Khaitan Electricals posts Q1 net loss of Rs 19.21 cr

The company reported standalone net loss during the quarter stood at Rs 19.21 crore as compared to net loss of Rs 27.01 crore in the previous year quarter. Net revenue of the company declined moderately by 7.57 per cent at Rs 18.55 crore in April-June quarter of this fiscal as against Rs 20.07 crore in the corresponding period last year. During April-June quarter, operating expenses dropped by

BSE, NSE to suspend trading in UBHL, others from September 8

Leading bourses BSE and NSE will suspend trading in the shares of United Breweries (Holdings) Ltd from September 8 while the entire promoter shareholding has been frozen with immediate effect, reported PTI. Fugitive liquor baron Vijay Mallya is a promoter of UBHL. Trading in UBHL would be suspended from September 8 "on account of non-compliance with financial results and non- payment of fi

Infosys CEO Vishal Sikka resigns, blames "drumbeat of distractions"

By Samantha Kareen Nair and Sankalp Phartiyal

BENGALURU/MUMBAI - Vishal Sikka, the chief executive brought in to turn around India's Infosys three years ago, resigned suddenly on Friday, blaming a "continuous drumbeat of distractions" and a long-running row with founders over the tech firm's strategy.

The departure of Sikka, who was the fir

Difficult to deal with continuous allegations: Vishal Sikka

Talking candidly after quitting IT bellwether Infosys as its CEO and MD, Vishal Sikka on Friday said it was difficult to deal with unending allegations and said he has not decided his future plans yet.

"It was difficult to deal with continuous allegations and noise. At some time you realise it is taking a heavy toll on the company and also personally. It is an untenable situation

Microsoft announces new APIs in Visual Studio 2017

Microsoft has announced the availability of new Application programming interfaces (APIs) 'ASP.NET Core 2.0' and '.NET Core 2.0' in its Visual Studio 2017 for developers.

ASP.NET is an open source server-side web application framework designed for building dynamic websites, web applications and web services.

.NET Core is a free, cross-platform and open source

Samsung A5, A7 prices cut ahead of festive season

South Korean tech giant Samsung has cut prices for its bestselling ‘Galaxy A5 and A7 smartphones (both 2017 variants) ahead of the festive season in India.

'Galaxy' A5 (Rs 26,900) and A7 (Rs 30,900) would now cost Rs 22,900 and Rs 25,900, respectively.

The phones are now available at revised prices, starting August 14, the company said in a statement on Friday.

IndiGo says 12 planes grounded due to engine shortages

NEW DELHI  - India's biggest airline IndiGo said on Friday it had been forced to ground 12 Airbus jets because of delays in getting new Pratt and Whitney-made engines and uncertainty around a new Indian sales tax.

In a statement following local media reports of new grounded planes, the carrier said eight of its A320neo aircraft had been grounded since April.<

Airtel to hold shareholders, creditors meet in Sep on Telenor

Bharti Airtel said a meeting of its shareholders and creditors has been convened next month to consider the proposed amalgamation of Telenor Communications with it, reported PTI. The company in a filing to BSE said that pursuant to an order of the Special Bench of the National Company Law Tribunal, a meeting of equity shareholders and unsecured creditors of Bharti Airtel Limited (the Company) h

Moody`s downgrades ICICI`s future bond sale via Bahrain branch

Ratings agency Moody's today downgraded ratings on ICICI Bank's future bond issuance through its Bahrain branch under the medium term notes (MTN) programme, but retained the ratings on its existing bonds, reported PTI. "We have downgraded the provisional ratings on forex currency senior unsecured MTN programme of the bank's Bahrain branch to Ba2 from Baa3, because the forex bon

Infosys partners ATP to launch new 'PlayerZone' app

Infosys, a global leader in consulting, technology and next-generation services has said that it has partnered ATP, the governing body of men's professional tennis for launching a new 'PlayerZone' app and website. The revamped PlayerZone, an extranet portal for ATP players, their support teams, coaches, and others in the ecosystem, allows users to engage with each other and access i

PE activity jumps almost 50% in July: Report

Private equity (PE) activity in the country rose by almost 50 per cent to $1.22 billion worth of transactions, a report said on Thursday.

According to Grant Thornton's PE dealtracker report for July 2017, the industry witnessed $1.22 billion worth of transactions spread across 59 deals.

In July 2016, the country's PE activity recorded 88 deals worth $826 million.

BSNL launches mobile wallet developed by MobiKwik

State-run Bharat Sanchar Nigam Limited (BSNL) on Thursday launched a mobile wallet that would enable its existing 100 million customers to make bill payments and transact on e-commerce platforms.

The wallet has been developed and issued by MobiKwik on behalf of BSNL.

"With this co-branded wallet, the ease of payment will be extended to all the customers while equally st

Maruti Suzuki launches sports variant of Ciaz

Automobile major Maruti Suzuki India on Thursday launched a sports variant of its sedan Ciaz.

