India business news weekly roundup 23rd to 27th March 2020

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India business news weekly roundup 23rd to 27th March 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 23rd to 27th march 2020

Corporates – India business news weekly roundup 23rd to 27th March 2020

  • Infosys said that the company strongly reaffirms their commitment towards social-sharing and will probe employee who tweeted a controversial post on Coronavirus.
  • United Spirits said it has shut down its manufacturing units.
  • After initial logistics issues, retailing of medicines have improved in major metros such as Delhi, Mumbai, and Bengaluru.
  • Mahindra & Mahindra has indigenously developed a prototype of bag valve mask, commonly known as Ambu Bag. The company said that it would cost less than Rs 7500.
  • Delhi Police finalised a list of e-commerce companies that will be allowed to provide and deliver essential services in Delhi during the 21-day lockdown in the country. The list includes Bigbasket, Amazon, Flipkart, Zomato, Swiggy, and Big Bazaar.
  • After Samsung, now Apple has temporarily shut down its production in India.
  • Parle Products said it will donate three crore packs of biscuits in the next three weeks. They said that they would distribute it to the needy people via government agencies.
  • The Bajaj Group has earmarked Rs 100 crores for India’s ongoing coronavirus threat.
  • The Godrej Group has committed Rs 50 crores for community support and relief initiatives in India’s fight against the Coronavirus.
  • With an increase in coronavirus crisis in India, the Lodha Group announced a full waiver for its retail partners from paying rents since March 15.
  • Yes Bank’s promoter, Rana Kapoor seeks for a bail citing coronavirus fear.
  • The RBI offered Rs 11772 crores to banks via a 12-day variable rate repo auction.
  • R Ramachandran said BPCL deferred shutdown of secondary units at its Kochi and Mumbai refineries due to shortage of labour to carry out turnaround jobs.
  • Reliance’s promoter firm Devarshi Commercials LLP on Wednesday offloaded shares worth over Rs 11,000 crores in open market transactions.
  • Lockdown in many countries have forced 1.7 lakh Infosys techies to work from home.
  • Vivo donated 1 lakh medical masks and 5000 N-95 masks to the Maharashtra government.
  • A lockdown in India has disrupted phone manufacturing in India. Apple and Xiaomi suspended production at their India plants until April 14 in accordance with the lockdown of three weeks in the country.
  • Big Bazaar entered into doorstep delivery services in major cities like Delhi, Mumbai, Bengaluru and Gurugram.
  • BigBasket temporarily suspended its operations and said that they will be back soon.
  • Ola is looking for bailout for drivers and for a delay in tax payments to make up for lost income.
  • Deepinder Goyal, Zomato CEO announced that several employees of the firm have taken deep salary cuts as the business was hit due to the Coronavirus.
  • Flipkart has temporarily suspended all its services in India post PM Narendra Modi’s call for complete lockdown in the country to curb the spread of the Coronavirus.
  • IT sector veteran T.V. Mohandas Pai said that the government must allow 25-35 % of total staff of information technology companies to work from their campuses because they maintain systems of their clients worldwide.
  • Facebook is in talks to buy a multibillion dollar stake in Reliance Jio in order to expand its presence in the Indian digital market.
  • Coca-Cola said that it temporarily suspended all its production at different manufacturing facilities, following the lockdown imposed by the government.
  • Youtube, in wake of the COVID-19, has planned to reduce quality of its videos starting Tuesday. This comes as a result to ease internet traffic during the current outbreak.
  • Bigbasket said it acquired a 100% stake in Bengaluru-based milk delivery app, DailyNinja.
  • Infosys got a clean chit from the US SEC in the whistle-blower complaint case.
  • McDonald split up its logo to promote social distancing.
  • Dine-in facilities across all Domino’s outlets in India have been suspended, in wake of the spread of coronavirus.

