Weekly Business News: India Business News Weekly Roundup 25 to 30 January 2021

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India Business News Weekly Roundup 25 to 30 January 2021. 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 25 to 30 january 2021

Corporates – India Business News Weekly Roundup 25 to 30 January 2021

  • Sebi tweaked the monthly cumulative reporting format, whereby from January 2021 onwards, asset management companies will have to disclose about creation of segregated portfolios.
  • L&T bagged a Rs.2,500-crores contract for a high-speed rail corridor project for the Mumbai-Ahmedabad route.
  • Indian short-video platforms like Chingari Mitron etc are reportedly looking to hire employees of ByteDance India amid layoff news.
  • Star India has renewed its partnership with All England Lawn Tennis Club and it will continue to hold broadcasting rights for The Championships, Wimbledon until 2023.
  • Advertising Standards Council of India will launch an integrated consumer connect initiative to raise awareness about misleading ads, titled ‘Chup mat baitho’.
  • RBI cancelled the licence of Maharashtra-based Shivam Sahakari Bank as it did not have adequate capital and earning prospects.
  • Fabindia and Hidesign have announced the launch of their first-ever joint location store in Chennai, spread over an area of around 5000 sq. ft.
  • RBI has reportedly informed the Delhi High Court that the operations of tech-fin firms like Google, Amazon and Facebook in India are being regulated under relevant laws. It also said that the firms have been permitted to function after necessary compliances only.
  • India’s gold consumption dipped around 35% on y-o-y basis.

India Business News Weekly Roundup 25 to 30 January 2021

  • Apple has reportedly doubled its sales in India in the September-December 2020 quarter compared to the same period in 2019.
  • Due to restructuring in the firm, around 75 senior VPs and VPs and around 300 GMs are said to have exited Wipro during the last few months.
  • Google has announced that it is simplifying its Play Store policies around gamified loyalty programs like mini-games, quizzes, and other gamification techniques various apps in India are using to increase user base and engagement.
  • As per the ‘Brand Finance Global 500 2021’ report, Reliance Jio is the fifth strongest brand in the world.
  • As per reports, the Central government is planning to announce the sale of a 10-15% stake in LIC as part of a privatization push to improve public finances.
  • WhatsApp is introducing a new layer of security for WhatsApp Web and desktop users. The added safety feature will be triggered when a user connects their WhatsApp account to their computer.
  • As per the data released by Trai, Airtel added 4.4 million subscribers in November while Vi lost 2.9 million. 3Reliance Jio with 35.34% remains India’s biggest telecom operator by market share.
  • Maruti Suzuki revised its MOA to include operating a web-based sales platform as a business activity. The move indicates the company will increase focus on developing an online sales ecosystem.

India Business News Weekly Roundup 25 to 30 January 2021

  • Competition Commission of India has rejected multiple allegations of unfair business practices made against the General Insurance Corporation of India filed by the Automotive Tyres Manufacturers Association.
  • The suspension of scheduled international flights has been increased till 28 February 2021.
  • Pine Labs has launched its ‘AllTap App’ solution, for micro-merchants, home entrepreneurs, street vendors and cab drivers to accept card-based digital payments. It has partnered with various card networks and is planning to onboard around 1 million merchants over the next year.
  • ByteDance, the promoter of TikTok app, has decided to cut down on its India team after the Indian government decided to retain the ban on the app.
  • Trident Group has decided to give ESOPs worth Rs.200 crores through Trident Welfare Trust in the financial year 2021-22.
  • Google Maps has enhanced support for ten Indian languages. Maps will now be able to ‘transliterate’ names into native language with more ease.

India Business News Weekly Roundup 25 to 30 January 2021

  • Google has rolled out a new feature for Chrome to automatically hide the content of web pop-up notifications while a user is sharing screen.
  • As per the news published in Mint, Amazon.com Inc has filed a petition in the Delhi high court, seeking imprisonment of Future group promoters, including founder Kishore Biyani, for allegedly violating securities market rules by illegally encumbering group company shares. It has also sought the enforcement of an emergency arbitration order of Singapore International Arbitration Centre ordering a stay on the Future Group-RIL deal.
  • The government has invited preliminary bids for the strategic sale of Neelachal Ispat Nigam Ltd. ‘In principle’ approval for this has been given by the Cabinet in January 2020.
  • Confederation of All India Traders’ body has reportedly written to Piyush Goyal, Commerce and Industry Minister accusing Amazon, Flipkart, Zomato, Swiggy, and various other e-commerce entities of allegedly flouting rules, and demanded immediate action against them
  • McCain has elevated its India MD Vikas Mittal to also lead businesses in South East Asia, Taiwan, and Korea.

