India Business News Weekly Roundup 27th July to 1st August 2020

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India business news weekly roundup 27th July to 1st August 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 27th july to 1st august 2020

Corporates – India business news weekly roundup 27th July to 1st August 2020

  • Restaurants that are facing sharp slumps in their dine-in business are initiating conversations with food delivery platforms to reduce commissions as online deliveries and takeaways are expected to drive business for the next 6-8 months.
  • Tata Sons alleged that its former chairman Cyrus Mistry undermined the Tata Sons board during the acquisition of Welspun’s renewable projects by Tata Power.
  • Flipkart said it supports over 6 lakh artisans in India via its Samarth programme.
  • JSW Energy said it has terminated its Ra 5321 crore deal to acquire GMR Kamalanga Energy due to uncertainties of COVID-19.
  • Seshagiri Rao, joint MD and group CFO at JSW Steel said, “Demand is returning from industries in consumer appliances, packaging, infrastructure, and construction.”
  • Sterlite Tech says BSNL’s outstanding dues are now below Rs 100 crores. Group CEO, Anand Agarwal said that the company is hopeful that a substantial part of pending dues will be cleared by the state-owned telco this year.
  • L&T chairman, A M Naik admitted that their company is not immune to labor disruptions due to COVID-19. However, the company expects normalcy in Q2.
  • Mukesh Ambani’s RIL has overtaken ExxonMobil to become the world’s second-largest energy company after Saudi Aramco.
  • Drugmakers Lupin and Granules India are recalling nearly 9.71 lakh bottles of generic diabetes drugs in the US.
  • After its profitability path zoomed during the lockdown period, Grofers has advanced its plan to launch an initial public offer by the end of next year.

India business news weekly roundup 27th July to 1st August 2020

  • Serum Institute of India has sought permission from DCGI for conducting phase 2/3 human clinical trials of Oxford’s Covid-19 vaccine.
  • Infosys co-founder, S.D. Shibulal and his family have sold 8.5 million shares of the company between 22– 24 July. This makes 0.20% of their paid-up share capital in the company.
  • Maruti Suzuki is planning to offer digitalised financing options for car buyers.
  • Swiggy laid off 350 employees as part of its realignment exercise that the company started in May, due to the impact of COVID-19 pandemic.
  • As Covid-19 continues to spread, Google is extending its work from home (WFH) option for employees until June next year, globally.
  • Facebook Ince said the company has delayed its Q2 results by 1 day to 30 July as Mark Zuckerberg is set to appear before Congress.
  • 5 investment banks Citigroup, Edelweiss, SBI Capital Markets, Credit Suisse and Deloitte have been shortlisted for LIC IPO adviser role.
  • The GST investigation wing, DGGI has booked 3 firms for over Rs 600 crores for GST evasion.
  • As demand is falling, Uber is planning to expand its recently launched business to customer (B2C) and customer to customer (C2C) logistics services in India.
  • Dr Reddy’s Laboratories announced that the company received approval from USFDA for Xeglyze lotion, a lice treatment lotion.

India business news weekly roundup 27th July to 1st August 2020

  • Pfizer Inc says COVID could endure and the company is preparing for a long-term need for a seasonal shot to protect against Covid-19.
  • Cadbury maker, Mondelez International Inc bets on asian market to fuel its chocolate demand recovery.
  • In a challenge to Amazon Fresh, Flipkart launched a 90-minute hyperlocal delivery service for groceries and electronic products, among other items.
  • Raymond is cutting costs by more than a third as people shelter at home from the coronavirus outbreak.
  • Sony Pictures Network and Viacom18 Media are likely to strike a deal by mid-Aug.
  • Mindtree Ltd has submitted applications seeking reclassification of ‘promoters and promoter group’ to BSE Ltd and National Stock Exchange of India Ltd.
  • The Roche Group said that a clinical trial of tocilizumab did not improve clinical status of patients with severe covid-19.

