Weekly Business News: India Business News Weekly Roundup 8 to 13 November 2021

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India Business News Weekly Roundup 8 to 13 November 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 8 to 13 november 2021

Corporates – India Business News Weekly Roundup 8 to 13 November 2021

  • Bharat Forge, an auto-components and a defense major, has reported consolidated profit worth Rs 270 crores for the September quarter of 2021.
  • As per reports, IDFC First Bank has leased Citibank India’s erstwhile HQ of Mumbai’s Bandra Kurla Complex for nine years-term from the Mindspace Business Parks REIT.
  • ONGC has reported a 565.3% increase in its net profit on a year-on-year basis after beating the estimates of Rs 6422 crore and soaring to Rs 18347 crore.
  • Rbi has imposed restrictions on Laxmi Cooperative Bank Ltd in Solapur that includes a Rs 1000 cap on customer withdrawals due to deterioration in its financial position.
  • Hero MotoCorp, India’s largest two-wheeler maker, has reported a 16.7% net loss for the month ending on Sept 30, 2021, to Rs 794.40 crore from Rs 953.45 crore profit in last FY.
  • Nandita Sinha has been appointed as the new Chief Executive Officer of Myntra in effect from January 01, 2022.
  • Johnson & Johnson, a US pharmaceutical giant, has announced its plan two split into two entities separating the pharmaceutical division from the consumer arm selling band-aids.
  • Suryoday Small Finance Bank has reportedly incurred a net loss of Rs 1.9 crore for the quarter ending on September 30 as compared to Rs 27.2 crore net profit last year.
  • Veranda Learnings Solutions, an online learning platform, has filed draft papers for an initial public offer with SEBI.
  • An AI-powered technology platform, CredAble, has launched a credit and cash flow management app, Upscale, for enabling the growth of MSMEs and SMEs in India.
  • CBIC has recently launched an online platform in Delhi for scheduling cargoes for traders at the Tughlakabad inland container depot for improving logistics efficiency.

India Business News Weekly Roundup 8 to 13 November 2021

  • Hero Lectro, the electric bicycle brand of Hero Cycles, has increased the price of its cycles and other products and their models by up to Rs 5000 to offset the impact of freight costs and rising input material.
  • The investor services of Moody’s have upgraded the credit rating of Yes Bank from B3 to B2 after seeing improvement in the financial health.
  • Kotak Mahindra Bank has completed the process of acquisition of a 10% stake in KFin Technologies for approx Rs 310 crores.
  • Nykaa has observed the doubling of its market value to over $1 trillion in the stock market debut. The shares of the company rose to 96% over its IPO price from Rs 1125 to Rs 2207.
  • Bank of Baroda has witnessed a 24.4% increase in its net profit from Rs 1679 crore in Q2 of FY21 to Rs 2088 crore in Q2 of FY22.
  • The Good Glamm Group has become the first beauty commerce brand to enter the unicorn club of India at a valuation of $1.2 billion.
  • General Electric, an American company, will reportedly be dividing itself into three companies with a focus on- aviation, energy, and healthcare.
  • Mahindra & Mahindra, an automaker, has announced to launch 16 electric vehicles across SUV and light commercial vehicles by 2027 to strengthen its position in the electric mobility segment of India.
  • Indian Bank has recently launched a Video KYC facility for applicants to open a bank account anywhere by incorporating Video-Based Customer Identification Process technology on its web-based platforms.
  • Brookfield India Real Estate Trust, a listed REIT, will distribute dividends of around Rs 180 crores to its unitholders for the quarter ending in September.
  • Tata Motors has collaborated with the Bank of India for offering finance options and loans at a 6.85% interest rate will be offered by the bank to the customer of the passenger vehicles.
  • Lava International, a mobile company, has become India’s first brand to launch 5G smartphones for domestic customers under the name “Agni”.

