Weekly Business News: India Business News Weekly Roundup 21st to 26th September 2020

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India Business News weekly roundup 21st to 26th September 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 21st to 26th september 2020

Corporates – India Business News Weekly Roundup 21st to 26th September 2020

  • The Shapoorji Pallonji Group is aiming at restructuring its Rs 10,900-crore debt under the resolution framework for the pandemic-related stress.
  • Vodafone PLC won an international arbitration against India in the retrospective tax case in which India’s Income Tax department demanded over Rs 22,000 crores.
  • AB InBev and India Hotels Company Limited have opened up their first brewpub, 7Rivers Brewpub, with an onsite microbrewery, at the Taj–MG Road, Bengaluru
  • Hetero said the company has launched a pack of Favivir 800/200 for treating mild to moderate Covid-19 patients.
  • ARCs are betting on assets that have been left out by a central bank scheme which allows easier repayment terms for companies and individuals affected by COVID-19.
  • Chqbook has launched a digital suite of services that include keeping a ledger, lending, insurance services, and for small merchants, kiranas, and chemists.
  • The Centre suspended the operations of IBC by another 3 months to protect companies in distress from being dragged into bankruptcy tribunals in view of the crisis.

India Business News Weekly Roundup 21st to 26th September 2020

  • Tata Consumer is considering to bid for Coffee Day’s vending business.
  • Amazon announced the launch of a drone and car alarm, pushing its security products to the next level.
  • Harley-Davidson has made its decision to exit India as their losses have mounted.
  • GAIL has cut gas supplies by nearly 40% to clients after a pipeline rupture that led to a fire at an ONGC plant.
  • Indian Oil is betting on plastics as the company seeks to diversify from the challenging fuel business.
  • As demand for homes in the affordable category remain at the top, DLF is planning to launch mid-income housing projects in the Rs 60-80 lakh price range.
  • Flipkart Wholesale announced the expansion of its operation into 12 new cities ahead of the big festive season.
  • Ircon International secured a total of 9 road over bridges from the ministry of railways.
  • The food delivery industry is witnessing recovery close to pre-covid levels. The overall sector clocked an 85% of the pre-covid GMV in September.
  • Swiggy has ventured into different hyperlocal categories to retain customers from using their app.
  • Ola Electric is planning to get over 20 EV original equipment manufacturers onboard including Bosch and Samsung.

India Business News Weekly Roundup 21st to 26th September 2020

  • The government allowed Uday Kotak to continue serving as the head of the bankrupt infra lender IL&FS for one more year. This is the second time that Kotak has been given an extension.
  • Tata Sons picked up 2.21 million shares of Tata Chemicals and Tata Motors DVR for Rs 64 crores in an open market transaction.
  • DHFL said SEBI restrained 12 of its promoters from accessing the securities market for violating market norms.
  • Bharti Airtel announced that the company picked up a strategic stake in Waybeo which is a tech startup. This is part of the company’s strategy to scale up its cloud offerings.

India Business News Weekly Roundup 21st to 26th September 2020

  • Bharat Biotech announces a licensing agreement with the Washington University School of Medicine for a new COVID-19 vaccine.
  • Smaaash Entertainment is shutting down as the pandemic hit its business and only a few choose to hang out in its arcades.
  • NTPC is planning to set up industrial parks inside its power plants across the country. It has also invited EoIs from several Indian firms.
  • Sequoia India launched a new community programme for growth-stage startups.
  • Bajaj Finserv announced that the company has forayed into the health tech sector to improve the health outcomes of consumers through holistic care plans using technology.
  • SEBI increased the penalty on 3 rating agencies, namely ICRA, CARE, and Ind-Ra on lapses in rating IL&FS. The penalty on these rating agencies has now been enhanced to Rs 1 crore each.
  • Weak demand for passenger vehicles and two-wheelers have shifted auto launches to 2021.
  • The Delhi HC dismissed a plea by HCC against a single-bench order that sought an injunction restraining NHPC from invoking or encashing any or all of its bank guarantees which is worth Rs 214.36 crores.
  • SEBI barred DHFL promoters from the securities market, accusing them of indulging in fraudulent transactions and misleading investors by releasing false financial statements for over a decade.

