Tech Mahindra to focus on improving profitability even at cost of growth

Latest News - India’s fifth largest IT services and solutions firm, Tech Mahindra, stated that the focus of the firm would be to improve profitability even at the cost of growth going ahead.

"It is not fair for the company to have margins in 12-15 per cent range when my competitors are reporting margins in the range of 20 per cent and above. We will strive to do better both on Ebitda (earnings before interest, tax, depreciation and amortisation) and growth, but my priority is going to be Ebitda now," said C P Gurnani, CEO & MD, Tech Mahindra.

He further added that as part of improving the margins, the company would let go of businesses or deals that did not have high yields. "We will definitely look at the yield management. Some of this will also mean abandoning my field engineering kind of work in LCC. I will reduce my business there. If you see de-growth, it is because I have decided on those particular areas," said Gurnani.

The company, which recently announced its third quarter numbers, reported topline growth of 12.7 per cent at (Read More)

Apple tops Fortune's most admired companies list, no Indian firm makes cut

 Latest News - Tech giant Apple has been named the most admired company in the world, followed by Amazon and Starbucks in a list compiled by Fortune magazine, but no Indian firm could make the cut.

Others in the top ten include Berkshire Hathaway, Disney, Alphabet, General Electric, Southwest Airlines, Facebook and Microsoft.

According to Fortune, some 3,800 executives, analysts, directors and experts voted for these companies.

Fortune collaborated with its partner Korn Ferry Hay Group on this survey of corporate reputations.

"We began with a universe of about 1,500 candidates: the 1,000 largest US companies ranked by revenue, along with non-US companies in Fortune's Global 500 database that have revenues of USD 10 billion or more (Read More)

Samsung stocks plunge after arrest of heir over corruption scandal

Latest News - South Korean tech giant Samsung Electronics' stock price plunged on Friday after it was announced that its vice president and heir to the business conglomerate was arrested over his alleged role in a corruption scandal.

Samsung Electronics, one of the stocks that holds the greatest weight in the Seoul Stock Exchange, opened with a sharp decline, hitting 0.60 per cent, and by 9.30 a.m., was down 0.47 per cent to stand at 1.892 million won ($1,653), Efe news reported.

Earlier in the day, Seoul Central District Court authorised Lee Jae-yong's arrest after "new charges and evidence" were presented.

Following the order, the 48-year-old tycoon was immediately arrested and (Read More)

Note ban impact: Cash situation to become normal in March, says Nomura

Latest News -The impact of demonetisation is still visible and cash levels in the economy are not expected to be sufficient until March, which may keep trade volumes depressed for the next two months, says a Nomura report.

As per data released by the commerce ministry, growth in exports in January was lower than 5.72 per cent in December.

The moderation in India's exports volume suggests that demonetisation may still be affecting cash-intensive export sectors, Nomura said in a research note, adding that "we do not interpret this as a sign of reduced competitiveness".

"We expect trade volumes to remain subdued for another month or two as we do( Read More)

Telecom industry lost 20% revenue due to Reliance Jio giveaways: Ind-Ra

Latest News - The telecom industry has lost about 20 per cent of revenue due to Reliance Jio's free services, India Ratings and Research has said, revising the sectoral outlook for 2017-18 to negative.

India Ratings and Research (Ind-Ra), a Fitch group company, said the revision of outlook on the sector to negative for 2017-18 from stable-to-negative for 2016-17 is due to "increasing competition".

"The negative outlook reflects Ind-Ra's expectation of longer and deeper than expected deterioration in the credit profile of telcos following the extended free services by Reliance Jio Infocomm," its latest report on corporate outlook said.

The report further said the industry has lost about 20 per cent revenues due to the free services by RJio.

"The existing telcos would lose market share to RJio and suffer profitability while the (Read More)

Tata Motors logs into Microsoft to improve in-car connected experience

Airtel network logs highest download speed in Jan: Trai

Latest News - Average download speed on Bharti Airtel's mobile network was highest in January at 8.42 megabit per second (mbps), according to latest data published by telecom regulator Trai.

The monthly average mobile data speed published by the Telecom Regulatory Authority of India showed that the download speed on Airtel network has almost doubled in January to 8.42 mbps from 4.68 mbps.

