India News Headlines: Latest India Business News 1st June 2020

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Quote of the Day: “It is better to fail in originality than to succeed in imitation.” – Herman Melville

  • Sundar Pichai on Sunday said Google stands in support of racial equality and all those searching for it.
  • Amit Jain, MD of L’Oreal India said the long-lasting lockdown may have posed many challenges, but the pandemic has given the company an opportunity to pick cues from evolving consumer trends to quickly build solutions around them.

latest india business news 1st june 2020

  • Biocon Biologics India has started conducting trials for the novel biologic, itolizumab, to treat cytokine storms, a leading cause of death among severe COVID-19 patients.
  • Mahindra and Mahindra is shifting their focus from electric cars to electric three-wheelers as India’s top electric vehicle maker by volume seeks to improve the viability of electric mobility business.
  • Startups are planning to reduce dependence on lithium from China as the coronavirus pandemic has brought the over-dependence of global supply chains on China into stark focus.
  • Toyota Kirloskar Motor reported sales of 1,639 units in May amid the resumption of partial operations at its Bidadi manufacturing plant since 26 May.

Must Read: Today News Headlines 1st June 2020

Latest India Business News 1st June 2020

  • As hotels and other hospitality services reopen from June 8, top hotels are holding the price line for room rates which will remain under pressure for almost the rest of the year. They have also started training and upskilling their teams.
  • Large E-commerce firms are opening up inventory across categories as it sees spike in demand, even in unusual categories.
  • Yes Bank on Sunday said its leadership team has voluntarily agreed to earn up to 30% of FY21 remuneration in variable pay.
  • Pushpa Bector, executive director of DLF Shopping Malls said the era of crowding is over and the new normal is about one person for every 75 sq ft. She also mentioned that pre-booking and pre-planning will become a way of life in malls.
  • Restaurants gear up for their openings on June 8, as directed by the government, by upskilling staff to serve better post lockdown.
  • The Banks Board Bureau (BBB) recommended Ashwini Bhatia, M V Rao and P P Sengupta for the post of State Bank of India MD, Central Bank of India MD, and Indian Overseas Bank MD.
  • Kotak Mahindra Bank on Saturday said it raised Rs 7,442.5 crores via issuance of 65 million shared in QIP.

Must Read: Aaj ke Samachar 1 June 2020

Latest India Business News 1st June 2020

  • Madhu Kapur and family on Saturday gave up their status as Yes Bank promoters, after years of courtroom battles, bitter family disputes, blaming co-promoters for unfair practices, and persistently putting a brave front on to gain board control in Yes Bank.
  • Kiran Mazumdar-Shaw, Executive Chairperson at Biocon, on Saturday said a safe vaccine to prevent COVID-19 will take a long time to be ready.
  • Yes Bank acquired a 24.19% stake in Dish TV by invoking pledged shares as collateral.
  • IDBI Bank, after 13 quarters of losses, on Saturday reported a Q4 net profit of Rs 135 crores for FY20.
  • Three Indian companies, Alpha Design Technologies, Bharat Forge, and Medha Servo Drives got the license to manufacture NASA’s coronavirus ventilators.
  • A US pharmaceutical giant seeks marketing authorization from India for its anti-viral drug remdesivir.
  • Hyundai Motor India on Saturday said the company exported over 5,000 units in May after resuming production at its Chennai plant.

Must Read: List of public and private Delhi Coronavirus hospitals

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