India Business News Weekly Roundup 30th March to 03rd April 2020

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India business news weekly roundup 30th March to 03rd April 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 30th march to 03rd april 2020

India business news weekly roundup 30th March to 03rd April 2020

Corporates:

  • The Godrej Group is in talks with the government on how to overcome production and supply chain constraints for its FMCG arm.
  • Uber has partnered with Bigbasket to deliver essentials to customers at their doorsteps.
  • Google said it will pump $6.5 million to act against misinformation regarding coronavirus
  • Aurobindo Pharma called off its $1 billion deal with Sandoz after failing to get US FTC approval.
  • TikTok donated 4 lakh hazmat suits and 2 lakh masks worth Rs 100crores to Indian doctors.
  • MG Motor announced a hunt for affordable ventilator designs to help fight coronavirus. The company earmarked Rs 10 lakhs for the best design concept.
  • Anand Mahindra, Chairman of Mahindra Group asked its employees to use the lockdown period to relook at their personal & professional way of life to prepare for the “post corona world”.
  • After HDFC, ICICI, and Kotak Mahindra Bank, now Axis Bank has also offered EMI deferment on loans for 3 months.
  • E-commerce firm, More Retail is operating almost 90% of its stores despite supply disruptions and labour unavailability.
  • As per the mega consolidation plan, OBC and UBI will merge into PNB while Syndicate Bank will merge into Canara Bank. Similarly, Andhra Bank and Corporation Bank will merge into Union Bank of India and lastly, Allahabad Bank will merge into Indian Bank. Following this merger, PNB will become second largest after SBI, Canara Bank fourth, UBI fifth and Indian Bank seventh biggest public sector lender.
  • IndiaNivesh shut its brokerage business due to a crunch in liquidity.
  • Azim Premji Foundation, Wipro Ltd. and Wipro Enterprises together pledged Rs 1125 crores to help tackle the on-going crisis.
  • Commercial vehicle sales crashed 89% in March, amid COVID-19 crisis.
  • Bounce, a Scooter rental platform announced a 20-60% pay cut for employees and 100% for founders.
  • Virus outbreak drives down automobile sales by 52% in March.
  • Umesh Revankar, managing director (MD) and chief executive officer (CEO) of Shriram Transport Finance said that RBI should classify NBFCs as an essential service.
  • Hyundai Motor India’s sale in March declined 41% YoY.
  • HUL announced its complete merger with GlaxoSmithKline Consumer Healthcare Ltd (GSKCH) and acquired Horlicks.

India business news weekly roundup 30th March to 03rd April 2020

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India business news weekly roundup 30th March to 03rd April 2020

