Weekly Business News: India Business News Weekly Roundup 26th to 31st October 2020

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India Business News Weekly Roundup 26th to 31st October 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 26th to 31st october 2020

Corporates – India Business News Weekly Roundup 26th to 31st October 2020

  • Mahindra First Choice Wheels announced its launch of 50 new franchise stores across India.
  • Indian Oil said it’s e petting the demand for petrol and diesel to rise and reach pre-pandemic levels as the company’s capacity utilization improves.
  • CaratLane’s consumer business grew 25% in the quarter ending in September and witnessed a 90% rise in online sales.
  • Amazon alerted SEBI to consider the interim judgment of a Singapore arbitration court barring Future group’s asset sale to RIL.
  • Maruti Suzuki India is cautious of a dip in sales after festivals because of concerns over demand in the urban markets.
  • IIFCL is planning to rework its rules on capital raising and lending as it aims to scale up lending.
  • Apple said the company witnessed a new record in India, even as iPhone sales fall worldwide.
  • JPC questioned Paytm over Chinese investment and Google over regulatory mechanism in its functioning.
  • KKR has announced its launch of Virescent Infrastructure, a renewable energy platform, to acquire green energy assets in India.
  • Infosys said the company achieved its carbon-neutral target 30 years early. The target was set before 2050 by the Paris Agreement.
  • Dr. Reddy’s Laboratories said the company is planning to finish the phase 3 clinical trials of the Sputnik V COVID-19 vaccine by May.
  • RBI imposed a Rs 1 crore penalty on Jio Payments Bank over non-compliance with RBI directions on timely submission of application in case of re-appointment of MD & CEO.

India Business News Weekly Roundup 26th to 31st October 2020

  • A CDSCO panel recommended the DCGI VG Somani to allow Biological E to conduct human trials of Baylor’s covid vaccine in India.
  • The Tata Group is planning to buy a majority stake in BigBasket by buying out several existing investors of the online grocer.
  • Tour businesses see a spike in sales during the festive season this year in line with the easing of curbs on inter-state travel and lifting of mandatory testing rules for covid-19.
  • Automakers and dealers are wary of the softening sales due to the uncertain sales momentum that has been seen in the past few months through the festive season.
  • DHFL lenders have asked the 4 bidders for the company to get back with a revised offer seeking higher bids by 31 October.

India Business News Weekly Roundup 26th to 31st October 2020

  • Cadila Healthcare is planning to ramp up its production capacity by 70% if its candidate passes human clinical trials.
  • The SC dismissed a plea that was filed by Vijay Mallya’s UBHL against the HC order that asked to wind up the firm for the recovery of dues payable by Kingfisher Airlines.
  • Baring Private Equity Asia sold a 6.27% stake in Coforge for Rs 878 crores through block deals.
  • Fortis Healthcare opened up a new 250-bed multispecialty hospital in Chennai. This nine-story facility in Chennai was inaugurated by Tamil Nadu CM Edappadi K Palaniswami.
  • Tech Mahindra said the company acquired Momentum and Tenzing to boost its financial services business as also to the company’s digital capabilities, modern cloud-based architecture, and transformation for customers.

India Business News Weekly Roundup 26th to 31st October 2020

  • Tata Motors is actively looking for a partner for its passenger vehicle business in order to be ready for growth in the next decade which would see huge investments into technologies and regulations.
  • The Adani Group has spent most of this year in acquisitions and bidding for new projects while most infrastructure companies have reduced spending on these.
  • Warburg Pincus is planning to sell its stake in CleanMax.
  • Eateries in India witnessed a revival of nearly 70% on dine-in and orders  since they began reopening their outlets on 1 June.
  • Reliance Retail Ventures said the company intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.
  • Amazon secured interim relief in a Singapore arbitration court, pausing the Future-RIL deal which amounted to Rs 24713 crores.
  • India’s fashion retail landscape is a new arena in e-commerce wars.
  • Kotak Mahindra Bank is exploring a potential takeover of IndusInd Bank.
  • Motorola is aiming to grow ‘faster than the industry’ in India on both a quarterly and yearly basis.
  • Yes Bank is aiming to cut operational expenses by 20% in FY21 by rationalizing branches and
  • ATMs, giving up unwanted leased spaces, and by renegotiating rents.

