Weekly Business News: India Business News Weekly Roundup 3 to 8 January 2022

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India Business News Weekly Roundup 3 to 8 January 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 3 to 8 january 2022

Corporates – India Business News Weekly Roundup 3 to 8 January 2022

  • NTPC, as per reports, might acquire 5% stake in Power Exchange of India Ltd, India’s first institutionally promoted power exchange.
  • Nabinagar Power Generating Co., a subsidiary of NTPC, has declared Rs 100 crore worth Interim dividend for FY21-22.
  • India’s largest manufacturer of electric buses, Olectra Greentech, has received a Letter of Award for 50 e-buses for the inter-city operations under FAME-II Scheme from one of the state transport authorities.
  • A framework has been released by the Reserve Bank of India for enabling small value digital payments in offline mode using mobile devices, wallets, and cards.
  • The government of Gujarat has announced a two-fold hike in the compensation to be paid for using land to install power transmission towers and electricity lines.

India Business News Weekly Roundup 3 to 8 January 2022

  • L&T has bagged an order from Delhi Metro Rail Corporation Ltd for the designing and construction of the Underground metro project Phase-I of Patna Mass Rapid Transit System.
  • India has spent $ 55.7 billion (over 4Lakh crores) on the import of gold in 2021 due to drop in price and increased demand for weddings that were delayed earlier due to pandemic.
  • The Commerce Ministry, as per reports, might launch a Brand India Campaign to boost exports of both goods and services in new markets.
  • GAIL India has acquired 26% stake in ONGC Tripura Power Company Ltd.
  • State Bank of India has raised the amount its customers can transfer via IMPS from Rs 2 lakhs to Rs 5 lakhs to push digital payments.
  • Three short-cause notices have been issued by the DRI to the Chinese smartphone maker, Xiaomi India, for recovery of duty summing up to Rs 653 crore from April 01, 2017, to June 30, 2020, under the Customs Act, 1962.
  • IRDAI to set up hubs on Motor Insurance and Property Insurance, and an Advisory Committee to promote loss prevention measures in the Insurance Industry.

India Business News Weekly Roundup 3 to 8 January 2022

  • The CVC has expanded the scope of the Advisory Board for Banking and Financial Frauds to examine bank frauds of Rs 3 crore and above and recommend the necessary actions to be taken.
  • Recently, the 10th instalment of revenue deficit grant worth Rs 9871 crore has been released by Finance Ministry to 17 states.

India Business News Weekly Roundup 3 to 8 January 2022

  • Tamil Nadu Generation & Distribution Corporation Ltd has roped in PTC India as an aggregator for the procurement of 1500MW electricity for the next five years.
  • As per the RBI data, the foreign exchange reserves of India have declined to $633.614 billion as of December 31,2021 from $635.08 billion in the week ending on December 24, 2021.

