Business World

E-commerce Highlights : Corona Virus Lockdowns give major boosts to E-commerce E-commerce grew 41% in only 3 months The pandemic transformed retail habits In the Covid economy , there are winners and losers. E-commerce giants such as Amazon , show rising profits and sales but traditional retail outlets have been shedding jobs by the thousands. While the large traditional stores announce big layoffs because of the pandemic, sometimes shedding thousands of staff, corona virus lockdowns have in contrast given e-commerce a major boost. Recent data shows a shift to shopping online - according to Kantar consulting group, international e-commerce grew 41% in only 3 months compared to 22% growth for 2020 as a whole to date, as the pandemic transformed retail habits. The trend was brought into sharp relief on August 18, when British High Street mainstay Marks and Spencer announced it was culling 7,000 staffs. Hours later, in contrast, online behemoth Amazon said it was hiring 3,500 in t

  Highlights :  Reliance buys Kishore Biyani's retail business The acquisition gives Reliance Retail sway over a network of nearly 1,800 stores & brings in ₹26,000 crore in additional sales  To create a $26 billion retail empire R eliance Industries has agreed to buy Future Group's retail business across apparel, lifestyle and grocery segment.  The acquisition including Reliance taking overall debts, liabilities, retail stores and a minority stake in its consumer business, with an investment of about ₹27,513 crore.  For Kishore Biyani, who is often called the father of India's organised retail, this deal effectively means his exit from the segment he built over the last three decades. This acquisition gives Reliance Retail sway over a network of nearly 1,800 stores & brings in ₹26,000 crore in additional sales to create a $26 billion retail empire, seven times bigger than its nearest rival Avenue Supermarts that runs D-Mart. 

  ITC Limited Highlights : ITC plans to merge 3 subsidiaries with itself Sunrise Foods, Hobbits International Food and Sunrise Sheetgrah  On July 27, ITC had announced to acquire spices manufacturer Sunrise Foods D iversified business entity, ITC on Friday said it is considering the merger of its three wholly owned subsidiaries - Sunrise Foods , Hobbits International Food and Sunrise Sheetgrah - with itself. On July 27, ITC had announced to acquire spices manufacturer Sunrise Foods in an all-cash deal value of ₹ 2,150 crore .  ITC had said the acquisition of Sunrise Food, engaged primarily in the business of spices, will help it to augment it's portfolio in the segment, where it has already presence with its brand Aashirwaad . About ITC :  ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata , West Bengal. Established in 1910 as the Imperial Tobacco Company of India , the company was renamed as the Indian Tobacco Company Limited in 1970 & la

Sanjiv Singh Former Indian Oil Corp (IOC) chairman, Sanjiv Singh has joined Reliance Industries Limited as Group President for oil-to-chemicals business.  Singh's appointment comes at a time when RIL is in the process of carving out the O2C business into a separate unit by the name of Reliance O2C Limited, for a possible sale of a 20% stake to Saudia Aramco for $15 billion . Earlier this year, Reliance has hired former IOC chairman Sarthak Behuria as a senior advisor to help shape the firm's fuel retail business. Singh, a chemical engineer from IIT Roorkee with a diploma in Management, was the chairman of IOC for three years. Prior to that he was Director Refinaries at the company and oversaw the construction of India's newest oil refinery at Paradip in Odisha .

    Dabur Highlights : Dabur and Tetra Pak partner to launch low calorie juice range in new packs  It will be retailed through modern trade and e-commerce platforms Tetra Pak provides packaging solutions  P ackaging Solutions firm, Tetra Pak and Dabur have partnered to launch the FMCG's major low calorie juice with rivals in ITC and PepsiCo. This is the first time Dabur is launching a low calorie juice range under the brand Real Activ in bare paperboard with wood fibre packaging for a natural look. The new Real Activ low cal range will appeal to fitness and health conscious consumers  and the innovative packaging will strengthen the product's credibility. As consumer demand for healthy alternatives grows food companies are looking for  packaging innovation that represents the value of the brand and the product accurately. Dabur low calorie juice range will be retailed through modern trade and e-commerce platforms. Tetra Pak , which entered India in 1987 , provides packag

      Facebook News  Highlights :  Facebook News to soon pay Indian publishers for their content  Facebook News will soon arrive in India within the next six months to a year Campbell Brown, VP, Global News partnership at Facebook  F acing political heat in India, the social network giant, Facebook on Tuesday said it will pay news publishers in the country soon via its Facebook News to ensure their content is available in the new product. Facebook News, that was launched in the US last year, will soon arrive in India within the next six months to a year. Campbell Brown, VP, Global News partnership at Facebook said that consumers habit and news inventory vary by country.

