide financial support to the students whose parents died because of Covid-19.

India Business News Weekly Roundup 21 to 26 March 2022

  • Reserve Bank Innovation Hub has been inaugurated by RBI Governor Shaktikanta Das in Bengaluru with an aim to encourage and nurture financial innovation.
  • Energy Efficiency Services Ltd and the Bureau of Energy Efficiency have inked a pact for the demonstration of energy efficiency projects in the industrial units under Perform, Achieve, and Trade scheme.
  • The capital base of National Asset Reconstruction Co. Ltd has been increased to Rs 1500 crore as eight new banks including IDBI, ICICI, HDFC, and Axis Bank have joined in as the new lenders.
  • An additional capacity of 42.5 MW of power generation has been added by NTPC at Ramagundam floating solar project in Telangana.
  • IIFL Home Fin has partnered with the State Bank of India for accelerating affordable credits to small home buyers in India.
  • Reserve Bank Innovation Hub and Federal Bank has tied up to scale up the second phase of Swanari TechSprint Programme for advancing digital financial inclusion for women in India.
  • Under the two phases of the FAME Scheme, 491 charging stations have been installed as of March 01, 2022.
  • A framework for geo-tagging of payment systems has been released by the Reserve Bank of India to ensure the monitoring of the payment acceptance infrastructure.
  • Rs 8815 crores has been paid to the government by Bharti Airtel as a part of pre-payment of deferred liabilities pertaining to the acquisition of Spectrum in 2015.

India Business News Weekly Roundup 21 to 26 March 2022

  • A luxury car maker, Lexus, aims for consolidating the sales network in India along with bringing in new models and fully electric cars.
  • As per reports, Maruti Suzuki to invest funds worth 150 billion yen in India by 2026 for the production of electric vehicles and batteries.
  • An equity stake of 89% in Purple Panda Fashions Pvt Ltd, owning and operating Clovia, has been acquired by Reliance Retail Ventures Ltd for Rs 950 crore via a combination of primary investment and secondary stake purchase.
  • Glenmark Pharmaceuticals has raised a $228 million fund to enter into sustainability-linked loan market.
  • TTK Healthcare will be selling its human pharma division to Bharat Serums and Vaccines for Rs. 805 crores.
  • Debt recovery proceeding to begin this week against Future Retail Group.
  • A penalty of Rs 10 lakhs has been imposed by the Central Consumer Protection Authority on the manufacturer of Sensodyne toothpaste for misleading advertisements.

India Business News Weekly Roundup 21 to 26 March 2022

  • The benefits of the parental policy of Bharti Airtel have been enhanced for the employees which include special childcare allowances of Rs 7k pm and flexible working options for new mothers.
  • A business of vehicle leasing and of subscription of Mahindra & Mahindra Financial Services, Quiklyz, has collaborated with BluSmart Mobility for customised leasing up to 500 EV.
  • A minimum price of USD 19 has been sought by Vedanta Ltd for the production of Natural Gas in a field off Gujarat.
  • The biggest steel maker in the world, ArcelorMittal, has tied up with a home-grown renewable company Greenko for using cleaner energy alternatives to fire critical infrastructure.
  • Jubilant Food Works to acquire the remaining share of 10% from Golden Harvest in Jubilant Golden Harvest.
  • Pinnacle Industries, a special application vehicles maker, has forayed into the business of the components of electric vehicles to become an end-to-end solution and EV components provider.
  • Sun Pharmaceuticals Industries has entered into a Share Purchase Agreement with Daiichi Sankyo Company of Japan for the acquisition of an 11.28% stake in the latter’s Zenotech Laboratories.
  • The board of Adani Powers has approved the scheme of amalgamation for the merger of Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd along with the staff.

