BUSINESS
Infosys completes 40 years, founders recollect their journeys
These are some of the moments recollected by founders of Infosys at an event organized to commemorate completion of 40 years of Indian IT giant at its Bengaluru headquarters in Electronics City on Wednesday. K. Dinesh, Co-founder of Infosys, recollected the statement of Albert Einstein that try not to become man of success, but man of values as he said that the required foundation was laid for Infosys.
India going all out to give necessary impetus to indigenous manufacturing
The Centre has undertaken various steps to boost domestic and foreign investments in India as well. These include introduction of Goods and Services Tax, reduction in corporate tax, interventions to improve the ease of doing business, FDI policy reforms, measures for reduction in compliance burden, policy measures to boost domestic manufacturing through public procurement orders and Phased Manufacturing Programme (PMP).
Nifty Bank closes at 44,049 points on Wednesday
"We expect this outperformance for banks and the tailwind for the sector to continue for 2023," Nishit Master, Portfolio Manager, Axis Securities PMS added. According to him, in the short term, after Tuesday's inflation print in the US, there is an expectation in some quarters that the US Fed might turn less hawkish in the upcoming policy, which will support the markets.
Wholesale inflation falls to 21-month low of 5.85% in Nov, FM Sitharaman gives credit to PM Modi
Reacting to the fall in WPI inflation, Finance Minister Nirmala Sitharaman said in Lok Sabha that due to periodic interventions by Prime Minister Narendra Modi, it had come down along with food inflation. According to official data, the fall in WPI inflation was in sharp contrast to 14.87 per cent level, which it had touched during the corresponding period of last year.
Paytm's Rs 850 cr share buyback at 50% premium to support stock in near-term
Both the brokerage firms see up to 104 per cent potential rally in the stock price to Rs 1,100 per share. JP Morgan highlighted Paytm's buyback won't hamper any growth plans. One97 Communications, parent company of Paytm, had cash and equivalents of Rs 9,182 crore at the end of September this year.
United Airlines places largest 787 Dreamliner order in Boeing history
The deal is the largest 787 Dreamliner order in Boeing's history, reports Xinhua news agency. United Airlines is also purchasing 100 737 MAX jets, exercising 44 existing options and placing 56 new orders. The airline's current orders for Boeing jets have surpassed 530, including more than 430 737 MAX airplanes.
Creditors seek part-repayment of $1.2 bn loan given to BYJU's
Renegotiating the terms of the debt, including faster repayment are unlikely to be accepted since these lenders make up a minority and can't sway the previously agreed terms, sources said. The demand from creditors comes at a time when BYJU's is in the process to restructure the loan, amid mounting losses.
Days lost to strikes in UK highest since 2011
This winter's widespread strikes are expected to increase this figure further, reports Xinhua news agency. Some of the strikes were suspended in September for the funeral of Queen Elizabeth II, but the number of working days lost rose again in October, Sam Beckett, head of economic statistics at the Office for National Statistics (ONS), said on Tuesday.
Only about 13% recovery in written-offs loans during last five years: Govt
Government data showing details of loans written off by scheduled commercial banks (SCBs) disclosed that total Rs 10,09,510 crore were written off during the last five financial years (FYs), the Finance Minister told the Rajya Sabha in a written reply. The data on recovery of the written off loans said that Rs 1,32,036 have been recovered during the period.
Paytm board unanimously approves buyback of its equity shares from open market
The company will undertake a buyback of up to Rs 850 crore (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of 6 months.
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