Weekly Business News: India Business News Weekly Roundup 23rd to 28th November 2020

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India Business News Weekly Roundup 23rd to 28th November 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 28th november 2020

Corporates – India Business News Weekly Roundup 23rd to 28th November 2020

  • National Stock Exchange has declared Anugrah Stock and Broking a defaulter and expelled its membership.
  • Irdai has reportedly given in-principle approval for the merger of Bharti AXA General with ICICI Lombard.
  • The Union government has said that cab aggregators would now be brought under the ambit of the Centre’s framework to fix their accountability.
  • Kalpataru Power Transmission has bought back equity shares worth Rs.142.68 crores.
  • Lakshmi Vilas Bank is now DBS India. RBI had announced the effective date of the merger as 27 November 2020.
  • Cash segment turnover on National Stock Exchange touched a record high of Rs.1.5 Lakh crore on 27 Nov. It was driven by the foreign fund after MSCI rebalanced some of its indices.
  • ED has arrested Peter Kerkar, promoter of Cox and Kings for alleged loan default to many banks and money laundering case pertaining to Yes Bank.
  • After writing off the entire equity capital of Lakshmi Vilas Bank after its amalgamation with DBS Bank India, RBI has reportedly asked it to write off tier -2 bonds worth around Rs.318 crores from its books.
  • Kapil Wadhawan, the promoter of DHFL has moved NCLT, requesting it to reject offers from Adani, Oaktree, and Piramal Enterprises.
  • Bombay High Court has rejected a plea by Lakshmi Vilas Bank promoters against its takeover by DBS India, thereby allowing RBI’s rescue plan to proceed as scheduled.

India Business News Weekly Roundup 23rd to 28th November 2020

  • Ministry of Information and Broadcasting is reportedly preparing to file a petition for transfer of all cases in India against OTT platforms like Amazon Prime Video, Netflix, and Hotstar to the Supreme Court.
  • Due to traffic disruption in Delhi NCR because of farmers agitation, Air India has allowed a no-show waiver & one free reschedule to passengers who couldn’t report for their flights on 26/11.
  • Supreme Court dismissed a plea by Skoda Auto Volkswagen India challenging an FIR registered by a customer in UP over alleged use of cheat device in its diesel car.
  • Murugappa Group’s Tube Investments will allot shares worth Rs.350 crores on a preferential/ private placement basis to Azim Premji Trust and SBI Mutual Fund. The shares will be allotted on a preferential/ private placement basis to non-promoter entities.
  • AstraZeneca India has signed an MOU with the Research Society for Study of Diabetes in India for driving awareness about diabetes.
  • Court of Singapore International Arbitration Centre has rejected the plea of Future Retail to be excluded from being a party to the Amazon-Future Coupons’ arbitration proceedings.
  • Laurus Labs has signed a definitive agreement for the acquisition of 72.55% shares of Richcore’s from Eight Roads Ventures and VenturEast for Rs.246.67 crores.
  • Cabinet Committee on Economic Affairs has approved FDI worth Rs2,480.92 crores in ATC Telecom Infrastructure by ATC Asia Pacific Pte.
  • BSNL has selected Route Mobile for SMS firewall to identify and monetize international SMS traffic.

India Business News Weekly Roundup 23rd to 28th November 2020

  • L&T Construction has bagged the contract to build India’s longest river bridge across the Brahmaputra river. The 19-km long bridge will connect Dhubri in Assam to Phulbari in Meghalaya.
  • Many PSU workers unions across India including HAL Employees Association, BEL Workers Unity Forum, and BHEL Employees Association will reportedly go on a one-day strike on November 26.
  • IATA has urged the Central Government to support Indian airlines to tide over the COVID crisis.
  • Due to a shift in consumer behavior, Ikea may now open smaller stores in India.
  • Banking operations across India are likely to be impacted today as some bank unions would be joining the one-day nationwide strike called by the central trade unions.
  • Star India has acquired Cricket South Africa’s media rights till the end of the 2023-24 season.
  • The communications ministry has said that from Jan.15, 2021, all landline users will need to prefix ‘0’ for all outgoing calls to mobile numbers.

