Larsen & Toubro’s move to scale up in IT miscomputes. The Indian engineering-to-financial services conglomerate, led by AM Naik, has initiated a hostile bid for control of Mindtree, valuing the Mumbai-listed outsourcer at 155 billion rupees ($2.2 billion). Yet the suitor’s promise to run the outfit independently, outside its existing IT businesses, undermines the whole venture.

The Reserve Bank of India (RBI) will issue guidelines for a “regulatory sandbox” in the FinTech space in the next two months, RBI governor Shaktikanta Das said on Monday, stressing that FinTech has potential to alter India’s financial services landscape. A “sandbox” is a framework set up by a regulator that allows FinTech start-ups to conduct live experiments in a controlled environment under supervision.

After months of deliberations, Hyundai Motor India (HMIL) has finally reached a fresh three-year wage agreement with the recognised union, United Union of Hyundai Employees (UUHE). As per the agreement, technicians will receive an average salary increase of Rs 25,200 per month to be paid over three years. Over 2,200 workers are likely to benefit from the agreement.

Axis Bank wants to take the number of its branches in the country to 5,000-5,500 which will bring it on par with the country’s top two private lenders in branch strength. While the top two private banks — ICICI Bank and HDFC Bank — have slowed down the pace of bank expansion, Axis Bank will continue its branch expansion strategy, Amitabh Chaudhry, MD & CEO, Axis Bank, said. In the next three to four years, we will add 400 to 500 branches, Chaudhry said. Once it reaches 5,000-5,500 branches, the expansion will come down, he added.

Shares of DLF rallied by 7 per cent to Rs 202 in intra-day trade on the BSE on Tuesday after the real estate developer on Monday announced the launch of a Qualified Institutional Placement (QIP) programme to raise Rs 3,175 crore.

The stock was trading close to its 52-week high of Rs 226 touched on April 27, 2018 in intra-day trade.

Mumbai: Benchmark Sensex spiralled lower for the second straight session on Monday and trailed below the key 38,000-mark, with banking and realty counters taking the biggest hit amid a global sell-off triggered by renewed fears of a recession.

BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25. The Sensex has now lost over 575 points in two sessions.

NEW DELHI: Korean auto major Hyundai Motor India Limited (HMIL) Monday inked a wage settlement pact with technicians at its Chennai facility raising average monthly salary by Rs 25,200 for a three-year period till March 31, 2021.

The agreement will come into retrospective effect from April 2018. As per the agreement, technicians will receive 55% of the increased salary in the first year, 25% in the second year and 20% in the third year.

New Delhi: State-owned Indian Oil Corporation (IOCNSE 4.65 %) Monday said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest USD 170 million.

IOC- BPRL won the block in Abu Dhabi's first-ever competitive bid round.

With over 350-375 tonnes of the domestically refined gold market still away from the organised trading platforms in India, the National Stock Exchange of India (NSE) has decided to accept it as good delivery on its derivatives platform. So far, only London Bullion Market Association recognised bullion is accepted as good delivery on the exchange platform.

New Delhi: India's largest IT services company Tata Consultancy Services has teamed up with Barclays to launch a virtual platform to help children with neuro-muscular disabilities become more self-dependent.

The virtual habilitation platform, TCS VHAB, will be launched at ZEP Rehabilitation Centre, Pune. This centre, established in 2008, carries out programmes to help improve the mobility of children with locomotor disabilities. These programmes are aimed at enabling development of daily skills, self-help skills, functional skills and academics.

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