Weekly Business News: India Business News Weekly Roundup 28 March to 2 April 2022

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India Business News Weekly Roundup 28 March to 2 April 2022. 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 28 march to 2 april 2022

Corporates – India Business News Weekly Roundup 28 March to 2 April 2022

  • State Forum of Bankers Clubs Kerala has awarded the “best bank award” to the Bank of Maharashtra under the public sector category.
  • An agreement has been signed by the GOI and WHO for setting up the Global Centre for Traditional Medicines in the Jamnagar City of Gujarat.
  • The BOD of IDBI Bank has approved the borrowing limit of rupee bond for Rs 8,000 crore w.e.f., the beginning of new FY from April 01.
  • A stake of 1.5% in Oil and Natural Gas Corporation to be sold by the GOI via offer for sale to garner Rs 3000 crore.
  • According to data by MoS for Communications Devusinh Chauhan, the operators of telecom owe around Rs 1.65 lakh crore to the GOI in AGR for the FY 2018-19.
  • The Ministry of Heavy Industries has approved the incentives proposed by the Sundaram Fasteners Ltd for eVs and ICE vehicles under the PLI Scheme.
  • Two contracts worth Rs 3102 crore has been signed by the Ministry of Defence with Hyderabad and Bengaluru units of Bharat Electronics Limited.
  • A stake of 5% has been reduced by Canara Bank in India Debt Resolution Company Ltd.
  • Around Rs 3800 crore has been paid by the Unity Small Finance Bank to 8.5 lakh depositors of Punjab and Maharashtra Co-operative Bank.
  • The GOI aims to raise Rs 8.45 lakh crore via borrowings to fund the revenue gap during the first half of the current FY for reviving the economy.
  • The remaining stake of 26% of Power Grid Corporation of India in Powergrid Vizag Transmission Ltd has been transferred to PGInvIT for about Rs 330 crore.
  • The Ways and Means Advances for states and UTs have been reduced by the Reserve Bank of India from Rs 51,560 crore to Rs 47,010 crore.
  • The gross GST collection of India for March has reached a new high of Rs 1,42,095 crore, thus, indicating a faster recovery underway in business activities.

India Business News Weekly Roundup 28 March to 2 April 2022

  • A stake of 7% in Avaada KNShorapur has been acquired by Bharti Airtel for Rs 1.74 crore in cash consideration.
  • An amount of Rs 500 crore to be invested by Aster DM Healthcare, one of the largest integrated healthcare providers in India and GCC, for the setting up of healthcare facilities in Tamil Nadu.
  • As per the sources, Adani Finserv, Tata AIG, ICICI Lombard, Nippon Life, and HDFC Ergo have emerged as the top firms having a keen interest in acquiring the debt-ridden Reliance Capital Ltd.
  • DLF to invest Rs 2,000 crore for the construction of two shopping malls in Gurugram and Goa.
  • The proposal of IL&FS Group to restructure the debt of Chenani Nashri Tunnelway has been approved by the lenders.
  • Toyota Kirloskar Motor has announced a hike in the prices of its range of vehicles from April 01, 2022, to offset the impact of increasing cost of raw materials.
  • The units of Santacruz Electronic Export Processing SEZ in Mumbai have been directed to resume functioning from physical offices by September 01, 2022 with 100% capacity.
  • Adani Total Gas has launched its first RV charging station in Ahemdabad and has forayed into the infrastructure sector of electric mobility.
  • A merger deal has been announced by PVR Limited and Inox Leisure Limited for the creation of the largest multiplex chain in India with more than 1500 screens network.
  • Aurobindo Pharma has acquired the formulation business of Veritaz for an amount of Rs 171 crore on a cash and debt free basis.
  • Lulu Group, a retail major based in UAE, has invested Rs 3500 crore in Tamil Nadu for setting up shopping malls, hypermarkets, and logistics parks.
  • One cargo of Russian Sokol oil has been sold by ONGC Videsh Ltd to Indian refiners Bharat Petroleum Corp and Hindustan Petroleum Corp.
  • Shriram Transport Finance, engaged in purchasing second-hand trucks, to wear a new brand look from the beginning of April 2022.
  • Tata Power has collaborated with Rustomjee Group for providing electric vehicle charging solutions across commercial and residential projects in the Mumbai Metropolitan region.
  • The cumulative sales of Lamborghini have crossed the sales mark of 400 in India since its full-scale operations from 2007.
  • According to the Global Data Report, Byju’s has been the most active media and telecom company across the global market of acquisition and merger in 2021.
  • Rs 955 crore has been raised by Tata Capital Healthcare Fund for investment in Life Sciences and Health care companies in India.
  • HP to buy the makers of audio and video products, Poly, for around $ 1.7 billion in cash.