India business news weekly roundup 27th July to 1st August 2020

  • Reliance BP Mobility  is planning to set up battery swapping stations at it’s fuel outlets. The planned investment expenditure amounts to Rs 3000 crores to expand its fuel retail business.
  • Tractor output suffers as curbs/lockdowns in Aurangabad, Pune, and Bangalore hit parts supply. Tractors are one of the few sectors that have seen a spike in demand post the coronavirus pandemic.
  • Oyo founder Ritesh Agarwal has launched an early-stage VC fund, Aroa Ventures.
  • ICICI Lombard General Insurance has initiated talks to acquire Bharti AXA General Insurance in all stock transaction.
  • SEBI has imposed penalties totalling to Rs 11.45 crores on Maars Software and 3 others for fraudulent activities in issuance of global depository receipts.
  • Tech Mahindra and Hinduja Group’s CyQureX signed a global pact for cyber security solutions.
  • Yes Bank has taken possession of ADAG’s Mumbai headquarter.
  • Warburg Pincus sold a 2.26% stake in AU Small Finance Bank for Rs 516.74 crores through open market transactions.
  • Shriram Transport successfully closed its Rs 1500-crore rights issue with a subscription of 1.61 times on the final day of the offering.
  • The Delhi HC issued summons to HP India and others on a plea by an ex-employee alleging wrongful termination and allegations of corrupt and anti-competitive practices.

India business news weekly roundup 27th July to 1st August 2020

  • Deepak Parekh, chairman at HDFC urged state governments to offer some incentives to homebuyers to boost the housing sector.
  • Lakshmi Vilas Bank said its deal with the Clix Group delayed as bothe parties have agreed to extend the exclusivity period till 15 September 2020.
  • Bharti Airtel CEO Gopal Vittal indicated another round of tariff hike for a sustainable business model. He, however, did not specify the timeline for a hike in calls and data tariffs.
  • N Chandrasekaran, chairman at Tata Power told its shareholders that the company is planning to cut its debt to Rs 25000 crores.

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Start-up world, funds, funding and investments – India business news weekly roundup 27th July to 1st August 2020

  • Qatar Investment Authority is planning to invest nearly 1.5 billion in RIL.
  • Niyo, a Tencent-backed digital banking fintech startup, has acquired a mutual funds investment platform, Goalwise.
  • Adani Ports and SEZ raised $750 million via an offshore bond offering.
  • Punjab National Bank International won a UK High Court battle over unpaid dues of around USD 22 million.
  • PNB raised Rs 994 crores by issuing Basel III compliant bonds on private placement basis.
  • Hevo, a Sequoia-backed company raised $8 million in a Series A round of funding led by Qualgro along with Lachy Groom.
  • NTPC is planning to raise around Rs 1000 crores via bonds on 31 July on private placement basis.
  • Sun Oharma said a subsidiary of its American arm, Taro Pharmaceutical, is set to acquire Canada’s Aquinox Pharmaceutical for $8.2 million in cash.
  • Advent International said it acquired a controlling stake in RA Chem Pharma at a valuation of Rs 1000 crores.
  • Bharat Forge said it’s board approved to raise Rs 500 crores via NCDs.
  • Reliance Power Bangladesh JV signed a $642-million loan to fund its 745 MW gas-fired project.
  • An IIT Madras incubated startup raised Rs 22 crores to launch a wearable wrist band for COVID detection.
  • Ajit Mohan, vice-president and MD at Facebook India, spoke about the company’s plans for the country’s startup community which is considered one of the most vibrant globally.