  • The COVID-19 lockdown hit dividend payments via DDs and cheques.
  • Nykaa announced that it raised Rs 100crores from Steadview Capital.
  • Headhunters said “Companies have frozen hiring for top jobs amid COVID-19 crisis. The C-suite hiring has fallen by 50% which is far worse than what was witnessed during the 2008-09 global financial crises.”
  • SEBI levied a fine of Rs 15.4crores on Chromatic India and its senior officials in a matter related to manipulation in the issuance of global depository receipts (GDR).
  • Shapoorji group repaid Rs 500crores against outstanding loans.
  • Real Estate Developers and brokers bank on technology to hook customers as lockdown bites into sales.
  • The Government extended the deadline for submission of expression of interest (EoI) for the privatization of BPCL to 13 June.
  • ITC said that the company has started making Savlon sanitizers at its perfume factory in Himachal Pradesh.
  • The government brought in an ordinance to bring relief measures including an extended deadline for income tax filing, customs, and central excise returns, etc to help taxpayers tide over the ongoing crisis.
  • Sunil Mittal Bharti Enterprises committed Rs 100 crores to relief and recovery initiatives relating to COVID-19.
  • Lakshmi Mittal said his Indian ventures would contribute Rs 100 crores to the ongoing relief efforts of the country.
  • BigBasket and National Restaurant Association of India have partnered to help NRAI’s restaurant staff in gaining temporary employment with BigBasket.
  • Toyota Kirloskar Motor has planned financial assistance to its dealer partners through a special ‘Covid package’.
  • Infosys Foundation has committed Rs 100 crores towards Covid-19 relief efforts. The Foundation contributed half of this commitment (Rs 50 crores) to the PM-CARES Fund.
  • The Bombay HC has barred IDBI Trusteeship Services from invoking pledged shares of Future Retail on behalf of UBS AG till May 4.
  • Reliance Industries announced a commitment of Rs 500 crores to the PM-CARES Fund.
  • HPCL has invoked force majeure on Iraqi Oil Marketing Company, SOMO, to cancel two oil cargoes as local fuel demand is hit by a lockdown.
  • OMCs including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp have announced an ex-gratia of Rs 5 lakh for coronavirus-related death of LPG distribution personnel.
  • Apollo Hospitals partnered with SBI, Hindustan Unilever, Deutsche Bank and Lemon Tree Hotels, Ginger Hotels, OYO Hotels and Homes, to pool 5,000 rooms of hospitality chains at a discount for quarantine facilities.
  • TCS is collaborating with CSIR to find a cure for covid-19 using AI for treating the novel ‘Severe acute respiratory syndrome Coronavirus 2’ (SARS-CoV-2).
  • C N Ashwath Narayan, Deputy CM Karnataka, said that Ola Cabs have agreed to give 500 vehicles to the government for transporting doctors and for other coronavirus-related activities
  • L&T set aside Rs 500 crores per month to support 1.6 lakh of its contract workers.
  • Airbnb said it is devoting $250 million to help hosts amid cancellations.
  • HCL said that the company sees no major impact of coronavirus lockdown in this quarter. 76% of its employees in India and 92% of those outside India are working from home and the company did not see any major disruptions.
  • Maruti Suzuki India announced an extension of service and warranty to support customers.
  • Novartis AG CEO, Vas Narasimhan said, “The first wave of the global coronavirus outbreak will probably end in the coming months, but the world should prepare for a second wave.”
  • As projected by Assocham, India was set to achieve a market size of $455 billion by 2023, but the turmoil caused by the coronavirus crisis has set India’s gig economy to go off the rails.
  • Bots are rising in demand as the Coronavirus hits workplaces. Companies said that call centres operate in data-protected environments that are hard to replicate for work from homes.
  • Big-4 firms defer promotions, appraisals, bonuses, and salaries even as India Inc. tries to gauge the impact of the Covid-19-related slowdown and works to save jobs.
  • E-retailers are still working for permits to deliver essential goods after 5 days of lockdown.
  • Coal India may witness de-growth in FY20’s production as its output is expected to be lower than 607 million tonnes which it achieved in the previous fiscal year.
  • Fortis has set up isolation wards in all its 28 hospitals across India and a total of 262 isolation beds have been earmarked to treat coronavirus patients.
  • Nasscom has urged the government to provide relief measures to start-ups that are under severe stress due to the on-going pandemic as project delays and tight liquidity are threatening to disrupt businesses.
  • Paytm said that it is aiming to contribute Rs 500crores to PM-CARES Fund.
  • M&M is planning to start making face shield masks for healthcare providers.
  • The Tata Group committed Rs 1,500crores to fight Covid-19, chairman Ratan Tata announced in an Instagram post.
  • Sun Pharma commits Rs 25crores worth of drugs & sanitizers to fight COVID-19.

India business news weekly roundup 30th March to 03rd April 2020

Must read: Effects of COVID-19: Coronavirus impact on Indian economy

Start-up world, funds, funding and investments

  • Recko raised $6 million in a Series A round of funding led by Vertex Ventures.
  • The Shapoorji Group reached out to its lenders to raise $1 billion by pledging its shares in Tata Sons.
  • Indian start-ups pool in Rs 100 crores to boost firms targeting the virus under an Action COVID-19 Team (ACT).
  • Bione, Bengaluru-based biotech start-up launched a rapid COVID-19 home screening test kit.
  • IIM-B and ICICI Securities said it will launch an incubation program for fintech start-ups.
  • State Bank of India reported that it raised $100 million in green bonds via private placement.
  • GMR Airports’ French partner, Group ADP raised 2.5 billion Euros via bonds.
  • Two start-ups incubated at the Nasscom Centre of Excellence IoT and AI, DronaMaps and BlinkIn, are working with the government and administrative bodies to combat challenges posed by the coronavirus. DronaMaps have developed a live dashboard to track coronavirus patients and their activities. It is working with the Haryana and Punjab governments.
  • Unacademy acquired Kreatryx in a cash and stock deal. Kreatryx is an online preparation platform for GATE and Engineering Services Exam (ESE).
  • HipBar, a liquor-tech start-up, offered its bouquet of services to the Tamil Nadu and Kerala state governments to ensure safe alcohol home delivery to customers, in wake of social distancing.

India business news weekly roundup 30th March to 03rd April 2020

Do read: Upcoming Festivals and Fairs of India in April 2020

Ongoing cases-

Airlines

  • GoAir showed an interest in flying thousands of stranded migrant workers in various states to the airports closer to their homes amid the lockdown across the country. It has also approached the government on this issue.
  • HDFC Trustee Company bought 3.4 crore shares of SpiceJet indicating a 5.45% stake in the airline.
  • After introducing a pay cut for its employees, GoAir CEO Vinay Dube told the staff that portion of March salary has been deferred to April.
  • SpiceJet decided to cut the salary of all employees in March by 10-30% amid coronavirus lockdown. Chairman Ajay Singh opted for the highest 30% trimming in compensation.

India business news weekly roundup 30th March to 03rd April 2020

People

  • Nissan appointed Guillaume Cartier as senior vice president and new Chairman for Africa, Middle East, and India markets.

NIIF

  • NIIF said it received $100 million from ADB into NIIF Fund of Funds.

Must read: What is Today in History India 4 April

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