Do read: Sports weekly roundup 23rd to 27th March 2020

India business news weekly roundup 23rd to 27th March 2020

  • Supply chain disruptions amid the coronavirus scare in India has led to shut down of production as Mahindra & Mahindra’s Classic Legends Pithampur (Madhya Pradesh) plant.
  • Dabur India suspended operations at 60-70% of its manufacturing units in India.
  • The increase in lockdowns is worsening liquidation of BS-VI vehicle inventory.
  • Auto component makers in India have decided to temporarily shut down their factories in order to adhere to government guidelines to curb the spread of the Coronavirus.
  • HUL said that it signed an agreement with Glenmark Pharmaceuticals to acquire Wash.
  • The Ministry of Corporate affairs informed the public that more than 70000 companies in India have implemented the work-from-home policy and that they were prepared to deal with the Coronavirus crisis.
  • Kia Motors India and India Yamaha Motor suspended production at their respective factories, following the rise in cases of coronavirus in the country.
  • RIL donated Rs 5 crores to Maharashtra CM relief fund to help tackle the Coronavirus outbreak.
  • Reliance Industries announced ramping up of production capacity to 1,00,000 face masks per day, free fuel to emergency vehicles carrying COVID-19 patients and free meals in various cities to support livelihood of those impacted by the Coronavirus outbreak.
  • The Income Tax Department is proactively pursuing extension of statutory limitation dates with the government and has now extended its deadline to March 31.
  • Asian Paints announced a shutdown of operations in all its manufacturing units and sales locations in the next 24 hours.
  • India’s biggest automakers including Maruti Suzuki, Mahindra & Mahindra, Mercedes-Benz, Fiat, and Hyundai have all halt productions in India due to the coronavirus outbreak.
  • Representing bodies of Siam and auto suppliers Acma have requested their members to close down production operations across its respective plants as a measure to contain the spread of COVID-19.
  • Liquor companies in India turn into sanitizer makers amid the Coronavirus Outbreak which has led to a shortage of personal hygiene products including sanitizers, as well as spirits.
  • Honda Cars India and HMSI announced their decision to stop manufacturing vehicles in their factories across the country from 23rd March onwards due to the rising cases of Covid-19.
  • Mahindra Group chairman, Anand Mahindra said that the company is working to explore how its factories can make ventilators, as the spike in Coronavirus positive cases turns the spotlight on the need for life-saving and critical care equipment.
  • Religare Enterprises in a statement said that the RBI has stopped the sale of Religare Enterprises Ltd’s NBFC arm, Religare Finvest (RFL) and has asked the company to submit a revised proposal for the NBFCs revival.
  • With the rise in coronavirus cases at an alarming pace in the US, the country’s Food and Drug Administration (FDA) has partially lifted an import alert on Ipca Laboratories’ two plants to ensure supply of chloroquine tablets, which is a possible treatment for the infection as per the US CDC.
  • The RBI has extended regulatory restrictions on PMC Bank for 3 more months till 22 June, 2020.
  • Dalmia Bharat and Motilal Oswal Financial Services announced share buybacks worth Rs 650 crores collectively. This comes as a result of following the volatility in the stock market amid the coronavirus pandemic.
  • In a move to contain the spread of the coronavirus, Uber and Ola suspended its shared cab ride services. This comes as a result for authorities asking to practice social distancing.
  • Reliance Jio launched a new ‘Work from Home Pack’ for professionals, worth Rs 251.
  • IDFC informed the stock exchanges that IDFC First Bank MD CEO, V Vaidyanathan sold 2.75 crore shares for nearly Rs 58 crores and intended to sell additional shares worth Rs 35 crores to close ESOP loan availed by him.

India business news weekly roundup 23rd to 27th March 2020

Must read: Best smartphones under 15000 in 2020

Start-up world, funds, funding and investments

  • L &T Infra Debt Fund, an infrastructure debt fund run by L&T Finance Holdings, said that it has called off a $110 million equity investment by Apis Partners.
  • Cognizant entered an agreement to acquire US-based Lev to expand its digital capabilities.
  • Hero Cycles set up Rs 100 crore contingency funds to help associates, venders, dealer partners, and states fight COVID-19.
  • IndiGrid announced acquisition of a transmission asset from Sterlite Power at a valuation of $134 million.
  • Yes Bank announced its plan to raise nearly Rs 15000 crores. This decision was taken by Yes Bank’s newly constituted board.
  • Risers Accelerator invested Rs 50 lakhs in NuNu Tv, a YouTube channel for kids by Sprout Studios.
  • NTPC acquired THDC India and Neepco for Rs 11500 crores as part of government’s largest asset-sale exercises.
  • Home rental and student housing startups are offering special rates and flexibility to help students and young professionals find accommodation at short notices.
  • Urban Mobility startups that operate two and four wheeler fleets are in for a tough ride amid consequent lockdown in all major cities of India.
  • Ninjacart, a fresh produce startup is planning to supply vegetables and fruits directly to apartments and housing societies in 7 operational cities.

India business news weekly roundup 23rd to 27th March 2020

Must Read: Sports weekly roundup 23rd to 27th March 2020

Ongoing cases-

Airlines

  • GoAir CEO Vinay Dube announced a 50% pay cut for its employees effective immediately, via email.
  • National carrier Air India said that the crew that brought back Indians who were stranded in Coronavirus hit countries like China, Japan, and Italy are getting excluded by resident welfare organisations in many places.
  • After Air India, now IndiGo airline’s crew are facing exclusion from communities due to their travel history in wake of the Coronavirus outbreak.
  • IndiGo assured its employees that it won’t make any deduction in their salaries or leaves till March 31.
  • ICPA, Air India’s union wrote to chairman of the airline to release salary flying allowance for January that constitutes 70% of salary of pilots.
  • GoAir announced a pay cut for all its employees in March.
  • Dubai-based Emirates Airways said that it will temporarily suspend passenger operations by 25 March due to travel restrictions imposed by Indian government following the outbreak of Coronavirus.
  • IndiGo said that it offered its resources, aircraft, and crew to the Union Civil Aviation Ministry to transport medicine, equipment, and other relief material across the country.

Must Read: What is Today in History India 29 March

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