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India Business News Weekly Roundup 25 to 30 January 2021

  • Paper Boat is working on launching some online-only products.
  • RBI has reportedly proposed regulating big NBFCs like banks, classifying them into four categories based on certain parameters.
  • Tata Power Solar is said to have bagged an order worth ₹1,200 crores from NTPC for setting up of a 320 MW solar project.
  • The government of India has reportedly decided to continue ban on the Chinese apps blocked some time back.
  • Karnataka High Court has rejected a plea of Mysore Minerals to add a counterclaim of around Rs.1,172.79 crores to a petition of JSW Steel.
  • FM Nirmala Sitharaman has launched the ‘Union Budget mobile app’ for accessing budget documents.
  • Google has reportedly decided to redesign its screen for search results on mobile phones to make show faster results.
  • A PIL has been filed in Delhi High Court seeking to direct all e-commerce websites to clearly display MRP, Country origin and manufacturer’s name of all products.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 25 to 30 January 2021

  • Shapoorji Pallonji Real Estate will invest around Rs.4000 crores in a newly launched 148-acre project ‘VANAHA’ near Bavdhan, West Pune.
  • ED has arrested Babulal Varma and Kamal Kishore Gupta, promoters of Omkar Group, under the provisions of PMLA. Investigations revealed that loans of around Rs.410 crores were diverted and not used for intended purposes.
  • Aditya Birla Fashion and Retail has signed a definitive agreement to acquire a 51% stake in luxury designer label Sabyasachi, for Rs.398 crores.
  • PVR Limited has started work on raising around Rs.800 crores by selling shares to institutional investors.
  • GMR Group-operated Hyderabad International Airport Limited has entered into an agreement to raise $300 million from the international bond market.
  • Moving past Accenture, TCS has once again become the most valued global IT company with a market capitalization of $169.3 billion.
  • Adani Ports & Special Economic Zone will raise $500 million through dollar bonds, to be used for early redemption of the firm’s dollar bonds maturing in 2022.
  • Joyville, the realty platform of Shapoorji Pallonji group will invest Rs.400 crore in a housing project at Gurugram. Established by Shapoorji Pallonji, ADB, IFC and Actis, Joyville is a $200 million mid-income housing platform.
  • Apollo Hospitals will be raising Rs.1,169.99 crores through the allotment of shares to QIBs.
  • Okinawa Autotech, the electric two-wheeler maker, is planning to set up a new manufacturing unit in Rajasthan with an investment of Rs.150 crores.
  • NTPC has decided to raise Rs.2,500 crores through non-convertible bonds.
  • Stride Ventures, the venture debt firm, has closed its first India fund and raised Rs.350 crores. The fund is planning to launch another fund later in 2021.

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India Business News Weekly Roundup 25 to 30 January 2021

Tie-ups:

  • Dilip Buildcon’s JV has entered into an agreement with the National Highways Authority of India for a Rs 1,000-crore highway project in Rajasthan to be built on EPC mode.
  • Reliance Group has signed a US$15 million deal with Breath of Health, an Israeli company, to distribute the firm’s swift COVID-19 breath testing system that gives results within seconds.
  • Prasar Bharati has signed a content partnership deal with NBA to air classic content, documentaries, and highlights on DD Sports and its YouTube channel.
  • Hero MotoCorp will soon commence operations in Mexico. The firm has entered into a distribution agreement with Grupo Salinas, a group founded by Mexican entrepreneur Ricardo Salinas.
  • Padget Electronics, a subsidiary of Dixon Technologies India has signed an agreement with HMD India to manufacture Nokia smartphones at its plant in Noida.
  • BookBaggage, a Luggage delivery service provider, has in collaboration with Indian Railways launched an app-based service aimed to offer safe transit of luggage and parcel. The firm already offers baggage delivery services for airline passengers.

India Business News Weekly Roundup 25 to 30 January 2021

People:

  • Titan has appointed Ashok Kumar Sonthalia as its CFO who will succeed S. Subramaniam w.e.f. July 1.
  • HUL has appointed Ritesh Tiwari as executive director, finance, CFO, and a member of the board.
  • Swaminathan Janakiraman and Ashwini Kumar Tewari have been appointed as the new managing directors of SBI for three years. Swaminathan Janakiraman is currently Dy.MD (Finance) while Ashwini Kumar Tewari is MD & CEO of SBI Card.
  • Swayam Saurabh, CFO of Hindustan Zinc has resigned to pursue a career outside the group.
  • NCLT has admitted a petition filed by the commercial arm of ISRO, Antrix Corporation, for winding up Devas Multimedia and a provisional liquidator has been appointed.

Airlines

  • Airports Authority of India has said that the new terminal building at the Adampur airport, Jalandhar is expected to be ready by mid-2021.

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