Weekly Business News: India Business News Weekly Roundup 3rd to 8th August 2020

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India Business News Weekly Roundup 3rd to 8th August 2020News 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 3rd to 8th august 2020

Corporates – India Business News Weekly Roundup 3rd to 8th August 2020

  • Nomura and Capital Group bought shares of Mindspace REIT worth Rs 347 crores through open market transactions.
  • Netflix has launched a user interface in Hindi to widen its audience base in India.Harman, an audio solutions provider is betting big on the gaming segment in India and is investing in channel expansion, and sales and marketing efforts to strengthen its position in the country.
  • Aurobindo Pharma is working on the COVID-19 vaccine even as the candidate was approved for funding by the Department of BioTechnology.
  • Twitter has begun labeling state-backed media accounts and ‘key government officials’ to create transparency when governments and their leaders use the social media platform to discuss important geopolitical issues.
  • LIC disclosed weak financials and surge in bad loans to 8.17% as the pandemic has been hit by high exposure to stressed sectors such as real estate. The growing inability of borrowers to repay loans has downgraded certain investments during the pandemic.

India Business News Weekly Roundup 3rd to 8th August 2020

  • The National CoE found that 76.3% of leading companies that provided work from home security and technology solutions in India are startups. The National CoE is a joint initiative by the Data Security Council of India (DSCI) & the Ministry of Electronics and Information Technology (MeitY).
  • Godrej Properties is aiming to launch more projects this year, even as the pandemic has sharply impacted sales and project launches. The company in July raised Rs 1000 crores through allotment of unsecured, redeemable, and non-convertible debentures on private placement basis.
  • The SC ordered a transfer of all pending appeals related to debt-ridden, Jaypee Infratech before NCLAT to itself.
  • Capgemini is planning to reskill nearly 50000 of its Indian employees over the next 6 months to help clients meet changing business needs by adopting emerging technologies.
  • IDBI Bank said it signed a share purchase agreement with Federal Bank and Ageas Insurance International to offload a 27% stake in IFLI for Rs 595 crores.
  • Coca-Cola India and Byju’s are likely to bid for title sponsorship for the IPL.
  • A JV by Adani Gas and France’s Total will soon seek permission from the government to open up retail fuel stations in India.

India Business News Weekly Roundup 3rd to 8th August 2020

  • Oyo told its employees that the company is planning on reinstating employee salaries in a phased manner.
  • TCS and 2 others have been shortlisted for implementation of RBI’s market surveillance system.
  • Coca-Cola said the company will work towards reviving the away-from-home channels of consumption over the next six months.
  • Nokia said the company is planning to set up robotics lab at the Indian Institute of Science in Bengaluru for research on socially-relevant use cases based on 5G and emerging technologies.

India Business News Weekly Roundup 3rd to 8th August 2020

  • Jubilant Generics launched remdesivir under ‘JUBI-R’ at Rs 4700 per vial in the Indian market
  • The Serum Institute of India got DCGI approval for phase II and phase III clinical trials of Oxford vaccine.
  • Maruti Suzuki India and Hyundai Motor India are planning to ramp up production to peak FY18 levels.
  • A foreign entity sold shares worth Rs 383.68 crores in Apollo Hospitals Enterprises.
  • PVR’s rights issue has been subscribed 2.23 times.
  • Welspun Corp said it bagged multiple pipe supply orders worth Rs 1000 crores.

India Business News Weekly Roundup 3rd to 8th August 2020

  • GMR Infra is working to divest a large part of its non-core assets to yield significant value even from 50% of land monetization.
  • Bandhan Bank said the promoter’s stake of the company reduced to 40% after the block deal in which 337.4 million shares were sold.

Must Read: Most generous Indians – Some of the top Indian Philanthropists

Start-up world, funds, funding and investments – India Business News Weekly Roundup 3rd to 8th August 2020

