Weekly Business News: India Business News Weekly Roundup 9th to 14th November 2020

Please follow and like us:

India Business News Weekly Roundup 9th to 14th November 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 9th to 14th november 2020

Corporates – India Business News Weekly Roundup 9th to 14th November 2020

  • The board of Grasim Industries has approved the sale of the company’s fertilizer business, Indo Gulf Fertilisers, to Indorama India for Rs.2649 crores by way of a slump sale.
  • Irdai has given its approval for the merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance.
  • Godrej Fund Management has entered into a deal with Amazon India to lease out 2.6 lakh sqft. in its commercial office building in Vikhroli, Mumbai.
  • Zoho Corporation has entered into a strategic partnership with TCS for a range of solutions to help e-commerce solutions for large corporates for better customer relationships and IT service management.
  • Competition Commission of India has approved Google picking up a 7.73% stake in Jio Platforms for Rs.33,737 crores.
  • Rakesh Jhunjhunwala’s RARE Enterprises bought 50 lakh shares of Indiabulls Real Estate on NSE through a bulk deal.

India Business News Weekly Roundup 9th to 14th November 2020

  • In the ICICI Bank-Videocon money laundering case, a special court has rejected the default bail plea of Deepak Kochhar, husband of Chanda Kochhar.
  • Bayer has inaugurated a new Ethiprole manufacturing plant with an investment of Rs.200 crores at its Vapi site in Gujarat.
  • Nirmala Sitharaman announced 12 measures in the next set of stimulus under Atmanirbhar Bharat 3.0 for Rs.9 lakh crores. Some of the measures announced are:
  • Differential between circle rate and agreement value increased from 10 to 20%, till 30th June 2021. This is applicable only for the primary sale of residential units valued up to Rs.2 crores.
  • An additional outlay of Rs 10,000 crores to be provided for PM Garib Kalyan Rozgar Yojana.
  • Rs.65,000 crores fertilizer subsidy for farmers.
  • 24% PF contribution to be given to EPFO registered establishments for two years on new hiring with monthly wages of less than Rs.15000.
  • Emergency Credit Line Guarantee Scheme extended till 31 March 2021.
  • To draw businesses away from China, PLI scheme extended to ten more sectors.
  • Additional allocation of Rs 18,000 crore to be provided for PM Awas Yojana -Urban.

India Business News Weekly Roundup 9th to 14th November 2020

  • Reduction in EMD and performance security.
  • Rs.900 crores grant awarded to the Department of Biotechnology for Covid-19 vaccine research.
  • NIIF Strategic Opportunities Fund has set up a debt platform having a loan book of Rs.8000 crores.
    Kapil Wadhawan, the erstwhile promoter of DHFL, has sought a second hearing from the lenders to reconsider his resolution proposal submitted last month stating revised bids for DHFL received from prospective investors being ‘abysmally low’.
  • Mogaé Consultants, a Marketing and advertising firm, has announced a 50/50 JV with VERSA, the Australian voice and digital agency helping brands build conversational AI solutions.
  • The board of NDMC has approved a share buyback proposal of up to Rs.1,378 crores.
  • The union cabinet has approved a proposal to offer incentives to the tune of as much as ₹1.45 trillion to persuade global companies to set up factories in India in 10 sectors, including automobiles, drugs, and textiles.