     RMZ Highlights : Brookfield eyes RMZ Corp's Assets worth ₹12,000 crore across Chennai, Bengaluru RMZ may use the proceeds of the transaction to reduce some of its debts of ₹13,500 crore  RMZ is one of the largest owners of office property in South India B rookfield Asset Management is in advance talks with Bengaluru-based RMZ Corp to acquire 13.5 million sq ft of its ready and income producing commercial property for ₹12,000 crore.  Brookfield plans to buy these assets in cities including Bengaluru, Chennai and Gurgaon , in what would be one of the largest commercial reality deals in India. RMZ may use the proceeds of the transaction to reduce some of its debts of ₹13,500 crore and invest in expansion. The company plans to become a zero-debt entity in the near term.  RMZ is one of the largest owners of office property in South India and completed leasing deals totalling 2.4 million sq ft with global entities including Walmart and Accenture in the past 6 months.

Highlights : Aditya Birla Sun Life Insurance open to Consolidation ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd While the industry is down by 17-18%, they are up by about 5% A ditya Birla Sun Life Insurance (ABSLI) on Sunday said it is open to opportunities for consolidation as the sector is expected to undergo a churn as a result of business disruption caused by Covid-19 pandemic. ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd. The company's business in the first quarter of the fiscal was good and it expects to continue the momentum. While the industry is down by 17-18%, they are up by about 5% , and every month that number is looking better. They are 10% up in May, 15% up in June when compared to the last year at the same time. Death claims in the first quarter of the financial year have been on the lower side compared to the same period last year.

Highlights : ICICI Lombard and Bharti AXA to merge in share swap deal to form 3rd largest General Insurer  The shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them. The combined entity shall have a market share of 8.7% on pro-forma basis I CICI Lombard General Insurance Company and Bharti AXA General Insurance Co Ltd on Saturday said they will combine their Insurance businesses through a share swap deal , paving the way for the creation of the country's third-largest general insurance company. The shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them as on the date which the Scheme of Arrangement approved by the boards of both the companies. The combined entity shall have a market share of 8.7% on pro-forma basis. After obtaining all approvals, when the scheme becomes effective, the non life insurance business will be demerged from Bharti AXA into ICICI Lombar

  KIA Sonnet Highlights : KIA Sonnet gets 6,523 bookings in one day Sonnet will be KIA's third offering in India KIA has made its India debut in August of 2019 with Seltos K IA Sonnet has managed to get as many as 6,523 bookings on the first day that pre-launch bookings were open on Thursday. Sonnet will be launched in September and will enter a highly competitive and highly lucrative compact SUV segment.  Sonnet's pre-launch bookings were opened on Thursday with prospective customers asked to pay an amount of ₹ 25,000 . While bookings numbers may not always translate to real world sales figures, the statistics is quite impressive . KIA has made its India debut in August of 2019 with Seltos. Sonnet however, is likely to carry the bulk of the company's expectations here on. About KIA  KIA Motors Corporation, commonly known as KIA Motors is a South Korean Multinational Automotive Manufacturer headquartered in Seoul. It is South Korea's second largest automobile manuf

         Hey Tomorrow wash liquids Highlights : Lifestyle Products Company Hey Tomorrow launches Fruits and Vegetables wash liquids Under the Brand Name Hayden Produced from natural extracts and claimed it as fully organic L ifestyle Products Company Hey Tomorrow Consumer Products has announced launching its fruit and vegetables wash liquids under the brand Hayden . The company said it's was liquid is produced from natural extracts and claimed it as fully organic. The liquid wash with its special properties penetrate uneven surfaces of fruits and vegetables to clean the dirt, germs, pesticides and other impurities. Hey Tomorrow expects to cater to the needs of both personal users and also establishments that aspire to maintain the highest hygiene standards in their food.

