Weekly Business News: India Business News Weekly Roundup 2nd to 7th November 2020

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India Business News Weekly Roundup 2nd to 7th November 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 2nd to 7th november 2020

Corporates – India Business News Weekly Roundup 2nd to 7th November 2020

  • The M3M Group witnessed a spike in home and office sales in NCR and said that their sales were almost returning back to pre-covid levels.
  • Jet Airways submitted its revival plan to NCLT.
  • Suzuki Motor Corp on Thursday witnessed a double-digit decline in its FY21 net profit and revenue, saying that the company will not be able to recoup the losses in vehicle sales in India and Japan in the June quarter following the pandemic-related restrictions.

India Business News Weekly Roundup 2nd to 7th November 2020

  • The government on Thursday announced ease in guidelines for BPO and ITES players to make ‘work from home’ permanent.
  • Mondelez said its business in India returned to growth in the September quarter after a surge in demand for its chocolates and cookies.
  • KKR India Asset Finance is stepping up its lending business, even after the overall financing to the sector remains subdued.
  • Ola is planning to set up India’s largest scooter manufacturing plant.

India Business News Weekly Roundup 2nd to 7th November 2020

  • JSW Energy reported a flat Q2 consolidated net profit as lower costs and long-term customers offset a decline in power demand due to COVID-19 disruptions.
  • Paytm achieved 7 million users for its postpaid service.
  • Escorts on Monday reported stellar growth in net profit as its tractor sales continue to stay strong.

India Business News Weekly Roundup 2nd to 7th November 2020

  • Early-stage startup funding by VC firms are rising amid digitalization push of existing offline businesses across edtech, fintech, consumer tech, social commerce,  and healthcare, among others.
  • Aditya Puri has joined the Carlyle Group as  a senior adviser. He will help in identifying investment opportunities for the global private equity firm across Asia.

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India Business News Weekly Roundup 2nd to 7th November 2020

  • Tata Steel on Monday announced a new work model for its employees that allows them to Work from home for upto 365 days in a year. This new Agile Working Models policy has been effective from Sunday.
  • DLF’s REIT is preparing for a real estate investment trust, giving a leg-up to the commercial office sector by providing a significant boost to the country’s emerging REIT market.
  • All the leading carmakers in India, including Maruti, Hyundai, and Tata Motors, witnessed a brisk sales during the Navratri period.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 2nd to 7th November 2020

  • Routematic raised a fresh round of funding from Bosch for $2 million.
  • Zomato is gearing up for a public listing to raise $146.5 million as part of its ongoing Series J round of funding.
  • PIF is planning to invest Rs 9,555 crores in RIL’s retail arm.
  • Tomorrow Capital is set to invest Rs 100 crores in startups as the company made an exits from further investments in ZenoHealth.
  • HPCL’s board approved a Rs 2,500 crore limit share buyback.
  • Adani Total Gas is planning to raise $400 million selling bonds to foreign investors in order to meet its capital expenditure requirement.
  • NTPC on Monday announced a share buyback worth Rs 2,275 crores.
  • Bain Capital has made a preliminary bid of $900 million for a controlling stake in Piramal Glass.
  • ADIA and PIF will jointly pump in $1.01 billion in RIL’s fibre-optic assets.

