Weekly Business News: India Business News Weekly Roundup 31st August to 5th September 2020

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India Business News Weekly Roundup 31 August to 5 September 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 31 august to 5 september 2020

Corporates – India Business News Weekly Roundup 31 August to 5 September 2020

  • RIL has offered an option to all 13 investors in Jio to invest in its Reliance Retail Ventures.
  • Tata sons has bought Tata Motors DVR ‘A’ Ordinary shares for Rs 30 crores.
  • India’s Automotive industry will seek to cut imports by 50% in a move aimed at reinforcing the government’s goal to achieve self-reliance.
  • Norway-based Orkla said the company will purchase a 67.8% stake in Eastern Condiments and merge it with its existing MTR Foods business to create a larger enterprise.
  • Baring India Private Equity Fund III sold a 7.36% stake in Shilpa Medicare for Rs 306 crores.
  • Bosch has picked up a 26% stake in SUN Mobility.
  • Nest-In has developed a COVID-19 swan collection unit which
  • Tata Steel develops covid swab collection unit which claims to have a risk-free and safer sample collection process for healthcare workers.
  • In an expansion of a government program aimed at diversifying the country’s supply chains, Japanese manufacturers will now be eligible for subsidies if they shift production out of China to India or Bangladesh.
  • Harsha Bhogle, an Indian cricket commentator, has picked up a stake in Fantasy Akhada, an online gaming platform.
  • Happiest Minds Technologies founder and chairman, Ashok Soota, at the age of 77, is launching his 2nd IPO on 7th September. The first being the one for Mindtree in 2007.
  • Two China-backed firms are among the three bidders for DTC’s e-bus tender. The third one is Tata Motors.
  • The Voda-Idea board has decided on considering fundraising options after the SC directed all telecom operators to pay 10% of the total AGR related dues in 2020-21 and the rest in instalments over the next 10 years, starting in FY22.

India Business News Weekly Roundup 31 August to 5 September 2020

  • Mobile Premier League has signed up as a presenting sponsor for Bigg Boss 2020.
  • In response to India’s banning of Chinese apps, Tencent Holdings on Thursday said that the company takes the protection of user’s privacy and data seriously.
  • E-payments are moving beyond metropolitans to jump in small towns and cities.
  • The SoftBank Group is said to consider bids for TikTok in India. The company is actively looking for local partners.
  • Energy Efficiency Service, a JV between public sector units under ministry of Power announced that the company will procure 250 electric vehicles from Hyundai and Tata Motors.
  • IOCL is planning to raise its borrowing limit by 50% from Rs 1.1 trillion to Rs 1.65 trillion. The company has also sought shareholders nod for the same.
  • Tata Power said the company bagged an order from the Ministry of Defence worth Rs 490 crores for 2 Pinaka regiments.
  • Life Insurance Corp. of India (LIC), the largest shareholder in National Stock Exchange of India, missed the Sebi’s 28 August deadline to divest a 4.9% stake in the stock exchange.
  • The National Stock Exchange of India (NSE) decided to withdraw directorship in Computer Age Management Services Ltd (CAMS) and divest 12.5% of its 37% stake in CAMS’ proposed initial public offering (IPO).

India Business News Weekly Roundup 31 August to 5 September 2020

  • Private sector lender IndusInd Bank approved the allotment of 4.76 crore to qualified institutional buyers (QIB).
  • NCLT approved the sale of Infrastructure Leasing and Financial Services’ (IL&FS) education assets to its minority partner Lexington Equity Holdings Ltd (LEHL) on a slump sale basis.
  • Cognizant Technology Solutions Corp entered an agreement to acquire Chicago-based 10th Magnitude, a cloud specialist firm focused exclusively on the Microsoft Azure cloud computing platform.
  • Hewlett Packard Enterprise announced a launch of its HPE Digital Catalyst program in partnership with LetsVenture. This program is an initiative to boost upcoming Indian startups.
  • With 8GW of SECI contracts, Adani Green is now the largest solar power developer globally.
  • Zee Entertainment Enterprises has launched a new pay-per-view movie service called Zee Plex which will be available on both television and digital platforms.
  • The SC has given a 10-year window to telcos including Voda-Idea to pay their dues relating to adjusted gross revenue.