  • The Bill & Melinda Gates Foundation is planning to provide $150 million in funding to support the Serum Institute of India’s manufacturing of two promising vaccines by the University of Oxford and Novavax.
  • Renew Power is gearing to raise funds via dollar bonds to refinance domestic debt of certain operating asset.
  • BYJU’s has acquired a Mumbai-based code training app, WhiteHat Jr for $300 million.
  • HDFC said it’s board approved the launch of its QIP which is offering to raise Rs 14000 crores by selling equity shares and warrants.
  • HP said the company started manufacturing operations at its Chennai facility.
  • Springboard, an Edtech startup raised $31 million from Telstra Ventures in a Series B round of funding.
  • Adani Ports SEZ said the company raised Rs 5600 crores.
  • KKR raised a record $16 billion as investors looked to capitalize on the turmoil unleashed by the COVID-19 pandemic.
  • Naukri.com’s parent, Info Edge it’s board approved the launch of an institutional share sale to raise up to $250 million.
  • Axis Bank launched a QIP offering to raise around Rs 10000 crores.
  • Kodak TV India said the company will invest nearly Rs 500 crores to set up a plant in Hapur, UP.
  • inFeedo raised $700000 in funding from Y Combinator and other Indian founders and chief executives.
  • DST Global headed by Billionaire Yuri Milner is all set to invest $400 million in Byju’s, an Indian online education start-up.
  • MyGlamm, a beauty brand has acquired POPxo, which is a women-centric digital platform, to expand into the online content space.
  • The RBI included startups in the priority sector lending category. This move will make it easier for startups to raise funds from banks.

Some stats: India Business News Weekly Roundup 3rd to 8th August 2020

  • Cipla posted a 21% growth in net profit to Rs 578 crores in the quarter ending in June.
  • The Aditya Birla Capital reported a 27% fall in its consolidated net profit to Rs 198 crores for the quarter ending in June.
  • Dabur announced an expansion in its babycare product portfolio with the launch of 8 new Ayurveda-based products.
  • Adani Transmission reported a 66.52% increase in its consolidated net profit to Rs 355.40 crores for the quarter ending in June.
  • Kia Motors India unveiled its first compact SUV, Sonet, in India.
  • Mahindra and Mahindra reported a 94% fall in its consolidated profit for the quarter ending in June to Rs 54.64 crores.
  • Gammon Infrastructure Projects reported a consolidated profit of Rs 223.46 crores for the quarter that ended in March.
  • JK Tyres reported a consolidated net loss of Rs 204.17 crores in the quarter ending June.
  • HPCL’s Q1 consolidated net profit went up two-fold to Rs 2252.65 crores.
  • Torrent Power reported its Q1 consolidated net profit up by 35% to Rs 373.87 crores.
  • Indian Hotels Company reported a Q1 net loss of Rs 280 crores

India Business News Weekly Roundup 3rd to 8th August 2020

  • Adani Enterprises reported a Q1 consolidated loss of Rs 65.67 crores.
  • Adani Power reported a Q1 consolidated net loss of Rs 682.46 crores.
  • Vodafone Idea reported a Q1 net loss of Rs ₹25460 crores.
  • Apollo Tyres reported a loss of Rs 134.58 crores for the June quarter, due to Covid-19 related disruptions.
  • Canara Bank reported a Q1 net profit at Rs 406 crores.
  • DLF reported a consolidated net loss of Rs 71 crores in the June quarter.
  • Adani Gas posted a 42% decline in its Q1 net profit.
  • Jyothy Labs reported a 33.78% rise in Q1 net profit to Rs 50.01 crores.
  • Thomas Cook India reported a Q1 net loss of Rs 108.62 crores.
  • Godrej Properties reported a Q1 consolidated net loss of Rs 20.23 crores. The company said it raised Rs 1000 crores via issue of debentures.
  • Cadila Healthcare reported a net profit up 50% to Rs 454 crores for the quarter ended June 30.
  • SAIL reported its July sales up by 50% to 15.83 lakh tonnes.
  • NTPC said its power generation in July increased by 13% to 26.73 billion units.
  • BSE reported a Q1 net profit fall by 21.4% to Rs 32.48 crores.
  • Exide Industries reported a Q1 net loss of Rs 13.56 crores.
  • Bank of India reported a 3-fold rise in its June quarter profit to Rs 843.60 crores.

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Tie-ups: India Business News Weekly Roundup 3rd to 8th August 2020

  • OYO and FICCI said they have joined hands in developing and designing an online training and certification course, specifically for the hospitality industry.
  • Wiserfunding said it entered the Indian market and will tie-up with banks and NBFCs to provide lending solutions for the SME sector.

Ongoing cases: India Business News Weekly Roundup 3rd to 8th August 2020

People:

  • The RBI approved Sashidhar Jagdishan as the next CEO of HDFC Bank.
  • Sequoia India appointed 3 senior-level executives in technology, public policy, and marketing to its leadership in India.
  • One97 Communications, which operates Paytm, appointed Bhavesh Gupta as CEO of its lending business.

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