Weekly News: India Business News weekly roundup 25th to 30th May 2020

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India business news weekly roundup 25th to 30th May 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 25th to 30th may 2020

Corporates – India business news weekly roundup 25th to 30th May 2020

  • IndiGrid InvIT said it executed a share purchase agreement to buyout Jhajjar KT Transco for around Rs 310 crores.
  • The SC agreed to hear a plea by Cyrus Mistry against an NCLAT order from December 2019.
  • HUL Chairman and MD, Sanjiv Mehta said the company is expecting a revival in economic activity and that demand for consumer goods will revive by 2021.
  • Medikabazaar, an online B2B healthcare provider taps into corporate workplaces to boost services. The company is partnering with corporates and organizations to offer its product catalog as workplaces get ready for their re-opening.
  • Sun Pharmaceutical gets DCGI nod for a clinical trial of nafamostat mesylate on COVID-19 patients.
  • Samsung said all its exclusive stores have been ‘Suraksha’ certified only to ensure consumer safety during the current COVID-crisis.
  • ITC launched a vegetable and fruit wash product, ‘Nimwash’ which helps disinfect fresh produce.
  • RIL turned its Alok Industries facility into a PPE manufacturing unit.
  • Barclays and Nomura scrutinize India’s back-offices after the world’s biggest lockdown in the country.
  • Experts said, amid economic disruption due to COVID-19, an outcome-based pricing model for new projects may just aid the survival of IT service providers.
  • Auto dealers may default on loans as they are staring at an uncertain future. This is because high levels of unsold inventory of BS-VI compliant vehicles are leading to an increase in interest cost, which most of them might not be able to repay.
  • The Delhi HC granted RIL an interim injunction against OLX India and restrained it from publishing certain advertisements that allegedly cause harm to the company’s goodwill and reputation.
  • Paytm Mall has also begun discussions to make a potential investment in grocery delivery firms to boost its play in the delivery of essentials.
  • Global manufacturers including AstraZeneca, GlaxoSmithKline, Pfizer, and Johnson & Johnson pledged to supply COVID-19 vaccines on a no-profit basis in order to improve access to any successful vaccine as and when it’s available in the market.

India business news weekly roundup 25th to 30th May 2020

  • BookMyShow has laid off 18% of employees by furloughing 270 employees across its offices in India and globally.
  • Nissan Motor has agreed to settle the dispute with Tamil Nadu after claiming that it was owed Rs 50 billion in unpaid dues and damages.
  • Google Inc. is planning to pick a stake of around 5% in Vodafone Idea.
  • Federal Bank reported a 21% drop in Q4 net profit to Rs 301 crores. The company also has 35% of the total loan under the 3-month moratorium and is planning to focus on preserving capital this year.
  • Pradip Burman sold off Sanat Products, his over 3-decade-old nutraceutical company to Willmar Schwabe India for an undisclosed amount.
  • Maruti Suzuki India is exploring to enter into the leasing option  as the company’s sales have declined.
  • The inability of promoters in bringing in fresh equity could hamper the loan restructuring of companies by leading them to a sharp fall in revenues.
  • Volkswagen India launched new ownership models with the option to lease and buy-back in order to boost sakes as also to make its cars accessible to buyers.
  • Google’s Pay Nearby Stores that enables customers to find grocery stores in the neighborhood is now available in 35 Indian cities.

India business news weekly roundup 25th to 30th May 2020

  • In consultation with the Public Health Department, HUL said it is providing 29 ventilators worth Rs 3 crores to government hospitals in Maharashtra.
  • ITC has tied up with Star network for a new food show to showcase the rich culinary heritage of India.
  • Biocon received DCGI approval for the emergency use of CytoSorb to treat critical COVID-19 patients.
  • RIL launched a WhatsApp chatbot for queries about rights issue.
  • SEBI imposed a penalty of Rs 7 lakhs on NHAI for a delay in filing financial results.
  • Amazon Inc is planning to buy Zoox, an autonomous vehicle startup.
  • Despite financial services being categorized under essential services, HDFC Life Insurance management decided to let all its employees work from home.
  • Blue Dart Express reported a Q4 consolidated net loss of Rs 30.57 crores.
  • Nokia suspended operations at its plant in Tamil Nadu after 42 employees tested positive for COVID-19.
  • Uber India said it sacked around 600 more employees in May on account of the impact of COVID-19.
  • Bharti Telecom sold 2.75% stake in Bharti Airtel for Rs 8433 crores to foreign institutional investors and some domestic mutual funds.