  FerroHaat App Highlights : Tata Steel launches FerroHaat App for sourcing scrap from traders  The FerroHaat App is a live 24×7 marketplace to sell scrap The App provides with a transparent platform with stability in prices S teel Recycling Business, a division of Tata Steel , has launched FerroHaat , a first-of-its-kind Mobile Application, to source steel scrap from the traders. This new app is a major step by the company to organise India's scrap market while also providing a reliable source of scrap metal for the steel industry. The FerroHaat App is a live 24×7 marketplace to sell scrap. It is user friendly and hosts different sections like Bazaar for business transactions, Khaata for a snapshot of the supplier's account, Samachaar for viral market information and Abhaar for recognition and appreciation initiatives. The App collaborates with the existing scrap yards and traders and provide them with a transparent platform with stability in prices .

Netmeds Highlights : RIL acquires majority stake in Netmeds for ₹620 crore  It represents around 60% holding in the equity share capital of Vitalic & 100% direct equity ownership of its subsidiaries Ahead of announcement, RIL shares closed at 1.31% higher  R eliance Industries Limited on Tuesday announced that it's retail unit has acquired a majority stake in online pharma company Netmeds for around ₹620 crore. This investment represents around 60% holding in the equity share capital of Vitalic & 100% direct equity ownership of its subsidiaries, viz Tresara Health Private Limited, Netmeds Market Private Limited and Dadha Pharma Distribution Private Limited. While Amazon launched its 'Amazon Pharmacy' in Bangaluru last week, a report suggests that Walmart-owned Flipkart is also looking to foray in the space.  Ahead of announcement, RIL shares closed at 1.31% higher at ₹2,118.75.

    Covid-19 cover Highlights : Muthoot Finance, Kotak Mahindra General Insurance tie up to offer Covid-19 cover Cover of ₹ 1 lakh against gold loan Available only for customers availing gold loan under the Super Loan scheme M uthoot Finance on Monday said that it has tied up with Kotak Mahindra General Insurance to offer Covid-19 Insurance cover of ₹1 lakh against gold loan . Muthoot Finance Ayush Gold loan is an exclusive initiative of Muthoot Group through which they will provide complementary Covid-19 insurance cover to their eligible customers. This cover is however available only for customers availing gold loan under the Super Loan scheme. About Muthoot Finance :  Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. In addition to financing gold transactions, the company offers foreign exchange services, money transfer, wealth management services, travel and tourism services  and sell gold coins. The company's headquar

     Highlights : Indospace in race to buy  Bangaluru-based Embassy Industrial Parks, valued at ₹ 1,800 crore PE fund Warburg Pincus owns 70% stake in Embassy Industrial Parks  Bangaluru-based Embassy Group owns the remaining 30% I ndustrial and warehousing parks developer Indospace has emerged as the frontrunner to acquire Bangaluru-based Embassy Industrial Parks at an Enterprise value of ₹ 1,800 crore. PE fund Warburg Pincus owns 70% stake in Embassy Industrial Parks while Bangaluru-based Embassy Group owns the remaining 30%. ESR, a leading Asia Pacific logistics real estate platform, is another contender for the acquisition. Hongkong-based ESR has $22 billion of assets under management and is also backed by Warburg Pincus. Embassy Industrial and warehousing development is spread across eight cities with 10 million sq ft of development completed and over 35 million sq ft of ongoing and planned development. These Industrial and warehousing solutions are targeted at Industry verti