Must Read:Non Fossil Energy Capacity in India

India Business News Weekly Roundup 3 to 8 January 2022

  • Greaves Electric Mobility has sold over 10,000 units in December 2021 with a growth of 101% in the sales of e-three wheelers.
  • Tata Motors has become the second largest seller of passenger vehicles in the domestic market for the first time in December 2021.
  • Excide Life Insurance Company Limited to now operate as fully owned subsidiary of HDFC Life Insurance Company Limited.
  • Reliance Industries Ltd has announced to raise around $5 billion in foreign currency dominated bonds to retire the existing borrowings.
  • The Board of Bajaj Electricals has approved the closure of its operations at Shikohabad Unit.
  • Bike Bazaar Finance disbursed loans worth Rs 100 crore for the Hero MotoCorp range of scooters and Motorcycles in November 2021.
  • India’s largest mortgage lender, Housing Development Finance Corporation, has assigned loans worth Rs 7468 crores in December 2021 quarter, up by 5.5% from Rs 7076 crores in December 2020.
  • Azure Power has commissioned a solar power project of 600 MW in Bikaner, Rajasthan. The power generated will be supplied to SECI at Rs 2.35/kWh for 25 years.
  • Dhani Services, earlier Indiabulls Ventures, to launch Rs 300 crore fundraise program via a public issue of bonds today.
  • Borosil Ltd invested an additional sum of Rs 19 crore in its subsidiary company Klass Pack Ltd via a rights issue.
  • Sterling and Wilson Renewable Energy Ltd has announced its new promoter, Reliance New Energy Solar Ltd, after the payment of a balance of Rs 1583 crore for 25.90% equity acquisition in it.
  • Malabar Gold & Diamonds to invest Rs 800 crore in the business to expand the retail footprint and to generate about 5,000 jobs.
  • Vedix, a customised Ayurveda beauty brand, has launched new range of hair oils, shampoo and masks to join the league of other consumer companies, including: Mamaearth, Emami and Marico.
  • Sterlite Power Transmission Ltd to commission Khargone transmission project in Madhya Pradesh worth Rs 1,662 crore.
  • Piramal Capital & Housing Finance, as per reports, are set to open up 100 branches and expand up to 1000 more cities in the upcoming years post the acquisition of DHFL.
  • Pine Labs Pvt Ltd has raised additional investment worth $20 million from SBI for scaling its newly launched brand of online payment products, Plural.
  • The UP Real Estate Regulatory Authority has authorised Urbanac Building Technologies to take over the commercial project named Bizlife in Noida.
  • Hero Electric has collaborated with SpareIt, an automotive multi-sided platform, for training the owners of the private garage and to use their network as EV service hubs.
  • Sanathan Textiles Ltd, as per reports, is planning to raise around Rs 1200-1300 crore via IPO and is likely to file a draft red herring prospectus with SEBI.
  • Adani Enterprises Ltd. has got a contract involving the supply of overseas coal to the top electricity generators in India to avoid any sort of energy crisis.
  • RBI cancelled the Certificate of Authorisation of two Payment System Operators Muthoot Vehicle & Asset Finance Limited and Eko India Financial Services Ltd.
  • Udaan, a B2B marketplace based in Bengaluru, raised additional funds worth $250 million through convertible notes and debt.
  • The Good Glamm Group has recently acquired Winkl, an influencer marketing platform, and also a content creator Vidooly and added them to its beauty and personal care portfolio.
  • Reliance Retail has acquired a 25.8% stake in a quick e-commerce firm, Dunzo, by investing $200 million.
  • LuLu Group, a retailer in the Middle East, to invest Rs 200 crore for setting up a food processing plant in J&K.
  • The sales of BMW Motorrad, the two-wheeler arm of BMW, have doubled in India from 2,563 units in 2020 to 5,191 units in 2021.
  • Suguna Foods, a poultry major, aims to increase its revenue from 5% to at least 20% in upcoming years from its processed foods.
  • 1.84 crore shares of Sterling & Wilson Renewable Energy have been sold by Shapoorji Pallonji & Co. to Reliance New Energy Solar via an off-market transfer.
  • Reliance Jio has announced UPI Autopay service for its subscribers in collaboration with the National Payment Corporation of India.
  • HCL Technologies Ltd has completed the acquisition of a 51% stake in Gesellschaft für Banksysteme GmbH, a German IT Consulting Company.
  • IndiaMART has acquired a 26% stake in EasyEcom. by investing Rs 133.5 million through its subsidiary Tradezeal Online Pvt Ltd.
  • Airtel Payments Bank has come together with Park+ for offering FASTag-based smart parking solutions to commercial and residential properties throughout India.
  • Reliance Industries received $4 billion in three parts from the largest ever foreign currency bond issuance from India.
  • Fast&Up, an active lifestyle, nutrition player, and a flagship brand of Fullife Healthcare, aims to expand globally in all major countries post-Covid.
  • Clean Energy Holdings, a wholly-owned Mauritian entity of ReNew Energy Global Plc, has raised $400 million at 4.5% by issuing green bonds.
  • ICICI Bank now facilitates online payment of customs duty to benefit the corporate and retail customers.
  • HDFC Bank has integrated with CBIC and has made available to its customers the facility to pay customs duty directly through their bank account.
  • KEC International, a procurement and construction major, bagged new orders worth Rs 1025 crore for projects in India and in the Middle East.
  • JSW Steel has announced brownfield expansion project worth Rs15,000 crore at its Vijaynagar Steel Works to increase capacity by 5 MT per annum.
  • Sanathan Textiles, based in Mumbai, has filed its draft red herring prospectus with SEBI to raise funds from IPO worth Rs 1300 crore.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 3 to 8 January 2022

