IBM closed its $34 billion purchase of Red Hat, sealing the world’s second-largest technology deal ever and setting up the iconic U.S. company on a path to try to compete with top software purveyors in the cloud.

The 108-year-old International Business Machines Corp., once synonymous with mainframe computing, has been struggling to adopt cloud-related technologies. It’s playing catch-up to market leaders Amazon.com Inc.

Mumbai: The Indian rupee on Wednesday weakened marginally against US dollar tracking losses in Asian currencies ahead of speeches from Federal Reserve officials.

The home currency opened at 68.65 a dollar. At 9:10 am, it was at 68.63 a dollar, down 0.11% from its previous close of 68.55.

State Bank of India (SBI), the country’s largest lender, on Tuesday cut its marginal cost of funds-based lending rates (MCLR) by 5 basis points across tenures.

“Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from July 10, 2019,” the bank said.

Several state governments used to tinker with power purchase agreements (PPAs) between their discoms and power generators and this added to the latter’s woes.

The new government in Andhra Pradesh has buttressed this trend by forming a committee to revise “abnormally priced wind and solar” PPAs, saying these have “resulted in unjustified burden on the consumers of the state”, besides contributing to the financial woes of state-run discoms.

Tata Consultancy Services (TCS) kick-started the new fiscal with a soft first quarter, primarily due to slowdown in the banking and financial services (BFSI) segment. What also hurt earnings was currency appreciation.

Revenue in dollar terms remained subdued and increased 1.6% quarter-on-quarter to nearly $5.5 billion, which was below consensus estimates of 2.4%-2.6%, according to the results announced on Tuesday.

Differences between the promoters of the country's largest airline IndiGo came into public on Tuesday with Rakesh Gangwal alleging serious governance lapses by co-founder Rahul Bhatia who had earlier termed his demands as unreasonable.

South Korean automaker Hyundai on Tuesday launched it's first fully electric SUV — Kona Electric, in India. The vehicles priced at ₹25.30 lakh, promises a driving range of 452 km/charge.

“India is ushering into a new era with clean and connected mobility...Hyundai is leading the future mobility solutions globally and will bring in the most relevant technology in the clean mobility space in the Indian market," S.S. Kim, MD and CEO, Hyundai Motor India Limited said.

NTPC, India’s largest electricity producer, has terminated contracts it had awarded to BGR Mining & Infra Ltd for development of its coal mines in Jharkhand and Chhattisgarh over allegations of corruption against senior officials of the private mining company. NTPC has terminated contracts for development and operation of Chatti-Bariatu coal mine in Jharkhand and Talaipalli coal mine in Chhattisgarh, according to two separate letters dated July 4, 2019 sent by the state-owned company.

Payments company Paytm said that it is planning to have more than Rs 20,000 crore in Gross Merchandise Value (GMV) from its education business in the current financial year as it looks to expand its current offerings in the segment that includes fee payment, coaching and test series packages, and helping students choose the right college.

Domestic equity benchmark BSE Sensex fell over 250 points in early trade Tuesday dragged by losses in HDFC twins and TCS as Budget tax proposals continued to spook investors.

After dropping over 253 points in opening session, the 30-share index pared some losses to trade 152.50 points, or 0.39%, lower at 38,568.07 at 0930 hours. Similarly, the broader Nifty shed 49.25 points, or 0.43%, to 11,509.35.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.