India Business News Weekly Roundup 28 March to 2 April 2022

  • Prebiotic Break Shake, India’s first ready-to-serve probiotic milkshake, has been launched by Lil’ Goodness.
  • Log9 has tied up with Jitendra New EV Tech for providing its battery charging technology to the latter’s electric scooters.
  • The SC has directed the BoB led a consortium of seven banks for the disbursement of Rs 1500 crore for the construction of the projects of Amrapali Group.
  • All the businesses of Tata Coffee to merge with Tata Consumer Products as a part of a reorganization plan for unlocking synergies and efficiencies.
  • A stake of 4.7% in Indus Towers from Euro Pacific Securities has been completely acquired by Bharti Airtel along with its wholly owned subsidiary.
  • Samsung India aims to increase its revenue market share from 25% to 40% in the segment of mid and high range smartphones along with the expansion of its 5G portfolio.
  • An agreement has been inked by HDFC Bank for an infusion of Rs 3 crore in the first tranche for the acquisition of a stake in IDRCL, a debt management company.
  • Around USD 200 million has been raised by GEF Capital Partners from British CDC Group, IFC and FMO along with other investors.
  • A land parcel of 41 acres on Ballabgarh-Sohna Highway has been acquired by Pardos Logistics for about Rs 50 crore for the development of warehouse space.
  • Insitor Partners has marked the first close of Insitor Impact Asia Fund at USD 42 million with the participation of the Dutch Good Growth Fund and other founding family offices of Insitor.
  • The headquarters of IL&FS in Mumbai’s BKC has been sold for Rs 1080 crore to Brookfield.
  • The ferroalloy assets of Stork Ferro and Mineral Industries are to be acquired by Tata Steel for Rs 155 crore in an all-cash deal.
  • Vedix, a customised Ayurveda beauty brand, has entered into the body care segment and has also launched its operations in the international markets of the UK, US, Canada, and Australia.
  • Honda India Power Product aims to expand its footprints in India by launching a new range of marine power products.
  • The retail assets of Citi India, which include consumer banking business, credit cards, retail banking, consumer loans and wealth management, have been acquired by Axis Bank for a cash consideration of $1.6 billion.
  • PricewaterhouseCoopers Services has been appointed by one of India’s leading fresh fruit importers, IG International, for effective incorporation into its environment, social and governance programmes.
  • ABB India has inaugurated ABB Innovation Centre, an expanded R&D and engineering facility, in Bengaluru for serving as a backbone for technology development and to accelerate innovation.
  • A global Supplier Employee Development Fund of $50 million has been announced by Apple for expansion in access to skill development and learning opportunities.
  • A subsidiary of Sun Pharmaceutical Industries Ltd has entered into a licence agreement with a Danish pharma firm, H. Lundbeck, for marketing and distribution of its own version of Vortioxetine under the brand name Vortidiftm in India.
  • Google Pay has tied up with Pine Labs for unveiling the “Tap to Pay” feature for UPI payments.
  • The salaries of pilots of Indigo have been increased by eight percent because of the continuous steady flight operations.
  • SJVN Green Energy Ltd is a newly set up subsidiary of SJVN for the execution of Renewable projects such as solar parks, wind, and hybrid projects, battery energy storage systems, etc.
  • A greenfield manufacturing plant for medical devices has been set up by Wipro GE Healthcare in Bengaluru under the PLI scheme of the government.

