Weekly Business News: India Business News Weekly Roundup 7 to 12 June 2021

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India Business News Weekly Roundup 7 to 12 June 2021. 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 7 to 12 june 2021

Corporates – India Business News Weekly Roundup 7 to 12 June 2021

  • Karnataka high court reportedly dismissed writ petitions of Amazon and Flipkart challenging the probe ordered by CCI against their business practices.
  • Irdai has issued guidelines on standard professional indemnity policy for insurance intermediaries.
  • The government has reportedly refused to exempt the digital news content of mainstream television channels and print media from the ambit of the IT Rules, 2021, and asked them to take urgent steps to comply with the provisions of the digital media rules immediately.
  • Canara Bank has reportedly said that IFSC codes of the erstwhile Syndicate bank branches will change w.e.f. July 1, 2021, and the customers will have to use new IFSC codes for receiving funds through electronic modes.
  • Supreme Court has reportedly refused to pass direction on a plea seeking to issue directions to the central government and RBI to take remedial measures to redress financial hardships faced by borrowers during the Covid-19 second wave.
  • N Chandrasekaran, Chairman, Tata Sons reportedly said that Tata group companies have collectively extended help of Rs.2500 crores towards various Covid-19 relief measures.
  • ITC Hotels has launched its second property in Himachal ‘Welcomhotel Tavleen Chail’. It had launched Welcomehotel Shimla around six months back.
  • Indigo Airlines has extended the suspension of operations from Shillong Airport till 30 June.
  • Godrej Fund Management is reported to have bought a land parcel for approx Rs.700 crores.
  • RBI has reportedly allowed banks to increase cash and non-cash ATM transaction charges beyond the free monthly permissible limit from January 1, 2022, to Rs 21 per transaction, instead of Rs 20 being charged currently.

India Business News Weekly Roundup 7 to 12 June 2021

  • International Zinc Association reportedly said that India loses around 5-7% of its GDP every year due to corrosion and immediate appropriate measures are required to control further damage.
  • Yes Bank will reportedly shift its base from Indiabulls Finance Centre in central Mumbai to erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz. The move is aimed at bringing down its operational and rental costs.
  • Advent International Corp reportedly exited Crompton Greaves Consumer Electricals by selling its entire 5.36% for Rs.1348 crores in block deals on the stock exchange.
  • CBI is reported to have registered a case against Gautam Thapar, Avantha Group promoter, and others for alleged diversion of public money, approx. Rs.466.15 crores, after a complaint by Yes Bank. CBI also reported to have carried out searches at multiple locations in Delhi NCR related to the case.
  • Gold traders have reportedly sought a clarification from the Bureau of Indian Standards about the inventory of 20, 23, and 24-carat purity lying with them as the compulsory hallmarking date is closing in.
  • Vista Rooms reportedly announced to extend support to the staff of Hyatt Regency Mumbai which has been temporarily closed due to covid impact resulting in massive fund crunch.
  • CISF will reportedly be taking over security of the Hyderabad campus of Bharat Biotech, Covaxin manufacturer.
  • Indian Hotels is reported to have entered into an agreement with Bengaluru Airport City Limited for a 775-room hotel at Kempegowda International Airport, Bengaluru.
  • Balu Forge Industries is said to have signed an agreement with the Karnataka government for setting up a new manufacturing campus in Belgaum costing around Rs.200 crores.

India Business News Weekly Roundup 7 to 12 June 2021

  • Reliance Infrastructure’s board is said to have approved raising Rs.550.56 crores by preferential share allotment and/or warrants convertible into shares to promoter group and VFSI Holdings.
  • Kedaara Capital-backed Vijaya Diagnostic Centre is said to have filed the draft red herring prospectus for its IPO. This may give Kedaara a partial exit.
  • SEBI has reportedly decided to debar Vivek Kudva, head of Asia Pacific for Franklin Templeton, and his wife Roopa Kudva from the capital markets for one year. It is also reported to have imposed a monetary penalty for fraudulent and unfair trade practices. Roopa Kudva is a partner and MD at Omidyar which has backed startups like WhiteHat Jr and 1mg.
  • Hyatt Hotels & Resorts has reportedly temporarily shut down Hyatt Regency hotel in Mumbai, due to non-payment of dues from Indian owner Asian Hotels (West).
  • One97 Communications Ltd, Paytm owner, is said to have received in-principle approval from its Board of Directors for IPO. It is also said to have invited shareholders to tender equity shares in part or in full for sale during IPO.
  • RBI is said to have imposed a penalty aggregating to Rs.6 crores on Bank of India and PNB for contravention of norms.
  • Central Bank of India announced co-lending partnerships with Indiabulls Housing Finance and IIFL Home Finance.