India business news weekly roundup 25th to 30th May 2020

  • Reliance Industries is now planning to consider an overseas listing of Jio Platforms.
  • Power Finance Corporation entered into an agreement with Narmada Basin Projects Company Ltd to fund projects worth Rs 22000 crores by signing an MoU.Bata India has resumed 53% of its stores, even as consumers are purchasing footwear from its e-commerce portal and other online marketplaces.
  • FCA India Automobiles rolls out special financing package for Jeep SUV customers called ‘Jeep for all’. This package offers loans on low-interest rates from banks, reduced equated monthly installments or EMIs for salaried customers, 100% on-road financing for women, coverage in the event of job loss, and critical illness, among others.
  • Hyundai Motor India said that 806 dealerships and rural sales outlets of the brand have resumed operations across the country.
  • Following recommencement of India’s domestic passenger flight services this week, Ola said it resumed services at the Indira Gandhi International Airport in New Delhi, along with 21 other airports in the country.
  • As the automobile portal looks to tide over disruption caused by COVID-19, CarDekho laid-off employees and slashed salaries amid pandemic crisis.
  • Zomato and Swiggy are allowed to deliver alcohol in Odisha.
  • Rajiv Joshi, an IIT Mumbai alumnus, and IBM scientist has bagged the prestigious ‘Inventor of the Year’ award in recognition of his pioneering work in advancing the electronic industry and improving artificial intelligence capabilities.
  • After Ola and Uber, now Zoomcar is back in 35 cities including Bengaluru, Chennai, and Hyderabad, with new offers.

India business news weekly roundup 25th to 30th May 2020

  • Glenmark Pharmaceuticals announced to start a new phase 3 clinical trial for patients of moderate Covid-19. This new randomized, open-label study aims to test the combined efficacy of two antiviral drugs, Favipiravir and Umifenovir, as a potential COVID-19 treatment strategy.
  • Eyeing higher automation, TCS launches an AI workspace management solution, ignio AI.Digital Workspace – an end-user experience management software that helps employees and service desk teams boost productivity.
  • GlobalData said India has overtaken China in pulling fintech funding in the March quarter.
  • Inflated freight costs throw a spanner in the works for automakers and their parts suppliers.

Must read: New Guidelines for Air travel: Checkout new guidelines for travelling by flights during COVID-19

India business news weekly roundup 18th to 23rd May 2020

  • Vedanta said it has kick-started the process to seek shareholder nod for delisting the company by 24 June.
  • 40% of companies operating in the travel and tourism sector are staring at complete shutdown risk over the next 3 to 6 months.
  • Infosys is planning to resume operations in a second phase this week with letting 15% of its employees return to the office.
  • Reliance’s JioMart is now live in over 200 cities and towns in India, riding the sourcing power and private labels of Reliance Retail.
  • TCS hired over 20000 employees in the US over the past 5 years. This has significantly reduced its work visa dependency and de-risked business.
  • After large firms laid off staff in the past few weeks, large startups have now begun outplacement initiatives to help these employees in finding new jobs.
  • Maruti Suzuki India is focusing on rural markets for a recovery in sales in the current fiscal year. It is also considering used car business for partial recovery.
  • Reliance Industries estimated a maximum of $200-400 million of liability in the KG-D6 cost recovery dispute with the government.
  • Arvind Krishna led tech giant, IBM laid off thousands of employees as Covid-19 hit business.
  • Lendingkart, a fintech digital lender, laid off 30% of its workforce as COVID-19 impacts business.
  • Avenue Supermarket said the company’s sales declined over 45% in April, due to the nationwide lockdown.
  • Mahindra Susten’s solar asset sale to CLP India is likely to face a delay due to the recent China FDI restrictions.