India Business News Weekly Roundup 28 March to 2 April 2022

  • An Agri-input platform, AgroStar, has acquired one of the leading fruits and vegetable crops exporters, INI Farms Pvt Ltd for an undisclosed amount.
  • Rusabl, a sustainable personal care brand acquired by an E-commerce aggregator Evenflow, has seen a threefold jump in its sales within the first quarter of acquisition.
  • An investment of about Rs. 6,000 crores have been announced by Exide Industries in the manufacturing unit of state-of-the-art lithium-ion cell in Karnataka.
  • GAIL Ltd has announced Rs 1083 buyback plan of shares for 5.7 crore scrips at Rs. 190 each with a premium of around 24%.
  • A 5% decline in sales for March 2022 has been reported by Tata Motors to 3,07,954 units as compared to 3,22,643 units in the same month last year.
  • A sales turnover of Rs 28,008 crore has been reported by a corporate entity of Vishakhapatnam Steel Plant, Rashtriya Ispat Nigam Ltd.
  • PVR has discontinued its operations on 23 screens across nine cities because of the expiry of its lease with Cineline India.
  • Jindal Steel & Power Ltd has developed the largest and greenest facility in the world in Odisha’s steel plant.
  • A growth of 12% has been posted by HDFC Ltd in terms of individual loans disbursement from Rs 7,503 crore in the 4th quarter ending on March 31, 2021 to Rs 8,367 crore for this year.
  • The scheme of transfer of Raymond Apparel Ltd business to Raymond Ltd has been approved by the National Company Law Tribunal.
  • Future Retail Ltd and Future Enterprises Ltd have together defaulted on Rs 8,157.97 crore loan repayments.

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India Business News Weekly Roundup 28 March to 2 April 2022

Start-up world, funds, funding and investments – India Business News Weekly Roundup 28 March to 2 April 2022

Green Treak, a startup incubated by IIT Mandi, is using green technology for converting the wastes from steel mills into useable products.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 28 March to 2 April 2022

Some stats: India Business News Weekly Roundup 28 March to 2 April 2022

  • Rs 1,14,855.97 crore have been pulled out by the overseas investors from the Indian market in the current FY due to inflation pressures and the deepening of global macroeconomic conditions.
  • Around 5200 companies with credit exposure of Rs 5 crore or beyond are categorised as NPA’s as of December 31, 2021 on the banks’ books.
  • According to a report by Indian Direct Selling Association, the direct selling industry grew by 7.7% from Rs 16,776 crore in FY20 to Rs 18,067 crore in 2020-22 due to the adoption of new technologies, Innovation and customer driven adjustments.
  • The output of India’s core sector in the last few months grew at a fast pace of 5.8% in February as compared to 4% in January.
  • A growth of 25.8% has been registered by Chennai and Kamarajar Port for handling 87.3 million metric tonnes of cargo traffic in 2021-22.
  • 1418.10 million tonnes of freight have been loaded by the Indian Railways during the FY 2021-22, the highest to date by the national transporter.
  • The merchandise exports of India have reached a new record of $ 40.38 billion with imports reaching $59.07 billion, according to government sources.

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Tie-ups – M&As – India Business News Weekly Roundup 28 March to 2 April 2022

  • Vinod Rai to be appointed as the non-independent executive director and chairman of Kalyan Jewellers.
  • Kiran Karthik Pandian has been appointed as the Vice President of the category under D2C unicorn Licious.
  • Gaurav Negi is the newly appointed Chief Financial Officer of InterGlobe Aviation Ltd w.e.f., April 01, 2022.

Ongoing cases: India Business News Weekly Roundup 28 March to 2 April 2022

People:

  • Noel Naval Tata has been appointed as the additional director of Tata Steel and has also been designated as its Vice Chairman.
  • Raj Subramaniam, an Indian American, is the new Chief Executive Officer of FedEx w.e.f., June 01, 2022.
  • Debdoot Mukherjee has been appointed as the Chief Data Scientist at an internet commerce company Meesho.
  • Takuya Tsumura has taken charge as the CEO and President of Honda Cars India and has promoted Kunal Behl to the post of Vice President.

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