India News Headlines: Latest India Business News 16th May 2020

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Read Latest India Business News 16th May 2020:

Quote of the Day: “Today, power is gained by sharing knowledge, not hoarding it.” – Dharmesh Shah

  • Biocon reported a 42% fall in profit in Q4 to Rs 123 crores as COVID-19 disrupts the biologics business.
  • InterGlobe Enterprises Pvt Ltd has expressed its interest in bidding for the bankrupt airline, Virgin Australia Holdings in the first round of a sale process that concluded on Friday.

latest india business news 16th may 2020

  • Cipla posted a 33% decline in its consolidated net profit for Q4 to Rs 246 crores as the company’s operational performance was weakened by the COVID-19 disruption and high base for sales last year.
  • Cipla on Friday said its boards approved a proposal to raise up to Rs 3000 crores via the sale of equity shares or equity-linked instruments.
  • ITC has launched Savlon hand sanitizers at 50 paise per sachet.

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Latest India Business News 16th May 2020

  • Maruti Suzuki India has issued guidelines for employees to reduce interaction with customers at service stations. So far, the company has trained almost 80000 service staff at its 3800 service centers across the country.
  • Christiane Hamacher, CEO Biocon Biologics, said the company is expecting to recover its earnings in April-June, post the COVID-19 disruption.
  • Manappuram Finance’s total gold loan disbursements during fiscal 2020 rose to Rs 1.7 trillion from Rs 89649 crores last year.
  • Harley Davidson said it will now provide home delivery for its motorcycles. The company has also claimed that it will extend service warranties in most of the major cities of the country.

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Latest India Business News 16th May 2020

  • Dabur India, with inspiration from PM Narendra Modi’s speech, launched a #Vocalforlocal series of campaigns on Facebook, Instagram, and Twitter for its various brands including ayurvedic Red toothpaste, Amla hair oil, Real fruit juices, Chyawanprash and Hajmola digestive tablets.
  • Unichem Laboratories received the EIR (establishment inspection report) from the US FDA for its active pharmaceutical ingredients unit in Roha.
  • Zomato is set to lay off 13% of its workforce as the COVID-19 induced lockdowns have hit its food delivery business. The company also plans to temporarily cut 50% pay for the rest of the employees, starting from June.
  • Stepathlon Lifestyle, a fitness startup, on Friday said it raised an undisclosed amount from nine investors across India, Australia, the US, UK, and Canada.
  • ZiffyHomes, a Gurugram-based home rental startup, deferred payments of several vendors and are yet to pay for their leased properties amid the COVID-19 crisis.

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