Weekly Business News: India Business News Weekly Roundup 27 September to 2 October 2021

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India Business News Weekly Roundup 27 September to 2 October 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 27 september to 2 october 2021

Corporates – India Business News Weekly Roundup 27 September to 2 October 2021

  • RBI has reportedly imposed a penalty of Rs 2 crores on RBL Bank for non-compliance of rules while opening five savings deposit accounts for a cooperative bank.
  • GOI has notified the Rs 10,683 Production Linked Incentive scheme for textiles, covering 10 technical textile products, 14 manmade fibre products and 40 MMF apparel.
  • Raymond Ltd, a garments major, has approved the consolidation of the tools and hardware, and auto components businesses into JK Files India Ltd, a wholly-owned subsidiary.
  • As per CBDT, the Income Tax department has recently detected an unaccounted income of over Rs 300 crore following raids on four major steel rolling mills in Maharashtra.
  • Manali Petrochemicals has reportedly entered into an MoU with Econic Technologies for the introduction of environment-friendly and CO2-containing polyols into the global polyols market which is said to be around $28 billion.
  • EaseMyTrip, an online travel platform, has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand and USA in phase two of global expansion.
  • SEBI has reportedly imposed a fine of Rs.75 lakhs on Venugopal Dhoot, on Videocon Realty and Infrastructures, and Electroparts for insider trading activities of shares of Videocon Industries.
  • IndiGo and American Airlines have reportedly signed a codeshare agreement that will place US-based airlines on Indigo’s 29 domestic routes.

India Business News Weekly Roundup 27 September to 2 October 2021

  • Adani Wilmar, a fast-moving consumer goods company, has launched an offline store, Fortune Mart to sell Fortune and other Adani Wilmar products.
  • Maruti Suzuki India has reportedly signed a partnership deal with Tata Institute of Social Services- School of Vocational Education for providing a customized three-year degree course in retail management.
  • Indian Bank has become the official partner bank for collection of online and offline treasury for Integrated Financial and HR Management System, a portal developed by the government of Tamil Nadu.
  • Paytm has become the first Indian platform to directly accept international remittances into the digital wallet by entering into a tie-up with Ria Money Transfer, a cross-border money transfer firm.
  • Anupam Rasayan, a specialty chemical manufacturer, has reportedly signed an LoI worth Rs.145 crores with European multinational consumers for supply of a new life science related active ingredient.
  • SBI has reportedly signed an agreement with Vedika Credit Capital Ltd, Save Microfinance Pvt Ltd, and Paisalo Digital Ltd for co-lending to Joint Liability Groups.
  • Blue Dart Express has reportedly announced an increase in average shipment price by 9.6% w.e.f. January 01, 2022, depending upon the shipping profile.
  • RBI has recently uplifted the regulatory curbs imposed on Indian Overseas Bank, leaving only the Central Bank of India under prompt corrective action framework.
  • Ministry of Defence has approved the procurement of military hardware and platforms worth Rs 13,165 crores. It includes 25 indigenously developed ALH Mark-lll helicopters and a batch of rocket ammunition.
  • SEBI has reportedly introduced “swing price” for all open-ended mutual fund schemes except overnight funds, gilt funds, and gilt with 10-years maturity funds to discourage large investors from sudden redemptions. It will be applicable from March 01, 2022.

India Business News Weekly Roundup 27 September to 2 October 2021

  • BHEL has bagged a maiden order for the supply of an upgraded Super Rapid Gun Mount, the main gun on-board of warships of the Indian Navy, from Goa Shipyards.
  • Indel Money, an NBFC specialized in gold loans, has signed a gold loan co-lending partnership with IndusInd Bank for offering loans at competitive rates.
  • The Union Cabinet has approved the proposal of Export Credit Guarantee Corporation to be listed on the stock exchange to boost India’s exports. GOI will invest Rs 4400 crores in the next five years to boost exports and provide support to bankers.
  • Emami Ltd will reportedly be expanding its health care portfolio, sold under ‘Zandu’ brand.
  • Bank of Maharashtra has reportedly raised the issue of the breach of confidentiality before NCLT in the corporate IR process of Videocon.
  • Adani Group has reportedly finalized a deal with Sri Lanka Ports Authority for developing and running the Western Container Terminal of Colombo Port.

India Business News Weekly Roundup 27 September to 2 October 2021

  • The Consumer Electronics and Appliances Manufacturers Association is said to have reported about the shortage of semiconductors and chips in domestic appliances and consumer electronics causing delays in the launch of new products.
  • mazon has advanced its Great Indian Festival sale to October 3, 2021, the same date on which Big Billion Days of Flipkart is scheduled now.
  • The 2 largest shareholders of Zee Entertainment, Invesco Developing Markets Fund and OFI Global China Fund Llc holding together a total of 17.88% shares, have once again reportedly asked for the removal of Punit Goenka, MD & CEO of Zee from the board. They have also reportedly asked for removing 2 more Directors and appointing 6 new independent directors on the board.
  • Tupperware, a popular kitchen brand, has drawn up expansion plans to set up 1000 retail stores across the country in the next five years. It has recently inaugurated the 100th retail store in Chennai.
  • As per resources, the Ministry of Road Transport and Highways is set to launch a Rs.7270 crore program to strengthen road safety and to realize the vision of Zero road fatalities on Indian roads for 6 years to be implemented in 14 states, contributing 85% of the total road accidents.
  • Reportedly GOI might extend the subsidy provisions under FAME II to the buyers of passenger cars for personal use and the inclusion of electric bicycles under the capital subsidy scheme.