        Amul MD RS Sodhi Questions and Answers Round!  Q : Were you prepared for a lockdown ? Ans: The lockdown didn't come all of a sudden. It was expected. We knew what was happening in China. In fact, we started preparing almost 10 days before the lockdown. We were in a critical business. Besides being an essential product, milk is also very dependable source of livelihood for over 100 million people. They are marginal farmers and poor women.  Q : What was this pandemic taught you ?  Ans: The food is the most important thing. There are different advantages of being a multi-product, multi-location, multi-channel company. With 84 plants, when things were difficult in Mumbai where our 4-5 plants got affected, other plants worked overtime. Being a multi-product company, while ice-cream as a product was almost finished, paneer consumption went up.  Q : How has Amul thrived amid so much competition, including from MNCs ? Ans: We are India's largest FMCG company with ₹ 52,000 cro

Cafe Coffee Day Highlights : Cafe Coffee Day to sell daily essentials besides on premise cuppa To sell confectionery, beverages and snacks A joint venture between Coffee Day Global Ltd and Japanese Firm Impact HD  C afe chain (CCD) Cafe Coffee Day is exploring a transition from being just a hangout for the youth to a shopping platform for daily essentials to widen it's customer base and increase football.  CCD has piloted the retail format at one of its Bengaluru outlets by partnering Coffee Day Essentials, a joint venture between Coffee Day Global Ltd and Japanese firm Impact HD .   The Cafe will sell essentials like confectionery , beverages and snacks at the outlets besides offering on-premise consumption of food and beverages.  About CCD : Cafe Coffee Day (CCD) is an Indian Cafe chain. It is a subsidiary of Coffee Day Enterprise Limited.  Coffee Day serves 1.6 billion cups of coffee annually in six countries.  Internationally CCDs are present in Austria, Czech Republic,

    Highlights :  Yamaha launches online sales platform in India New web's with virtual store is ready to offer an enhanced buying and personalized customer services Customers can also opt for doorstep service for their purchase related enquiries J apanese two-wheeler major Yamaha on Thursday said it has launched its online sales in India responding to changes in customer behaviour in the wake of Corona Virus pandemic. In the current scenario, customers prefer staying indoors and wish to minimise their visit to the showroom. Considering the convenience of the customers, Yamaha has introduced virtual store to offer enhanced buying experience. Yamaha Motor said it's new website will have all the latest features like Virtual Store with 360 degree view of the product alongwith specification comparison between Yamaha Products. Customers can also opt for doorstep service for their purchase related enquiries based on her requirements. About Yamaha :  Yamaha Motor Company Limited

    Electric Vehicles Highlights :  Government allowed sale of EVs leaves manufacturers puzzled This is to make EVs more affordable Batteries account for almost half the cost of an EV  T he road transport and highway ministry on Wednesday issued a notification allowing the sale of electric two and three wheelers without a pre fitted battery in order to make them more affordable . However EVs maker are left confused by the announcement as finer details were left out of the announcement. Batteries account for almost half the cost of an EV, making them vastly more expensive than a combustion engine vehicle of similar performance.  Manufacturer questioned that if EVs were sold without batteries how the subsidy under the Centre's EV adoption policy would be determined.  Under its Faster Adoption and Manufacture of Electric Vehicle (FAME) policy, the government incentivises the purchase of EVs by giving direct purchase subsidies linked to the capacity of the battery on the vehicle

     ABB India eMart Highlights : ABB India launches online marketplace portal eMart For its electrification business for home and industrial buyers The platform is supported by secure payment methods including net banking, eWallets and UPI ABB India announced the launch of an online marketplace for its electrification business for home and industrial buyers on Tuesday. The business-to-business and business-to-consumer platform is the first of its kind in the industry, with a dynamic price transparent model.  ABB eMart will provide a dynamic model to allow partners to set their own competitive prices for the products they sell on the platform while providing customers with a choice of deals to suit their specific needs.  ABB India said it aims to expand its reach in untapped market while strengthening it's presence in the existing sector, maximising the changing customer buying preferences with a seamless digital experience.  The platform is supported by secure payment metho

     GoAir Airlines Highlights : AAI puts GoAir on 'Cash and Carry' basis GoAir flights will continue to be operated as normal at all airports The airports in Delhi, Mumbai, Bangaluru & Hyderabad are are managed by private companies, not by AAI T he Airports Authority of India AAI has decided to put GoAir on ' cash and carry ' basis from Tuesday because of non-payment of dues. Meaning the low cost airline will have to pay charges daily at AAI airports to operate flights from there.  An airline has to pay various charges - air navigation, landing, parking, etc to AAI, which works under the Civil Aviation Ministry , to use facilities at any of its more than 100 airports. The airports in Delhi, Mumbai, Bangaluru and Hyderabad are managed by Private Companies, not by AAI.  GoAir flights will continue to be operated as normal at all airports. 