On the other hand, average download speed on country's largest broadband service provider (Read More)

Nikon India aims to achieve turnover of Rs 1,100 crore

Latest News - Smartphones that have almost spelt doom for the low-end compact camera market in India have been on the other hand pushing up the sales of the high-end compact, digital single lens reflex(D-SLR) cameras, according to NikonNikon.

"Smartphones impacted the low-end compact camera sales in India. At the same time they are also pushing up the sales of D-SLRs because the users look for quality which is determined by many other things including the type of lenses, sensors etc." Nikon India Private Limited Managing Director Kazuo Ninomiya said on Thrusday.

Ninomiya said that the recently launched D 3400 model, which is priced around Rs 30,000 is targeted at smartphone users who would like to experience better image quality with entry level D-SLR.

Nikon India, a subsidiary of Nikon Corporation of Japan, enjoys the leadership position with a (Read More)

SBI, associate banks gain after Cabinet okays merger

Latest News - Shares of SBI and its associates ended the day with as much as five per cent gains today after the Cabinet approved their merger, a step aimed at strengthening the sector through consolidation of public banks.

The scrip of State Bank of Mysore jumped 4.66 per cent, State Bank of Travancore gained 4.21 per cent, State Bank of Bikaner rose by 3.48 per cent and SBI was up 0.65 per cent on BSE.

During the day, these stock went up by up to 13.5 per cent.

Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates.

However, no decision was (Read More)

Nestle scales back growth targets after Q3 net profit dips to 8.6%

Latest News - Food group Nestle said it aimed for 2-4 per cent underlying sales growth this year after net profit fell and sales rose less than expected in 2016, hit by slowing emerging markets and a deflationary environment.

"Two to four percent reflect the macroeconomic uncertainty. This is a volatile and still somewhat deflationary environment. We felt this was wise and prudent," new Chief Executive Ulf Mark Schneider, who took over on January 1, told reporters at the company's headquarters.

"But I also wanted to express my confidence that we can get back to mid-single-digit growth by 2020," he said, adding he expected pricing to improve this year.

Nestle will step up cost savings to boost profitability and replaced its "Nestle model" of 5-6 per cent underlying sales growth with a new mid-term (Read More)

Apple topples Samsung as No 1 in smartphone market: Gartner

Latest News - Apple toppled Samsung as numero uno player in the global smartphone market with 17.9 per cent share in the December quarter, research firm Gartner said on Wednesday.

The October-December quarter of last year — which clocked 7 per cent year-on-year growth in overall sales to 432 million units — saw Samsung finish second with a market share of 17.8 per cent.

For 2016 overall, smartphone sales to end users totalled nearly 1.5 billion units, an increase of 5 per cent from 2015.

"This is the second consecutive quarter in which Samsung has delivered falling quarterly (Read More)

Sensex down over 150 points; Broader markets fall 1%

Latest News - Benchmark indices extended losses even as Asian markets rallied after the US Federal Reserve Chair Janet Yellen hinted at a likely rate hike in the forthcoming policy review.

At 1:19 pm, the S&P BSE Sensex was trading at 28,162, down 177 points, while the broader Nifty50 was ruling at 8,729, down 63 points.

In the broader market, BSE Midcap and BSE Smallcap lost 1.2% and 1.4%, respectively.

"Nifty is well placed above the 8,770 levels indicates strength and has a potential to test 8,840- 8,870 levels in coming trading sessions," said Nirmal Bang research in a technical note.

On Tuesday, foreign portfolio (Read More)

Porsche launches 718 Cayman, Boxster priced up to Rs 85.53 lakh

Latest News - German luxury sports car maker Porsche on Wednesday launched two of its mid-engine models — the 718 Cayman and 718 Boxster — in the country, priced at Rs 81.63 lakh and Rs 85.53 lakh (ex-showroom Delhi) respectively.

With the new 718 series, Porsche is creating a distinction of the mid-engine models from its high-end 911 model.

"In the last portfolio, the Boxster N and the Cayman N were priced very close to the 911. We wanted to create an identity as it exists elsewhere in the world," Porsche India Director Pavan Shetty told PTI.