Must Read:Full list of Union Ministers of India 2021 and their portfolios

India Business News Weekly Roundup 27 September to 2 October 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 27 September to 2 October 2021

  • Akudo, a fin-edtech startup, has reportedly raised $4.2 million in a seed funding round led by Y Combinator, AET Fund, Incubate Dund India and JAFCO Asia.
  • Ummeed Housing Finance has reportedly raised Rs.270 crores of equity capital from Norwest Venture Partners and its existing investor Morgan Stanley. It had previously raised Rs.140 crores from Morgan Stanley in Feb.2020.
  • Shyam Metallics has announced to invest Rs 850 crores in the current fiscal expenditure plan to double its steel-making capacity and foray into the aluminum foil sector.
  • Manch Technologies, a software platform, has reportedly raised $ 1.1 million in its pre-series A round led by Bharat Inclusion Seed Fund and Pentathlon Ventures. The funds will be used for global growth and product development initiatives.
  • Bijnis, a platform for manufacturers, has reportedly raised $30 million in a Series-B round of funding led by Westbridge Capital. Other investors like InfoEdge,  Sequoia Capital India, and Matrix Partners India also participated in the funding round.
  • Zypp Electric, a delivery startup, has reportedly raised $7 million in a Series A round of funding, co-led by 9Unicorns and Anthill Ventures.
  • Alteria Capital has reportedly made the final close of its second venture debt fund at Rs.1,800 crores. It is now said to be the largest venture debt fund in India.
  • Ola Electric has reportedly raised over $200 million in a funding round led by SoftBank and Falcon Edge, and some other investors at a valuation of $3 billion.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 27 September to 2 October 2021

  • Leena AI, a Saas startup, has reportedly raised $30 million in Series-B funding round from Bessemer Ventures Partners. Its existing investors Greycroft and Eduardo Saverin’s B Capital Group also participated.
  • Cred Avenue, a debt platform, has reportedly raised $90 million in equity capital in a funding round led by Sequoia Capital. The round also saw participation from Lightspeed, TVS Capital Funds, Lightrock and others.
  • MFine, a digital health platform, is reported to have raised $48 million as part of its Series-C round co-led by Moore Strategic Ventures and BEENEXT.
  • BP Ventures has reportedly invested $13 million in BluSmart, an integrated EV ride-hailing and charging company, while leading a $25 million Series A funding round.
  • Portea Medical announced to have gotten a commitment from United States International Development Finance Corp for a local currency guarantee facility worth $7.7 million.
  • Vedantu announced to have raised $100 million in a Series E round of funding led by Singapore-based ABC World Asia at a valuation of $1 Billion.
  • Vedantu, an online tutoring platform, has become the fifth Indian edtech to achieve unicorn status as the company raised $100 million in Series E funding led by Singapore-based ABC World Asia.
  • HDFC Bank and HDFC Securities have reportedly invested $1 million in Borderless Softtech, a US-based Borderless Investing subsidiary, as part of their Pre-Series A round of funding.

Some stats: India Business News Weekly Roundup 27 September to 2 October 2021

  • Crisil, a credit rating agency, has reportedly upgraded the ratings of Bharti Airtel to AA+ with a stable outlook from AA.
  • According to a survey by Labour Ministry, the employment scenario in 9 key sectors has registered a growth of 29% during the April-June quarter in comparison to sixth economic survey of 2013-14. The 9 sectors include- manufacturing, construction, trade, education, transport,  health, accommodation, restaurant and IT/BPO and financial services.
  • According to Finance Ministry, India’s external debt has slightly risen to 21.1% at USD 570 billion as of March-end 2021 compared to 20.6% at end of March 2020.
  • The market valuation of the top 10 valued firms reportedly jumps over Rs 156317.17 crores. In the rankings of firms, Realine Industries is in the lead followed by TCS, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, Bharti Airtel, and Kotak Mahindra Bank.
  • According to TRAI data, Reliance Jio leads active wireless subscribers with an addition of 6.1 million users, reaching a total of 349 million users in July. For Bharti Airtel, the addition made was 2.3 million users summing up to 346 million.

Must Read:New Vehicle Scrappage Policy 2021

Tie-ups – M&As – India Business News Weekly Roundup 27 September to 2 October 2021

  • Whirlpool India Limited has reportedly acquired an additional stake in Elica PB India, a kitchen appliance maker, taking ownership from 47% to 87% for $57 million.
  • As per reports, Standard Life Investments will sell up to 5% of its stake in HDFC Asset Management through a block deal for Rs.3,042 crores.
  • PUMA has reportedly partnered with Royal Challengers Bangalore to launch a new athleisure range.

Ongoing cases: India Business News Weekly Roundup 27 September to 2 October 2021

People:

  • Rajiv Suri has been appointed as the Global CEO of Kaya Ltd, a chain of skin and hair care clinics in India and the Middle East. He was previously MD & CEO of Shoppers Stop.
  • Vineet Mahajan is the newly appointed Chief Financial Officer of Avanse Financial Services, an education-focused NBFC.
  • Karthick Prabhu is the newly appointed Vice President and Head of product management of Hotel Superhero, the Saas arm of Treebo Hotels.

Must Read:QUAD Full Form Countries Formation Objectives Purpose Leaders

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