Business

Continuous criticism led to Sikka’s exit

August 19: Infosys, the iconic IT services company that the silicon valley of India nurtured for the last three decades

Sikka to draw $1 as Executive VC; no severance pay

August 19: Vishal Sikka, the outgoing CEO and MD of Infosys, India’s second largest IT services company, will not be getting any severance package as he has resigned out of his will, sources within the company said.

Infy co-chair changes stance on NRN’s return

August 19: Infosys co-chairman Ravi Venkatesan on Friday changed his stance on offering a role to co-founder N R Narayana Murthy at the company.

Sikka resigns from Infosys

August 19: Three years after he took charge at the $10 billion IT bellweather, Infosys, Vishal Sikka on Friday resigned as CEO & Managing Director.

Pained over charges, says Murthy

August 19: Infosys co-founder N R Narayana Murthy on Friday said he was extremely anguished by the charges, and tone and tenor of the statements made by the company’s board.

IndiGo market share descends

August 19: Rescheduling of services due to grounding of its eight A320neo planes appears to have an effect on IndiGo’s market share with latest figures showing a fall in July, the lowest for any month this year.

Infy announces buyback worth Rs 13,000 cr at price of Rs 1,150 per share

August 19: The board of India’s second-largest IT company Infosys on Saturday approved buyback worth Rs 13,000 crore

NPA resolution: RBI chief calls for recapitalisation of banks

August 19: Reserve Bank Governor Urjit Patel today called for recapitalisation of state-run banks to help them resolve the NPAs issue in a time-bound manner as bad loans at 9.6 per cent of the system is not acceptable.

NPA resolution not to liquidate cos, but to help save them: FM

August 19: Assuring balance-sheet stressed firms that key objective of NPA resolution is not liquidation of their businesses but to save them

Bankruptcy code can help deepen bond markets: Tyagi

August 19: Capital markets regulator Sebi chairman Ajay Tyagi today expressed hope that the Insolvency and Bankruptcy Code (IBC)

Flipkart Big Freedom Sale today

August 9: Flipkart’s Big Freedom Sale, to celebrate the Indian Independence Day will begin from midnight of August 9 and go up to August 11.

Tata Steel bullish on domestic steel sector, to up production

August 9: Steel major Tata Steel on Tuesday said it is optimistic about prospects of the domestic steel sector, and hopes to ramp up the production capacity of its Kalinganagar plant to capture growing opportunities.

Bajaj Auto inks partnership with UK’s Triumph

August 9: In a development that would change competition in the motorcycle manufacturing sector, India’s second largest manufacturer Bajaj Auto has inked a deal with with iconic British brand Triumph Motorcycles

Titan enters US through Amazon

August 9: Ecommerce giant Amazon on Tuesday announced its partnership with iconic homegrown lifestyle brand Titan to help it foray into the US market through its Global Selling Programme.

GST to help improve credit flow to small traders, says Nilekani

August 9: The roll-out of the goods and services tax (GST) is expected to increase the credit granted to small traders, according to the former Unique Identification Authority of India (UIDAI) Chairman Nandan Nilekani.

Carmakers unhappy with hike in cess

August 9: As the government hiked cess on luxury cars and SUVs, it led the industry towards a flutter of confusion

States upset about frequent GST rate revision

August 9: Frequent changes in rates of goods by the GST Council has upset many states, which have demanded that Finance Minister Arun Jaitley give them time to discuss revenue implications before revising GST levies.

Puravankara net profit up 116% in Q1

August 9: Property developer Puravankara Ltd on Tuesday reported 116% rise in net profit at Rs 17 crore for the quarter ended June 30, 2017 compared with Rs 8 crore in the year ago quarter.

Brigade Q1 net profit up 32% at Rs 29 crore

August 9: Property developer Brigade Enterprises on Tuesday reported 32% jump in consolidated net profit at Rs 29 crore for the first quarter ended June 30, 2017 compared with Rs 22 crore in the corresponding period last year.

Amazon, Flipkart begin Independence Day sales, deals ahoy

August 9: High on the heels of the 70th Independence Day of India, Amazon has begun its Great Indian sale today

Alibaba-backed Paytm will launch a messaging service to take on Facebook’s WhatsApp by the end of the month, according to company sources.