While the 911 is priced at Rs 1.47 crore, now the 718 Cayman and 718 Boxster are in the (Read More)

Jio stands for affordability in a world where data is new oil: Mukesh

Latest News - Reliance Industries Ltd chairman and managing director Mukesh Ambani on Wednesday said the company's newly launched telecom venture Reliance Jio stands for affordability and data is the new oil in the industry.

"Jio stands for affordability. Jio is conceived at a time when the world was in the phase of digitising. Data is the new oil," Ambani said.

He was speaking at an interactive session in Nasscom India Leadership Forum 2017 here.

Reliance Jio has disrupted the (Read More)

Patanjali to invest Rs 5,000 crore in four units

Latest News - Fast-growing swadeshi consumer goods company Patanjali Ayurved planned to start producing at four new facilities that would come up in 500 days at an investment of Rs 5,000 crore, the company’s Chief Executive Officer Bal Krishna told Business Standard.

The Project 500 encompasses food and herbal parks in Gautam Buddh Nagar (Uttar Pradesh), Nagpur (Maharashtra), Tezpur (Assam) and Indore (Madhya Pradesh). The facility in Assam is expected to be operational by March and the other parks will start production by mid-2018.

The food park in Uttar Pradesh, which would cater to the National Capital Region, would need an investment of Rs 1,400 crore in two phases, Bal Krishna said. The first phase would be ready by Diwali, he added.

An average sales growth rate of (Read More)

Honda's new City priced at Rs 8.5 lakh to battle it out with Maruti's Ciaz

Latest News - Japanese auto major Honda on Tuesday launched the new upgraded version of its best selling sedan City in India priced at between Rs 8.5 lakh and Rs 13.58 lakh (ex-showroom Delhi) with an aim to regain top slot from rival Maruti Suzuki's Ciaz.

"With the launch of the Honda City 2017, we aim to exceed our customers' expectations by offering value at a very competitive price. I am confident that with the new City we will regain our leadership position in the segment," Honda Cars India President and CEO Yoichiro Ueno told reporters here.

The new City will be available in both petrol and diesel options.

The petrol variant is powered by a 1.5 litre engine and is priced between Rs 8.5 lakh and (Read More)

Ola-Uber strike: Delhi HC orders striking unions to not block Uber's cabs

Latest News - The Delhi High Court on Monday restrained anyone from stopping or blocking the running of Uber's cabs, granting relief to the app-based taxi service provider whose services have been disrupted due to the recent strike by drivers.

In an interim order, Justice Rajiv Sahai Endlaw also issued notice to the two striking drivers unions and sought their response on Uber's plea against the strike.

Taxi drivers unions, Sarvodaya Driver Association of Delhi (SDAD) and Rajdhani Tourist Drivers' Union, including others acting on their behest, were also restrained by the court from "protesting, agitating, causing commotion violence in any manner in (Read More)

Infosys management did not make timely disclosures: Mohandas Pai

Latest News - Even as Infosys management denies allegations on corporate governance deficit, its former chief financial officer T V Mohandas Pai on Tuesday accused it of not disclosing necessary details on Rajiv Bansal's exit with a high severance package of Rs 17.3 crore.

"In October 2015, they had a press release saying the CFO is going, and both the CFO and CEO said nice things about each other. They did not disclose (the severance package)... They didn't disclose after the December quarter (results)," Pai told PTI on the sidelines of an event here.

The tussle between some of the Infosys founders and the management comes at a time when the (Read More)

HCL Technologies to set up operations in AP with Rs 500 cr investment

Latest News - India's fourth largest global IT services company HCL Technologies(HCL) is all set to become the anchor client of an upcoming IT cluster being developed near Andhra Pradesh state's new capital Amaravati.

A senior AP government official said HCL chairman Shiv Nadar and chief minister N Chandrababu Naidu are likely to make a joint announcement about HCL Tech foray into AP next month.

