Weekly India Business News Headlines: India business news weekly roundup 6th to 11th July 2020

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India business news weekly roundup 6th to 11th July 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 6th to 11th july 2020

India business news weekly roundup 6th to 11th July 2020

Corporates

  • Voda Idea paid Rs 2850 crores and cleared their dues in relief for Franklin Templeton India investors.
  • Ratan Tata has accused Cyrus Mistry of misleading the SC in the ongoing legal tussle between the two sides.
  • The SC transferred all cases by Amrapali homebuyers to the ED to investigate all the cases being probed by the Economic Offences Wing.
  • 6 companies including BHEL, CRRC Pioneer, Bharat Industries, Electrowaves Electronics, Medha Servo Drives, and Powernetics Equipment have submitted bids for Train 18/Vande Bharat train sets.
  • Mukesh Ambani’s RIL shares are breaking records. Meanwhile Ambani is getting richer than Warren Buffett.
  • China’s PBoC cut down HDFC stake in the quarter ending June.
  • PVR Cinemas is planning to diversify into F&B products post COVID-19 pandemic.
  • The Karnataka government decided to resume university courses from 1 October.
  • Tata Motors group global wholesales in the April to June quarter dipped 64% to 91,594 units as compared to Q1 FY20.

India business news weekly roundup 6th to 11th July 2020

  • Oyo’s CEO, Rohit Kapoor said that the company will shift its focus on European, South-East Asian, and Indian markets for fresh bookings as curbs relaxed.
  • SEBI is not in favour of a demand from CRA to let them withdraw ratings of uncooperative companies that fail to provide the required information. It wants the rating agencies to rate all issuers.
  • The government in Gujarat decided on reversing its 2018 decision to amend the PPAs it signed with Tata Power, Adani Power, and Essar Power in order to raise tariffs which will lead to an offset in the rising cost of imported coal.
  • RIL and BP India announced the commencement of their new Indian fuels and nobility JV, RBML.
  • Starbucks opened its first drive-thru outlet in India. This new store is located on the Ambala-Chandigarh Expressway.

India business news weekly roundup 6th to 11th July 2020

  • Praj Industries forayed into developing technologies to produce bio-based renewable chemicals and materials (RCM).
  • Oyo is looking to focus on Europe, Southeast Asia, and Indian markets for fresh bookings as travel restriction ease.
  • Yes Bank said it will launch its FPO on 15 July. The offer will close on 17 July.
  • PCBL is planning to set up a Rs 600 crore greenfield plant near Chennai.

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India business news weekly roundup 6th to 11th July 2020

  • Sterling & Wilson Solar informed stock exchanges that its promoters are delaying repayments owed to the company, citing COVID-19.
  • The GMR Group said it concluded a deal to complete a 49% stake sale in its airport arm to ADP.
  • Lupin said the company is voluntarily recalling its diabetes treatment drug ‘Metformin Hydrochloride’ extended-release tablets in the US market.
  • Khadi and Village Industries Commission announced that Khadi masks will be available online.
  • Thomas Cook India said the company launched an initiative, ‘City Escapes’, to tap the growing demand for very short vacations.

India business news weekly roundup 6th to 11th July 2020

  • Microsoft and NSDC partnered to provide digital skills to over 1 lakh of youth in India over the next 12 months.
  • A rise in coronavirus cases in Aurangabad and Ballari has left the Indian industry worried as more disruptions will lead to widening losses for production hubs that were limping back to recovery after a lengthy lockdown.
  • ixigo has reinstated salaries of its employees with effect from July and is giving deeply discounted ESOPs as a means to cover up the loss in pay for the last 3 months.
  • The distressed hospitality sector is making efforts to sell their properties amid the demand destruction due to the coronavirus pandemic.
  • The Karnataka HC moved to fast-track Franklin case, setting specific timelines for petitioners and respondents with a 3-month deadline set by the SC.
  • The SC censured Fada for exceeding the limit set on BS-IV vehicle sales.
  • Shriram Transport said the company will launch its Rs 1500 crores rights issue on 16th July.

India business news weekly roundup 6th to 11th July 2020

  • After receiving a letter from Local Circles, the DCGI of India, VG Somani wrote to zonal officers and NPPA to remain vigilant on the sale and black-marketing of the crucial COVID-19 drug remdesivir.
  • The government in Assam has invited textile companies to invest in the state, assuring customized support to their business ventures.
  • L&T Infra Finance received the first tranche of $50 million of the total $100 million of external commercial borrowing from AIIB.
  • The ED registered a money laundering case against the GVK group and MIAL to probe alleged irregularities to the tune of Rs 705 crores, in running the Mumbai airport.
  • The Indian IT sector’s revenue may drop down between 4% to 8% in the quarter ending in June, depending on their exposure to troubled sectors like retail, aviation, and hospitality among others.