August 2: Paytm - which counts Japanese conglomerate Softbank as one of its investors - will integrate a new feature on its platform that will allow users to chat and exchange audio, pictures and videos, two people aware of the development said.

Post GST price cuts, auto makers report strong sales in July

August 2: Major automobile makers today reported robust sales growth across segments driven by price reductions and restocking of vehicles at dealerships post GST implementation.

Rupee rallies 12 paise to 2-1/2 mth high on RBI rate cut hopes

August 2: The rupee racked up strong gains to end at a fresh two-and-a-half month high of 64.07 against the US currency

SoftBank mulls $2 b investment in Flipkart

August 2: Japanese technology and investment conglomerate SoftBank is planning to infuse about $2 billion in the Bengaluru-based online retailer Flipkart.

Indices at new peak, all eyes on RBI move today

August 2: Indian markets continued their record breaking spree with both the benchmark indices ending at new highs on Tuesday ahead of the outcome of the monetary policy committee meeting on Tuesday.

JSW Steel Q1 net slips 43% to Rs 624 cr

August 2: JSW Steel has posted a 43% decline in consolidated net profit for the quarter ended June 30, 2017 at Rs 624 crore compared with Rs 1,096 crore in the same quarter previous fiscal.

Tata Steel completes sale of SAW mills

August 2: Tata Steel UK has completed the sale of its 42 and 84-inch pipe mills in Hartlepool to Liberty House Group.

Stock indices make a strong opening ahead of RBI decision

August 2: Rate cut hopes lifted markets to records today as the Sensex surged 111 points to 32,687 and Nifty hit a life high of 10,138, with interest-sensitive stocks hogging the limelight ahead of RBI policy outcome.

Apple CEO Tim Cook says he is bullish about India

August 2: Apple CEO Tim Cook has said he is very "bullish" and "optimistic" about India, a market where the company is bringing all of its "energies" to expand footprint.

Honda Motorcycle commissions its largest plant at Narasapura

August 2: Honda Motorcycle & Scooter India Pvt Ltd (HMSI) on Wednesday commissioned its 4th assembly line at Narasapura near Bengaluru. With this, the plant in Karnataka has become the largest production facility for HMSI in the world.

M&M Fin buys part of Aye Finance portfolio

August 1: RBI licensed non-banking finance company Aye Finance has raised funds by selling part of its portfolio, under a securitisation deal, to Mahindra & Mahindra Financial Services.

Nifty hits fresh high of 10,101, Sensex up 100 points

August 1: The Nifty spurted 24 points to scale a new record of 10,101 and the Sensex rallied over 100 points at the open today, fuelled by strong corporate earnings and positive global developments.

Flipkart completes eBay India merger

August 1: E-commerce major Flipkart today said it has completed the merger with eBay India’s operations.

RBI’s MPC meet begins; decision on rates tomorrow

August 1: The 6-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel today started two-day deliberations amid expectations of at least 0.25 per cent

Maruti sales grow 21% in July to 1,65,346 units

August 1: India’s largest carmaker Maruti Suzuki India (MSI) today posted a 20.6 per cent rise in total sales in July at 1,65,346 units as against 1,37,116 in the same month last year.

Centre financed 60% of expenditure of J&K govt in FY16: CAG

August 1: The central government has financed 60 per cent of total expenditure of the Jammu and Kashmir government through non-debt resources during 2015-16

Digitisation process increased but ’invisible’ poll funding a problem: Jaitley

July 22: Finance Minister Arun Jaitley on Saturday said demonetisation and GST have led to greater digitisation in the country and increased the tax base but “invisible” election funding is still a problem India is grappling with.

Paytm Gold available as cashback

July 21: Paytm on Thursday announced that it would enable customers to get their cashback as Paytm Gold. Launched in April this year, Paytm Gold

Jet Airways junior pilots face 30 pc pay cut

July 21: Jet Airways has asked many of its junior pilots to take 10 days off every month, a move that will result in up to 30 per cent pay cut, as part of cost saving measures, sources said today.