AP investment promotion board, headed by chief minister Naidu, has already cleared the company's proposals, which entail an investment of Rs 500 crore in (Read More)

Khadi products row: Fabindia responds to KVIC legal notice

Latest News - Vinay Singh, the Chief Executive Officer (CEO) of Fabindia, has said that the company has responded to the legal notice sent by the KhadiKhadiKhadiKhadi and Village Industries Commission (KVIC) for allegedly selling its ready-made cotton garments as khadi products without seeking prior approval and requested a meeting with the designated authorities to understand the issues.

"We are in receipt of the notice and have responded to KVIC, requesting a meeting with the designated authorities to understand the issues that have been raised, and to resolve them," said Singh in a statement.

The KVIC has sought an explanation from the retailer within 15 days after it had threatened Fabindia with legal action for violating the khadi trademark regulation.

"Fabindia Overseas Private Limited is India's largest (Read More)

Markets at day’s low, Nifty fails to hold 8,800; Coal India down 2%

Latest News - Benchmark indices pared gains to turn flat after opening on a higher note today following Asian markets and Wall Street hitting record high on Friday.

Investors awaited CPI and WPI inflation data which will be released later today after the factory output contracted 0.4% in December.

At 12:05 pm, the S&P BSE Sensex was trading at 28,258, down 75 points, while the broader Nifty50 was ruling at 8,768, down 25 points.

In the broader market, BSE Midcap and BSE Smallcap fell 0.3% and 0.4% respectively.

"Though volatility had dominated last week’s trades, lower ranges were held on (Read More)

Jio to roll out mobile numbers beginning with '6' and '7' in select circles

Latest News - Customers planning to get new Jio SIMs will have their numbers begin with 6 as the Department of Telecom (DoT) has reportedly issued the company the permission to issue 6-series mobile switching code(MSC), a media report said on Monday.

The new 6-series numbers will be issued in select circles including Assam, Rajasthan and Tamil Nadu. In Madhya Pradesh, Jio will roll out numbers with 7-series MSC codes, while in Kolkata nad Maharashtra Jio (Read More)

Sensex ends flat, Nifty above 8,800 ahead of retail inflation data

Latest News - The benchmark indices on Monday scuttled between gains and losses to settle flat as investors awaited January consumer price index-based inflation data due later in the evening.

However, investor sentiment was upbeat as Asian shares ticked up on renewed optimism over US President Trump's tax reform plans and his change of tack to agree to honour the "one China" policy.

The S&P BSE Sensex ended at 28,351, up 17 points, while the broader Nifty50 quoted 8,805, up 11 points at close.

In the broader market, the BSE Mid-Cap and the BSE Smallcap indices underperformed the frontline indices and shed 0.4% and 0.5%, respectively.

The market breadth indicating the overall health of the market remained weak. On BSE, 1,789 shares fell and 1,092 shares rose. A total of 170 shares were (Read More)

Modi asks ministers to furnish details of tours undertaken in last 3 months

Latest News - Prime Minister Narendra Modi has asked his ministerial colleagues to give details of tours, if any, undertaken by them during the last three months, an exercise aimed at ascertaining whether they promoted demonetisation and other initiatives, sources said.

The Prime Minister is learnt to have given the directive at a recent Cabinet meeting, the sources said.

They have been asked to submit the details by Monday.

Minister for Rural Development Narendra Singh Tomar has been directed to coordinate with the (Read More)

Banks rush to buy cyber security cover as digital payments rise

Weekly roundup: Sensex, Nifty flat; Nifty Midcap index at all-time high

Latest News - Another instance of consensus falling short on predicting actual outcome! Surprising the market participants, the Reserve Bank of India (RBI) unexpectedly kept the interest rates on hold with the benchmark indices settling the week barely higher even as foreign investors poured in over Rs 700 crore, while global markets found succour in US President Donald Trump’s announcement of unveiling soon some "phenomenal" tax reforms.

During the week ended February 10, the S&P BSE Sensex added 0.3% or 94 points to settle at 28240, while Nifty50 gained 0.6% or 52 points to close at 8793.

Midcap and Smallcap stocks outperformed. Nifty Midcap 100 index hit its all-time high of 16227, up 1.2% for the week, while the BSE Midcap index rose 1.3%. The BSE Smallcap index surged 1.4%, ending above its nine-year high.