  • Mamaearth has raised $52 million worth funds in the latest funding round led by Sequoia Global at $1.15 billion valuation and has become the first firm to join the Unicorn Club in 2022.
  • iD Fresh Food has raised funds worth Rs 507 crore in Series D round of funding led by NewQuest Capital Partners along with Premji Invest.
  • A payment solutions provider to enterprise merchants, Innoviti, has raised funds worth Rs 80 crore in ongoing Series D round of funding.
  • Zupee, a real money gaming platform, has partnered with Jio Platforms Ltd and also raised funds worth $102 million in a Series B funding round.
  • An undisclosed amount of investment has been made by Delhivery in Falcon Autotech, a logistics automation solutions provider.
  • CASHe, a digital lender, has raised equity funding worth Rs 140 crores from its holding firm based in Singapore, TSLC Pte Ltd.
  • SecureNow raised $6 million worth of funds in a Series B funding round led by Apis Insurtech Fund-l and Charan Singh, who is the founder of SelectQuote Inc.

Some stats: India Business News Weekly Roundup 3 to 8 January 2022

  • According to Anarock Annual Data, the sales of houses in 7 cities has risen by 71% on yearly basis from 1,38,350 units in 2020 to 2,36,530 units in 2021.
  • The sales of car grew by 27% in 2021 and crossed the 30 lakhs-units mark despite the shortage of semiconductors and the second wave of COVID-19.
  • The data released by Finance Ministry shows that the receipts of gross GST remained above Rs 1 lakh crores for the 6th consecutive month in December
  • The total number of transactions from UPI reaches 456 crores. Approximately Rs 8.27 lakh crore was moved through these transactions in December 2021. This beat the 421 crore transactions made in October 2021.
  • One of India’s largest retail chains, DMart, has reported standalone revenue worth Rs 9065 crore for Q3 of FY21-22 showcasing a 46% increase from Rs 5218 crore in same quarter last year.
  • A major uptick in both Imports & Exports was reported by the Ministry of Commerce. The exporters have outdone the year ’20 performance already by exporting 48.9%, more in April-December ’21.
  • According to the rating agency ICRA, the Indian pharma Industry grew around 9-11% in 2021-22 and that trend will continue in the upcoming quarters driven by domestic and emerging markets.
  • Bank of Maharashtra has registered 23% growth in the gross advances from Rs 1,04,904 crore in December 2020 to Rs 1,29,052 crore in December 2021.
  • As per the Federation of Automobile Dealers Association, the retail sales of passenger vehicles in India saw an 11% decline from 2,74,605 units in December 2020 to 2,44,639 units in December 2021 due to a shortage of semiconductors

Must Read:India Export Data 2021

Tie-ups – M&As – India Business News Weekly Roundup 3 to 8 January 2022

  • An online event and conferencing platform, Zuddl, raised $13.35 million worth of funds in its Series A round of funding led by Alpha Wave Incubation and Qualcomm Ventures LLC along with participation from the existing investors.
  • Shiprocket, an E-commerce shipping, and enablement firm has announced to acquire a 75% stake in a platform for customer data, Wigzo Tech, for an undisclosed investment.
  • PhonePe has crossed 350 million lifetime registered users in December 2021 and has emerged as India’s largest digital payments platform across all core metrics.

Ongoing cases: India Business News Weekly Roundup 3 to 8 January 2022

People:

  • Atul Kumar Goel has joined the Punjab National Bank as an Officer on Special Duty as part of bank’s succession plan.
  • Alka Mittal has become the first woman to head the Oil and Natural Gas Corporation.
  • Dr. Kandiraju Venkata Sitaram Rao has been appointed as the Managing Director and CEO by the Granules India board, w.e.f., January 05, 2022.
  • Sanjeev Churiwala has been appointed as the Chief Financial Officer by Tata Power w.e.f., January 01, 2022.
  • Partha Chaudhary, former Executive of Yamaha, has been appointed as the Chief Operating Officer by two-wheeler maker LML.
  • Satpal Singh has been appointed as the Chief Executive Officer of Numeric, a group brand of Legrand, w.e.f. January 01, 2022.
  • Venkat Viswanathan has been appointed as the Technical Advisor for the electric mobility operations by TVS Motor Company.
  • George Kovoor has been named the Senior Vice President of PepsiCo.

Must Read: Indifi business loan small business

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