Weekly Business News: India Business News Weekly Roundup 28th Sept to 3rd October 2020

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India Business News Weekly Roundup 28th Sept to 3rd 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 28th sept to 3rd october 2020

Corporates – India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • On October 1, IIFL Wealth Management exited its investment advisory business post the SEBI circular.
  • RailTel filed the draft red herring prospectus for its Rs 700 crore IPO with SEBI.
  • Danone, French packaged foods company is planning to expand its adult nutrition portfolio in India.
  • PepsiCo said its snacking business in India recorded a high-single digit revenue growth in India in Q3
  • Mahindra Lifespace Developers are planning to venture into plotted development projects and has multiple residential project launches in the pipeline.
  • Elon Musk, co-founder and chief executive at Tesla, said the company is planning to enter the Indian market in 2021.
  • Chittaranjan Locomotive Works (CLW) turned out the First batch of Tejas Express locos for ‘push-pull’ operations.
  • Curefit carved off it’s Eatfit as an independent vertical.
  • Play Store tax is sparking calls for an Indian alternative. An all-Indian app store will most likely reduce the dependency on global tech giants who have increasingly come under criticism for unfair practices.
  • Zomato and Swiggy received notices from Google for violating Play Store norms.

India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • The government has made drastic changes to an incentive scheme for auto exporters. This has left companies unable to claim adequate subsidies.
  • The SBI board approved raising additional AT1 bonds up to Rs 5,000 crores in FY21.
  • Delhivery said the company is aiming to create 15,000 seasonal jobs this festive season.
  • Bharti Airtel launched a suite of cyber security solutions at a time when MSMEs are shifting to digital and cloud platforms. Their demand for protecting data and information from online attacks is also increasing.
  • Silver Lake’s co-investors are planning to buy an additional stake in Reliance Retail for ₹1875 crores.
  • The MHA allowed movie theatres to reopen with 50% capacity from 15 October onwards in areas that fall outside containment zones.
  • Molekule launched its operations in India by introducing its air purifiers on Amazon.
  • In India’s first commercial coal block auction, 42 companies have bid for the 23 coal mines that are up for commercial mining.

India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • US-firm AliveCor has tapped into the India telemedicine market with its ECG device, KardiaMobile.
  • Roshni Nadar in her first AGM as chairperson of HCL Technologies said that the pandemic has changed the way businesses operate and that digital transformation will drive the company’s business.
  • With work-from-home being implemented during lockdown and the possibility of working remotely with flexible hours increasing, more women entered the workforce.
  • Cairn Energy said the company is seeking to recover around Rs 10,300 crores from the Indian government in losses arising from the expropriation of its investments to enforce a retrospective tax demand.
  • Reliance Jio Infocomm urges the Centre for an early spectrum auction.
  • Amazon India launched a new ‘Fulfilment Centre’ in Tamil Nadu to strengthen its network in the state and to create more jobs.
  • Amazon has infused Rs 1,125 crores into its Indian unit ahead of the big festive season.
  • Vedanta’s Anil Agarwal is seeking $5 billion for turnaround fund by the Indian government.
  • OYO LIFE said it will offer a 20% discount on monthly rents to its customers starting from the 4th month of their stay.

India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • Wipro will be rolling out promotions to high-performing employees in December.
  • The government is planning to sell 25% of its stake in LIC in phases, as PM Narendra Modi seeks resources to plug a widening budget gap.
  • Ashok Soota debuted on the IIFL Wealth Hurun India Rich List with a wealth of Rs 3700 crores.
  • Paytm brought back its IPL cashback scheme which the company earlier removed amid a feud with Google.
  • The Tata Group is planning to take stakes in a new digital platform to modernize its consumer businesses as Amazon & Reliance pile into India’s fledgling e-commerce market.
  • Nirmala Sitharaman said the government has extended various schemes in order to ease compliance.