“Contrary to the expectation of a 25bps rate cut, RBI held the rate steady. Cautiousness crept-in due to uncertainty over Fed rate hike, US policies and rising crude price which could impact inflation and (Read More)

Idea Cellular slips into red with Q3 net loss of Rs 384 cr

Latest News - Telecom operator Idea Cellular today logged a consolidated net loss of Rs 383.87 crore for the December 2016 quarter compared to a net profit of Rs 659.35 crore in the year-ago period, hurt by newcomer Reliance Jio's free voice and data promotions.

Total income also has decreased to Rs 8,706.36 crore for the quarter, from Rs 9,032.43 crore in the same period in the previous year, as per a BSE filing.

"The Indian mobile industry witnessed an unprecedented disruption in the quarter of October to December 2016, primarily due to free voice and mobile data promotions by the new entrant in the sector," Idea Cellular said in a statement.

Consequently, revenue KPIs (key performance indicators) and financial parameters for (Read More)

Donald Trump mulling options before appealing against travel ban halt

Latset News - The Trump administration will not immediately appeal the federal appeals court decision blocking the travel ban in the Supreme Court as the White House is examining several options to revamp and save the controversial executive order on immigration.

"We will win that battle. The unfortunate part is that it takes time statutorily, but we will win that battle. We also have a lot of other options, including just filing a brand new order," the CNN quoted Trump as saying to reporters onboard Air Force One Friday evening.

Asked if his plan might be to issue a new executive order, he said: "It very well could be. We need speed for reasons of security, so it very well could be."

After a San Francisco federal appeals court on Thursday upheld the suspension of his the immigration order that (Read More)

Sebi evolving according to the economy's needs: Arun Jaitley

Latest News - Finance Minister Arun Jaitley on Saturday credited the Securities and Exchange Board of India (Sebi) for being a professional organisation which has been evolving as per the needs of the economy and the markets.

Jaitley's comments on the evolution of the Sebi's role came after he addressed its board at a post-Budget meet.

"Sebi is a professional organisation with considerable experience," Jaitley said adding that it has been evolving according to the needs of the economy and the markets.

According to the minister, during the meet, discussions on various issues relating to the securities markets were held.

The meeting was attended by (Read More)

RBI Governor Urjit Patel nudges banks to reduce lending rates

Latest News - Reserve Bank of India (RBI) Governor Urjit Patel on Saturday exhorted banks to reduce their lending rates to push credit demand in laggard segments, saying banks have benefited from influx of low-cost deposits and its previous repo rate cuts.

"One the amount of reduction in the repo rate that we have undertaken combined with the fact that banks have benefited immensely from the influx of deposits which are CASA deposits, that has come into the system. And the weighted average lending rate reduction has been considerably less, given that we feel that there is some scope for further reduction in lending rates and if you see that for sectors like housing, personal etc the reduction has been much more than for other sectors by the same bank," he said.

He expressed hope that there could be a cut in lending rates in some sectors where reduction has been relatively lower so far.

Earlier this week, RBI retained the repo rate, at which it lends to the (Read More)

Jio effect: Reliance Communications registers Q3 net loss at Rs 531 cr

Latest News - Anil Ambani-led Reliance Communications Saturday reported consolidated net loss of Rs 531 crore for October-December 2016, mainly due to free 4G services being offered by his elder brother Mukesh Ambani's Reliance Jio.

The company had posted net profit of Rs 303 crore in the same period a year ago.

"The company suffered a net loss of Rs 531 crore during the quarter primarily on account of... Unprecedented competitive intensity. This was the first full quarter after the company's complete shutdown of its profitable CDMA operations," RCom said in a statement.

Reliance Jio launched its (Read More)

Security breach on IndiGo flight as passenger opens emergency exit door

Latest News - Budget passenger carrier IndiGo on Friday reported an incident of security breach on-board its Mumbai-Chandigarh flight.

According to the airline, the incident occurred on its flight 6E 4134 from Mumbai to Chandigarh on Friday morning, when a passenger opened the emergency exit door of the aircraft.

"Just after the boarding got completed (while the aircraft was stationary), a passenger seated on seat number 12C suddenly opened the emergency exit door and inflated the slide," the airline said in a statement.

