India Business News Weekly Roundup 10 to 15 May 2021

India Business News Weekly Roundup 10 to 15 May 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:

Corporates – India Business News Weekly Roundup 10 to 15 May 2021

• TCS has launched a cloud-based SAP solution for its media clients. Leveraging AI and ML, the solution offers to personalize content curation and recommendations based on user profiles, preferences, and past subscriptions.
• Hero MotoCorp said that it will resume partial operations at its Gurugram, Dharuhera, and Haridwar plants from 17 May.
• CG Power is reported to have said that it will be seeking approval of its shareholders to allot shares to Standard Chartered Bank worth Rs.101.20 crores on a preferential basis to settle the bank’s liability.
• Shriram Housing Finance has received Rs.200 crores infusion from its parent firm Shriram City Union Finance for business expansion and to support its growth plans.
• Penna Cement Industries is reported to have filed a draft red herring prospectus with Sebi to raise around Rs.1,550 crores through IPO.
• Yes Bank is reported to have invited bids for the sale of immovable assets of E-Commerce Magnum Solution for recovering dues worth over Rs.345 crores.
• L&T is said to have bagged a contract of up to Rs 5,000 crores from Chennai Metro Rail Corporation.
• Spoken-word audio and podcast network aawaz. com has entered into the live audio space with the launch of #aawazLive, a live audio chat feature offering professionally generated content.
• JP Morgan Chase is reported to have increased COVID-19 support to India, taking the total planned aid to around US$ 16 million, of which US$ 3.8 million is planned for supporting its around 35,000 employees in India.
• India’s automobile dealers have requested RBI and the Finance Ministry to take steps to help auto dealers survive the difficult times due to the Covid-19 pandemic because to which showrooms have been shut across states.
• GoAir has been rebranded GoFirst.
• The central government has granted a time extension to renewable energy projects scheduled to be commissioned on or after April 1.
• Ola is launching the EV category in London.

India Business News Weekly Roundup 10 to 15 May 2021

• S D Shibulal, Infosys co-founder, is reported to have bought the firm’s shares worth Rs.100 crores through an open market transaction, taking his share to 0.07%.
• The board of Tata Power is said to have approved a proposal to raise up to Rs.5,500 crores through NCD issuance.
• Bosch is said to have suspended operations at its Nashik plant till 23 May.
• Royal Enfield is reported to have decided to temporarily suspend production at its manufacturing facilities in Chennai.
• Maruti Suzuki India is reported to have extended free service and warranty expiring between March 15 to May 31 up to 30 June 2021.
• PayPal has introduced an automated process to obtain monthly foreign inward remittance advice. This will allow Indian merchants to easily download monthly digital FIRA instead of placing manual requests.
• All India Motor Transport Congress, the apex body of Transporters is reported to have requested the government for a blanket loan moratorium for the sector till August 31, 2021, to help transporters maintaining business continuity.
• Bay Tree India Holdings has reportedly sold a 2.1% stake in Yes Bank, thereby reducing its holding by 28%.
• Flipkart is reported to be planning to open five new fulfillment centres over the next three months.
• Medi Assist Healthcare Services is reported to have filed a draft red herring prospectus with Sebi for an IPO.

India Business News Weekly Roundup 10 to 15 May 2021

• NCLT’s Ahmedabad branch is reported to have admitted an insolvency petition against Sintex Industries, a textile firm after it failed to pay over Rs.7000 crores to a group of creditors led by PNB.
• Delhi international airport will shut down terminal T2 from May 17 midnight due to the reduced number of flights. All flights will be operated from T3 only.
• Delhi High Court has directed that ATCs and 5% of pilots, cabin crew on duty will undergo random breath analyzer test.
• JSW Hydro Energy is said to have raised $707 million through offshore bond issuance.
• The board of directors of IndiGo has approved raising up to Rs.3,000 crores through QIP.
• Dabur India has entered the pain relief spray category with the launch of ‘Rheumatil’.
• Steel Strips Wheels, an auto components maker, is said to have bagged orders worth approx. Rs.54 crores from Europe and the US.
• Oleev will reportedly be launching a sub-brand Oleev Kitchen in June to enter into Ready-To-Eat and Ready-To-Cook segments.
• Vijaypat Singhania and a Pune businessman have reportedly approached the Bombay High Court seeking its intervention to direct the central government, through DGCA and ICAO to change India’s country code or registration alphabets for all Indian aircraft. They have argued that India’s current country code is ‘VT’ which stands for ‘Victorian’ or ‘Viceroy Territory’.
• Federation of Associations in Indian Tourism & Hospitality is said to have made suggestions to RBI, the finance ministry, and the tourism ministry for taking up measures on an urgent basis to protect businesses and jobs in the sector.
• Yamaha Motor will reportedly temporarily suspend its motorcycle production at two plants in India due to the rising number of covid-19 cases.
• Vistara will start operating non-stop flights between Indian and Japan from June 16.

