India Business News Weekly Roundup 22nd to 27th June 2020

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India business news weekly roundup 22nd to 27th 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:

india business news weekly roundup 22nd to 27th june 2020

Corporates – India business news weekly roundup 22nd to 27th June 2020

  • ITI and Tech Mahindra have signed a Memorandum of Understanding (MoU) to work together in the areas of 4G & 5G smart networks, Smart Cities and Health Care services.
  • The Carlyle Group, a Global private equity major, has emerged as the frontrunner to buy 20% stake in Piramal’s pharma business for around Rs 3500 crores.
  • Public shareholders of Vedanta have approved a special resolution which paves the way for delisting the company’s shares from Indian stock exchanges.
  • Taj Hotels announced the launch of its food delivery platform, Qmin.
  • The CBI filed its first charge sheet against 8 entities in the Yes Bank case.
  • HUL said the company will drop the word ‘fair’ from its popular brand Fair & Lovely.
  • Cyient, an IT firm announced that it has joined Microsoft Azure Certified for Internet of Things ( loT) for customers.
  • Indiarath is a borderless incubator to help Indian entrepreneurs create, sustain and scale their ventures globally amid the COVID-19 pandemic.

India business news weekly roundup 22nd to 27th June 2020

  • Decathlon has stopped product trials and has pivoted to ‘phygital stores’. The sports goods retailer is providing a mix of physical retail and digital touch points, featuring virtual reality, digital payments, and self-checkouts.
  • Mindspace Business Parks REIT has begun to work on its IPO, as the resumption of economic activity brightens outlook for the real estate investment trust.
  • India Inc is likely to focus on home market for M&As, with the covid-19 pandemic disrupting economic activity and growth prospects.
  • The CCI said it approved Facebook’s proposed acquisition of 9.99% stake in Jio Platforms.
  • Hinduja brothers quarrel over control of Geneva-based bank. Now, a letter signed by the four Hinduja brothers is at the center of a legal dispute over the future of the family’s $11.2 billion fortune.
  • E-commerce players have agreed to display country of origin on products sold on their platforms, with the government aiming to reduce import dependency on China.
  • OYO’s Customer Loyalty Programme – OYO Wizard has crossed the 7.5 Million+ subscribers milestone as of May 2020.
  • Sachin Bansal’s Navi launched a new instant lending app with paperless KYC. It targets consumers in the middle-income segment.

India business news weekly roundup 22nd to 27th June 2020

  • Hyundai Motor India launched its Elantra sedan in BS-VI versions.
  • Matrimonial website, Shaadi. com has taken down the skin filter to support ‘black lives matter’ campaign.
  • Ola said its auto-rickshaws will be provided with protective screens and fumigation between driver and passenger sections.
  • Bharti Infratel said it has extended the deadline for Indus Towers merger by over two months,h till the end of August.
  • Maruti Suzuki India launched a loyalty rewards programme for Arena, Nexa, and True Value customers.
  • Diageo India said it will offer hygiene kits, PPEs to bars, pubs, and restaurants that serve alcohol.

Do read: Most generous Indians – Some of the top Indian Philanthropists

India business news weekly roundup 22nd to 27th June 2020

  • India’s 3 state-owned refiners have changed their refining configurations, switching to diesel as ATF demand stammers.
  • The CBI filed a case against Venugopal Dhoot, the chairman of Videocon, for allegedly defrauding banks while acquiring energy assets in Mozambique.
  • L&T said the company is committed to help India Inc turn self-reliant by building a strong domestic industrial ecosystem.
  • E-commerce firms see offering curated sale events to peg recovery by clearing old inventory and pushing sales volumes.
  • Patanjali Ayurved came under government scanner over claims of making COVID drug, Coronil.
  • Goibibo has launched an inter-city cab e-pass assistance service which allows riders to successfully submit an e-pass application while booking the cab on the app.

India business news weekly roundup 22nd to 27th June 2020

  • The government has started promoting ‘Make in India’ goods on government procurement portal – Government e-Marketplace (GEM).
  • The CCI has disposed of a complaint of unfair business practices against Swiggy.
  • SMC Power Generation acquires Concast Steel and Power unit with an upfront payment of Rs 300 crores via IBC.
  • RIL is set to hold its first virtual AGM at the iconic Birla Matushree Sabhaghar in south Mumbai.
  • Maruti Suzuki expanded its CNG vehicle portfolio with the new S-Presso.
  • Singapore govt bought shares of ICICI Prudential Life Insurance worth Rs 842 crores.
  • Adani Power said its board has approved a Rs 3264 crore delisting plan.
  • RBI has disallowed Yes Bank from paying interest on its tier-II bonds due on 29 June.

India business news weekly roundup 22nd to 27th June 2020

  • ICBC, the world’s largest bank has been witnessing a steady rise in its disbursed loans. As ICBC’s assets rise, chinese funds make their way into India.
  • After receiving DCGI approval, Glenmark Pharmaceuticals has launched a new antiviral medicine Favipiravir for treatment of patients with mild to moderate Covid-19 patients.
  • Cipla and Hetero got nod to manufacture and sell Remdesivir only for “restricted emergency use” on moderate COVID-19 patients.
  • PM Modi launched the Garib Kalyan Rozgar Abhiyan with the aim to provide employment to migrant workers.