    Mukesh Ambani Highlights : Vodafone Idea MD Ravinder Takkar rejects Mukesh Ambani's call for 2G free India He said 2G won't see a shutdown anytime soon and would continue in India Vodafone Idea and Bharti Airtel, together have around 300 million 2G users, critical to their revenue streams V odafone Idea MD Ravinder Takkar has rejected Reliance Industries Chairman Mukesh Ambani's call for a 2G mukt India . "That 2G services need to be stopped (in India) is completely a wrong message that's going on in the market," Takkar said.   He said 2G won't see a shutdown anytime soon and would continue in India, like in many international markets as it is remained a good, low-cost service option for a segment of customers who still prefer to use the feature phone & have no immediate need for smartphones.  About 15% of Mobile subscribers in many international markets, even where 5G is about to be launched, remained on 2G as it's an efficient, low-cost ser

E-commerce firms Highlights : In-city warehousing demand may rise as e-commerce firms target same day delivery The demand is likely to be for warehousing of 5,000 - 10,000 sq ft size property In-city warehouse will help companies to minimise transportation costs and execute fast delivery timelines T he demand for small warehouses within city limits is expected to rise over the next one year as e-commerce firms are targeting to ensure same day delivery of food and groceries items to customers. The demand is likely to be for warehousing of 5,000 - 10,000 sq ft size of property.  In-city warehouse will help companies to minimise transportation costs and execute faster delivery timelines, the key to success for many businesses in today's competitive era. 

     Appy Fizz Highlights: Parle Agro lock horns with Walmart India in the Bombay High court over its product Appy Fizz  Launched in 2005, Appy Fizz was the country's first sparkling apple juice drink Bollywood star Salman Khan is the brand ambassador for the brand P arle Agro has moved the Bombay High court against Walmart India for selling an Apple drink with 'deceptively similar mark' as it's Appy Fizz .  In an interim order , the court has restrained Walmart from selling any product allegedly similar to the petitioner's product until further order.  The country's largest homegrown beverage firm has alleged that the Indian unit of the world's largest retail manufacturing, selling and promoting an Apple drink, ' Fizzy Apple ' using identical font, style and colour scheme as those Parle Agro uses for Appy Fizz. Launched in 2005 , Appy Fizz was the country's first sparkling apple juice drink and dominate the segment with more than 90% market

    Highlights : Textile Ministry asked e-commerce, retail firms to promote Indian Handloom Products August 7 was chosen as the National Handloom Day  Swadeshi Movement was launched on the same date in the year 1905 T he government on Thursday said it has asked e-commerce entities, retail companies and designer bodies to promote Indian Handloom Products. They has been requested to promote and amplify the efforts of the ministery of textiles to promote Handloom Products. Ahead of the National Handloom Day on August 7, it would launch a mobile app and back-end website for Handloom Mark Scheme, My Handloom Portal, a virtual fair and showcase of craft handloom  village, Kullu .  The ministery said that August 7 was chosen as the National Handloom Day to commemorate the Swadeshi Movement which was launched on the same date in the year 1905. 

    Fertilizer Industries Highlights :  Fertilizer Industry seeks overhaul of urban subsidy regime The government aims to revive four sick plants next year  With an investment of ₹ 38,000 crore as part of its Atmanirbhar Bharat initiative T he Fertilizer industry is seeking an overhaul of the urban subsidy regime to make existing factories viable.  It's crucial for the success of the government's push to make the country self-reliant in this space by reviving five sick plants.  The government aims to revive four sick plants next year and another by 2023 with an investment of ₹ 38,000 crore as part of its Atmanirbhar Bharat initiative. This initiative will add 6.35 million tonnes to the country's existing annual capacity of 24 million tonnes and drastically reduce imports. The government is taking initiatives to make sure farmers get adequate supply of crop nutrients even during lockdown .

