Here’s today business news, the latest business news India today 20 May 2022.
- Sensex crashed 1,416 points and closed at 52.792 while NIFTY closed at 15,809 points.
- Caterpillar, the world’s largest construction equipment manufacturer, has launched next-generation products- Cat 303 CR Mini and Cat 120 GC Motor Grader in India.
- PayPal has renewed the lease of a commercial building that houses its Indian HQ at Futura Tech Park in Chennai for the next 10 years.
- Phonepe to acquire 2 wealth tech companies: WealthDesk and Quantech Capital Investment Advisors (OpenQ) for $70-80 million.
- A bonus of Rs 1,070 crore has been declared by Bajaj Allianz Life Insurance for its policyholders in the fiscal year ending in March 2022.
- Indonesia to lift the ban on the export of palm oil, w.e.f May 23, due to improvement in the domestic cooking oil supply situation.
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- SuperBottoms, a baby and kid essentials brand has raised $3 million in a Series A1 funding round.
- Jayanath Ganapathy has been appointed as the director of Healthcare by Plum, an employee health insurance platform.
- A five-fold jump in the net profits has been reported by Dhanlaxmi Bank at Rs 23.4 crore in the year ending on March 31, 2022, in comparison to Rs 5.3 crore profit last year.
- As per Goldman Sachs, the wireless business of Bharti Airtel in India might deliver 35% and 22% growth in the operating income and revenue respectively in FY24.
- Uniqlo, the world’s third-largest fashion brand, aims to open up the majority of small-sized stores in New Delhi, India in the range of 10,000-15,000 sq ft.
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- Citoren, the European car maker will be launching electric vehicles in India by next year.
- Medall Healthcare has been pulled out of insolvency proceedings by the private equity owners after the settlement of the dispute with the creditors over the non-payment of dues worth Rs 3 crores.
- As per the recent orders by Supreme Court, the recommendations made by GST Council are not binding on the Central and the State governments.
- The wheat production in India is to shrink by 3% to around 106 million tonnes for the current year due to the unusually hot weather, as per the Agricultural Ministry.
- FM Nirmala Sitaraman has reported that the economic growth in India is to be robust at 8.9% in the current FY due to the strong resilience and speedy recovery.
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