Sensex surges 131 pts on RIL earnings numbers

July 21: The benchmark Sensex rallied over 131 points above the 32,000-mark today as Reliance Industries’ reported its highest quarterly earnings.

RIL issues bonus share after 12 years

July 21: Reliance Industries Ltd today announced one bonus share for every share held - the first such issue after 12 years, and a dividend of Rs 13 a share.

Over 1.62 lakh companies deregistered till July 12: Jaitley

July 21: Over 1.62 lakh companies that have not been carrying out business activities for long have been deregistered

Mercedes launches AMG GLC 43 Coupe in India at Rs 74.8 lakh

July 21: German luxury carmaker Mercedes- Benz today launched AMG GLC 43 Coupe in India priced at Rs 74.8 lakh (ex-showroom Delhi).

No need for floor price for telecom services as of now: Trai

July 21: Telecom regulator Trai today said the industry has reached a consensus that there is no need for a floor price for telecom services as of now.

CAG raps MoCA for Kingfisher Airlines’ dues

July 21: The Ministry of Civil Aviation has got a rap on its knuckles from the government auditor for "failing" to take steps to recover Rs 9.19 crore from Kingfisher Airlines.

Govt to align financial year with Calendar year: Jaitley

July 21: The government is considering changing the financial year to January-December from the existing April-March cycle, Finance Minister Arun Jaitley said Friday.

GST Council may take up certain tax issues at Aug meet

July 21: The GST Council at its meeting next month is likely to take up taxation issues raised by sectoral bodies along with a review of the implementation of the new tax regime, a top official said.

Hindustan Unilever Q1 net rises 9% to Rs 1,283 crore

July 20: Fast moving consumer goods major Hindustan Unilever has posted a 9% growth in net profit for the quarter ended June 30, 2017 at Rs 1,283 crore compared with Rs 1,174 crore in the same period previous fiscal.

RCom’s Unlimit, China’s Fibocom tie-up to develop IoT solution

July 20: Reliance Communications’ Unlimit today announced a strategic alliance with Chinese telecom gear maker Fibocom to design and manufacture modules for wireless communications and develop internet of things (IoT) solutions.

Meat export rises to 13.53 lakh tonnes in 2016-17: Nirmala

July 20: India’s meat export increased to 13.53 lakh tonnes in 2016-17 from 13.36 lakh tonnes in the previous fiscal, Parliament was informed today.

Cabinet approves merger of ONGC, HPCL for Rs 29k crore

July 20: The Cabinet on Wednesday approved a proposal to sell the government’s share in the state-owned Hindustan Petroleum Corporation Limited (HPCL) to Oil and Natural Gas Corporation (ONGC) for close to Rs 29,000 crore.

CanBank Q1 net up 10% to Rs 252 crore

July 20: Public sector lender Canara Bank on Wednesday declared 9.89% growth in net profit at Rs 251.60 crore in the first quarter of the current fiscal compared with Rs 228.95 crore in the same quarter last year.

Godrej Agrovet files for IPO

July 20: Godrej Agrovet has filed its draft red herring prospectus (DRHP) with market regulator Sebi seeking permission for its IPO.

Premji bets big on tech investment

July 20: Keeping at bay the global political uncertainty which impacted business sentiment last fiscal, Wipro Chairman Azim Premji on Wednesday

Banks may take Rs 2.4 L cr haircut to settle bad loans

July 20: Banks are likely to take a haircut (write-off) of Rs 2.4 lakh crore, or 60% of bad loans to settle 50 large stressed assets with debt of Rs 4 lakh crore.

Sensex above 32,000 on funds inflows, earnings hopes

July 20: The benchmark Sensex took control of the key 32,000-mark and the NSE Nifty got above 9,900 today after confidence over corporate earnings brought in more foreign capital.

Nine out of 21 PSBs reported losses in FY17

July 18: Nine of the 21 public sector banks, including IDBI Bank and Indian Overseas Bank, reported losses during 2016-17

McDonald’s exploring legal option post-NCLT verdict on Bakshi

July 15: Fast food major McDonald’s today said it is exploring legal options after the NCLT restored its estranged partner Vikram Bakshi as the Managing Director of Connaught Plaza Restaurants Ltd (CPRL).