India business news weekly roundup 6th to 11th July 2020

  • Mylab Discovery Solutions said the company has launched a machine to automate the manual processes of molecular diagnostic tests, including RT-PCR tests for COVID-19.
  • India’s palm oil imports climbed up 5-month high in June, as traders and refiners in the world’s biggest buyer increased purchases to replenish stockpiles.
  • Serum Institute of India’s CEO said the company is at least 6 months away from approval by DCGI as it is following due processes to be sure about its safety and efficacy.
  • Kalpataru Power Transmission (KPTL) has signed a definitive agreement to sell Alipurduar Transmission Limited (ATL) to Adani Transmission for a total enterprise value of around Rs 1286 crores.
  • Oyo Hotels is dramatically shrinking its footprint and headcount in virus-hit Japan, as bookings in the country plunge due to travel restrictions.
  • The Agritech sector has witnessed gains during the covid-19 crisis, thus investments from VC firms are expected to exceed $500 million in the next two years.

India business news weekly roundup 6th to 11th July 2020

  • As the company’s vaccine candidate, Covaxin enters human trials, Bharat Biotech’s founder chairman, Dr Krishna Ella faces the biggest challenge of his career.
  • Sanjeev Sharma, MD at ABB India said enterprises are spending more on digital transformation as they are emerging from the lockdown. Thus, a shortage of skilled labour during the COVID-19 pandemic prompted companies to automate the value chain and reduce human intervention.
  • The CBI has filed an FIR against Thangam Steels Limited and its directors for allegedly cheating SBI to the tune of over Rs 88 crores.
  • IDBI Trusteeship Services sold 1.25 million shares of Max Financial Services via open market sale.
  • Wipro’s new CEO, Thierry Delaporte took charge of the company said that he will aim to achieve industry-leading growth and will also strive for improvement in all spheres despite the short-term challenges.
  • Mylan announced that the company received an ‘emergency use authorization’ from the DCGI for its licensed generic of remdesivir for treatment of COVID-19.

India business news weekly roundup 6th to 11th July 2020

  • To further strengthen its balance sheet, Bajaj Finance said the company might consider additional accelerated provisioning for COVID-19 in the first quarter of FY21.
  • MCX (Multi Commodity Exchange) is set to launch Gold Mini Options from 10 July onwards.
  • Canara Bank and Bank of Maharashtra announced a reduction in their marginal cost of funds based lending rates by 10 basis points and 20 basis points across all tenors, effective 7 July.
  • BPCL’s CRDC has bagged 62 patents since its inception 19 years ago and is now awaiting 68 more.
  • New FDI norms and rising tensions between India and China are likely to delay Zomato’s plan to tap into a $100 million equity capital which it had to raise from Ant Financial.
  • HUL, after rebranding and renaming its ‘Fair & Lovely’ to ‘Glow & Lovely’ and ‘Fair & Handsome’ to ‘Glow & Handsome’ has now landed in Bombay HC seeking an injunction against Emami over a trademark.
  • A strike at Coal India led to a cut in production by 56%. Workers were opposing to open up coal mining to the private sector.
  • N Chandrasekaran, chairman at TCPL said the company is aiming to be a full-fledged FMCG company. TCPL was recently formed by Tata Global Beverages and Tata Chemicals.

India business news weekly roundup 6th to 11th July 2020

  • Nykaa, an online cosmetics and beauty products retailer launched fruit and vegetable cleaner and disinfectant sprays.
  • Adani and Gateway informed the stock exchanges that the companies have settled their dispute regarding the sale of controlling stake in Snowman Logistics.
  • The CAIT has asked the government to restrict Chinese companies from participating in the 5G rollout in India.
  • The Covid-19 crisis has deeply impacted the co-living sector in India, leading to alterations in rents and rental agreements, community spaces, profit margins, and expansion plans.
  • RIL is planning to increase its network of aviation fuel stations by 50%, as the company looks to capture a greater market share in the business.
  • BillDesk is once again looking for buyers after the company’s promoters’ attempt to sell it two years ago failed. The company plans to sell-off business for $2.5 billion.
  • DHFL has defaulted on payment of Rs 50 crores on bonds and said that the company is not in a position to make payments to the lenders as it is under moratorium since last November.

India business news weekly roundup 6th to 11th July 2020

  • As customers look to enrich the user experience and improve productivity, Oracle, a global technology firm, witnessed a rise in the adoption of AI-enabled digital assistants or chatbots in India.
  • Biocon aims at listing its biosimilar unit in the next 2-3 years, depending upon market conditions.
  • Bajaj Auto’s union said that its workers demanded a temporary closure of one of its plants after 250 employees tested positive for coronavirus.
  • Ashok Leland is planning to focus on exports and the LCV category for a revival of volumes and its overall business.
  • BHEL, BEML, and Titagarh expressed their interest in manufacturing rakes for the Mumbai monorail projects.

