India News Headlines: Latest India Business News 11th May 2020
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Quote of the Day: “Chase the vision, not the money. The money will end up following you.” – Tony Hsieh
- General Atlantic and Saudi Arabia are among firms that are exploring to invest in Mukesh Ambani’s digital business as he seeks to expand his operations outside oil and petrochemicals.
- Indian airlines warned that a prolonged lockdown would cripple flight operations forever. Knowing the circumstances, they are pushing for an early resumption of domestic flights from key metros.
- Infosys is reopening its offices but with caution. In the first phase of resuming operations, about 5% of staff will return to work.
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Latest India Business News 11th May 2020
- Tech Mahindra has been issued a notice by the Pune Labour Commisioner’s office. This was because an IT employee welfare organization filed a complaint claiming that the company reduced salaries to maintain profitability.
- Reliance Industries has fixed 14 May as the record date for the rights issue. This is going to be India’s biggest rights issue of Rs 53,125 crores.
- Senapathy Kris Gopalakrishnan, a veteran from the information technology industry believes that a quarter of Indian startups would be in serious trouble if adverse consequences of COVID-19 persist for long.
- Nasscom on Sunday announced the successful delivery of its end-to-end COVID-19 platform creation to the Telangana government.
- REITs is likely to suffer lower yields on deferment of new office leases and zero rent escalation in the near future.
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Latest India Business News 11th May 2020
- Following relaxations in Covid-19 lockdown rules, IT companies in Hyderabad were allowed to resume operations with a 33% workforce while on Saturday, the police asked them to gradually ramp up operations without rushing.
- Credai on Saturday said cement and steel rates hiked 40-50% in the last few weeks despite lockdown and alleged price cartelization & unfair trade practices by manufacturers.
- Adani Transmission on Saturday reported a Q4 net fall by 60% at Rs 58.97 crores.
- After announcing a paycut of up to 25% on Friday, IndiGo airlines said the reduction would remain effective throughout FY 2020-21.
- Panasonic India resumed the sale and service of appliances in green and orange zones.
- ICICI on Saturday reported its Q4 net profit of Rs 1221.36 crores.
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