1. Reliance planning to buy TikTok’s India Arm

The India business of TikTok, valued at around $5 billion (Rs 37,408 crore) is in talks with Reliance Industries and its telecom unit Jio to close a deal. Currently, TikTok is banned in India citing data privacy issues. The company is expected to complete a deal so that the app can get unbanned and start generating revenue again in India.

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2. GAIL Q1 results: Profit falls 56% YoY

GAIL (India) Limited on Thursday posted a 56 per cent fall in consolidated net profit at Rs 654.33 crore for April-June quarter of fiscal 2020-21 as against Rs 1,501.95 crore in the corresponding quarter last year. Revenue from operations declined 34 per cent on-year to Rs 12,180.62 crore. The performance of the company was impacted due to the lockdown in the country.

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3. Eicher Motors buys Volvo India’s buses arm

Eicher Motors Ltd.’s unit has inked a deal to acquire the bus business of Volvo Group India Pvt. as it looks to strengthen operations in the country. 

Volvo Eicher Commercial Vehicles Ltd. will buy the bus unit for Rs 100.5 crore, Vinod Aggarwal, chairman and managing director, said at a press meet on Thursday. The move, he said, will strengthen Volvo and Eicher’s bus operations in India through synergies in the product, purchasing and manufacturing. 

“The deal will make us a large player in the bus business with the widest range,” Aggarwal said.

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4. What does Trump’s relaxation of visa norms mean for tech companies?

The Trump administration has decided to relax on the ban on H1B and L1 visa holders to travel to the US until the end of the year. As per an advisory released by the US state department, H1B and L1 visa holders will be allowed to enter the US if they are returning to the same jobs they had prior to the visa ban.

The advisory has three conditions. The ban is relaxed for those seeking to resume ongoing employment in US :
1) in the same position
2) with the same employer
3) with the same visa classifications.

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5. Grasim Industries Q1 Profit plunges 67%, Revenue dips 32%

Grasim Industries on Thursday reported a 66.61 per cent year-on-year fall in net profit at Rs 620.74 crore for the quarter ended June 30. The figure stood at Rs 1,859.61 crore in the corresponding quarter last year.

Consolidated revenue from operations of the company declined 32.24 per cent YoY to Rs 13,621.10 crore. The figure stood at Rs 20,103.04 crores last year.

Grasim is the parent firm of UltraTech Cement and also owns Aditya Birla Group’s solar, renewable energy and capital investment businesses.

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6. Westbridge Capital buys IndiGo shares worth Rs 559 cr

Private equity firm Westbridge Capital on Wednesday bought a 1.41% stake in InterGlobe Aviation Ltd, which runs India’s biggest airline IndiGo. The transaction was worth Rs 559 crores and was completed through the open market.

Jwalamukhi Investment Holdings, an arm of Westbridge Capital, also bought 5.43 million shares from Kotak Mahindra (International) Ltd at an average price of Rs 1,028 apiece.

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7. Aditya Birla Fashion and Retail Q1 loss at Rs 410 crores

Aditya Birla Fashion and Retail Ltd (ABFRL) on Thursday reported a consolidated net loss of Rs 410.36 crore for the quarter ended June, impacted by the coronavirus pandemic. The company had posted a net profit of Rs 21.56 crore in the same quarter a year ago.

Total income during the quarter under review stood at Rs 501.54 crore. It was at Rs 2,082.97 crore in the year-ago period.

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8. Eicher Motors Q1 Results: Recorded Rs 55-Crore Loss

The maker of Royal Enfield motorcycles reported a net loss of Rs 55 crore in the quarter ended June compared to a profit of Rs 452 crore in the same quarter last year, according to an exchange filing. Revenue fell 66% to Rs 818 crore, compared with the Rs 791-crore forecast. Operating profit fell 99% to Rs 3.8 crore. Shares of Eicher Motors closed 2% lower ahead of the quarterly results, compared with a flat Nifty 50 index.


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9. Deutsche Bank infuses Rs 2,700 cr into India operations for expansion

German lender Deutsche Bank has infused Rs 2,700 crore in its India operations to fund its growth plan in the country, taking the total capital deployed to Rs 18,200 crore.This is the second time in less than two years that the bank has infused money into local operations consisting of 17 branches, after the Rs 3,800 crore investment in early 2019.

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10. Zydus launches cheapest remdesivir version in India at Rs 2,800 per vial

Zydus Cadila has launched remdesivir under the brand name RemdacTM in the Indian market for the treatment of COVID-19 patients. The drug is priced at Rs 2,800 for a 100 mg lyophilized injection, RemdacTM and is the most economical Remdesivir brand in India.

The drug will be made available across India through the group’s strong distribution chain reaching out to Government and private hospitals treating COVID patients, the company said in a regulatory filing

Read more here.

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