Here is today’s business news, Latest business news India today 20th May 2022.

• Sensex plummeted 1,416 points to close at 52,792 while NIFTY closed at 15,809 points.
• Caterpillar, the world’s largest construction equipment manufacturer, has launched next-generation products in India – the Cat 303 CR Mini and the Cat 120 GC Motor Grader.
• PayPal has renewed the lease of a commercial building housing its Indian headquarters at Futura Tech Park in Chennai for the next 10 years.

• Phonepe acquires two wealth tech companies: WealthDesk and Quantech Capital Investment Advisors (OpenQ) for $70-80 million.
• A bonus of Rs 1,070 crore has been declared by Bajaj Allianz Life Insurance for its policyholders for the financial year ending March 2022.
• Indonesia lifts palm oil export ban on May 23 as domestic supply of cooking oil has improved.

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• SuperBottoms, a brand of baby and children’s products, has raised $3 million in a Series A1 funding round.
• Jayanath Ganapathy has been appointed Director of Healthcare by Plum, an employee health insurance platform.
• A five-fold increase in net profit was reported by Dhanlaxmi Bank at Rs 23.4 crore in the year ended 31 March 2022 compared to Rs 5.3 crore in profit last year.
• Bharti Airtel’s mobile business in India could achieve 35% and 22% growth in operating income and revenue, respectively, in FY24, according to Goldman Sachs.
• Uniqlo, the third largest fashion brand in the world, intends to open the majority of small stores in New Delhi, India, ranging from 10,000 to 15,000 square feet.

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• Citoren, the European automaker, will launch electric vehicles in India next year.
• Medall Healthcare has been pulled out of bankruptcy by the private equity owners after settling a dispute with creditors over non-payment of Rs 3 crores in fees.
• According to recent Supreme Court orders, the GST Council’s recommendations are not binding on central and state governments.
• According to the Ministry of Agriculture, wheat production in India is expected to shrink by 3% to around 106 million tons this year due to the unusually hot weather.
• FM Nirmala Sitaraman has reported that India’s economic growth will be resilient at 8.9% FYD due to strong resilience and quick recovery.

Must Read: Headlines from India Today, May 20, 2022

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