India Business News Weekly Roundup 9th to 14th November 2020

  • TCS has announced the acquisition of Postbank Systems AG, the technology services unit of Deutsche Bank AG for an undisclosed amount.
  • FrontRow, a creative arts and sports focussed learning and community platform, has raised $3.2 million in a seed funding round led by Lightspeed and Elevation Partners, along with actor Deepika Padukone’s family office.
  • The government has said that from now on all content on OTT platforms like Netflix, Amazon Prime, and others, as also digital news sites will come under the purview of the Ministry of Information & Broadcasting.
  • DGCA has allowed airlines to increase the total number of flights to up to 70% of the pre-COVID levels. The capacity allowed earlier was up to 60%.
  • NCLT has directed ArcelorMittal to pay Rs.1,300 crores to Odisha Slurry Pipeline Infrastructure for using their assets, a slurry pipeline, to run Essar Steel.
  • The government has made e-invoicing for B2C transactions mandatory for companies with an annual turnover of at least Rs 100 crores from January 2021. The transaction value currently is at least Rs.500 crores.
  • ICICI Bank has said that its mortgage loan portfolio has surpassed Rs.2 trillion, making it the first private sector bank in India to achieve the feat.
  • ITC has launched over a dozen new products in the chocolate segment to grab a bigger bite of the Rs.11000 crore segment.
  • Qatar has opened its property market to foreigners with a scheme giving those purchasing homes or stores the right to call the country home.
  • Godrej Group has launched a housing finance business where it aims to infuse around Rs.10,000 crores in the next three years.
  • Toyota Kirloskar Motor has declared an indefinite lockout at its Bidadi manufacturing facility reportedly after a worker unrest incident.
  • Teach For India has received a grant of Rs.22 crores from the Michael and Susan Dell Foundation which will help around 15,000 students gain access to learning through technology.
  • Delhi HC has sought Amazon’s response on a plea filed by Future Retail alleging that Amazon was interfering in its deal with Reliance Retail.
  • Harley-Davidson’s India dealers are exploring legal action against brand’s decision to exit India as part of a broader restructuring plan.
  • Infosys has launched an integrated offering ‘Infosys Applied AI’, to help enterprises build a roadmap to scale AI across their businesses.
  • Future Lifestyle Fashions has reportedly defaulted on payments for its NCDs, yearly interest of Rs30.93 crores.
  • WhatsApp has added a new shopping button on its app. People will be able to discover the business catalog of firms having WhatsApp business account.
  • CBI carried out searches at 8 locations in Mumbai in connection with an alleged bank fraud case in Yes Bank of Rs.946 crores against Ezeego One Travel and Tours. CBI has reportedly booked company promoters and directors for alleged diversion of loan funds. Ezeego was engaged in offering tour packages and travel services in India.
  • Mitsubishi Corporation has picked up a minority stake in TVS Supply Chain solutions through secondary market transaction. The investment will allow Tata Opportunities Fund, an existing investor, a partial exit.
  • FM Nirmala Sitharaman asked banks to promote only RuPay Cards and also ensure to make National Payments Corporation of India a ‘brand India’ product.
  • Azim Premji has topped the EdelGive Hurun India Philanthropy List 2020. He donated Rs.7904 crores during fy 19-20. 2nd spot is held by Shiv Nadar with donations of Rs.795 crores while the third spot was retained by Mukesh Ambani who donated Rs.458 crores.
  • Ratan Tata has invested an undisclosed sum in iKure, a healthcare services startup.
  • The government has reportedly approved the infusion of Rs.5,500 crore capital into Punjab & Sind Bank in lieu of preferential shares.
  • Samsung India’s consumer electronics business reportedly grew over 30% in October. The company saw increased demand more from smaller cities than the metros.
  • Amazon, which is fighting to block Future Group from selling its assets to RIL, has accused Future Retail of hiding key facts from shareholders while pursuing the transaction.
  • RBI has lifted its restrictions on the payment of remuneration of MD & CEO of Equitas Small Finance Bank and also to open new branches.
  • At the request of the regional music and film industry, Commerce and I&B ministries are considering to look at proposals to have multiple copyright societies for music and films.
  • Safexpress has launched its 56th ultra-modern logistics park in Kolkata.
  • Auto companies in Haryana have requested the Haryana State Government to reconsider its move to reserve 75% of factory jobs within Haryana for local candidates.
  • India Mobile Congress will be held between 8-10 December through virtual mode.
  • ITC said that the company has launched around 70 products in FMCG during the current FY.
  • Blue Star has bagged a project worth Rs 128 crores from Wistron Infocomm, one of the major manufacturers of iPhones.

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

India Business News Weekly Roundup 9th to 14th November 2020

  • As per a US-based cybersecurity firm, Bigbasket may have suffered a massive data breach after which details of over 20 million users may have been leaked on the dark web. The alleged breach is said to have occurred on 14 October.
  • India Accelerator has said that it aims to mentor, support business growth, and help in accessing formal funding to 500 MSMEs over a period of 3-4 years.
  • After attacks on Dr Reddy’s Laboratories and Lupin, Cipla, India’s second-largest drugmaker, has asked its IT team to be “paranoid” about its cybersecurity and keep a constant watch.
  • Future Retail has approached Delhi High Court seeking relief against SIAC stay order on its deal with Reliance Industries worth Rs.24,713 crores.
  • GalaxyCard, offering instantly approved credit cards, has recently raised an undisclosed amount of funding from seed investors – Samyakth Capital, Gopinath Latpate, and other angels from Eaglewings Ventures Alliance Network.
  • CBI has reportedly booked Moyukh Bhaduri, former CMD of Hindustan Steelworks Construction Ltd, for allegedly demanding a bribe of Rs 1 crore bribe for awarding a tender for the construction of Trade Facilitation Center and Crafts Museum in Varanasi.
  • Ministry of Shipping is being renamed as the Ministry of Ports, Shipping and Waterways.
  • Vivo has said that it is making its new smartphone V20 SE in India and will continue its commitment towards the ‘Make in India’ initiative.
  • Content studio Applause Entertainment is expected to invest around Rs 4,000 crores in the next 3-4 years as part of a plan to expand across film, animation, factual entertainment, and gaming verticals. The firm is owned by Kumar Mangalam Birla.
  • Real estate brokers in Gurugram are planning to challenge in court a directive issued by RERA capping the brokerage on real estate transactions at a maximum of 1%. The move may have a huge impact on the broker community.
  • Ruchir Modi, the son of Lalit Modi and a director in Godfrey Philips, has reportedly written to the corporate affairs ministry seeking an SFIO and Sebi probe alleging serious corporate governance issues and other malpractices in the company.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 9th to 14th November 2020