India Business News Weekly Roundup 7 to 12 June 2021

  • DoT may seek Trai to unveil a comprehensive discussion paper on a new licensing framework for LEO operators.
  • Paytm is said to have reported a consolidated loss of Rs.1704 crores for 2020-21. It had reported a loss of Rs.2943.32 in fy 2019-20.
  • Avigna group will reportedly invest approx. Rs.800 crores for developing industrial and warehousing parks in Tamil Nadu and Karnataka during the current FY.
  • SIDBI on behalf of the government has reportedly invited bids from consultants to help set up Rs.20,000 crores DFI called NaBFID (National Bank for Financing Infrastructure and Development) to catalyze investment in the fund-starved infrastructure sector.
  • Emami has reportedly raised product prices in the current fiscal on an average of 4% to offset input cost pressures. This is expected to help company retain a gross margin of 66-67%.
  • As part of its privatization initiative, the central government may reportedly sell its stake in the Central Bank of India and Indian Overseas.
  • Varde Partners, a global PE fund, will reportedly invest Rs.150 crores in Reliance Infrastructure for a 7% stake.
  • Cellular Operators’ Association of India has reportedly said that any concern around impact of 5G on health is totally misplaced.
  • Reckitt Benckiser will reportedly replace Dettol’s logo with photos and stories of unsung Covid-19 protectors.
  • Tata Steel Mining Limited has reportedly been declared as the successful resolution applicant by Rohit Ferro-Tech’s creditors.
  • ET reported that “some content producers and middlemen are forging letters of intent and approval letters of (OTT platforms like Netflix and MX Player to raise funds or negotiate better deals with competitors in a new type of scam in the Indian entertainment industry.”
  • One97 Communications, operating Paytm, is reportedly set to extend Rs.743 crore funding to two companies owned by Paytm founder Vijay Shekhar Sharma ahead of its $3 billion planned IPO.
  • IFFCO is said to have started commercial production of nano urea liquid.
  • Bharat Biotech is reported to have started clinical trials ‘Covaxin’ on children in the age group of 12-18 years in Nagpur, Maharashtra.

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

India Business News Weekly Roundup 7 to 12 June 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 7 to 12 June 2021

  • Sona BLW Precision Forgings is said to have raised Rs.2,498 crores from its anchor investors, ahead of its IPO.
  • Eightfold AI, a talent management platform, is said to have raised $220 million as part of its Series E round of funding led by SoftBank’s Vision Fund 2, at a valuation of $2.1 billion. Existing investors also participated in the funding round.
  • Slintel, a sales intelligence platform, is said to have raised $20 million as part of its Series A round of funding led by GGV Capital.
  • Kale Logistics, a logistics tech company, is reported to have raised $5 million as part of its Series A round of funding led by Inflexor Ventures.
  • Refyne is said to have raised $16 million as part of its Series A round of funding led by new investors RTP Global and  DST Global’s individual partners. Refyne offers short-term credit facilities, that allow employers to provide plug-and-play software enabling employees to access their real-time earned salary before the payday.
  • Whatfix, a SaaS startup, is said to have raised $90 million as part of its Series D round of funding led by SoftBank Vision Fund 2.
  • Truemeds, a telemedicine platform, is said to have raised $5 million as part of its Series A round of funding led by InfoEdge Ventures, Indian Angel Network Fund, and Asha Impact.
  • Cashfree, a payment gateway, is said to have raised strategic funding from SBI at a post-money valuation of $200 million.
  • Tata Digital is said to have agreed to invest up to $75 million in CureFit, a fitness startup.