Highlights : IRDAI permits life insurers to issue policies electronically amid Covid pandemic This exemption will be valid for all policies issued during 2020-21 Also permitted the life insurers to file quarterly investment returns electronically A mid rising cases of Corona Virus and disruption in normal business activities, regulator IRDAI on Tuesday allowed life insurers to issue life insurance policies electronically. The Insurance Regulatory and Development Authority of India (IRDAI) issued a circular exempting the life insurance companies to from the requirements of issuing policy documents and copy of proposal form in physical form, subject to certain conditions . This exemption will be valid for all policies issued during 2020-21 . The decision futher said there will be a mandatory 30-days free look period for all such electronic policy documents. Also the insurers will be required to obtain express consent of the  policyholder to receive electronic policy bond. If a policyho

         Edtech firms Highlights : Edtech Firms chalk out aggressive expansion plans amid revenue, signup boosts  UpGrad and Toppr are looking at doubling their headcount by the end of this fiscal year Simplilearn and Vedantu will together be adding more than 2,000 employees in the next eight months P umped up with new confidences from strong revenue and user-base growth in the past four months, edtech firms are busy chalking out aggressive expansion and hiring plans. UpGrad and Toppr are looking at doubling their headcount by the end of this fiscal year. Simplilearn and Vedantu will together be adding more than 2,000 employees in the next eight months as per their current plans. Theses companies have seen their revenue and user-base grow as much as 80% since the country went into a lockdown in the late March. Hiring is taking place across all levels, including in leadership roles and in domains like sales, technology and engineering.

Airlines Industry Highlights : Airlines unlikely to refund ₹ 3,000 crore to passengers People issued credit shells may have to hold on to them longer The government is also of the view that airlines cannot be forced to pay these returns, as they don't have funds P eople who were issued credit shells against tickets cancelled for flights during and after the national lockdown may have to hold on to them longer, as cash-strapped airlines are unlikely to refund about ₹ 3,000 crore they owe to passengers. Detailed data of refunds shared by Airlines show they have issued credit shells worth ₹3,000 crore that can be used for travel at a future date. The government is also of the view that airlines cannot be forced to pay these returns as they don't have funds.  Some airlines may be comparatively comfortable with cash but that doesn't mean the airline has to process refunds. Airlines are struggling to pay salaries and are laying off to reduce cost and losses. 

   Chandan Kumar Mondol Highlights: Chandan Kumar Mondol takes charge as NTPC Director Commercial Mondol has been with NTPC for over 35 years and has held several key leadership positions  Mondol joined NTPC in 1984 NTPC on Saturday said Chandal Kumar Mondol has taken over as the company's Director (Commercial). Mondol has been with NTPC for over 35 years and has held several key leadership positions across multiple business units. Mondol joined NTPC in 1984 and started with project execution and commissioning of 3X500 MW units at Ramagundam and 4X210 MW units at Kahalgaon. In 1998, he joined Corporate Commercial where he worked towards developing commercial and marketing strategies, execution of domestic and international Power Purchase Agreement (PPAs), formulation of Tarrif regulations with CERC, participation in Ultra Mega Power Plant (UMPP) bidding, etc. Mondol took charge as Business unit head (BUH) of Khargone in March 2015. About NTPC : NTPC Ltd, formerly known as Nationa

        Facebook brings 'official music videos' to India Highlights :  Facebook brings 'official music videos' to India To showcase music videos from lables like T-Series Music, Zee Music Company and Yash Raj Films on its platforms. The music video experience on Facebook is available in India, Thailand and the US.  Facebook on Friday introduced ' official music videos ' in India, to showcase music videos from lables like T-Series Music, Zee Music Company and Yash Raj Films on its platforms. The music video experience on Facebook is available in India, Thailand and the US . Facebook said ' official music videos ' will create new social experiences that go beyond just watching the video. "On Facebook , you will able to discover new artists and tracks through social sharing, clicking through  to a song from a music video shared to a friend's story or a post in news feed", it said.  It also added that without leaving Facebook, you can conne