"In this process, a co-passenger seated on 12A received bruises. Taking a precautionary measure, the captain immediately informed the ground staff about the situation on board and instructed the team to arrange for (Read More)

Ola slashes fares in Bengaluru despite driver protests of falling earnings

Latest News - Ola has slashed fares for customers by as much as 23 per cent in Bengaluru, its largest market in India, even as drivers in the city protest against reduced earnings due to decreasing incentive payouts and low fares.

In an email to customers in the city on Friday, the company said that it had dropped fares for its Mini category from Rs 10 per kilometer previously to Rs 8, and from Rs 13 per kilometer for its Prime service to Rs 10. Prices for Ola's Micro service continue to be Rs 6 per kilometer.

"We have revised our fares in Bengaluru, and we're now even more affordable than before! That means, whether it is a hatchback you need in minutes, or a comfortable sedan with Wi-Fi, when you travel within the city with (Read More)

Sikka to Infosys staff: focus on coding, beware of media speculation

Latest News - Scoffing at media speculation on boardroom battles or spat between promoters and management on salaries, Infosys Chief Executive Vishal Sikka on Thursday told his nearly two lakh techies to focus on coding software.

"As we head into the second half of Q4 (fourth quarter), let us focus on the execution of our strategy and not get distracted by media speculation that is designed to stir up gossip or rehash old rumours or speculate on the unknowns," said Sikka in an e-mail to the IT major's 199,763 employees worldwide.
Cautioning his techies over media reports on H-1B visas or anything that questions the company's commitment to governance, integrity and values to generate headlines and create buzz, Sikka said the management was dedicated to transform the company even in the (Read More)

BSE to hold mock trading on Saturday from disaster recovery site

Latest News - Leading bourse BSE will conduct a mock trading session from its disaster recovery site on Saturday to test system performance.

In three separate circulars, the exchange said it will conduct a mock trading session from its disaster recovery site in currency derivatives, equity and equity derivatives segment on Saturday, February 11, 2017.

According to the Securities and Exchange Board of India (Sebi) guidelines, the exchanges are required to conduct mock as well as live trading from their recovery sites to check the robustness of the set-up.

Trading members using third-party trading platforms can also use this opportunity to (Read More)

Ola appoints Badri Raghavan as chief data scientist

Latest News - "This team will work across various business units and departments, to gain operational and business efficiencies, ranging from demand and supply prediction, driver behaviour and performance management, location Intelligence, to name a few," Ola said in a statement.

"Ola is moving on a much larger scale towards building technology based on deep insight into the Indian psyche, and for this, Big Data is a must," Ola CTO and co-founder Ankit Bhati said.

With over a million trips on the platform every day, an enormous amount of data is (Read More)

Bank of India sees further improvement in bad loans in Dec quarter

Latest News - Bank of India Ltd does not expect any additional bad loans in the current quarter on a net basis, its chief said on Thursday, as India's sixth-biggest lender by assets reported its second consecutive quarter of profit after a stretch of losses.

The state-run lender booked a net profit of 1.02 billion rupees ($15 million) for the three months ending in December, compared with a net loss of 15.06 billion rupees a year earlier.

Gross bad loans as a percentage of total loans as at the end of December eased to 13.38 per cent from 13.45 per cent as at September-end.

For the fourth quarter through March, the bank expects gross bad loan additions of (Read More)

India got Trump in the form of Modi two-and-a-half years ago: Rahul Gandhi

Latest News - Taking a dig at Prime Minister Narendra Modi, Congress vice president Rahul Gandhi today said the US recently got Donald Trump in the seat but India had a "Trump" in the form of Modi two-and-a-half years ago.

Addressing an election rally at Government Polytechnic Ground at Khurja town here this afternoon, he also raked up the demonetisation issue, saying all sections of people of the society suffered losses due to the Centre's move.

"The United States of America had recently Donald Trump in the seat but India had a Trump in the form of Modi two-and-a- half years earlier," he said.

Claiming that farmers were unable to buy fertilisers, seeds for potato sowing due to demonetisation, he said (Read More)

Sensex fall over 100 points, Nifty below 8,750; Tata Steel falls 2%

Latest News - Benchmark indices opened on higher note with Nifty reclaiming its 8,800 mark but later pared gaind to trade in red as Asian markets stayed cautious following growing political risks in Europe and mixed overnight trade on Wall Street.