Some stats: India Business News Weekly Roundup 7 to 12 June 2021

  • RBI data reportedly showed that India’s Forex reserves crossed the $600 billion mark for the first time.

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India Business News Weekly Roundup 7 to 12 June 2021

Tie-ups – M&As

  • Tata Digital is reportedly set to acquire a majority stake of 51% in 1mg Technologies for around $230 million at a valuation of $450 Million. Sequoia Capital India and Omidyar Network India, early investors in the firm, may take an exit in around two months.
  • BharatPe is said to have acquired PAYBACK India, a multi-brand loyalty platform, to help its offline merchants roll out rewards and loyalty programs for their customers. The deal amount has not been disclosed but is expected to be around $30 million.
  • Hines, a US-based real estate firm, is said to have entered into a long-term strategic partnership with realty developer Goel Ganga Corporation for developing a large IT park in Kharadi, Pune.
  • Rockwell Industries, a cold chain appliance manufacturer, is said to have entered into a strategic partnership with Dr Reddy’s Labs, to provide freezers for storage of Sputnik V vaccine in India.
  • Competition Commission of India is said to have approved the proposed acquisition of Aakash Educational Services by BYJU’S.
  • Mumbai bench of NCLT is said to have approved the resolution plan submitted by Twin Star Technologies, owned by Anil Agarwal, for acquiring Videocon Industries for Rs.2962 crores.
  • Tata Digital is said to be in talks to buy close to a controlling stake in Dunzo, a hyperlocal delivery startup.
  • EESL is reported to have entered into an agreement with Lemon Tree Hotels to implement energy efficiency and energy conservation measures.
  • Flipkart’s wholesale entity in India is said to have formed a JV with Ace Turtle to bring Toys”R”Us and Babies”R”Us to its platform.
  • GoMechanic is said to have raised $33.8 million in a Series C round of funding led by Tiger Global Management’s Singapore investment vehicle Internet Fund VII. The round also saw participation from some existing investors.

Ongoing cases: India Business News Weekly Roundup 7 to 12 June 2021

People:

  • DLF Ltd has re-designated Ashok Kumar Tyagi and Devinder Singh, whole-time directors, as CEOs.
  • Mahindra Group has announced the appointment of Pratap Bose as Executive-VP and Chief Design Officer. He will be leading the newly formed Global Design Organization.
  • Virtusa, an IT services firm, has appointed Santosh Thomas, former Cognizant president, as its CEO.
  • Hindustan Unilever Limited is reported to have appointed Kedar Lele, current CMD & MD of Unilever Bangladesh, to the HUL Management Committee as Executive Director – customer development.
  • IAMAI reportedly named Arjan Kumar Sikri, former supreme court judge, as chairman of the Grievance Redressal Board, formed as part of Digital Publisher Content Grievances Council backed by 14 video streaming players including Amazon Prime Video, Netflix, and MX Player.
  • Zomato is said to have elevated Akriti Chopra, its current Chief People Officer, as a founder.
  • Pankaj Kumar, Sterlite Copper CEO, is reported to have resigned citing personal reasons.
  • Two independent directors of Asian Hotels (West) that owns Hyatt Regency Mumbai are reported to have resigned.
  • Thales (India) is reported to have appointed Ashish Saraf, as new country director and VP. Saraf was previously President and head of South Asia for Airbus Helicopters.
  • RBI is said to have approved the re-appointment of Chandra Shekhar Ghosh as Bandhan Bank MD and CEO for three years.
  • The board of Hind Aluminium Industries is said to have approved reappointment of Shailesh Daga as MD.
  • HSBC is said to have appointed Hitendra Dave as the interim CEO of HSBC India, who will succeed Surendra Rosha who is moving to Hong Kong as co-CEO of HSBC Asia-Pacific.
  • Josh has appointed Sunder Venkatraman as head of creator and content ecosystem who will be responsible for spearheading the short video ecosystem beyond mainstream content categories.

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