  • HPCL will invest Rs.10,000 crores over the next five years to create an end-to-end natural gas value chain.
  • Prestige Group has reportedly signed a term sheet with Blackstone Group Lp to sell various real-estate properties totaling around 21 million sq.ft. The deal value is said to be around Rs.11,000 crores.
  • The board of L&T Finance Holdings has approved a plan to raise around Rs.3,000 crores through a rights issue.
  • XpressBees, a logistics startup, has raised $110 million in new funding round from Norwest Venture Partners, Investcorp, and Gaja Capital at a valuation of around $400 million.
  • Paytm is planning to disburse collateral-free loans to merchants worth Rs.1000 crores by March 2021.
  • Ather Energy, an electric two-wheeler maker, backed by Hero MotoCorp, has raised around USD 35 million in a funding round led by Sachin Bansal’s investment of USD 23 million.
  • Indian Overseas Bank has asked for capital support of around Rs.1,000 crores from the government to create a buffer for any exigency.
  • Reliance Industries will invest up to $50 million in Breakthrough Energy Ventures IILP (spearheaded by Bill Gates) in tranches over 8-10 years.

Some stats: India Business News Weekly Roundup 9th to 14th November 2020

  • Amalfiaco and MacRitchie Investments sold 8.77% in CG Consumer for Rs.1631 crores in an open market transaction.
  • Uniqlo, the Japanese casual clothing chain, has reported a net loss of Rs.64 crores during FY19-20 in India. The company has also reported sales of Rs 129 crore during the period.
  • Bata India has reported a consolidated net loss of Rs.44 crore for the quarter ending 30 Sept.’20. The company had reported a net profit of Rs.71 crores for the same period in 2019.
  • As per an industry report, India’s microfinance industry registered a 31% jump in its loan portfolio to Rs 2.36 lakh crore during FY 19-20.
  • As per the data released by market research firm AIOCD-AWACS, pharmaceutical sales in India grew by nearly 10% y-o-y in October to Rs.13,542 crores.
  • The government is planning to sell around 15% of its stake in IRCON, the railway engineering company. It holds an 89.18% stake in the firm currently.

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

India Business News Weekly Roundup 9th to 14th November 2020

Tie-ups:

  • Congratulating Joe Biden and Kamala Harris, Uday Kotak, CII President that India Inc is hoping for enhanced ties and cooperation between India and the USA.
  • ReNew Power has reportedly entered into a definitive agreement with UK-government backed Ayana Renewable for selling its four wind farms for around Rs.1600 crores.
  • Paytm has partnered Uber India to extend its postpaid service to riders.

Ongoing cases: India Business News Weekly Roundup 9th to 14th November 2020

People:

  • Arvind Fashions has appointed Shailesh Chaturvedi as MD & CEO. He will be replacing J Suresh who is set to retire by the end of 2020.
  • M M Murugappan, Chairman of the Murugappa Group, has stepped down from two of the group entities, Tube and Cholamandalam Investments, to pursue philanthropy and other interests.
  • In a major shake-up aimed at improving its corporate governance, SoftBank has said that Vision Fund CEO Rajeev Misra and three others have stepped down from its board. SoftBank has recently faced a string of challenges in its various technology investments including high profile names like WeWork.
  • Aloke Singh has taken over as the CEO of Air India Express. He was earlier associated with Air India Ltd. and Oman Air.

Airlines:

  • Air India is planning to raise around Rs.6,150 crores through a short-term loan from domestic lenders within this month.
  • SpiceJet has reportedly told stock exchanges that the airlines is in negotiations with lenders for deferment of dues and other waivers. As of 30 Sept.’20, its negative net worth stands at Rs.2,285 crores.
  • AirAsia will be starting a daily flight on the Goa-Hyderabad route from November 18.
  • Vistara has launched its services between Delhi and Dehradun today. It will have 3 flights per week.
  • SpiceJet has appointed Sanjiv Taneja, former Mumbai International Airport and Essar Port official as CFO.
  • SpiceJet would be launching flights connecting Nashik with Bengaluru, Delhi, and Hyderabad from this month.

Must Read: Success stories of these 7 Indian entrepreneurs will motivate you to face any hurdles in life

For more articles like, “India Business News Weekly Roundup 9th to 14th November 2020”, do follow us on Facebook, Twitter, and Instagram for interesting content. For watching our collection of videos, follow us on YouTube.

Leave a Reply

Your email address will not be published.

The content and images used on this site are copyright protected and copyrights vests with their respective owners. We make every effort to link back to original content whenever possible. If you own rights to any of the images, and do not wish them to appear here, please contact us and they will be promptly removed. Usage of content and images on this website is intended to promote our works and no endorsement of the artist shall be implied. Read more detailed ​​disclaimer
Copyright © 2019 Tentaran.com. All rights reserved.
× How can I help you?