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  • Taj Hotels have launched “Paathya”, a sustainability programme that aims to eliminate the use of single plastics by 2030 and meet water requirements by reuse and recycling.
  • A retail home loan of more than Rs 2 lakh crores has been approved by HDFC Ltd in the current FY.
  • BookMyShow has attained the exclusive ticket rights of the upcoming Indian Premier League edition scheduled to begin from March 26.
  • Nayara Energy, an Indian private refiner, has bought 1.8 million barrels of Russian oil of Urals after a gap of one year from trader Trafigura.
  • Adani Powers has partnered with IHI Corporation and Kowa Company for studying ammonia as a fuel in thermal power generation and to achieve the targets of greenhouse gas reductions.
  • Honda Motorcycle & Scooter India has exported 30 lakh units in 21 years of its operations in India.
  • A raid has been conducted by Income Tax Department in the multiple premises of Hero Motocorp for tax evasion investigation.
  • ICICI Bank had tied up with Chennai Super Kings to launch the “Chennai Super Kings ICICI Bank Credit Card”.
  • Axis Bank and Kotak Mahindra Bank have acquired a stake of 7.84% each in Open Network for Digital Commerce, a public digital infrastructure framework entity.
  • Signature Global to invest Rs 310 crore for the development of township on a 9-acre land in the city.
  • A joint venture company has been floated by EKI Energy Services Ltd and Shell Overseas Investments B.V. for nature-based solutions to reduce the emissions of greenhouse gases in India.
  • Motherson, an auto components major, has bagged order of manufacturing and supplying the aftermarket moulded polymers parts of commercial airplanes interiors from Boeing.
  • India’s first puncture guard technology has been brought up by JK Tyres for four wheelers.
  • MG e-pay, a digital car finance platform, has been introduced by MG Motor India in collaboration with ICICI Bank, HDFC Bank, Kotak Mahindra, Prime and Axis Bank for providing end-to-end online auto finance.
  • The sales of a beverage brand, Malaki, has been expanded by eleven times with more than a million units sold in last year.
  • Dermicool brand has been acquired by Emami from Reckitt for a total consideration of Rs 432 crore funded via internal accruals.
  • Torrent Power has completed the acquisition of a 50 MW solar power plant for Rs 300 crore from Lightsource bp and UKCI.
  • Edelweiss Housing Finance Ltd has partnered with the State Bank of India for providing priority sector home loans to salaried customers and self-employed employees.
  • BMW India to increase the prices of its entire model range from April 01, 2022 by up to 3.5% to offset the impact of increasing input costs.
  • Supertech Developers, a real estate firm, has been declared bankrupt by the National Company Law Tribunal.
  • Adani Ports and SEZ have emerged as the highest bidders for the greenfield deep-sea project of the government in West Bengal.
  • An agreement to acquire a neo-bank Avail Finance has been signed by Ola with an aim to push itself into fintech space.

India Business News Weekly Roundup 21 to 26 March 2022

Start-up world, funds, funding and investments – India Business News Weekly Roundup 21 to 26 March 2022

  • An undisclosed income of about Rs 224 crore has been detected by the Income Tax Department after it raided a unicorn start-up based in Maharashtra.
  • CommerceIQ becomes the 12th unicorn of the year after raising $115 million in its funding round.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 21 to 26 March 2022

  • Guardian Link, a Chennai based NFT start-up, has launched “the world’s first NFT cricket game” available on android, iOS and PC.

Some stats: India Business News Weekly Roundup 21 to 26 March 2022

  • The Indian Parliament has reported that the sales of Khadi in FY21 stood at Rs 3527.71 crore in comparison to Rs 3,030 crore as of December 2021.
  • The foreign reserves of India have fallen by $2.6 billion in the week ending on March 18 as the dollars were sold by RBI to prevent the slide of rupees.
  • Rs 53,000 crore to be received by states from the centre as GST compensation.
  • The procurement of goods via Government eMarketplace and Amazon like platforms created by the GOI has reached the turnover of Rs 1,00,000 crores in the FY22.
  • As per the sources, the exports of sugar are to be restricted by India for the first time in six years with an aim to prevent the surge in domestic prices.

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Tie-ups – M&As – India Business News Weekly Roundup 21 to 26 March 2022

  • According to CBRE, as real estate developers focus on sustainability aspects in the projects, about one-third of the office spaces in Delhi NCR, Mumbai, Pune Hyderabad, Chennai, and Bangalore are certified as green buildings.
  • Amid the wars in Ukraine and Russia, FMCG companies are expecting a round of price hikes in commodities to offset the impact of inflation.
  • According to Global House Price Index Report, India stood at the 51st spot in the global annual list of rising prices of the house with a 2.1% increase in October-December 2021.
  • As per BofA Global Research Report, the share of domestic banks in the commercial credit has decreased from 56% in FY 2011 to 34% in FY 2021 due to companies moving away from bank funds and pandemic.
  • The Indian growth forecasts have been downgraded by the Fitch Ratings from 10.3% to 8.5% due to higher energy prices.
  • The Comptroller and Auditor General of India has informed that 3.8 million tonnes of crude oil worth Rs 11,276 crore has been lost by India in four years due to less than planned water injection by ONGC in western offshore fields.

Ongoing cases: India Business News Weekly Roundup 21 to 26 March 2022

People:

  • The board of TATA Coffee has approved the re-appointment of Chacko Purackal Thomas as the CEO and the Managing Director for three years term.
  • Kalpesh Tiwari has been appointed as the Chief Human Resources Officer by a global wellness brand Vahdam India.
  • Hisashi Takeuchi has been appointed as the Managing Director by Maruti Suzuki for three years term w.e.f. April 01, 2022.

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