India business news headlines weekly roundup 06th to 10th January 2020

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Weekly India Business News 06th to 10th January 2020 – India business news headlines weekly roundup 06th to 10th January 2020

Corporates

  • Amazon founder and CEO, Jeff Bezos is planning to visit India next week and is likely to meet with PM Narendra Modi regarding Amazon’s regulatory issues while the CAIT is planning to meet with the PM prior to his visit.

weekly india business news 06th to 10th january 2020 

  • SEBI is considering three options to implement the new rules on separation of the roles of chairman and MD. Although the final choice in the matter will depend on the next chief of the market regulator.
  • The administrator of DHFL, appointed by the RBI is planning to make management changes in order to control the insolvency process better.
  • The board of Bharti Airtel is set to meet on 14th January in order to decide the issue prices of its QIP and FCCB.
  • GMR Hyderabad Aerotropolis has formed a JV with ESR to develop a 66-acre logistics park in Hyderabad for Rs 550 crores.
  • The NCLT will be giving its final verdict restatement on the CG power accounts after 23 January after hearing all the arguments of the Ministry of Corporate Affairs.
  • CCI has asked e-comm platforms to be more open about how products and services rank to customer searches and to ensure that the user reviews are genuine. CCI has also asked them to have transparent policies on the data collected.

Weekly India Business News 06th to 10th January 2020

  • Vijay Shekhar Sharma, the founder of Paytm, has said that he was not interested in buying a stake in Yes Bank and has not held any talks with Rana Kapoor of Yes Bank.
  • To reduce operating costs, Nexa is working on to shift its store locations and reduce manpower.
  • NCLT has warned Jet Airways CoC of contempt proceedings if they do not release interim funds to the resolution professional for completion of insolvency proceedings by January 20.
  • Supreme Court has stayed an October 2019 order of Bombay HC quashing LRs sent by Directorate of Revenue Intelligence to several countries in connection with a case of alleged overvaluation of Indonesian coal imports between 2011 and 2015 involving some Adani Group companies.
  • LT Foods is planning to move beyond selling packaged rice and launch more branded foods and snacks like savoury snacks, sauces, rice meals, and cookies.
  • Maruti Suzuki India has reported a 7.88% increase in production in Dec. 2019 at 1,15,949 units for the second successive month of hike after reducing it for straight nine months due to demand slump.
  • L&T Infrastructure Finance has signed an agreement to give term loan of Rs.518 crores to the Indian subsidiary of Singapore-based AG&P Group for developing city gas distribution networks in Rajashtan and Tamil Nadu.
  • The Union Cabinet has approved a proposal to divest equity shares of four PSUs – MMTC, NMDC, BHEL and MECON – in Neelachal Ispat Ltd.

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weekly india business news 06th to 10th January 2020

  • NCLAT has given one more chance to UK-based Liberty House group for offering a resolution plan for bankrupt Adhunik Metaliks and Zion Steel by 14th Jan.
  • Paytm has launched a unified QR code for merchants to enable unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account at zero per cent fee.
  • VFS Global has launched a Mobile Biometrics service for Indians applying for an Italian visa. VFS staff with visit customers to collect biometric data and visa applications.
  • Jio has launched voice and video calling over wi-fi. The service will allow customers to switch from LTE to wi-fi based calling when they are at home or office.
  • The government has imposed restrictions on the import of refined palm oil. Now importers will require licence or permission for inbound shipments.

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Weekly India Business News 06th to 10th January 2020

More in India business news headlines weekly roundup 06th to 10th January 2020

  • Religare Finvest lenders, Shivinder Singh and Malvinder Singh are in plans to finalize on a debt recast by writing off half of the company’s loans.
  • Shriram Properties reduced its IPO size from Rs 1250 crores to Rs 750 crores.
  • Accenture has agreed to buy a cyber-security services business from Broadcom Inc that has been a part of Symantec’s enterprise division. The deal is set to be completed by the end of March.
  • Thomas Cook India has entered into a long-term pact with Experience Hub to drive in more visitors.
  • The SC is set to hear a plea on 10th January filed in by Tata Sons Private Ltd challenging NCLAT’s verdict on restoring Cyrus Mistry as executive chairman of the Tata Group.
  • STEER Engineering reached for an out-of-court settlement with GSK over Horlicks technology.
  • Fusion Microfinance secured Rs 500 crores from its existing investors – Warburg Pincus and Creation Investments Capital Management.
  • Swiggy has decided on increasing its charge for the ‘Swiggy Super’ programme. From Rs 79, they have now sharply increased the charges to Rs 149.
  • Post acknowledgement of Reliance Industries entering the retail industry with JioMart, Amazon India announced its long-term agreement to expand Future Retail stores’ reach.
  • The NCLAT on Monday, 6th January 2020 dismissed Registrar of Companies’ plea that suggested amendments to the tribunal’s judgement on the Tata-Mistry Case taken on 18th December 2019.

