India News Headlines: Latest India Business News 7th July 2020

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Quote of the Day: “Some people dream of success, while other people get up every morning and make it happen.” – Wayne Huizenga

  • Sequoia India has received commitments of $1.35 billion from 2 funds in India and South-East Asia.
  • 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.

latest india business news 7th july 2020

  • 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.
  • Blue Ashva Capital on Monday said the company has raised Rs 454 crores for the initial close of its maiden fund.
  • 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.

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Latest India Business News 7th July 2020

  • IDBI Trusteeship Services on Monday sold 1.25 million shares of Max Financial Services via open market sale.
  • Wipro’s new CEO, Thierry Delaporte, who on Monday 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 on Monday announced that the company received an ‘emergency use authorization’ from the DCGI for its licensed generic of remdesivir for treatment of COVID-19.
  • To further strengthen its balance sheet, Bajaj Finance on Monday 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 on Monday 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.

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Latest India Business News 7th July 2020

  • 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.
  • Max Healthcare Institute reported a 75% jump in its Q4 consolidates profit at Rs 32 crores, despite the lockdown.
  • 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.
  • 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.
  • Nykaa, an online cosmetics and beauty products retailer, on Monday, launched fruit and vegetable cleaner and disinfectant sprays.
  • Adani and Gateway on Monday informed the stock exchanges that the companies have settled their dispute regarding the sale of controlling stake in Snowman Logistics.

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