The new variant -- Ciaz S -- with petrol variant is priced at Rs 9.39 lakh and the diesel variant at Rs 11.5 lakh (ex-showroom Delhi).

"Introduction of Ciaz S will further strengthen the position of Ciaz in the market by catering to the requirements of a younger yet premium cus

Hero MotoCorp presents 150 scooters to policewomen in Hyderabad

Leading two-wheeler manufacturer Hero MotoCorp Ltd on Thursday presented more than 150 new Hero scooters to women police officers of Greater Hyderabad.

Equipped with sirens, traffic lights and public address systems, the Hero scooters will empower women police officers and allow them to conveniently perform their patrolling duties.

The Hero scooters were presented to the wom

Indian equities tumble as Sikka quits as Infosys CEO, MD

Key Indian equity indices tumbled during the mid-afternoon trade session on Friday as it became known that Vishal Sikka had quit as the Chief Executive Officer (CEO) and Managing Director (MD) of IT major Infosys.

Heavy selling in IT, healthcare and banking stocks, coupled with negative global cues, hampered investors' risk-taking appetite.

At 1 p.m., the Nifty50 of the

Rajasthan, HPCL ink pact for Rs 43,000 cr refinery

The Rajasthan government on Thursday signed an agreement with the Hindustan Petroleum Corporation Ltd (HPCL) to form a joint venture company to set up a Rs 43,129 crore petroleum refinery-cum-petrochemical complex in the state's Barmer district.

The Union government had given approval to the project on Wednesday.

As per the agreement, HPCL will hold 74 per cent and the s

Sikka quits as Infosys CEO, cites negative remarks against him

 In a dramatic development, global software major Infosys Chief Executive Officer (CEO) and Managing Director (MD) Vishal Sikka resigned on Friday citing continuous disruptions and personal and negative remarks against him.

His resignation was accepted, and he was appointed Executive Vice-Chairman till the new CEO and MD takes over by March 31, 2018.

In a related develo

Srei Equipment Finance plans to dilute 25 percent of its capital

Srei Equipment Finance Ltd, a wholly-owned subsidiary of Srei Infrastructure Finance Ltd, on Thursday announced it would dilute 25 percent of its equity and go for a fresh issue of shares, expecting to mop up around Rs 1,800-2,200 crore from the dilution.

"The company plans an initial public offering (IPO) by diluting 25 percent of its equity and go for a fresh issue of shares. W

Volkswagen submits roadmap for recalling 3.23 lakh vehicles to NGT

German vehicles manufacturer Volkswagen on Thursday submitted a roadmap to the National Green Tribunal (NGT) on recallling its 3.23 lakh vehicles for violating India's emission norms.

The automobile major is in the process to recall its vehicles fitted with a 'defeat device' meant to cheat on emission tests and roadmap was submitted in accordance with the NGT's recent

India clears purchase of six Boeing helicopters in $650 million deal

NEW DELHI - India on Thursday cleared the purchase of six more Boeing Co Apache helicopters in a deal worth close to 42 billion rupees ($654.6 million), a defence ministry official said.

The order follows India's purchase of 22 Apache and Chinook helicopters from Boeing in 2015.

Thursday's deal, approved by the government's Defence Acquisition Co

Exclusive: Taking aim at China, India tightens power grid, telecoms rules

By Sudarshan Varadhan and Neha Dasgupta

NEW DELHI -  India is tightening the rules for businesses entering its power transmission sector and making stringent checks on both power and telecoms equipment for malware - moves that government and industry officials say aim to check China's advance into sensitive sectors.

Chinese firms such as Harbin

Leadership transition at GM India from September

Automobile manufacturer GM India on Thursday announced a leadership transition from September 2017.

According to GM India, its President and Managing Director Kaher Kazem will hand over the reins of the company to Chief Financial Officer Sanjiv Gupta from September 1.

"Gupta will combine his role as GM India President and Managing Director with his finance leadership re

Power Grid to raise Rs 3,270 cr term loan from ICICI Bank

State-run Power Grid Corporation on Thursday said that its board has approved proposal to raise Rupee Term Loan of upto Rs 3,270 crore from ICICI Bank at 3 month MCLR of bankwith reset every 3 months from the date of disbursement. “Loan shall be drawn as per requirement of Power Grid within 5 years from the date of first disbursement.

First disbursement shall be not exceeding 15

Axis Bank launches new home loan product

Aiming to ramp up its mortgage book volumes and expecting better credit behaviour, Axis Bank today launched a home loan product that entails waiving off a few EMIs during the course of a loan, reported PTI. The third largest private sector lender will waive off four equated monthly instalments (EMIs) each at the end of the fourth, eighth and the 12th year of a two-year loan.

This mean