Read Weekly India Business News 10 to 15 May 2023

• 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.
• 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.
• 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 General Knowledge and Current Affairs

• 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 2023.
• 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, 2023, 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 Current Affairs

• 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.
• 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 2023

• In the 2023 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 2023.
• 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.