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  • Max Ventures Investment Holdings sold 16.71 million shares in Max Healthcare Institute worth Rs 182 crores through a block deal.
  • The company officials said BPCL’s plan to bring natural gas to India from its Rovuma basin in Mozambique by 2024 will not be impacted by COVID-19.
  • Fitness  apps are witnessing an expansion in user traffic, engagement, and retention as COVID-19 boosts business.
  • Amazon said it will hold its Prime Day event on October 13 & 14.
  • Uber has relaunched its car-pooling service ‘Uber Commute’ in India.
  • Auditor Grant Thornton flags fraudulent transactions at DHFL worth Rs 12,705 crores.
  • IBM has been witnessing a steady rise in its hybrid cloud revenues in India as the pandemic has accelerated the digital transformation journey for many organisations.
  • Pepperfry is nearing its break-even point and is aiming to go public early next year.
  • According to the report by Vidhi Centre for Legal Policy, MSMEs have the potential to meet financial needs with the assistance of Digital-only or neobanks.

India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • The Vodafone ruling is now a precedent for similar arbitration cases, including the one initiated by Cairn Energy Plc.
  • India Inc with strong balance sheets are now eying overseas M&A transactions, hoping to pick up attractive assets whose valuations have been hammered by the impact of COVID-19.
  • The Tata group has tapped on wealth funds to buy out the Mistry family’s stake in Tata Sons.
  • After having established its presence in the US market, Sun Pharma is planning to expand its specialty business across regions like Greater China and Japan.
  • With COVID-19 impacting IKEA’s expansion plans in India, the company is now planning to adopt for the omni-channel approach for its expansion.
  • After the company relied on a rarely used model to acquire a stake in 5 oil blocks in Brazil, BPCL has now been forced to pay for its defaulting partner Videocon Industries.
  • Adar Poonawalla, the CEO of Serum Institute of India, said that the government might need Rs 80,000 crores over the next 1 year for the distribution of the covid vaccine across the country.
  • Amazon.in said it will host a virtual ‘Handicrafts Mela’ from 26 Sep to 10 Oct to support artisans from various parts of the country.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • RIL announced new investments from TPG and GIC into Reliance Retail. GIC will invest Rs 5,512.5 crores and TGP will invest Rs 1837.5 crores.
  • SquadStack, a San Francisco and New Delhi based sales acceleration startup, raised $5 million in a Series A round of funding led by Chiratae Ventures.
  • Home First said Warburg has agreed to invest Rs 700 crores in the affordable housing financier.
  • Reliance Jio Fiber trust is planning to raise around $5.4 billion from group firms.
  • Mubadala Investment will be investing nearly Rs 6247.5 crores in RIL’s retail arm.
  • Public, a social network app, raised $35 million from venture capitalist Lee Fixel’s Addition, SIG Global and Tanglin Venture Partners.
  • Brookfield has filed a draft offer with SEBI to raise nearly Rs 4400 crores through REIT.
  • Mubadala Investment Co is planning to invest up to $1 billion in Reliance Retail.
  • smallcase said the company raised $14 million in a Series B round of funding led by DSP Group.
  • Three Apple suppliers are planning to invest around $900 million in India in the next 5 years under the new govt scheme to tap into a new production-linked incentive plan.
  • Reliance Retail has received Rs7,500 crores from Silver Lake for a 1.75% stake.

Some stats: India Business News Weekly Roundup 28th Sept to 3rd October 2020

  • Tata Motors domestic sales grew 37% YoY in September to 44,444 units.

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India Business News Weekly Roundup 28th Sept to 3rd October 2020


  • General Atlantic joined the funding in Reliance Retail with Rs 3675 crores.
  • Balaxi Ventures is planning to enter the central American markets of El Salvador, Nicaragua, and Honduras.
  • Godrej Properties has entered into an agreement to develop a 20 acre residential project in the Kalyan area near Mumbai.
  • Walmart is planning to join hands with Tata for a large stake purchase in the proposed super app of the salt-to-software conglomerate.

Ongoing cases: India Business News Weekly Roundup 28th Sept to 3rd October 2020


  • IndiGo said the company has appointed former WestJet CEO Gregg Saretsky as additional director.

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