Start-up world, funds, funding and investments

  • HDFC Bank said its board approved the proposal to raise Rs 50000 crores via debt securities.
  • High Street Essentials, FabAlley’s parent company, said it raised Rs 20.75 crores in a fresh round of funding led by SAIF Partners and India Quotient.
  • 91springboard, a co-working startup raised Rs 45 crores in a fresh round of funding led by existing investors, Pearl Brook Holdings and Al Nour International Holdings.
  • Vedantu, Edtech startup, has invested $2 million in Instasolv, a doubt solving app for high school students and for IITJEE, and NEET aspirants along with full rights to acquire the app.
  • Yulu Bikes said the company raised fresh funding of Rs 30 crores via equity funding led by Rocketship and other existing investors.

India business news weekly roundup 22nd to 27th June 2020

  • Milkbasket said the company raised Rs 41 crores in a fresh round of funding led by Inflection Point Ventures.
  • Keki Mistry, vice chairman and chief executive officer of HDFC said the company is raising $1.8 billion of new capital to help make acquisitions in areas ranging from lending to insurance.
  • Aye Finance raised Rs 210 crores in a Series E round of funding led by CapitalG. With this, Aye’s total equity funding since inception exceeds Rs 690 crores.
  • OZiva, a Plant-based nutrition brand, raised $5 million in a Series A round of funding led by Matrix Partners India.
  • Lite Bite Foods is set to invest in 35 cloud kitchens in five cities.
  • Byju’s has raised a fresh round of funding from Bond, at a valuation of $10.5 billion.
  • Piramal Enterprises has raised Rs 2,590 crores by issuing debt securities to Farallon Capital.
  • Adani Power said the company has got shareholders’ approval for raising up to Rs 2,500 crores in one or more tranches to sustain business growth and finance expansion plans.

India business news weekly roundup 22nd to 27th June 2020

  • ICICI Bank is considering to raise $3 billion in a share sale, as the lender seeks to bolster its capital ratios.
  • Health tech startups including Innovaccer, Qure.ai, and TruFactor are using AI and ML to develop technologies to combat coronavirus.
  • Piramal Pharma Solutions announced to acquire manufacturing facility of G&W Laboratories in US for $17.5 million.
  • ITC said it is planning to ramp up its direct acquisition of farm produce.
  • Max promoters are planning to raise Rs 2300 crores by selling its stake.
  • RIL chairman, Mukesh Ambani said the company is working to complete a $15 billion deal with Saudi Aramco.
  • Blackstone aims to sell a part of its Embassy REIT stake worth $257 million via block trade.
  • Chiratae Ventures, a VC fund announced seed investment in medical robotics startup, Aether Biomedical.
  • Byju, the learning app, is set to hire 4000 people as demand for online courses skyrockets and the company looks to expand its list of courses.
  • ai, a diversified enterprise Artificial Intelligence (AI) platform, raised $7 million in a Series A round of funding led by Lightspeed India Partners and Falcon Edge Capital.

Do read: Bollywood news: Bollywood movies that will release online instead of theatre

Some stats: India business news weekly roundup 22nd to 27th June 2020

  • Bank of Baroda posted a Q4 net profit of Rs 507 crores, owing to lower provisions for bad assets.
  • Canara Bank reported a net loss of Rs 3259 crores in the quarter ending March.
  • Indian Oil reported a Q4 massive loss of Rs 5185 crores in inventory losses for the company.
  • Ashok Leyland’s Q4 revenue have declined 57% to Rs 57 crores.
  • ITC registers a 9% jump in Q4 profit to Rs 3,797.08 crores.
  • Emami reported a consolidated net profit of Rs 22.75 crores in the March quarter.
  • UCO Bank reported a Q4 net profit of Rs 16.78 crores for the fourth quarter, mainly due to fall in NPA and lower provisioning.
  • ITI posted a Q4 consolidated profit drop by 47% to Rs 36.4 crores.
  • Apollo Hospitals has posted a Q4 consolidated profit of Rs 219.3 crores.

Ongoing cases: India business news weekly roundup 22nd to 27th June 2020

Tie-ups

  • Tata Starbucks has partnered with Paytm for contactless dining solution.
  • Park+, a Delhi-based smart parking solutions startup, has tied up with AarogyaSetu to boost social distancing solutions for malls.
  • PhonePe has announced ICICI bank as their new partner bank for creating and using UPI IDs for online payments.

People  – India business news weekly roundup 22nd to 27th June 2020

  • Vikram Pawah has been appointed as the president of BMW Group India effective 1 August 2020. He will continue to serve as CEO of BMW Group Australia and New Zealand.
  • Rémi Maillard has been appointed as President of India operations and Managing Director of South Asia region for Airbus SE.

Airlines – India business news weekly roundup 22nd to 27th June 2020

  • A steep rise in jet fuel prices is adding to the woes of airlines which are already struggling to reboot operations after a two-month halt due to the pandemic.
  • AirAsia may eventually exit India JV with Tata Group.
  • Airlines  seek to reduce, waiver, and defer  payments of premium payments and are renewing cover for shorter durations.
  • Jet Airways have shortlisted four potential bidders to submit a bid proposal after due diligence.

Must read: List of covid-19 hospitals in Delhi: List of public and private Delhi Coronavirus hospitals

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