India business news weekly roundup 25th to 30th May 2020

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Start-up world, funds, funding and investments

  • LIC is planning to invest Rs 2500-3000 crores in RIL’s rights issue.
  • Euler Motors raised Rs 20 crores as a part of its ongoing Series A round of funding led by Inventus Capital India.
  • Ather Energy, a Bangalore-based electric scooter startup, has entered into a strategic arrangement with Bounce, the bike rental platform.
  • Hoi Foods, a Cloud kitchen startup said it raised $2 million in a pre-Series A round of funding led by 1Crowd.
  • A Pune-based energy distribution startup, Repos Energy, backed by industrialist Ratan Tata, is planning to manufacture and sell around 3,200 mobile petrol pumps this year. The company also said that it was planning to get 1200 operators on board from across the country.
  • In a move to cement its position in the FMCG market, ITC said the company is set to acquire Sunrise Foods, a Kolkata-based spice maker.
  • Ola Financial Services has raised Rs 200 crores in fresh funding from Matrix Partners and Flacon Edge in its on-going round of funding.
  • Torrent Pharmaceuticals reported a consolidated net profit of Rs 314 crores for the March quarter.
  • Tata Motors said the company will raise Rs 1000 crores by selling NCDs.
  • Ola Electric has acquired Etergo BV, an Amsterdam-based manufacturer of electric scooters.
  • Future Retail said its board approved to raise up to Rs 650 crores to reduce debt by issuing NCDs.
  • Switzerland-based agri-food investor, Pioneering Ventures, acquired Lateral Praxis, an Indian agri-tech company.

India business news weekly roundup 25th to 30th May 2020

  • Microsoft is planning to invest around $2 billion in RIL’s Jio Platforms.
  • Mubadala Investment Co., an Abu Dhabi-based sovereign fund manager, is planning to make a potential investment for a $1 billion stake in RIL’s Jio Platforms.
  • Daimler India Commercial Vehicles said it signed a new MoU with the government of Tamil Nadu to invest Rs 2277 crores to expand its production capacity.
  • iXceed, an HR-Tech startup, expanded its portfolio by foraying into digital marketing services.
  • Jubilant Life Sciences reported ₹260 crores of consolidates net profit for the quarter ended 31 Mar 2020.
  • The promoter of Bharti Airtel is planning to sell a stake worth $1 billion in the mobile operator through block deal today.
  • BigBasket is planning to raise funds around $150-200 million.

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Some stats: India business news weekly roundup 25th to 30th May 2020

  • DCB Bank reported a 28% slip in net profit for Q4 to Rs 69 crores.
  • Dabur India’s Q4 net profit dropped 24% to Rs 281 crores.
  • Ceat reported a 19% drop in its Q4 consolidated profit at Rs 52 crores.
  • Sun Pharmaceutical’s Q4 net profit fell down 37% to Rs 399 crores.
  • Lupin posted a 35% increase in the consolidated profit to Rs 389.6 crores between Jan-Mar.
  • HDFC reported a Q4 net profit fall to Rs 2233 crores.
  • Chambal Fertilisers Q4 profit rises 122% to Rs 203.7 crores.

Tie ups:

  • PepsiCo India said it has tied up with Dunzo, an on-demand delivery service platform, to enable last-mile delivery of its food brands.
  • Maruti Suzuki India said it joined hands with ICICI Bank to offer retail financing schemes to its customers.
  • As part of the company’s responsible dining initiative, ITC Hotels announced its partnership with Swiggy to deliver favorite dishes from popular restaurants of the hotel chain.

Ongoing cases: India business news weekly roundup 25th to 30th May 2020

People:

  • Kalpana Morparia, chairman of South and Southeast Asia, JPMorgan announced her desire to retire from the American Bank after working at the helm for over a decade. She will stay with the bank till the end of the first quarter and will oversee her succession by Leo Puri.
  • KV Kamath resigned office as president of the National Development Bank after completing his 5-year tenure. He is credited to have built the multilateral lending institution from the scratch.
  • The Appointments Committee of the FSSAI approved the appointment of Arun Singhal as CEO of FSSAI.
  • Wipro has named Thierry Delaporte as the CEO and MD of the company.

Airlines: India business news weekly roundup 25th to 30th May 2020

  • IndiGo appointed Venkataramani Sumantran, the chairman and MD of Celeris Technologies as the independent director of the airline.
  • SpiceJet’s cargo arm got DGCA nod for drone trials.
  • GoAir said the company was awaiting ‘clarity’ on the readiness of states and airports for ‘acceptance’ of flight operations.
  • Zoom announced that it appointed VMware veteran Velchamy Sankarlingam as president of engineering and product, effective 12 June 2020.
  • Airlines are most likely to witness a 47% decline in passengers in 2020, on account of restrictions imposed to contain the spread of the coronavirus.
  • IndiGo’s Bangalore-Delhi flight marked the resumption of domestic air travel in India.

IL&FS – India business news weekly roundup 25th to 30th May 2020

  • IL&FS group sought EoIs from potential buyers to sell its 26% stake in ONGC Tripura.

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