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Start-up world, funds, funding, and investments – India Business News Weekly Roundup 26th to 31st October 2020

  • Brands is set to acquire Dunkin and Baskin Robbins in an $11.3 billion deal.
  • As the global e-commerce platform Amazon saw its revenue touching $96.1 billion in the quarter ending in September, the company will continue to invest in India post-covid-19.
  • Yuvraj Singh invested Rs 100 crores in a nutrition healthcare startup called Well versed.
  • ICICI Prudential Life Insurance Company said it will raise Rs 1,200 crores via issuing bonds on a private placement basis.
  • Dolat Capital forayed into AIF with the launch of a hedge fund under the LLP structure. The fund intends to raise Rs 250 crores in the initial tranche.
  • FreshToHome has raised $121 million in a Series C round of funding led by Investment Corp. of Dubai.
  • Inox Leisure is preparing for a Rs 250 crore fundraise via QIP as theatres reopen after more than 6 months of closure.
  • Treebo Hotels raised Rs 10 crores from a group of angel investors.
  • Axis Bank said it will acquire a 19% stake in Max Life Insurance with the help of 3 Axis entities since the RBI turned down the bank’s proposal earlier to directly buy a stake of 17% in the life insurer.
  • Embassy REIT has raised Rs 750 crores via NCDs.
  • GetVantage raised $5 million as part of its seed funding led by Chiratae Ventures, via equity and debt.
  • SBI said the company raised Rs 5,000 crores by issuing Basel-III compliant bonds.
  • Jumbotail raised $11 million in a Series B2 round of funding led by Heron Rock

Some stats: India Business News Weekly Roundup 26th to 31st October 2020

  • SBI Life Insurance reported a two-fold Q2 net profit jump to Rs 300 crores.
  • MakeMyTrip said its Q2 operating loss narrowed to $12.9 million.
  • RIL posted a Q2 profit of Rs 9,567 crores.
  • Reliance’s retail arm’s Q2 revenue fell down 5% to Rs 39,199 crores.
  • Reliance Jio reported a Q2 net profit rise to Rs 2,844 crores.
  • Bharti Airtel reported its highest-ever quarterly revenue in Q2FY21. Its ARPU rose to Rs 162.
  • Suven Pharmaceuticals posted a Q2 net profit decline of 20.35% to Rs 74.07 crores.
  • IOC reported a 10-fold jump in its Q2 net profit to Rs 6,227 crores.
  • DLF reported a Q2 net profit decline of 48.68% to Rs 227.5 crores.
  • IndusInd Bank reported a Q2 profit dropped 53% YoY to Rs 647 crores.
  • LT Foods posted a Q2 profit rise by 63% to Rs 77.46 crores.
  • Coca-Cola India recorded a net profit fall by 2% to Rs 619.43 crores for the FY 2019-20.
  • Vodafone Idea reported a Q2 net loss of Rs 7,218 crores.
  • TVS Motor reported a 23% YoY decline in profit to Rs 196 crores for the September quarter.
  • APL Apollo Tubes reported a Q2 consolidated profit rise by 71.5% to Rs 102.63 crores.
  • BPCL reported a Q2 profit jumps by 58% on refining margins and inventory gains.
  • Marico reported a Q2 net profit rise by 8%.
  • Piramal Enterprises reported a Q2 profit rise by 13.95% to Rs 628.31 crores.
  • RBL Bank reported a Q2 net profit of Rs 144 crores.
  • Titan reported a Q2 net profit of Rs 199 crores.
  • Firstsource reported a Q2 net profit rise by 56.3% to Rs 105.2 crores.
  • Tata Motors Q2 consolidated net loss widened to Rs 307 crores.
  • Torrent Pharmaceuticals reported a Q2 net profit rise by 27.04% to Rs 310 crores.
  • Persistent Systems reported a Q2 net profit rise by 18.5% to Rs 101.9 crores.
  • Kotak Mahindra Bank reported a Q2 net profit rise by 26% to Rs 2184 crores.
  • CDSL reported a Q2 jump in PAT by 68% to Rs 48.87 crores.
  • Mahindra Finance reported a Q2 consolidated net profit rise by 34% to Rs 353 crores.
  • Amara Raja Batteries reported an 8% decrease in Q2 net profit to Rs 201 crores.

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India Business News Weekly Roundup 26th to 31st October 2020

Tie-ups:

  • Harley-Davidson has tied up with Hero MotoCorp for the Indian market as the US automaker renews its stint in this potential growth market for premium motorcycles.
  • CSB Bank entered into a partnership with IIFL Finance for sourcing and managing retail gold loan assets.

Ongoing cases: India Business News Weekly Roundup 26th to 31st October 2020

People:

  • Yes Bank said that Swaminathan Janakiraman, the nominee director appointed by SBI, has resigned with effect from 28 October 2020.
  • Aditya Puri retired as the MD of HDFC Bank and handed over the charge to Sashidhar Jagdishan, who is now the new chief executive and managing director of the company.

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