India Business News Weekly Roundup 31 August to 5 September 2020

  • The Adani group will be acquiring the Mumbai airport, in a move to become the top airport operator.
  • The Partners Group, a global private markets investment manager, sold shares of Aavas Financers worth Rs 361 crores via open market transactions.
  • L&T announced closure of its strategic divestment of its electrical and automation business to Schneider Electric for Rs 14000 crores.
  • SEBI refused to extend the September 1 deadline to implement new margin pledge rules.
  • PhonePe is set to enable digital payments acceptance to over  25 million small traders over the course of 1 year.
  • The CBDT warned banks of penal action for charges on e-payments specified by the government to encourage a cashless economy.
  • Vedanta has pledged its entire shareholding in Hindustan Zinc to help fund its proposal to delist from stock exchanges.
  • Paytm & Paytm Mall said the company found no security lapses after investigating claims of a possible hack and data breach.
  • ABB Power Products and Systems India informed the exchanges that the company is increasing the offer price for shares it plans to buyback.
  • Reliance Industries-Future Group deal saves lenders from a $2.2 billion debt hole.
  • Hyundai Motor India is cautiously optimistic about the upcoming festive season amid the COVID-19 pandemic.

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India Business News Weekly Roundup 31 August to 5 September 2020

  • In a recent interview, Rajesh Magow, co-founder and group CEO at MakeMyTrip said the company has been witnessing early signs of recovery for holiday products including weekend getaways, staycations, and daycations.
  • With Unlock 4 in motion, the Union Home Ministry said that Metro rails will be allowed to operate from 7 September in a graded manner. This comes in much relief to commuters across major cities.
  • Murugappa Group’s Tube Investments of India has been declared as the winning bidder for CG Power and Industrial Solutions.
  • The SC issues a notice to the Tamil Nadu government on Vedanta’s plea challenging HC order on Sterlite unit.
  • JioFiber announced a 30-day free trial for all new users starting from 1st September.
  • Cyient announced that the company will acquire IG partners, to expand its mining expertise and end-to-end offerings for the local and regional resources sector.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 31 August to 5 September 2020

  • Infosys is set to acquire a US-based product design & development firm, Kaleidoscope Innovation for nearly $42 million.
  • WinZO, a gaming startup, during its Series B round of funding led by Makers Fund and Courtside Ventures raised $18 million.
  • Railofy is a data science startup that has raised Rs 7 crores in seed funding from Chirate Ventures.
  • Edtech platform Unacademy raised $150 million, led by SoftBank Vision Fund 2i , trebling its valuation to $1.45 billion.
  • Singapore’s state investment arm Temasek Holdings has invested $62 million ( ₹456 crore) in foodtech startup Zomato.
  • Hyperlocal delivery startup Dunzo raised around $28 million, as part of its Series E round led by Google International LLC and Lightstone Fund S.A.
  • Tata Motors reported a 13.38% increase in total sales at 36,472 units in August.
  • Future Retail reported a Q4 net loss of Rs 470.61 crores.
  • One97 Communications has reported a revenue of Rs 3628.85 crores in 2019-20.
  • A vertical professional network of grey and blue collar workers, Apna.co raised $8 million in Series A funding, led by existing investors – Lightspeed India and Sequoia Capital India.
  • 9Unicorns, the accelerator fund of Venture Catalysts (VCats) raised ₹100 crore to be used to invest in over 100 early stage startups focusing on solving problems for India.
  • Consumer electronics startup boAT has raised ₹25 crore from InnoVen Capital.
  • Online home interiors start-up Homelane raised ₹60 crore ($8million) in a bridge round led by Stride Ventures.
  • Dunzo has raised nearly $28 million in a Series E round of finding led by Google and Lightstone.
  • Apna.co has raised $8 million in a Series A round of funding led by Lightspeed India and Sequoia Capital India.
  • Niyogin, a fintech startup, acquired a 51% stake in iServU Tehnologies for Rs 592 million in a cash and stock deal.
  • Bikayi, a whatsapp integrated merchant e-commerce platform, raised $2 million in its seed round of funding from Mantis Ventures, Y Combinator, and others.
  • RIL on Saturday announced the acquisition of businesses of Kishore Biyani’s Future Group for Rs 24,713 crores.
  • Edelweiss Financial Services said the company raised Rs 1000 crores by issuing bonds to Asia Pragati Strategic Investment Fund.
  • Creador, a Malaysia-based PE firm invested Rs 250 crores in Shriji Polymers.
  • HomeLane, an online home interiors startup, raised Rs 60 crores in a bridge round of funding led by Stride Ventures.
  • Lawyered said the company is seeking to raise Rs 7 crores in a pre-series round of funding.
  • Voda Idea said the company has decides to raise Rs 25,000 crores to pay off dues and restore its financial health after last year’s adverse SC order threatened the company’s survival.
  • Arka Venture Labs is set to invest in the Kubernetes management startup, Nirmata.
  • TVS Motor Company has invested an additional Rs 30 crores in Ultraviolette Automotive which is an electric vehicle start-up.