weekly india business news 06th to 10th January 2020

  • Toyota Kirloskar Motor has commenced the booking for its BS-VI compliant Innova Crysta that is priced from Rs 15.36 lakhs to Rs 24.06 lakhs.
  • Flipkart made online transactions easier with its no OTP for low-value orders called the VSC – Visa Safe Click.
  • New launches and consumer promotions have helped Godrej Consumer Products (GCPL) in delivering volume growth in its December quarter.
  • Valli Arunachalam, daughter of late MV Murugappan alleged that the group promoters of the Murugappa Group have a gender bias against women getting into the family business after company law experts stated that the law does not recognise any hereditary rights to a berth in any firm’s board.
  • DHFL got creditor nod to resume its lending operations.
  • InMobi which offers advertising solutions to various businesses reported a net loss of Rs 54 crores during FY19.
  • The government has planned to introduce quarterly and half-yearly financial statements for unlisted companies.
  • TCS has moved to SC against NCLAT’s order for reinstating Cyrus Mistry as director.
  • Dixon Technologies and Samsung India have entered into an agreement to manufacture LED TVs in India.

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Weekly India Business News 06th to 10th January 2020

Start-up world, funds, funding and investments

  • HDFC bank completed its majority stake acquisition in Apollo Munich Health Insurance for Rs 1,495.81 crores.
  • Tiger Global is planning to invest around $200 million in BYJU’s.
  • Syneos Health invested around $20 million in Indegene Omnipresence Inc.
  • Bounce, an app-based two-wheeler rental startup, has raised Rs.692.39 crores at a valuation of $450 million in a Series D round of funding led by Facebook co-founder Eduardo Saverin’s VC fund B Capital.
  • Testbook, an Edtech startup, has raised Rs.60 crores in a Series B round of funding from Iron Pillar, a venture growth investor.
  • Jay Krishna, former T-Hub CEO and Srikanth Chintalapati and Kevin Jacobs have launched a $60 million early-stage VC fund which will invest in deep tech startups.
  • HighRadius, an AI-based platform is now the first unicorn of 2020. The company raised $125 million at a valuation of $1 billion.
  • While Exim Bank raised $1 billion, Manappuram Finance raised $300 million by issuing dollar bonds.
  • Pallonji Real Estate set up a $600 million investment platform in partnership with a global sovereign fund to enter India’s growing warehousing business.
  • The Everstone Group invested around $50 million in a Series B round of fresh funding for Slayback Pharma.
  • As announced by Biocon Biologics, the Indian biopharmaceutical, True North will be acquiring a 2.44% of stake in the company for Rs 536.25 crores.
  • Vedanta raised around Rs 2000 crores through non-convertible debentures.
  • Jindal Steel promoter OPJ Trading raised around Rs 180 crores from Centrum Credit in fresh debts.
  • Bharti Airtel got a nod from its shareholders to raise $3 billion.
  • Future Retail’s board has approved on raising funds up to $500 million via dollar bonds.

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Weekly India Business News 06th to 10th January 2020

Ongoing cases:

Jet Airways update

  • To ensure passenger safety due to tension in the Middle East, DGCA has asked Indian airlines to reroute flights to avoid flying over Iranian and Iraqi airspace.
  • DGCA has issued notices to GoAir for overworking more than 150 pilots, violating a mandatory flight duty time limitation.
  • The Synergy Group from South America has submitted a new bid for Jet Airways, keeping the aviation’s hopes alive. The last date for submission of bids is set on 15th January 2020.

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Weekly India Business News 06th to 10th January 2020

People

  • PR Seshadri, CEO and MD at Karur Vysya Bank have resigned citing personal reasons.
  • IBM has announced the appointment of Sandip Patel as MD of its India and South Asia operations. He will be succeeding Karan Bajwa.
  • Vasanth Kumar, current MD of Lifestyle International-India has resigned and will be transitioning from June 30, 2020. The firm operates retail brands like Lifestyle, Max, and Home Centre.
  • Kia Motors India appointed Tae-Jin Park as its executive director of sales, marketing, and network developments

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