India Business News Weekly Roundup 23rd to 28th November 2020

  • Ministry of Electronics and IT has banned another 43 Chinese mobile apps including AliExpress, Snack Video, and ChinaLove due to security reasons.
  • Ircon International has bagged Rs.405 crore Delhi-Meerut RRTS corridor order from National Capital Region Transport Corporation.
  • upGrad has entered into the test preparation market by acquiring The Gate Academy for an undisclosed amount. TGA will now operate as an upGrad subsidiary but will continue to use its own brand name.
  • Surge, the accelerator program of Sequoia Capital India, has selected 17 early-stage startups for its fourth-cohort. The startups headquartered in India, Singapore, Vietnam, Indonesia, and Australia, span across various sectors. However, 11 of them are in SaaS.
  • The Kerala government has moved the Supreme Court seeking a stay on Central Government’s decision to lease out Thiruvananthapuram Airport to Adani Enterprises.
  • RBI has rejected the proposal of Muthoot Finance to buy IDBI Asset Management and IDBI MF.
  • Embassy Group has now ventured into the serviced residences market and plans to launch around 100 buildings by the end of 2021. The group operates WeWork and co-living brand Olive.
  • Toyota Kirloskar Motor has again suspended operations at its manufacturing plant in Bidadi.
  • All India Bank Employees’ Association would be joining the one-day nationwide strike called by central trade unions on November 26.
  • Paytm has announced that the users of its postpaid service can now convert their spends up to Rs.1 Lakh into EMIs at nominal interest rates.
  • Apollo Global Management has entered into the race for BPCL stake acquisition by submitting EoI.
  • Google is reportedly in talks to buy ShareChat at around $1.03 billion. While current investors will likely exit, the founders may retain a small stake.
  • To give a push to electric vehicles, the government is planning to set up an e-charging kiosk at around 69,000 petrol pumps across India.

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India Business News Weekly Roundup 23rd to 28th November 2020

  • Railways have suspended its corporate Tejas trains over occupancy during pandemic. Tejas trains operate from Lucknow to Delhi and Ahmedabad to Delhi.
  • Jio Payments Bank has sought approval from RBI to open current account of Reliance Industries and its group companies. RBI has put restrictions on scheduled commercial banks from opening current accounts of companies to which they have lent money over a certain limit.
  • As per reports, Fake Xiaomi products worth ₹33.3 lakh were seized by police in Chennai and Bengaluru during Oct-Nov.
  • Reliance Retail showcased products crafted by over 40,000 artisans this festive season capitalizing on the growing consumer demand for locally made and sourced products. The company’s initiatives ‘Indie by AJIO’ and ‘Swadesh’, reportedly now engage with over 30,000 craftsmen.
  • Franklin Templeton Mutual Fund has moved the Supreme Court challenging an order of Karnataka high court on winding down six debt schemes in April.
  • FM Nirmala Sitharaman has said that the government’s program for stake sale in state-run firms will accelerate in the coming days.
  • Lenders to CG Power have agreed to a one-time loan restructuring. This would clear the way for Murugappa Group to take over the firm.
  • Airtel has picked up a 5.2% stake in Avaada MHBuldhana, a solar power firm, developing a captive solar power plant in Maharashtra, for Rs.4.55 crores.
  • The trouble between workers and the management of Toyota Kirloskar Motors still continues. Issues remain unresolved even after the intervention of state labour department.
  • Unilever has said that it will bring its mouthwash formulation to India in Dec.’20. The mouthwash reportedly claims to reduce 99.9% of coronavirus after 30 seconds of rinsing.
  • An internal RBI panel has proposed that large corporates may be permitted to promote banks after required amendments to Banking Regulations Act.
  • MD & CEO of Hero Cycles, Pankaj Munjal, has started a new initiative to help their suppliers. He and some executives from the senior management of the firm will visit suppliers’ manufacturing units to understand any issues they might be facing and try to resolve the problems.
  • Harley-Davidson has said it is working to ensure a smooth transition for its Indian customers with its new partner Hero MotoCorp.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 23rd to 28th November 2020