Some stats: India Business News Weekly Roundup 31 August to 5 September 2020

  • Drug firm Wockhardt reported a consolidated net profit of ₹759.75 crore for June quarter.
  • Coal India reported a consolidated net profit of ₹2,077 crore in the first quarter ended June of FY21, a decline of 55% over that of ₹4,629 crore in the same period last fiscal.
  • Jubilant FoodWorks Ltd, which operates fast-food chains Domino’s Pizza and Dunkin’ Donuts reported a consolidated net loss of ₹74.47 crore for the first quarter ended June 2020.
  • Sonalika Tractor recorded an 80% jump in tractor sales in August with its domestic sales at 8205 units.
  • Coal India reported its 1st rise in monthly shipments since February. This happened after the demand for fuel picked up with the ease of restrictions.
  • BigBasket said the company has seen a sharp spike in new customers at nearly 84% due to the 7-month COVID-19(Jan-July).
  • MG Motor India reported its August sales at 2851 units.
  • M&M posted a 65% growth in tractor sales in August.
  • Hyundai Motor India reported a 20% YoY increase in its domestic wholesale dispatches for August to 45809 units.
  • Escorts posted an 80% YoY growth in tractor volumes in August to 7268 units.
  • Maruti Suzuki India reported a 21.7% YoY growth in wholesale dispatches for August to 115325 units.
  • Hero MotoCorp reported an 8.5% YoY increase in its domestic wholesales for August to 568674 units.
  • Boat Lifestyle which registered a gross revenue of Rs 500 crores in FY2019-20 is now aiming to double the top line by FY24 to Rs 1000 crores.
  • Suzlon Energy reported a widening of its consolidated net loss to Rs 398.86 crores in the Apr-June quarter.
  • Wockhardt reported a Q1 consolidated net profit of Rs 759.75 crores.
  • 17% fall in consolidated net profit to ₹17.04 crore for the first quarter ended 30 June 2020.

Must Read: JRD Tata – a Successful Businessman and a great human being

India Business News Weekly Roundup 31 August to 5 September 2020


Deepak Fertilizers has tied up with Samunnati to offer agri services to FPOs in 5 states of the country.

Ongoing cases: India Business News Weekly Roundup 31 August to 5 September 2020


  • Air Works had appointed Haseeb A. Drabu as an independent director to the board of the company. Mr Drabu is a noted economist and former Jammu & Kashmir finance minister.
  • The Appointments Committee of Cabinet (ACC) approved restructuring of Railway Board and appointed Vinod Kumar Yadav as the Chairman and Chief Executive Officer (CEO) of the Board.
  • The Coca-Cola Company named Krishnakumar the chairman of Coca-Cola India.
  • Global CEO Sandeep Mathrani who was appointed as CEO of WeWork has now joined WeWork India’s board.
  • SIAM announced Maruti’s Kechini Ayukawa as the president for the next two years.

Airlines: India Business News Weekly Roundup 31 August to 5 September 2020

  • IndiGo might ditch it’s plan to raise Rs 4000 crores if travel picks up.
  • IndiGo is betting big on festive season for demand revival, following an increase in flight bookings as states ease travel restrictions.
  • SpiceJet has decided to hold its AGM on 31 December, after getting an approval for a three month extension from the Registrar of Companies.
  • SpiceJet launched a portable ventilator called SpiceOxy for patients with breathing issues.


  • IL&FS has proposed to file bankruptcy for its offshore firms IIDL and IIDMCC in UAE.

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