India News Headlines: Latest India Business News 20th May 2020
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Quotes of the Day: “To win in the marketplace you must first win in the workplace.” – Doug Conant
- With schools and offices being shut for nearly two months nationwide, students and professionals are swarming online classes to provide a boost for edtech businesses.
- Indian startups brace for the biggest shakeout in the country’s history as COVID-19 has led to shut down of entire sectors of the economy, drying up revenues and funding.
- Siemens AG on Tuesday sold a 24% stake in its Indian subsidiary for Rs 8520 crores to another group firm, Siemens Gas and Power Holding BV.
- Brands including Peter England, Fabindia, and Allen Solly have started creating designer masks for style-conscious buyers.
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Latest India Business News 20th May 2020
- Reliance Industries’s massive rights issue of Rs 53125 crores is set to open today.
- Snowman Logistics’ stake sale to Adani has hit a hurdle.
- Nestle India chief calls the government to permit food processing companies to employ more workers to tide over supply shortages.
- Apollo Tyres’ Q4 net profit dropped 7% to Rs 78 crores due to tepid vehicle sales in India and Europe.
- Airlines reopened bookings for passengers, hoping the lockdown will be lifted.
- Tata Power on Tuesday posted an over 2-folds jump in Q4 net to Rs 475 crores
- MD of Bajaj Finance, Rajeev Jain, said the company has 27% of its loanbook under the three-month moratorium but has not allowed deferment to customers with a high probability of default. The company’s Q4 consolidated profit dropped 19% to Rs 948.1 crores.
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Latest India Business News 20th May 2020
- Ujjivan Small Finance Bank reported a 15% jump in its Q4 net profit to Rs 73.2 crores.
- Dilip Oommen, CEO of Arcelor Mittal Nippon Steel India has now taken over as president of the Indian Steel Association.
- Power Grid plans to file draft papers for $1 billion infrastructure investment trust (InvIT) by the end of June.
- Lendingkart, a fintech digital lender, raised Rs 319 crores in a Series D round of funding led by Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
- According to Nasscom, almost 90% start-ups are facing revenue decline, 30-40% have temporarily halt operations or are in the process of closing down, and 70% start-ups are facing a cash runway of less than 3 months.
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