As a leadership crisis continues at Infosys, an investor advisory firm today said the IT firm's founders have not always been in sync with each other and N R Narayana Murthy's public criticism of the management may not necessarily represent that of the entire promoter group. Citing the voting pattern of promoters on various management proposals that have faced criticism in past three years, Institutional Investor Advisory Services (IiAS) said the founders have never voted against any resolution.
To repay the debt, he brought in heavy bank sacks and a carton from Chupa Chups candy full of one kopek coins, the FSSP said in a statement. According to the bailiffs, the man performed the stunt to show off his frustration with the state over the arrears. FSSP stressed that the emotions of the businessman made no impression on the bailiff, who was handling the case, as the payment was accepted.
The European single currency and euro zone government bond yields rose on Wednesday after a survey showed the bloc's manufacturing businesses clocked up their best month of growth in six-and-a-half years. Earlier in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan inched up to a two-week high, before pulling back. The dollar wobbled against the yen following campaign-rally threats by President Trump to force a government shutdown over funding a border wall.
The government today gave its go-ahead to the Reserve Bank to issue Rs 200 notes that will ease pressure on lower-denomination currency bills. The new Rs 200 notes are likely to be in circulation shortly. According to sources, the exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country.
PTI The decision is learnt to have been arrived at a Cabinet meeting Wednesday. The Narendra Modi government on Wednesday approved the consolidation of public sector banks by merging some of the lenders, according to a report on the Reuters website. Finance Minister Arun Jaitley is likely to brief media on the decisions taken by the Union Cabinet at 3 pm today, a government spokesman said.
Google and Walmart unveil e-commerce partnership retail giant Walmart have come together to float a new venture that will make the retailer's products available on the internet giant's online shopping mall. Marc Lore, president and chief executive of Walmart's US eCommerce division, said that the work on the new project will begin in late September.
Unconventional monetary policy is a success, but gaps in understanding the relatively new tools remain, European Central Bank President Mario Draghi said on Wednesday, cautioning against hasty policy responses to the new reality. Emphasizing the need for rigorous research, Draghi said central banks need to carefully weigh their policy steps, giving up their defense of obsolete approaches while acknowledging gaps in their knowledge of how new policies work.
The 2017 Ganesh Chaturthi is here and we have been seeing several unique sculptures of Lord Ganesha built for this auspicious occasion. Creative artists have been making idols from various different materials, right from recycled paper to plastic bottles. For this Ganesh Chaturthi, Ford India, one of the country's popular carmakers, has installed one such unique Ganesha idol that has been completely made out of auto spare parts.
For Banmali Agrawala, the Tata group, especially Ratan Tata, showed what the power of doing good for society could mean. What a powerful driver it can be for an organisation and the people who work for it. I was in the board and worked with Ratan Tata, he told Business Standard in March this year. He had earlier worked as a member of the board of directors and the executive director - strategy and business development.
Cambodia signed an agreement with Singapore-listed KrisEnergy Ltd on Wednesday to develop an offshore oil field that could finally see Cambodia produce its own oil after years of delays. Cambodia has struggled to develop oil fields in the Gulf of Thailand, as few companies are willing to invest in the area following the 2014 global oil price slump. Oil will be produced from the Apsara field within the block and output is expected within 24 months of the official launch of the project.
Tata Power on Wednesday said its renewable portfolio recorded a 329% jump in consolidated net profit at Rs142.18 crore in the quarter to June 30, against the corresponding three months a year ago. Another 500 MW of capacity is under construction by Tata Power Renewable Energy Ltd (TPREL), Tata Power's wholly-owned subsidiary. The operating renewable portfolio of TPREL has grown to 1,457.2 MW, comprising 530.2 MW wind and 927 MW solar, respectively.
An Indian-origin CEO in the US was racially abused after he wrote an article saying he will not defend US President Donald Trump's economic agenda after the violence in Charlottesville where white supremacists clashed with counter-demonstrators. I recently told the New York Times I was 'rooting' for certain aspects of Trump's economic agenda, Ravin Gandhi, CEO of GMM Nonstick Coatings, wrote for CNBC.
Basmati rice is now the top commodity that is exported from India and has replaced buffalo meat for the April-June quarter, driven by a continued rise in demand from Iran. Iran, one of the largest importers of Indian basmati rice, generally suspends import orders during its harvesting season. That has resulted in an increase in basmati rice exports in April-June, said an Agricultural and Processed Food Products Export Development Authority (Apeda) official.
The decision by India's patent office bars other companies from making cheaper copies of the vaccine and allows Pfizer to exclusively sell it in India until 2026. The decision also has international implications, as several poorer nations rely on India's robust drugs industry to supply cheaper copies of medicines and vaccines. Pfizer's vaccine protects children and adults from 13 types of pneumococcal bacteria, and a full vaccination course costs about $170 on India's private market.
On Monday, McDonald's slapped CPRL, an equal joint venture between Bakshi and the US-based quick-service restaurant (QSR) chain, with a notice cancelling the franchise agreement for running stores in North and East India. The move is set to lead to the closure of 169 stores and make the future of over 6,500 direct employees uncertain. Sources close to Bakshi said that the average interest payout was earlier pegged at around 2.5 per cent of CPRL's revenues.
The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, a senior official said on Wednesday. I would like to be informed in which areas the TDS (tax deducted at source) is high so that we can think of reducing that also. Foreign entities having income in India as well as domestic companies are required to withhold taxes on any payment to another party and deposit that tax with the government.
Niche metal cobalt is leaving bigger names like copper and lithium in its dust, triggering a hunt for new deposits from Idaho to Chile. First Cobalt Corp. is merging with two other firms to create what it calls the world's largest explorer of the mineral. Cobalt is the next big thing, Commodity Capital co-founder Dana Kallasch said by telephone on Tuesday. The firm's Global Mining Fund has returned about 70% this year, beating 213 peers, according to data compiled by Bloomberg.
Office developer Ascendas-Singbridge Group and sovereign wealth fund GIC Pte. Ltd-have bought a 16-acre land parcel in Pune's Kharadi suburb for around Rs200 crore from Kohinoor Group. This acquisition is the second investment under the Ascendas India Growth Programme (AIGP), in which GIC is a principal investor along with Ascendas-Singbridge. Ascendas-Singbridge has two existing India-focused private funds-Ascendas India Development Trust and Ascendas India Growth Programme-totalling around 800 million Singapore dollars.
HMSI also launched the Cliq in surrounding states of Kerala, Karnataka and Telangana recently. The company says that the Cliq is most practical scooter in the country and is the first step towards the scooterisation in rural areas. Along with the launch of the Cliq, Honda also announced that it has now become the biggest two-wheeler seller in Tamil Nadu. The Honda Cliq is the first ever scooter to get rugged block-pattern tyres, which offer better grip and are more durable.
Gone are the times when the income tax department would send you a notice asking you to appear at their office to rectify discrepancies in your I-T filing. Income tax filing is a tricky affair and there is always a lurking possibility that one may have made a mistake or two in the process. Log in to your account on the Income Tax department's e-filing portal - www.incometaxindiaefiling.gov.in.