IDFC names Sunil Kakar as MD and CEO for 3 years

 Private sector financial services firm IDFC on Sunday announced the appointment of Sunil Kakar as Managing Director and Chief Executive Officer of the company with effect from July 16 for three years.

"The Board of Directors of the Company at its meeting held on 24.06.2017 has approved the appointment of Sunil Kakar as Managing Director and CEO of the company for a period o

Indian markets closed on Monday for public holiday

MUMBAI - India's stocks, bonds and currency markets will be closed on Monday for a public holiday. Trading will resume on Tuesday.

The broader NSE index fell 0.57 percent on Friday, closing at its lowest since May 25. The benchmark BSE index fell 0.49 percent.

The new 10-year bond yield rose 1 basis point to 6.46 percent, while the rupee strengthened to

Snapdeal files police case against former heads of local logistics firm

 Indian online retailer Snapdeal has filed a police complaint against some former directors and former management of a local logistics company, in which it owns a stake, accusing them of defrauding the company of 3.57 billion rupees ($55.37 million), a police report showed.

The company, which is backed by Japan's Softbank, accused some former directors and former management o

Infosys says reassessing long-term goals due to tougher market

Infosys Ltd, India's second-biggest software services exporter, is re-evaluating its long-term targets because tougher market conditions have made them appear "daunting", the company's chairman said on Saturday.

Infosys Chief Executive Officer Vishal Sikka had said earlier that the IT services company was likely to struggle to reach its ambitious $20 billion revenue

India clears plan for $3.10 billion second airport for Delhi

India will build a second international airport near its capital city in the next four to five years, costing an estimated 200 billion rupees ($3.10 billion), the government announced on Saturday, to meet explosive growth in passenger traffic.

    The Noida International Airport near New Delhi will be built from scratch in phases and is expected to cater to 30-50 million pas

Caution over GST, derivatives expiry to affect equities

Derivatives expiry coupled with crude oil prices and direction of foreign funds' movement are expected to affect the equity charts during the upcoming week.

Market observers have opined that key equity indices might remain range-bound ahead of the Goods and Services Tax (GST) implementation slated from July 1.

"The markets next week are expected to remain range boun

Infosys investors blast board over infighting with founders

Infosys' boardroom battles and the "open war" played out in the media between the board members and its founders since February came to the fore at the firm's 36th Annual General Meeting (AGM) on Saturday.

Several retail investors blasted the board for the "infighting" that damaged the company's reputation and its brand equity the world over, especially

Infosys Board has no rift with founders, says Chairman

Terming media reports on a "rift" between the Infosys Board and its Founders on governance and compensation to executives inaccurate, software major's Executive Chairman R. Seshasayee on Saturday claimed that the relationship between the two was cordial, direct and respectful.

"I should note that the Board's relationship with the Founders is often the subject of

Infosys embarks on transformation journey to secure future: Seshasayee

Global software major Infosys Ltd has embarked on a three-pronged transformation journey for a sustainable and secure future, said its Board Chairman R. Seshasayee on Saturday at the company's 36th Annual General Meeting (AGM) here.

"We are undertaking three transformations simultaneously for a sustainable and secure future for your company. The first is business transformati

Infosys co-founders keep away from stormy AGM

For the first time in many years, Infosys' co-founders, including N.R. Narayana Murthy kept away from its Annual General Meeting as the 36th AGM for 2016-17 was held here on Saturday.

"None of the founders or promoters was seen at the AGM, even a hour after it began at 3 p.m. We have no idea why they did not turn up," a company spokesman told IANS.

About 1,000

Bajaj Hindusthan Sugar`s loans to be considered under S4A scheme

 Bajaj Hindusthan Sugar on Friday said the Joint Lenders' Forum (JLF) has decided to consider its loan account under the 'Scheme for Sustainable Structuring of Stressed Assets' (S4A Scheme).

According to Bajaj Hindusthan Sugar, the JLF of the company took the decision in this regard at its meeting held here on Friday.

"The JLF at its meeting held today

GoAir to shift to new passenger service system

Budget passenger carrier GoAir on Friday said it will be migrating to a new passenger service system from June 25.

According to the airline, the migration process will begin from 6.00 p.m. on June 24 to 6.00 a.m. on June 25.

"Passengers will not be able to make any new bookings, amendments, cancellations during this migration period. Mobile and online check-in will also

Ford India recalls 39,000 units of Fiesta, Figo models

 Automobile manufacturer Ford India on Friday said it has decided to recall 39,315 units of Ford Fiesta Classic and previous-generation Ford Figo vehicles because of a potential technical concern.