India Business News Weekly Roundup 8 to 13 November 2021

  • ICRA, a rating agency, has downgraded the rating of Bandhan Bank to “negative” from “stable” due to weakness in the portfolio of its emerging entrepreneur business.
  • NCLT has reportedly stayed meeting of shareholders of Future Group to seek approval for its asset sale deal with RIL.
  • Byju’s is said to have raised $1.2 billion in debt for working capital and also making more acquisitions.
  • Amazon Corporate Holdings has reportedly infused ₹1,000 crores into Amazon Pay.
  • TVS Motors is reportedly in talks with many global investors to raise about $300-500 million for the electric vehicles subsidiary at a $ 3.5-4 billion valuation.
  • Mars Wrigley, the largest chocolate maker in the World, has reportedly begun production of Galaxy brand chocolate in India smallest to be priced at ₹10, its lowest in the world.
  • InoxWind has notified that it has recently bagged a 150MW wind power project from NTPC Renewable Energy Ltd to achieve over 60 GW capacity of renewable energy.
  • As per reports, Evergreen Power Mauritius Pvt Ltd and Vector Green Energy Power Ltd might tie-up for the development of 300 MW wind projects in India.
  • Maruti Suzuki Smart Finances, an online car financing platform, has disbursed automobile loans of Rs 6500 crore to about 1 lakh customers in nine months period.
  • The dispatch of coal to the Power sector has increased by 27.13% in the month of October due to a spurt in demand for power despite an unprecedented rise in import prices.

India Business News Weekly Roundup 8 to 13 November 2021

  • Aurobindo Pharma, a pharma major in Hyderabad, has reported a 14% decline in its net profit for Q2 ending on Sept 30, 2021, from ₹ 807 crore to ₹ 697 crores.
  • Olectra and Evey Trans Pvt Ltd has reportedly got an order worth Rs 140 crores for the supply of 100 electric buses to the Road Transportation Corporation of  Andhra Pradesh under the FAME-II scheme of GOI.
  • Some of the independent directors of Future Retail have reportedly said that the Amazon deal violates the foreign exchange rules and has concealed facts, made misrepresentations and false representations to the Competition Commission of India for investment approval in Future Coupons.
  • TCI Express, an express logistics company, is reportedly to begin with deliveries of medicines and other immediate delivery packages using drones by the end of FY22.
  • EKI Energy Services is expecting a ₹1000 crore turnover in the current fiscal year along with a 50% increase in its sales in 2022-23 in the backdrop of nations opting for net-zero emissions.
  • According to Acuite Ratings and Research Agency, the volumes of commercial vehicles will pick up with the ongoing economic revival, ease in restrictions on the movement of goods by state governments, and recovery in the core infrastructure.
  • Income Tax Department has reportedly frozen deposits of an urban credit cooperative bank based in Maharashtra worth Rs 53 crores due to irregularities in the opening of accounts.
  • Ola Financial Services, a subsidiary of Ola, expand the insurance business in the international markets to support mobility services via products designed for UK, NZ, and Australian Markets.
  • According to SBI Chairman Dinesh Kumar Khara, India is all set to move into the next growth orbit after the successful implementation of the COVID-19 vaccination program.
  • According to SBI Chairman Dinesh Kumar Khara, India is all set to move into the next growth orbit after the successful implementation of the COVID-19 vaccination program.
  • Dalmia Cement has switched to the use of industrial waste and biomass for protection against fuel price fluctuations and is expecting to raise ₹ 10,000 crores for its capital expenditure between FY22 and FY24 after being almost debt-free.

Must Read: Roshni Nadar Malhotra Biography

India Business News Weekly Roundup 8 to 13 November 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 8 to 13 November 2021