Infosys CFO MD Ranganath to move to the US

July 15: IT services major Infosys will relocate its Chief Financial Officer M D Ranganath to the US - its largest market - and has also revised his compensation package.

Broadband in 2.5 lakh gram panchayats by 2018

July 15: In line with Digital India initiative of Prime Minister Narendra Modi, the Bharat Sanchar Nigam Limited (BSNL) on Friday introduced state of art 100G Optical Transport Network (NG-OTN) across India for providing Super Express Highways.

YES Bank to increase lending to SMEs

 

July 15: YES Bank has teamed up with the Overseas Private Investment Corporation (OPIC), the US Government’s Development Finance Institution, and Wells Fargo on an agreement to increase lending to small and medium enterprises (SMEs) in India.

Sebi amends debenture trustee regulations

July 15: Markets regulator Sebi has put in place new regulations for debenture trustees, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued.

Listed PSUs get time till Aug ’18 to meet public holding norm

July 15: The government has extended the deadline for listed PSUs to achieve the minimum 25% public shareholding norm by a year to August 2018, a finance ministry order said.

Cabinet may consider new hydro power policy this month

July 15: The Ministry of Power’s new hydro power policy, aimed to boost the green energy generation as well as revive some of the stalled hydel power projects, is likely to come up for approval in the Union Cabinet this month.

Vedanta in sweet spot, to scale up output, says Agarwal

July 15: Diversified natural resources company Vedanta finds itself in a “sweet spot”, enthused by reforms such as GST

Travel industry fears post-GST jitters

July 15: The Goods and Services Tax (GST) regime, which was introduced a fortnight ago, has put the travel industry in a tizzy — with some players stating that it would result in domestic and inbound travel becoming expensive.

WPI inflation falls below 1% in June

July 15: After a multi-year low retail price inflation, India’s wholesale price inflation eased 0.9% in June, driven by softening food prices.

Tata Sons appoints Aarthi Subramanian as group chief digital officer

July 14: Tata Sons has announced the appointment of Aarthi Subramanian as the Tata Group’s chief digital officer.

Honda leads in incremental volumes in exports & domestic sales

July 14: The two-wheeler major Honda not only continues to lead incremental volume in domestic sales for the second quarter in a row in Q1,contributing 69 per cent

Nepal to get internet connection from China

July 14: Nepal is likely to get internet connection through Chinese optical fiber from next month, ending India’s monopoly over the online services in the landlocked Himalayan country.

Chris Gayle invests in gaming company IONA Entertainment

July 14: Swashbuckling West Indian opening batsman Chris Gayle has invested an undisclosed amount in IONA Entertainment to bring one-stop entertainment to Indian sports fans, which includes state-of-the-art virtual gaming.

GVK completes sale of residual stake in BIAL

July 14: GVK Power and Infrastructure has completed the sale of its residual 10% stake in Bangalore International Airport Limited (BIAL)

Relief to students: Centre says no GST on hostel fees

July 14: Services extended by educational institutions to students and staff are fully exempt from GST, the government said on Thursday.

TCS Q1 net profit drops 5.9% to Rs 5,945 crore

July 14: Software services major Tata Consultancy Services (TCS) reported a 5.9% decline in net profit for the quarter ended June 30, 2017

Deshpande for pvt participation in R&D

July 14: Large and Medium Industries Minister R V Deshpande on Thursday called for more participation of the private sector companies in the Research and Development (R&D) processes.

Infosys beat market expectations clocks net of Rs 3,483 cr

July 14: Beating the market expectations Bengaluru-based, IT giant Infosys has clocked net profit of Rs 3,483 crore for the quarter ended June 30, 2017

Nifty hits 9,900 mark, Sensex at new high post Infy results

July 14: The benchmark Nifty today raced past the 9,900 milestone for the first time and the Sensex climbed yet another peak 32,110 as Infosys maintained its 2017-18 revenue growth guidance.

India to join new global forex committee

July 10: India will soon get a seat on the Global Foreign Exchange Committee (GFXC) — a forum of central bankers and experts working towards promotion of a robust and transparent forex market.

