India News Headlines: Latest India Business News 21st May 2020

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Quote of the Day: “To understand the heart and mind of a person, look not at what he has already achieved, but at what he aspires to.” – Kahlil Gibran

  • Domestic Airlines in India will resume operations from May 25 as the government allows local flights to resume.
  • The World Bank on Wednesday appointed former Bear Stearns executive, Carmen Reinhart as its new chief economist and vice president.

latest india business news 21st may 2020

  • Authlink, a blockchain startup, on Tuesday raised $300,000 to launch its Product Provenance and Ownership Management Platform in their first round of seed funding led by Bharath Corp House.
  • NMC’s founder, B.R. Shetty and his companies owe over $250 million to Bank of Baroda.
  • TCS issued a notice for its first virtual AGM. The company’s top management remuneration shrank 16.5% to Rs 13.3 crores.
  • Ola fired 1400 employees as the nationwide lockdown led to a 95% fall in revenues.

Must Read: Special Day Today: What is today in history India 21 May

Latest India Business News 21st May 2020

  • Suparshva Swabs on Wednesday announced it will scale up manufacturing of its TULIPS brand of polyester swabs from 2 million currently to 5 million units per week by the end of May. These swabs are used in testing COVID-19.
  • Jubilant FoodWorks on Wednesday reported a 71.5% drop in net profit in Q4 at Rs 21 crores.
  • Indiabulls sacked up 2000 employees as the company aims to contain the fallout of the disruption.
  • Hyundai Motor India plans to continue with its planned investments despite the coronavirus outbreak.
  • Hoping to provide an alternative exit option for investors who are currently locked out of their money, SEBI on Wednesday allowed Franklin Templeton India to list units of its shuttered schemes on stock exchanges.
  • Bajaj Auto reported an 8.15% drop in consolidated Q4 FY20 revenue at Rs 6816 crores.
  • NPCI on Thursday said UPI will see growth in the ‘phygital’ space in a post-COVID world.
  • Paytm First Games has forayed internationally and the company expects to see expansion in the South Asian market. It has also partnered with Daraz to launch a new gaming app in Bangladesh – Daraz First Games.
  • UltraTech Cement on Wednesday reported its Q4 profit at Rs 3239 crores.

Must Read: Life after lockdown: How to stay safe while you step out of home after lockdown

Latest India Business News 21st May 2020

  • The Future Group appointed Ambit to seek buyers for the group’s stake in its logistics business – Future Supply Chain Solutions.
  • Royal Enfield claims that it recalling 15200 units of three models across the UK, Europe, and Korea to replace a brake part.
  • Bharat Biotech on Wednesday announced that it signed an exclusive deal with the Thomas Jefferson University of Philadelphia to develop a new vaccine candidate for Covid-19.
  • TikTok owner’s value surpasses $100 billion
  • ByteDance’s valuation surpasses $100 billion in recent private share transactions.
  • KKR leads race to buy a majority stake of 51% in JB Chemicals for Rs 2500-3000 crore
  • Rapido, a bike-taxi booking app, resumed operations in 39 cities across 11 states.
  • Khatabook, a digital ledger app, raised Rs 454 crores in a Series B round of funding led by B Capital Group.
  • Infosys partners with Rhode Island to launch a privacy-first contact tracing solution to help fight against coronavirus.

Must Read: Statewise Status of Coronavirus in India; Number of cases and major restrictions imposed

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