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Start-up world, funds, funding and investments

  • Rossari Biotech said the company raised Rs 148.87 crores from anchor investors, ahead of its IPO which is set to open on 13 July.
  • Cars24 Financial Services raised its first debt funding of Rs 10 crores from Vivriti Capital.
  • PI Industries, an agri-sciences company, approved issue price of Rs 1470 for QIP through which the company raised Rs 2000 crores.
  • The UP government has approved a startup policy which aims to encourage entrepreneurs in establishing new ventures and to generate employment opportunities in the state.
  • Mastercard announced an additional Rs 250 crore investment to help small businesses in India, amid COVID-19 pandemic.
  • Freshworks Inc acquired IT orchestration and cloud management platform, Flint to support its IT support service portfolio, Freshservice.

India business news weekly roundup 6th to 11th July 2020

  • Flipkart announced an investment of Rs 260 crores to pick up a minority stake in Arvind Youth Brands.
  • PNB said the bank reported a fraud of Rs 3688.58 crores in NPA account of DHFL to the RBI. The bank’s board also approved a Rs 10000 crore fund raising plan, through a mix of both equity and debt.
  • The IRB said the company raised Rs 150 crores via allotment of NCDs on a private placement basis.
  • bio, an AI-backed health tech and fitness startup just recently launched in India.
  • Data collected by VC industry tracker Tracxn implies that startup funding has dropped by 29% in the first 6 months of 2020 to $4.2 billion.
  • The ICICI Bank said it will raise Rs 15000 crores via share sale.
  • KKR and Actis are in talks to acquire Azure.
  • Unacademy has acquired PrepLadder for $50 million.
  • Jaadhu Holdings LLC, owned by Facebook, said the company paid a subscription amount of Rs 43574 crores to RIL’s Jio Platforms to acquire a 9.99% stake in Jio.

India business news weekly roundup 6th to 11th July 2020

  • Amazon India received a fresh fund infusion of Rs 2310 crores from its parent company.
  • Yes Bank said its board approved raising funds of capital via FPO.
  • Welspun One Logistics Parks is set to invest Rs 550 crores to construct its first project at Bhiwandi in Maharashtra, to tap the growing demand for warehouses and industrial space over the next 4 years.
  • Blue Ashva Capital said the company has raised Rs 454 crores for the initial close of its maiden fund.
  • Sequoia India has received commitments of $1.35 billion from 2 funds in India and South-East Asia.
  • Paytm, along with its founder, Vijay Shekhar Sharma is all set to acquire Raheja QBE General Insurance for Rs 568 crores to fast track the launch of its insurance operations by 24-30 months.
  • According to a survey by FICCI and IAN, nearly 12% of startups in India are shutting down due to the impact of the ongoing COVID-19 crisis.
  • A survey of 250 startups has revealed that 70% of businesses have been impacted by the COVID-19 pandemic.
  • Affle India, a mobile advertising company said it will acquire an 8% stake in Indus OS.

India business news weekly roundup 6th to 11th July 2020

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Some stats:

  • IRCTC reported a Q4 net profit jump by 80% to Rs 150.6 crores.
  • Zomato doubles its revenue to $394 million as losses marginally increased in FY20.
  • TCS reported a low Q1 profit with a dip of 14% to Rs 7008 crores. 1% of the company’s employees are working from its facilities as the pandemic forced its clients to cut spending on IT services.
  • Zara India reported a 45.5% jump in FY20 profit.
  • Max Healthcare Institute reported a 75% jump in its Q4 consolidates profit at Rs 32 crores, despite the lockdown.
  • HDFC Bank reported a 21% rise in its advances, which totaled to Rs 10.04 lakh crores on June 30.

India business news weekly roundup 6th to 11th July 2020

Ongoing cases:

Tie-ups

  • Medikabazaar has partnered with Zipline and is planning to pilot drone delivery of medicines and critical medical supplies.
  • PhonePe has partnered with Shadowfax, a logistics company, to pilot hyperlocal deliveries for its offline Kirana merchants in Bengaluru.

India business news weekly roundup 6th to 11th July 2020

People

  • Shoppers Stop announced that its MD & CEO, Rajiv Suri resigned from the company.
  • Ola said that two of its senior executives, Arun Srinivas and Sanjiv Saddy have resigned.
  • Ruchi Soya Industries appointed Sanjeev Asthana as its CEO.
  • Cognizant sees a spate of senior-level exits with its India chairman and managing director, Ramkumar Ramamoorthy and head of global delivery, Pradeep Shilige resigning after spending over 2 decades at the company.
  • Diageo India announced the appointment of Deepika Warrier as their India marketing head, effective 27 July.
  • Mahindra Group announced the appointment of Amit Raje as Executive Vice President for partnerships and alliances to help it scale up its high-potential businesses and deliver technology to strengthen its market position.
  • After testing negative for Covid-19, SAIL Chairman, Anil Kumar Chaudhary resumed office.

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