Some stats: India Business News Weekly Roundup 2nd to 7th November 2020

  • ITC on Friday reported a Q2 net profit fall by 19.6% to Rs 3,232.40 crores.
  • United Breweries on Friday reported a 96.85% decline in Q2 net profit to Rs 3.61 crores.
  • Vedanta on Friday reported a 61.8% decline in consolidated net profit to Rs 824 crores.
  • Cipla on Friday reported a rise in Q2 net profit by 39% to Rs 659.35 crores.
  • Ashok Leyland posted a Rs 147 crore loss in Q2 on subdued performance.
  • Sundaram Finance on Friday recorded its Q2 net profit at Rs 192 crores.
  • Adani Transmission on Thursday reported a Q2 profit fall of 7% to Rs 214.13 crores.
  • Berger Paints on Thursday reported a Q2 net profit increase of 13.55% to Rs 221.05 crores.
  • Aditya Birla Capital on Thursday reported a 3% rise in its Q2 consolidated net profit to Rs 264 crores.
  • Novartis India on Thursday reported a Q2 net profit of Rs 7.52 crores.
  • Emami on Thursday reported a 23.39% jump in its Q2 consolidated PAT to Rs 118.45 crores.
  • Bajaj Electricals on Thursday reported a Q2 net profit of Rs 53.11 crores.
  • SBI reported a Q2 net profit rise to Rs 4,574 crores.
  • Jubilant Life Sciences on Wednesday reported a Q2 decline in consolidated net profit to Rs 224.12 crores, mainly on account of higher taxes.
  • United Spirits on Wednesday reported a Q2 decline in consolidated net profit by 20.62% to Rs 125.1 crores.
  • RailTel announced its highest ever consolidated income of Rs 11,660.05 million.
  • Apollo Tyres on Wednesday reported a 140% YoY increase in consolidated net profit to Rs 200 crores for the quarter that ended in September.
  • Adani Enterprises on Wednesday reported a Q2 consolidated profit of Rs 435.73 crores. The company is also planning to invest around Rs 50000 crores in capital expenditure in its new businesses over the next five years.
  • PVR Cinemas reported a Q2 consolidated loss of Rs 184 crores.
  • Godrej Properties on Tuesday reported a 78% fall in its Q2 consolidated net profit to Rs 7.10 crores.
  • Dabur India on Tuesday reported a 19.6% jump in its profit for the September quarter to Rs 482.86 crores.
  • Adani Ports & SEZ on Tuesday reported a 31.57% increase in its Q2 consolidated profit to Rs 1393.69 crores.
  • Muthoot Finance on Tuesday reported a 2.5% increase in its Q2 consolidated net profit to Rs 930.80 crores.
  • Bajaj Auto reported an 11% in its total vehicle sales at 5,12,038 units in October.
  • Embassy REIT on Monday reported a Q2 flat consolidated net profit at Rs 232.56 crores.
  • HDFC on Monday reported a Q2 net profit fall by 27% YoY to Rs 2,870.12 crores.
  • PNB on Monday reported a 22% jump in its Q2 standalone net profit to Rs 621 crores.
  • Tata Motors on Monday reported a 27% growth in its domestic sales in October to 49,669 units.
  • Cadila Healthcare on Monday reported a Q2 net profit jump of over four-folds to Rs 473.4 crores.
  • Yamaha Motor India reported a 31% rise in  its sales for October at 60,176 units.
  • ICICI Bank on Saturday reported a Q2 standalone net profit of Rs 4,251 crores.
  • Mahindra and Mahindra on Sunday said the company’s total October vehicle wholesales stood at 44,359 units.
  • Relaxo Footwears on Saturday reported a Q2 profit up by 6.46% to Rs 75.10 crores.
  • Hero MotoCorp on Sunday reported a 34.77% YoY rise in its domestic wholesales for October to 7,91,137 units. The company registered its highest ever monthly sales of 8.06 lakh units in October 2020.
  • Honda Cars India on Sunday posted an 8.3% rise in sales in October to 10,836 units.
  • Hyundai Motor India reported a 13.2% YoY increase in October domestic wholesales to 56,605 units.

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India Business News Weekly Roundup 2nd to 7th November 2020

Tie-ups:

  • TCS on Thursday said the company has partnered with AGL to deliver the latter’s cloud transformation programme which is aimed at enabling its growth strategy and achieving its vision of becoming a digital utility of the future.
  • Flipkart on Thursday bought an equity stake in USPL to strengthen its fashion portfolio.
  • ESR India signed an agreement with the Maharashtra government to invest Rs 4,310 crores to build 11 industrial parks.
  • Adani Gas on Wednesday announced the acquisition of 3 of Jay Madhok Energy’s city gas licences for Ludhiana, Jalandhar, and Kutch.
  • Manipal Health Enterprise on Monday said it agreed to buy Columbia Asia Hospital Group’s Indian assets for Rs 1800 crores.
  • Yamaha Motor India on Saturday announced that the company has tied up with Amazon India to sell its range of apparels and accessories online.

Ongoing cases: India Business News Weekly Roundup 2nd to 7th November 2020

People:

  • The Securities Appellate Tribunal on Thursday rejected Reliance’s appeal against the SEBI order that directed the company to pay Rs 447 crores, along with 12% annual interest, for making alleged unlawful gains in securities trading.
  • The NAA has ordered Tata group’s retail arm to deposit Rs 1.9 crores for alleged profiteering.
  • The NAA has ordered Starbucks Coffee Company to deposit Rs 1.04 crores profiteered amount to central and state consumer welfare funds.

People

  • The Dalmia Bharat Group has appointed ex-Infosys official Rajiv Bansal as its Executive Director.
  • HDFC Bank on Thursday said the bank has appointed Ramesh Lakshminarayanan as its new Chief Information Officer.

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