Street also watched out for some major companies to declare their Q3 earnings during the day. A total of 268 firms are supposed to report their third quarter results during the day including SAIL, BPCL, Power Grid, Lupin, Cairn India and Aurobindo Pharma.

Also, RBI, yesterday held repo rates at 6.25% for the second time in a row, changing its stance to "neutral" from "accommodative".

At 11:33 am, the S&P BSE Sensex was trading at 28,169, down 120 points, while the broader Nifty50 was ruling at (Read More)

Infosys ex-CFO Pai backs founders over Sikka's 'excessive' salary issue

Latest News - Amid reports of founders raising concerns over corporate governance and "excessive" pay packages at Infosys, former Chief Financial Officer (CFO) T V Mohandas Pai on Wednesday said the board should give a detailed answer and not take shelter under "bland" statement that decisions were taken in the interest of the company.

"The founders who have built the company and created a value system have raised serious issues. As far as I know, no CFO in India has got a 24-month separation," said the former Infosys board member.

Pai was referring to ex-CFO Rajiv Bansal's severance package of Rs 17.38 crore, equalling 24 months of pay.

"And (earlier) CFOs have left the company and they have not got any separation. There is no case for a special treatment for anybody. And the management cannot be (Read More)

Cash crackdown a fight for the poor, says Modi as Oppn attacks on note ban

Latest News - Prime Minister Narendra Modi on Tuesday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a "fight" for the poor.

Modi's comments came days before the start of a regional assembly election in Uttar Pradesh, a battleground state that is home to one in six Indians and will help in determining his chances of winning a second term in 2019.

While the decision to outlaw 500- and 1,000-rupee bank notes late last year was part of a broader crackdown on corruption, the sudden withdrawal of 86 percent of currency in circulation had left businesses, farmers and households all suffering.

The chaos caused by the (Read More)

Modi govt cuts ties with Bill and Melinda Gates Foundation on immunisation

Latest News - All financial ties between the Bill and Melinda Gates Foundation and the National Technical Advisory Group on Immunization (NTAGI) have been cut off by order of the Centre, reported the Economic Times on Wednesday.

The Gates Foundation-funded Immunization Technical Support Unit (ITSU) had so far served as the secretariat of NTAGI, which is the country's apex immunisation advisory body and decides on vaccines that should become part of the government’s immunisation programme. However, according to the financial daily's report, the advisory body's secretariat will now be fully funded by the government.

The reason behind this shut out? The report cited possible conflict of interest arising from the foundation's tied to pharmaceutical companies. Further, the report cited sources, saying that objections raised by outfits like the (Read More)

Sensex hovers on a flat line ahead of RBI policy; broader markets outpace

Latest News - The benchmark indices on Wednesday were trading flat ahead of Reserve Bank of India (RBI)'s monetary policy meeting due later in the day. Globally, Asian markets dipping below their four-month highs also sapped investor confidence.
At 10:10 am, the S&P BSE Sensex was trading at 28,329, down 6 points, while the broader Nifty50 was ruling at 8,770, up 2 points.
In the broader market, the BSE Midcap and BSE Smallcap indices outperformed the frontline indices to quote 0.5% and 0.4%, respectively.
"Nifty has to sustain above 8,740 zones to witness buying interest towards 8,820 and then 8,880 zones, while on the (Read More)

RBI should move towards a lower rate regime: Mayuresh Joshi

Latest News - As transmission of the 175 bps rate cuts done by the RBIRBI so far, is beginning to pick up steam, key data-points are expected to be on RBI's side, says Mayuresh Joshi, Fund Manager, Angel Broking in an interview with Pranati Deva. He also adds that benchmark indices can witness a growth of around 12% in the next 15-18 months. Edited excerpts

Do you believe this budget has created enough space for the RBI to move into a low interest rate regime domain?

The government’s borrowing program seems be suggest that the RBI should have ample room to move on the liquidity front. With Inflation - especially core CPI inflation - expected to remain in the (Read More)