India Business News Weekly Roundup 10 to 15 May 2021

• In the 2021 ranking of global retail powerhouses by Deloitte, Reliance Retail Ltd has reported to have ranked second fastest-growing retailer in the world.
• Real estate developers in Maharashtra have requested the Maharashtra government to extend the current benefits of reduced cess and premium till December 2021.
• NHPC and IREDA organized a two-day vaccination drive, during which around 317 employees of various power sector PSUs were vaccinated.
• Numaligarh Refinery has earmarked a budget of Rs. 25 Crores to ramp up facilities and provisions to handle the covid-19 pandemic.
• ArcelorMittal Nippon Steel India along with the Odisha government is reported to have started a feasibility study for its proposed 12 MTPA integrated steel plant in Kendrapara district.

Must Read: PUBG Mobile game is back, gets new name as Battleground Mobile India, Check other details

India Business News Weekly Roundup 10 to 15 May 2021

 

Start-up world, funds, funding and investments – India Business News Weekly Roundup 3 to 8 May 2021

• Ess Kay Fincorp is said to have raised Rs.337 crores from a clutch of investors including its existing investors.
• Embassy Group is said to have joined the third fund of Pi Labs as a limited partner.
• Tata Sons and Singapore Airlines have been reported to have together invested Rs.465 crores in Vistara airline by fresh share issuance.
• YouTube announced to have created ‘YouTube Shorts Fund’, a $100 million fund to reward content creators who make hit videos on its new short-form video feature Shorts.
• Rulezero, a legal platform, is said to have raised Rs.10 crores in a seed funding round led by Rainmatter Capital.
• BharatPe is said to have raised Rs.50 crores as debt funding from NBFC Northern Arc Capital.
• Star Sports has reportedly told advertisers to pay only for the IPL matches that were played.
• Indian Hotels has tied up with individuals and NGOs to supply nutritious meals to medical staff in some hospitals and covid-19 care centres in Ahmedabad and Mumbai.

Some stats: India Business News Weekly Roundup 10 to 15 May 2021

Must Read:Krafton request for Battleground Mobile India not to ban, with latest Sanhok Map and more

India Business News Weekly Roundup 10 to 15 May 2021

Tie-ups – M&As

• KFin Technologies, a General Atlantic-backed registrar and transfer agency,  is said to have acquired a 17% stake in Artivatic. ai, an insurtech startup, for an undisclosed amount.
• Nextbillion Technology, the parent firm of Groww, is said to have entered into a definitive agreement with Indiabulls Housing Finance for acquiring MF business of its subsidiaries Indiabulls Asset Management and Indiabulls Trustee Company for Rs.175 crores.
• Blackstone Real Estate is said to have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group for an enterprise value of $700 million.
• Baring Private Equity Asia sold a 3.14% equity stake in Coforge Ltd for Rs.616 crores via an open market transaction.
• FuelBuddy, a Delhi-based fuel delivery startup, is said to have acquired MyPetrolPump, a Bangalore-based on-demand fuel delivery startup a venture owned by ANB Fuels Pvt. Ltd., for an undisclosed amount.
• U.S.-based Acasti Pharma Inc is said to have signed a definitive agreement for acquiring Hyderabad and New Jersey-based firm Grace Therapeutics.

Ongoing cases: India Business News Weekly Roundup 10 to 15 May 2021

People:

• Bata India has announced the appointment of Gunjan Shah as its new CEO. He will be succeeding Sandeep Kataria.
• Tata Steel BSL has re-appointed Rajeev Singhal as MD, and Sanjib Nanda as CFO for a period of one year.
• The government has appointed Vandita Kaul as nominee director on Bank of India’s board.
• VMware Inc. has named its co-COO Raghu Raghuram as its new CEO.
• HUL’s Sudhir Sitapati will be joining Godrej Consumer as MD & CEO.
• Yes Bank is said to have appointed Indranil Pan as its chief economist. Pan joins from IDFC First Bank.
• McDonald’s India- North & East announced to have appointed Rajeev Ranjan as COO and Rajeev Goel as CFO.
• Sudatta Mandal has taken charge as deputy MD, Sidbi.
• Sudhir Sitapati, HUL is reported to be stepping down from the role of executive director- foods and refreshment business for pursuing an external opportunity. Srinandan Sundaram will be taking over the charge from him.

Must Read:Vaccine Registration: How to Register for Covid Vaccine in India for above 18 years and Adults

For more articles like, “India Business News Weekly Roundup 10 to 15 May 2021”, do follow us on Facebook, Twitter, and Instagram. For watching our collection of videos, follow us on YouTube.