India Business news weekly summary from February 28 to March 5, 2022

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India Business News Weekly Roundup February 28 to March 5, 2022. News Companies, policies, budget, world of start-ups, funds, financing. Here’s a roundup of all the Indian business news buzzing in India this week:

Companies – India Business News Weekly Roundup February 28 to March 5, 2022

  • A tender worth Rs 19,000 has been canceled by Bharat Broadband Nigam Ltd which was launched to connect villages in 16 states using a fibre-based broadband network.
  • The Cabinet Committee on Economic Affairs has authorized a single electronic auction window for all coal company consumers in order to standardize prices.
  • 20% Foreign Direct Investment in Life Insurance Corporation by automatic way has been approved by Indian Government.
  • COAI and GSMA have signed a pact for the advancement of mobile telecommunications and for collaboration in areas of mutual interest in India.
  • Sarjeraodada Naik Shirala Sahakari Bank’s license in Maharashtra has been canceled by RBI due to insufficient amount of capital and revenue prospects.
  • Northern Coalfields Ltd, a subsidiary of Coal India Ltd, is aiming to breach the production target of 119 million tonnes with a capital outlay of Rs 1,640 crore for the current financial year.
  • According to sources, the CBDT found manipulation in the accounts of Chinese telecommunications company Huawei to reduce taxable income in India.
  • Interest rates on various term deposits with different maturities were increased by 25 basis points by Canara Bank wef, on March 01, 2022.
  • India’s foreign exchange reserves stood at $631.527 billion for the week ending February 25 and marked a decline of $1.425 billion due to a drop in foreign currency assets, RBI reported.

India Business News Weekly Roundup February 28 to March 5, 2022

  • TPG partnered with Induslnd Bank and a private promotion entity to form a consortium and bid for IDFC’s mutual fund business.
  • Kia expects India to contribute around 10% of its global production in 2022, thanks to strong demand, rising exports and the introduction of new models.
  • Jaipur Rugs, a manufacturer of handmade rugs, aims to expand its business in domestic and overseas markets and become a Rs 1,000 crore business in the next fiscal year.
  • HP, an IT giant based in the United States, has started manufacturing laptops, desktop towers, display screens, etc., in India to give a boost to the policy of the Indian government ” Make in India”.
  • Reliance Industries Ltd has overtaken the operations of at least 200 Future Retail stores.
  • Trivitron Healthcare, a Chennai-based global medical technology company, has acquired a 100% stake in Kennedy Company for an undisclosed amount.
  • Accel’s India, a global venture capital firm, has launched $650 million in funds for early-stage start-up investments in India and across Southeast Asia.
  • Anvayaa, a senior care platform, has rolled out a dementia care plan to help seniors who suffer from it and provide better care through AI.
  • HCL Technologies has partnered with IBM to open a Center of Excellence to provide network modernization technology to telecommunications companies.
  • Ford will split the electric vehicle and internal combustion divisions under Ford Model e and Ford Blue as market competition intensifies.

India Business News Weekly Roundup February 28 to March 5, 2022

  • SeQuent Scientific is acquiring a 100% stake in Nourrie Saude Nutricao Animal Ltd, a Brazil-based company, for Rs 36.2 crore through its subsidiary Alivira Animal Health.
  • Reliance Industries will invest $220.70 million to create a joint venture with Sanmina Corp to manufacture electronic products in Asian countries.
  • Mahindra & Mahindra Financial Services reported an increase in its loan disbursements on an annualized basis of 44% to Rs 2,733 crore, helped by continued business momentum.
  • A 70-year-old consumer food company, LT Foods, has acquired a 51% stake in Golden Star Trading Inc. as well as the Golden Star brand through LT Foods Americas Inc.
  • A global innovation center has been launched by a German commercial vehicle manufacturer, Daimler Trucks, in Bengaluru.
  • The board of Vodafone-Idea Ltd has approved the fundraising plan of Rs 14,500 crore including Rs 4,500 from its promoters – Aditya Birla Group and UK group Vodafone.
  • A pet dog health insurance plan, FG Dog Health Cover, has been launched by Future Generali India Insurance Company Limited with pet emergency coverage.
  • Reliance Group’s retail arm, Reliance Retail Ventures Ltd., has invested in luxury fashion house Abraham & Thakore for an undisclosed stake of an undisclosed amount.