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India Business News Weekly Roundup 21st to 26th September 2020

  • Pravin Kumar Purwar, Chairman and MD at BSNL said the company is planning to revisit its 5G trial strategy with its partners amid the India-China standoff.
  • Tiger Global moved to the Delhi HC against Flipkart tax ruling in 2018.
  • BSH Home Appliances said the company will work with select dealers in India to sell its premium and exclusive kitchen range.
  • Xiaomi Corp. is planning to reach out to rural customers via Mi Store on wheels.
  • The Tata Group repeated that there was no delay in listing the application in the SC that seeks to prevent Shapoorji Pallonji group from raising capital by pledging their shares in Tata Sons Ltd.
  • Coal India may witness a growth in production as its output is likely to fall below 600 million tonnes in FY21.
  • Google issues a statement clarifying that cashbacks, vouchers, and stickers do not violate its policies but gambling platforms do. The company said it took down Paytm from its platform because the platform was using its app to promote Paytm First Games.
  • Honda Motorcycle and Scooter India is supporting calls for GST reduction, saying that this move would act as a ‘tailwind’ for reviving the sector which has been facing a challenging business environment.
  • Saurabh Saxena, co-founder of Vedantu and Lakshya, launched Uable, an edtech platform for life skill development for kids.
  • Apple has announced a launch of its first online store in India on 23 September.
  • The DCGI gave approval to the Tata group and CSIR-IGIB to launch its low cost Covid-19 test called ‘Feluda’.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 21st to 26th September 2020

  • The NTPC said it got shareholders’ approval to raise up to Rs 15,000 crores via issuance of bonds.
  • The government is aiming to raise nearly Rs 444 crores via a 15.17% stake sale in Mazagon Dock Shipbuilders.
  • ShareChat said the company raised $40 million from investors including Twitter and Lightspeed as it seeks to boost the usage of its new short-video app.
  • RIL said the company raised Rs 5550 crores by selling 1.28% of its equity stake in its retail business to KKR.
  • RIL is in the race to acquire Debenhams.
  • HDFC said the company will raise up to Rs 5000 crores by issuing bonds on a private placement basis.
  • BSNL raised over Rs 8500 crores via sovereign guarantee bonds with government funds and PSU banks participating in the issue.
  • Hindustan Zinc Ltd said the company’s board-constituted panel approved raising up to Rs 4000 crores via NCDs.
  • Byju’s welcomed its new investors that include BlackRock, Sands Capital, and Alkeon Capital. The valuation of the company is now at $11.1 billion.
  • Onsitego raised $30 million in a Series B round of funding led by IFC.
  • Dalmia-OCL announced to set up a 1.08 lakh tonne refractory line in Odisha’s Rajgangpur plant to produce magnesia carbon bricks.
  • IOCL will be investing nearly Rs 17,825 crores in the Gujarat refinery to implement Petrochemical and Lube Integration.
  • HCL Technologies is set to acquire DWS, an Australian IT solutions company.
  • Mobile Premier League, an online gaming startup, has raised $90 million in a Series C round of funding by SIG, RTP Global, and MDI Ventures.
  • Acme Solar Holdings is planning to sell 4.84 GW of solar projects.
  • Godrej Fund Management is planning to raise $500 million from global investors for building offices.

Some stats: India Business News Weekly Roundup 21st to 26th September 2020

  • Rishad Premji, chairman of Wipro, said the company is keen to partner with startups in India to drive innovation and digital transformation for its clients.

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India Business News Weekly Roundup 21st to 26th September 2020

Tie-ups:

  • Tech Mahindra said the company divested its stake in Altiostar to Rakuten for nearly Rs 331 crores.
  • GMR Infra said the company has signed definitive agreements to divest its 51% stake in Kakinada SEZ to Aurobindo Realty.
  • Paytm Mall said the company’s FY20 loss narrowed down by 60% to Rs 479 crores.
  • Canara Bank said the company’s board approved raising an additional Rs 2,000 crores via QIP.
  • Harley Davidson is planning to tie up with Hero MotoCorp for sales, distribution, and services in India.
  • Flipkart has partnered with Max Fashion to expand its offering ahead of the big festive season and its upcoming Big Billion Days event.

Ongoing cases: India Business News Weekly Roundup 21st to 26th September 2020

People:

  • The RBI appointed AK Dixit as the new administrator of PMC Bank as JB Bhoria stepped down citing health concerns.
  • OYO announced the appointment of Tejal Patil as Senior Legal Advisor for India & South Asia.
  • United Spirits announced the appointment of Pradeep Jain as its new CFO effective 1 October.

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