Corporate Business News

Indian tech firms get backing from US trade body

Fri, 24 May 2013 17:39:18 GMT

A powerful US trade body on Thursday urged President Barack Obama to ensure current efforts at immigration reforms do not end up discriminating against Indian firms. Yashwant Raj reports.

Expat Indian CEOs charm with new moves

Fri, 24 May 2013 17:21:04 GMT

Indian-born CEOs in the West have come a long way from the 1980s, when they were seen as geeks and nerds barely capable of making it to the top job.

Moily denies favouring pvt firms in gas pricing

Fri, 24 May 2013 17:11:34 GMT

Petroleum Minister Veerappa Moily on Friday refuted allegations levelled by CPI MP Gurudas Dasgupta that the proposed revision in gas pricing was being done to benefit private sector players such as Mukesh Ambani-led Reliance Industries. HT reports.

Jobs boom ahead in cyber security

Fri, 24 May 2013 17:08:25 GMT

The proliferation of information technology across sectors is generating demand for a new kind of specialist: the cyber security expert. Manoj Gairola reports.

Jet Airways shareholders approve Etihad deal

Fri, 24 May 2013 07:47:12 GMT

Shareholders in India's Jet Airways approved an agreed sale of a 24% stake in the airline to Abu Dhabi's Etihad Airways, a senior executive at the Indian carrier said today.

Wockhardt shares fall for 2nd day slump 19 in early trade

Fri, 24 May 2013 07:11:13 GMT

Extending losses for the second day in a row, shares of Wockhardt today plummeted by over 19%, after the company said import alert issued by US health regulator on its manufacturing facility near Aurangabad could impact the company's business by $100 million.

Tata Steel surges JanMarch operating profit beats estimates

Fri, 24 May 2013 04:37:50 GMT

Tata Steel Ltd shares rose more than 5% on Friday after its January-March quarterly operating profit beat analyst estimates.

India Cements stock plunges

Thu, 23 May 2013 16:11:47 GMT

The news around spot-fixing allegations in the sixth season of the T20 League has left a wave of cold breath on the stocks of India Cements. Rachit Vats reports.

Vedanta raises 17bn via bonds to repay part of Cairn debt

Thu, 23 May 2013 13:20:27 GMT

Vedanta Resources will use the $1.7 billion (Rs 9,500 crore) it has raised through bonds to partly repay the debt taken for its Cairn India acquisition.

SBIs Q4 net down 19 faces challenge in mid small firms

Thu, 23 May 2013 08:15:09 GMT

India’s biggest commercial bank, State Bank of India (SBI), on Thursday posted a 18.54% year-on-year decline in its net profit to Rs 3,299 crore during the quarter ended March 31, from Rs 4,050 crore recorded during the corresponding quarter of the previous fiscal.

Murthy may lose 15 mn as severance benefits from iGate

Wed, 22 May 2013 22:10:40 GMT

Phaneesh Murthy, the disgraced former chief executive of iGate Corp, may lose as much as USD 15.09 million (about Rs 84 crore) in severance benefits after being sacked by the US-based firm for professional misconduct.

Sony mulls spinoff cuts target for cameras

Wed, 22 May 2013 17:12:11 GMT

Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13-17% for the year to end-March 2015, but said there were “encouraging” signs of a revival in its electronics business.

LampT net down 7 on high finance costs

Wed, 22 May 2013 17:06:08 GMT

Despite an increase in total income, engineering and construction major Larsen & Toubro (L&T) reported a 6.9% year-on-year decline in standalone net profit for the March quarter at Rs. 1,788 crore, mainly due to a sharp increase in interest costs which skyrocketed to 132%.

HSBC slapped with fine of Rs 55 lakh for unfair trade practices

Wed, 22 May 2013 13:39:56 GMT

A consumer forum in Delhi imposed a fine of Rs 5.5 lakh on banking major Hongkong and Shanghai Banking Corporation (HSBC) Ltd for unfair trade practice of keeping its customer's already settled loan account outstanding and charging interest from him.

LampT Q4 profit down 7 due to high finance costs

Wed, 22 May 2013 10:50:58 GMT

Infrastructure conglomerate Larsen & Toubro today reported 6.90% decline in standalone net profit at Rs 1,787.94 crore for the fourth quarter ended March, 2013, due to a sharp rise in interest outgo.

Bullish on India First Solar scouts for partnerships

Wed, 22 May 2013 07:26:41 GMT

Describing Indian market as an attractive and big for solar power, equipment maker First Solar has said it is looking for partnerships to strengthen business activities in the country.

Rajat Gupta seeks retrial over insider trading case

Wed, 22 May 2013 02:37:33 GMT

Lawyer for Rajat Gupta, told the 2nd US Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence.

Phaneesh Murthy in sex scandal again sacked

Tue, 21 May 2013 20:40:57 GMT

iGate Corporation, a US-listed IT company, on Tuesday sacked its India-born president & CEO Phaneesh Murthy for not disclosing to the management his relationship with a subordinate employee. HT reports.

Apple in trouble on tax evasion

Tue, 21 May 2013 17:58:19 GMT

Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a US Senate report on the company’s offshore tax structure said on Monday.

Game changer Phaneesh Murthy falls to personal risk

Tue, 21 May 2013 17:41:35 GMT

The 48-year-old’s exit on grounds of sexual harassment from the company, the same ground on which he quit Infosys in 2012, has a ring of déjà vu. On both occasions, Murthy has denied any wrongdoing. N Madhavan writes.

Technology startups look to JustDial IPO for cue

Tue, 21 May 2013 17:23:24 GMT

At least a dozen start-ups are anxiously awaiting the final subscription numbers for JustDial's initial public offering (IPO) to get a sense of the market mood. HT reports.

Phaneesh Murthys sacking a right decision Nasscom

Tue, 21 May 2013 10:20:37 GMT

Nasscom chairman Krishnakumar Natarajan today said iGATE board has taken a right decision to sack its President and CEO Phaneesh Murthy over alleged sexual harassment, emphasising that a "quick and decisive" action in such incidents augurs well for the IT industry.

This is a case of extortion says Phaneesh Murthy

Tue, 21 May 2013 07:02:30 GMT

In an audio conference, sacked Phaneesh Murthy said that the all the charges against him were "completely false" and he had not violated any company policy. HT reports.
POLL: Do you think Phaneesh Murthys in our country go scott-free? | Rise and fall of Phaneesh Murthy | iGate's statement

iGate statement on Phaneesh Murthy

Tue, 21 May 2013 06:55:51 GMT

Outsourcing company iGate Corp said it had sacked its chief executive Phaneesh Murthy for not disclosing a relationship with a subordinate after investigating one of India's best-known IT executives for sexual harassment.

Rise and fall of Phaneesh Murthy

Tue, 21 May 2013 03:17:57 GMT

Phaneesh Murthy, who became one of the youngest Infosys officials to head the company's key operations in north America, fell from grace after being sacked as the CEO of Nasdaq-listed iGate Corporation following an inquiry into a controversy surrounding his relationship with a subordinate employee.