India Business News Weekly Roundup February 28 to March 5, 2022

  • Truecaller has signed a pact with Tanla Platforms to allow Indian companies to broadcast messages with rich content.
  • Honda Motorcycle and Scooter India’s total vehicle sales decreased by 29% and stood at 3,12,621 units on February 22, compared to 4,42,696 units during the same period.
  • Avaada Energy will raise green bonds, certified by the Climate Bonds Standard Board, worth Rs 1,440 crore at 6.75% in the Indian capital market.
  • Kotak Special Situation Funds has announced to invest up to Rs 450 crore in Gold Plus Glass Industry Ltd.
  • Promoter Vodafone is aiming to infuse Rs 3,375 crore into Vodafone Idea Ltd under the proposed fundraising proposal.
  • Yes Bank is seeking shareholder approval to issue shares worth Rs 10,000 crore and to conduct related transactions with State Bank of India.
  • Zoho Corporation has released an upgraded version of Zoho Creator to help businesses and individual developers create innovative business platforms.
  • M&M has signed a pact with Campervan Factory for the launch of motorhomes in India.
  • Vida, a brand new identity has been unveiled by Hero Motocorp for its emerging mobility solutions and for electronic vehicles.

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India Business News Weekly Roundup February 28 to March 5, 2022

World of start-ups, funds, financing and investments – India Business News Weekly Roundup February 28 to March 5, 2022

  • Naaptol, an online door-to-door sales company, has paid a fine of Rs 10 lakhs along with removal of misleading advertisements against an order passed by the CCPA.
  • 1-India Family Mart, a value chain start-up, has raised Rs 50 crore in a Series B funding round from Gulf Islamic Investments, a Dubai-based financial services company.
  • Garuda Aerospace Pvt Ltd, a drone start-up, aims to raise $30 million in funds to meet capital expenditure requirements and manufacture high-quality drones for agricultural purposes.
  • PayU has collaborated with Vtex to offer several payment solutions to Vtex merchants.

World of start-ups, funds, financing and investments – India Business News Weekly Roundup February 28 to March 5, 2022

  • Pocketly, a fintech lending company, raised $3 million in debt and equity funding in a pre-Series A funding round led by Dholakia Ventures.
  • redBus launched the “Here for her” campaign to provide women with comfortable road travel costs as well as safe and hygienic sanitary facilities at rest areas.
  • Filo, an instant live tutoring startup, raised $23 million in a Series A funding round led by Anthos Capital.

Some statistics: India Business News Weekly Roundup February 28 to March 5, 2022

  • The next round of Household Inflation Expectations Surveys was launched by RBI to capture a subjective assessment of inflation and price movements for 6,000 households in 18 cities based on their individual consumption.
  • India’s exports rose 22.4% in February to $33.4 billion, while imports stood at $55 billion, widening the trade deficit.
  • India’s sunflower oil import was reduced to 1,40,000 tons from 3,076.84 tons in January due to shipments by the Russian-Ukrainian war.
  • According to a report by Avendus Capital, India has become the fastest growing health food market in the world and will become a $30 billion industry by 2026.
  • India’s export volume in February hits $34 billion and the Indian government aims to surpass the export target of $400 billion for the current fiscal year.

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Combinations – M&A – India Business News Weekly Roundup February 28 to March 5, 2022

  • GST collection for February 2022 fell to Rs 1.3 lakh crore from Rs 1.4 lakh crore last month.
  • According to Wealth Report 2022, Mumbai is home to 1,596 ultra-high net worth individuals in the country, followed by Hyderabad with 467 UHNWIs.
  • 64.3 million tonnes of coal were produced by Coal India Ltd in February, marking a growth of 4% from the 61.9 million tonnes produced in the corresponding month last year.
  • Central Depository Services (India) Ltd became the only listed depositary in India with the opening of 6 crores of active Demat accounts.
  • According to ICRA, India’s aviation industry is expected to record a net loss of Rs 25,000-26,000 crore for the current financial year, along with high fuel prices and tariff caps.

Current case: India Business News Weekly Roundup February 28 to March 5, 2022

People:

  • Reema Jain has been appointed chief information and digital officer by Hero Motocorp to lead technology-focused activities.
  • Lalatendu Das has been hired as Managing Director of Performance and Marketing Agency by Performics India.
  • Sunil Agarwal, former executive of Reliance-Nippon Life Insurance, has been appointed as the new chief financial officer of Life Insurance Corporation of India.
  • Aditya Khaitan and Amritanshu Khaitan, the CEO of Everready Industries, resigned due to a takeover bid by Burman Group.
  • Sanjiv Kapoor was appointed Managing Director of Jet Airways 2.0 wef on April 04, 2022.

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