  • A venture capital firm by Sequoia Capital, A91 Partners, is reported to have raised $550 million at the closing of its second fund.
  • Tata Consumer Products Limited has signed an agreement to acquire a 100% stake in Tata SmartFoodz Limited for  Rs 395 crore from Tata Industries Limited to expand into value-added categories.
  • Reliance Retail Ventures Limited, a retail arm of Reliance Industries, has acquired retail lingerie business under “Amante” from Sri Lanka- based MAS Holdings for an undisclosed amount.
  • A sleep and home solutions startup, Wakefit.com, is reported to have raised $28 million in a Series-C funding round led by US-based global trading firm SIG, Sequoia Capital India, and Verlinvest.
  • Vayana Network, a trade financing firm, has reportedly raised Rs 283 crores in a Series C round of funding led by Chiratae Ventures, CDC Group, with participation from Jungle Ventures, March Capital, and Marshall Wace.
  • Buyofuel, India’s first online marketplace for biofuels and wastes, has reportedly raised over Rs 1.6 crores in a seed funding round led by Inflection Point Ventures. These funds will be used for expediting marketing activities and the signing of new partnerships for business development.
  • Automovill, a tech mobility startup, has started its operations in Pune. It has paired with 20 repair workshops and has established three company-owned hubs in the state itself.
  • As per reports, SoftBank may invest $5 billion to $10 billion in attractive valued Indian startups in the next two years.
  • Gautam Adani, reported, that his logistics-to-energy conglomerate may invest over $70 billion in renewable energy for the production of the cheapest hydrogen on Earth and become the largest renewable energy company in the world.
  • Unnati Agri, a fintech-driven agriculture service platform, has raised ₹60 crores in a Series-A funding round led by Incofin Investment Management, Orios, and Nab Ventures.
  • A millet snacks maker, Troo Good, is reported to have raised ₹55 crores in a Series-A funding round led by OAKS Asset Management investment firm.
  • A platform for discovery and savings in offline retail, Magicpin, has raised $60 million in a Series-D round of funding led by Zomato along with participation from Lightspeed Venture Partners and others.
  • Xpand, a last-mile distribution provider, is said to have raised $1.5 million in pre-Series A funding round from several HNIs. The round was led by Akash Prakash (CEO of Amansa Capital).
  • Zomato, as per reports, will invest $1 billion in various startups in the next two years and is planning to turn towards a platform play.
  • A healthcare startup running digital clinics, Mosaic Wellness, reportedly raised $24 million in a Series A round of funding led by Sequoia Capital India, Elevation Capital, and Matrix Partners India.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 8 to 13 November 2021

  • Zoomcar, a car-sharing start-up, has reportedly raised $ 92 million in a private placement led by SternAegis Ventures. Many International investors and family offices also participated.
  • Bright Champs, a global learning platform for children, has reportedly raised $63 million in funding from PremJi Invest, GSV Ventures, Binny Bansal, 021 Capital, and BEENEXT.
  • HR Tech startup, Advantage Club, has reportedly raised $5 million from Y-Combinator, Earlsfield Capital, Jetty Ventures, SMC Advisors, and many other investors.
  • Bounce, an electric scooter rental startup, will invest $100 million over the next year across manufacturing of e-scooters and for expansion of battery swapping Infrastructure.

Some stats: India Business News Weekly Roundup 8 to 13 November 2021

  • Post demonetization, the circulation of currency notes is on the rise, though at a slower pace, despite a surge in digital payments and people embracing cashless payments.
  • According to RBI data, the circulation of the notes (in value terms) surged from Rs 17.74 lakh crore on Nov 04, 2016, to Rs 29.17 lakh crore on Oct 29, 2021.

Must Read: Success stories of these 7 Indian entrepreneurs

Tie-ups – M&As – India Business News Weekly Roundup 8 to 13 November 2021

  • Asset Reconstruction Company of India Ltd, as per reports has acquired 26% equity in an unlisted subsidiary of Jayaswal Neco Group, NSSL Pvt Ltd, to revive the distressed company.
  • MobiKwik has partnered with NPCI and Axis Bank to launch MobiKwik Rupay Card across 190 countries.  The card will be free of charge to the customers and purely digital.
  • Bajaj Allianz Life Insurance has reportedly entered into a partnership with India Post Payments Bank and Department of Posts and has launched two insurance products for tapping vast rural customers across India.
  • Ortega, the founder of Zara clothing, has reportedly purchased stock in Repsol, an energy giant running a wind farm, to enter the renewable energy sector.
  • According to cyber security consultancy startup CyberX9, CDSL Ventures Limited has reportedly twice exposed financial and personal data of about 4 crore Indian investors in 10 days period.

Ongoing cases: India Business News Weekly Roundup 8 to 13 November 2021

People:

  • Ashu Suyash has been appointed as the Independent Director to the board of Hindustan Unilever Limited.
  • Ajay Thomas John has been appointed as the Chief Digital Officer of Shriram Capital.
  • Anil Goel has been appointed as the President of the technology division of Byjus.
  • CoinDCX announced the appointment of Mridul Gupta as COO. An IIT Delhi engineering graduate, Mridul was previously with Pine Labs as Chief Strategy Officer.
  • K.V. Kamath has been appointed as the Senior Advisor of the global investment firm KKR India. He was previously with New Development Bank as President, ICICI Bank as Chairman, and Infosys as Chairman of the Board.
  • KG Krishnamurthy has been appointed as the Non-executive Chairman of Indiabulls Real Estate.
  • Mohit Dhar Jayal has been appointed as the Chief Brand Officer of Royal Enfield.

Must Read: Interesting facts about Ratan Naval Tata

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