"Ford India is voluntarily inspecting 39,315 Ford Fiesta Classic and Ford Figo vehicles, made at the company's Chennai plant between 2004 and 2012, for a potential concern rela

Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 million

  Tata Steel Ltd said on Friday it sold its stake in Tata Motors Ltd to Tata Sons, the holding company of India's salt-to-software Tata conglomerate, for 37.83 billion rupees ($586.3 million).

Tata Steel sold about 83.54 million shares at 452.80 rupees apiece, it said in a stock exchange filing.

As of end-March, the steelmaker owned a 2.9 percent stake or about 83.6

Infosys says internal investigation found no evidence of wrongdoing

By Promit Mukherjee

MUMBAI - An internal investigation by India's Infosys into alleged improprieties related to two acquisitions by the IT services company found no evidence of wrongdoing, it said on Friday.

The findings, released in a statement a day before the company's annual shareholder meeting, may quell some of the investor disquiet that has bu

Selling pressure, caution over GST dent equity markets

The Indian equity markets traded in the red during the mid-afternoon session on Friday as broadly negative global cues, coupled with caution ahead of the Goods and Services Tax (GST) implementation and heavy selling pressure in automobile, capital goods, oil and gas and banking stocks subdued investor sentiments.

At 1.00 p.m., the wider Nifty of the National Stock Exchange (NSE) fell

Can Fin Homes to raise Rs 1000 cr via right issue

Can Fin Homes, a close affiliate of Canara Bank, on Friday said its board has approved proposal to raise Rs 1000 Crore by way of issue of shares on rights basis. “The board of directors of the company at its meeting on June 23, has approved further issue of capital by way of issue of shares on rights basis upto Rs 1000 Crore,” said Can Fin Homes in a filing to the BSE.

The

Piramal Enterprises gets nod to raise Rs 125 cr

Piramal Enterprises Ltd said that it has received Board nod to raise Rs 125 crore by issuing unsecured, non-convertible debentures on a private placement basis. “At a meeting of Administrative Committee of the Board of Directors held today the Committee approved the issue of unsecured, Non-Convertible Debentures on a private placement basis,” the company said in a filing to the Bomb

Indiabulls Real Estate plans to raise Rs 500 cr through NCDs

Indiabulls Real Estate Ltd said that it is planning to raise Rs 500 crore by issuing secured, redeemable, non-convertible debentures on a private placement basis. “The Company proposes to issue Secured, Redeemable, Non-Convertible Debentures of face value Rs.10 lakh each aggregating Rs. 500 crore, on a private placement basis, pursuant to a special resolution passed by the shareholders of

Deep Industries bags contract from ONGC

Deep Industries has said that it has been awarded a contract from ONGC Ltd. The contract is for securing the services of 30 Tons Workover Rig to be deployed in ONGC CBM Asset, Bokaro. “The tenure of the contract is 1 year and the total estimated value of the said contract is Rs. 3.72 crore,” the company said in a filing to the Bombay Stock Exchange.

continues to participat

Shriram EPC bags multiple orders worth Rs 165 cr

Shriram EPC Limited (SEPC), one of the leading service providers of integrated design, engineering, procurement, services has that it has won multiple orders under its water management business amounting to Rs. 165 crore.

“The first order amounting to Rs. 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water sup

Sensex, Nifty end lower; financial stocks weigh

  The NSE Nifty ended lower for a fourth straight session on Friday, its longest losing streak since mid-April, as investors booked profits in financials such as State Bank of India and Kotak Mahindra Bank Ltd.

The index closed down 0.57 percent at 9,574.95, its lowest close since May 25. It fell 0.14 percent for the week.

The benchmark BSE Sensex was 0.49 percent lower

SEBI proposes stricter separation on investment products

MUMBAI  - The Securities and Exchange Board of India (SEBI) on Thursday proposed to more clearly segregate entities advising on investment products from those selling them in an effort to prevent conflicts of interest.

Under current rules, companies are allowed both to advise and sell mutual funds or other investment products only through "separately identif

RBI rejigs oversight panel for bad loan resolution

MUMBAI  - The Reserve Bank of India (RBI) on Thursday reconstituted a panel to oversee restructuring of troubled loans, as it strives to cut more than $150 billion of bad debt banks in Asia's third-largest economy have accumulated over the past years.

Pradeep Kumar, a former vigilance chief, was named chairman of the five-member panel, which has three former

Equity markets close on a flat note

 After two days of corrections, the Indian equity markets closed on a flat note during Thursday's trade session.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,351.53 points, provisionally closed at 31,290.74 points (at 3.30 p.m.) -- up a mere 7.10 points, or 0.02 per cent, from its previous close at 31,283.64 points.

It touched a new high of 3