Sensex makes a big start, hits all-time peak at 31,595

July 10: The benchmark Sensex today soared 235 points to hit an all-time high of 31,595 after quarterly corporate earnings optimism gave domestic institutional and retail investors much hope to go in for fresh bets.

No more non-veg meals for Air India’s domestic fliers in economy class

July 10: Air India has stopped serving non-vegetarian meals in economy-class of its domestic flights citing wastage and to improve catering service.

Car, passenger vehicles sales drop 11% in June

July 10: Domestic passenger vehicle sales declined by 11.21 per cent to 198,399 units in June from 223,454 units in the same month last year.

Auto majors announce price cuts post GST

July 7: Auto companies continue to announce price cuts due to the implementation of the GST.

Govt to use GSTN data to assess employment

July 7: Amid lack of employment data and survey reports, the government is planning to mobilise employment figures through the data repository with the Goods and Services Tax Network (GSTN).

IPO financing to see good traction in FY’18

July 7: Helped by robust capital markets, IPO financing is likely to witness healthy traction in the current fiscal year

SEZs exempt from integrated GST

July 7: Providing relief to SEZs, the government has exempted goods imported by units or developers of special economic zones from integrated goods and services tax (IGST).

Amazon invests Rs 2,000 crore to consolidate India business

July 7: Global e-tailing giant Amazon has invested over Rs 2,000 crore (over $ 310 million) in India, in the last two months as it looks to consolidate its position in the country and fend off local rivals like Flipkart.

IndiGo interested in AI’s global operations

July 7: No-frills carrier IndiGo on Thursday ruled out acquiring stakes in Air India, in a joint venture with the government, while making it clear that it is interested only in the national carrier’s international operations.

Infosys to create 2,000 tech jobs in North Carolina

July 7: IT giant Infosys on Thursday announced that it will open its next Technology and Innovation Hub in North Carolina, and plans to hire 2,000 American workers in the state by 2021.

Govt to issue gold bonds from Jul 28

July 7: The government will issue yet another tranche of sovereign gold bonds from July 28, applications for which have been invited from July 10.

IT sector unlikely to show recovery in Q1 results

July 7: The recovery in growth momentum for the Indian IT companies seems to be far away due to the delay in the much anticipated deregulation and the tax rate reforms in the US.

Sensex slips from record; FMCG, banking weigh

July 7: Market today moved lower from its all-time peak as participants were quick to take profit amid a lacklustre trend overseas.

World Bank clears $250-mn loan to train India’s job seekers

June 27: The World Bank has cleared a USD 250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India mission.

Reliance Industries to raise Rs 25k crore

June 27: Reliance Industries has sought shareholders’ nod to raise Rs 25,000 crore through issuance of debentures on private placement basis to meet ongoing capital expenditures and general corporate needs.

Credit growth hits all-time low in FY17

June 27: The record low bank credit growth of 5.1% in FY17 was led by the top 1,000 listed corporates, which saw their net loan outstanding decline by a whopping Rs 1 lakh crore in the reporting year, said a report.

GM starts shipping Beat to Latin America

June 27: General Motors India on Monday announced that it has begun regular shipment of the sedan version of the Chevrolet Beat from its Talegaon export hub to markets in Latin America.

FinMin for extending RBI deadline on Basel III norms

June 27: The finance ministry has made a case for pushing back the Reserve Bank’s deadline for implementing Basel III banking norms in view of higher capital requirement to deal with bad loans which have reached unacceptable levels.

Foodgrain may not be cheaper under GST

June 27: Will foodgrain and pulses really become cheap after the GST? The fine print is different from what is being made to believe.

GST impact: AC, first class train fares to go up marginally

June 27: With the Goods and Services Tax (GST) coming into effect from July 1, train passengers will have to pay a bit more to travel AC and first class.

No GST registration for small biz selling on ecomm platform

June 27: In a move that cheered ecommerce players like Flipkart, Amazon and others, the government onMonday exempted small businesses selling on ecommerce platforms from registration under the GST network till further orders.

USIBC sets up India task force on civil aviation

June 27: The US-India Business Council (USIBC) on Monday launched its India-Task Force on Civil Aviation to identify opportunities to aid implementation of the National Civil Aviation Policy (NCAP).

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