  • Fidelity Investment, the Boston based asset management firm, has reportedly invested an undisclosed amount in Nykaa.
  • Pureplay Skin Sciences, selling under Plum and Phy brands, has raised Rs.110 crores in a Series B round of funding led by Faering Capital.
  • M&M has announced the sale of Mahindra First Choice Services, its vehicle service business, to TVS Automobile Solutions in a share swap deal. M&M will take a 2.76% stake in TASL and invest approx Rs.35 crores.
  • Shiva Cement, a subsidiary of JSW Cement, is planning to invest around Rs.1,500 crores in a new clinker unit project in the Sundergarh district of Odisha.
  • Unacademy has raised an undisclosed amount in a fresh funding round from Tiger Global Management and Dragoneer Investment Group at a valuation of $2 billion.
  • Joining the unicorn club, Cars24 has raised $200 million in its Series E funding round at a valuation of over $1 billion.
  • Cashfree, a fintech startup, has raised $35.3 million as part of its Series B funding round led by Apis Growth Fund II.
  • Amit Jain, Sr MD, Blackstone India is reportedly quitting ahead of the launch of the $5-billion Asia fund in 2021.
  • Coal India would invest Rs.5,650 crores to build 14 solar projects to help cut costs and power its mining operations by March 2024.
  • Byju’s is reportedly close to raising another $200 million in a fresh round of funding from BlackRock and T. Rowe Price at a valuation of $12 billion. It had last raised $500 Million in Sept.’20.
  • Relaxo Footwears is planning to invest around Rs.150 crores to set up a new manufacturing facility. The move is a result of growing demand for open footwear because of the COVID-19 pandemic.
  • Apple’s second-largest contract manufacturer, Pegatron’s board has approved an initial investment of $150 million in India for building manufacturing facilities.
  • Tata Power has raised Rs.1,000 crores through the issuance of NCDs.

Some stats: India Business News Weekly Roundup 23rd to 28th November 2020

  • AU Small Finance Bank has reportedly sold a 4.46% stake in Aavas Financiers for ₹530 crores. The Bank had a 4.57% stake in the firm.
  • Biocon has entered into an agreement with Hinduja Renewables Two for the acquisition of a 26% stake for Rs.5.91 crores.
  • Sales of Panasonic fell in India for the consecutive third year. Its revenues fell 9% in FY 19-20 compared to FY 18-19.
  • Elon Musk, the co-founder of Tesla Inc., passed Bill Gates to become the world’s second-richest person with a net worth of Rs.127.9 Billion.
  • The government is reportedly planning to sell around 10% stake in Mishra Dhatu Nigam Ltd, a defence PSU, during fy 20-21.
  • Cityflo, an app-based bus service provider has just raised Rs.57 crores in a Series A round of funding led by Lightbox Ventures.

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India Business News Weekly Roundup 23rd to 28th November 2020

Tie-ups:

  • HDFC Life and HDFC Ergo have jointly launched a combi insurance product ‘Click 2 Protect Corona Kavach’. The plan will cover expenses against treatment in hospitalization, home care as also AYUSH treatment.
  • Mercedes- Benz has partnered with SBI for car finance.
  • Airtel has tied up with Vedantu to offer online classes via DTH channels at Rs.4 per day.
  • Muthoot Finance has entered into an agreement with Bajaj Allianz General Insurance to offer insurance on gold jewellery.

Ongoing cases: India Business News Weekly Roundup 23rd to 28th November 2020

People:

  • The board of Indiabulls Housing Finance has approved the appointment of Dinabandhu Mohapatra, ex MD & CEO Bank of India, as an independent director of the company for 3 years.
  • Faqir Chand Kohli, fondly called the father of India’s IT industry, died on 26/11/20. 96-year-old FC Kohli was the first CEO of TCS.
  • Hero MotoCorp has appointed Michael Clark as the COO. Clark has worked in leadership roles in the world’s top companies like Delphi Technologies and Fiat Group SPA.

Airlines:

  • IATA has said that the airlines are set to report a net loss of $118.5 billion for 2020. The value is much higher than the $84.3 billion IATA predicted in June’20.
  • AirAsia India will get a $50 million infusion from Tata group through a mix of debt and equity. This may increase the Tata group’s stake in the airline.
  • SpiceHealth, a subsidiary of SpiceJet, has launched an RT-PCR test starting at Rs.499. The test currently costs around Rs.2400.
  • SpiceJet has started dedicated freighter services to Leh from 26 November.
  • Vistara will start flight operations between Mumbai and London thrice a week from 16 Jan 2021.
  • British Airways has allowed its passengers traveling in the economy class of India-UK flights to carry 2 check-in baggage during this winter season.

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