Some stats: India business news weekly roundup 27th July to 1st August 2020

  • MTNL reported a standalone loss for the fourth quarter of FY 2019-20 at Rs 624 crores.
  • Escorts Ltd reported a Q1 consolidated net profit increase by 6% at Rs 92.58 crores.
  • Tech Mahindra reported a Q1 net profit rise by 1.4% at Rs 972.3 crores.
  • Bharti Infratel reported a Q1 net profit fall by 21% to Rs 704 crores.
  • Zee Entertainment (ZEEL) reported a consolidated net loss of Rs 765.82 crores for the Jan-Mar quarter of FY 2019-20.
  • Huawei continues to maintain its leadership position globally. The company reported a growth of 13.1% YoY.
  • Owing to higher treasury income from the sale of investments, ICICI Bank‘s net profit increased 36% YoY to Rs 2599 crores in the June quarter.
  • Sun Pharmaceutical reported a Q1 consolidated net loss of Rs 1655.6 crores.
  • SBI reported an 81% increase in the quarterly profit on higher interest income and stake sale in its insurance unit.
  • Marico reported a Q1 net profit increase by 23% to Rs 388 crores.
  • Kotak Mahindra Bank reported an 8.5% fall in Q1 net profit to Rs 1244 crores.

India business news weekly roundup 27th July to 1st August 2020

  • India Cements reported a decline in Q1 consolidated net profit by 69.70% to Ra 19.47 crores.
  • Maruti Suzuki reported a Q1 net loss of Rs 249 crores for the first time in more than a decade.
  • Colgate Palmolive India reported a Q1 profit increase by 17.18% to Rs 198.18 crores.
  • Dabur India reported a Q1 6% decline to Rs 341.30 crores.
  • JM Financial Group reported a Q1 26.5% decline in consolidated net income to Rs 93.61 crores on additional COVID-19 provision.
  • Ceat reported a net loss of Rs 35.24 crores in the quarter that ended in June.
  • Dr Reddy’s Q1 consolidated PAT was down by 13% to Rs 579.3 crores.
  • SpiceJet reported a net loss of Rs 807 crores for the quarter ending in March.
  • TVS Motor Company reported a Q1 loss of Rs 139 crores.
  • Bharti Airtel reported a Q1 consolidated net loss of Rs 15933 crores.
  • Yes Bank reported a Q1 net profit drop of 60% YoY to Rs 45.44 crores.
  • Tata Communications reported a Q1 net profit jump by 236% in PAT to Rs 258 crores.
  • Reliance Jio Infocomm posted a Q1 net profit increase by 182% YoY to Rs 2520 crores.
  • RIL reported a consolidated net profit of Rs 13248 crores, witnessing a 31% jump.

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Tie-ups: India business news weekly roundup 27th July to 1st August 2020

  • Canara Bank said it has tied up with 3 insurers to provide Corona Kavach policies to cover COVID-19 related health expenses.
  • KKR is planning to merge with InCred’s retail franchise.
  • Cognizant Technology Solutions Corp. said the company has entered into an agreement to acquire US-based, New Signature.
  • Myntra has partnered with Emaar’s e-commerce portals, Noon and Namshi to enter the middle east market.
  • PFC tied up with IIT-Kanpur for training, research, and entrepreneurship development in smart grid technology.

Ongoing cases: India business news weekly roundup 27th July to 1st August 2020

People:

  • Paytm Money has appointed Varun Sridhar as its new CEO.
  • Navin Agarwal has taken over as MD and CEO of Motilal Oswal AMC.
  • Jaguar Land Rover Automotive appointed former Renault head, Thierry Bolloré as CEO.
  • Walgreens Boots Alliance Inc said it’s CEO & biggest shareholder, Stefano Pessina will be stepping down as CEO.

Airlines: India business news weekly roundup 27th July to 1st August 2020

  • IndiGo said the company is planning to raise at least Rs 20 billion via sale and leaseback of its planes and other assets.
  • IndiGo is planning to take delivery of CFM engines from August onwards to power its fleet of Airbus A320neo planes.
  • Air India’s northern regional office has formed a committee to identify the “redundant” or “surplus” employees. These employees will be asked to go on compulsory leave without pay (LWP) for up to 5 years.

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