Hyundai Motor said it will cancel $890 million worth of treasury shares, its first stock cancellation in 14 years - a plan that comes amid heavy shareholder pressure to improve returns, restructure and bounce back from dismal earnings.

US activist hedge fund Elliott Management ramped up pressure on the South Korean automaker this week, calling for a holding company structure, a share cancellation as well as the addition of three independent board members.

Bengaluru: Wipro has ceded ground to HCL Technologies as the third biggest IT services exporter in terms of market capitalization, and the chasm between the two is getting bigger. That’s not good news for a company that was part of the troika – alongside TCS and Infosys – that helped make a name for India in the global outsourcing map.

Mumbai: Private lender Yes Bank on Thursday beat Street estimates with net profits rising 29 per cent for the fourth quarter ended March 31, 2018, to Rs 1,179.4 crore from Rs 914.12 crore in the year-ago period.

Analysts expected the bank to post net profits of around Rs 1,000 crore.

The Supreme Court has dismissed the appeal of Reliance Communication, challenging the Gujarat government’s demand notices seeking to levy Rs 13-crore property tax on cell towers and telecom equipment installed on rooftops and building terraces in the state. A bench led by Justice Ranjan Gogoi, while dismissing the appeal, said, “If a competent court has passed the order, you (RCom) can not drag on for a year.”

Microsoft Corp topped Wall Street forecasts for quarterly profit as it signed up more businesses to its Azure cloud computing services and Office 365 productivity suite.

Much of Microsoft’s recent growth has been fueled by its cloud computing business as more enterprises seek to cut data storage costs by adopting cloud-based software and moving their applications to data centers.

NEW DELHI: Ford Motor, which is setting up a new technology and development centre in Chennai, will leverage the base further to increase Indian R&D content in its vehicles as the US carmaker scales up the technical capabilities of engineers employed here.

In Chennai, Ford has already appointed 800-1,000 employees including engineers who have worked on Figo Sports and EcoSport Platinum editions.

The domestic equity and money markets opened in green on Friday morning tracking global cues. The BSE Sensex was trading over 120 points up at 34,835.42 in early trade, while the 50-share NSE Nifty index was up 44 points at 10,661.

Q4 earnings of YES bank led the gains, among the early gainers were Reliance, Indiabulls Housing Finance , Hindalcoand Asian Paints.

Essar Oil has said is was seeking approval to change its corporate identity to Nayara Energy. Essar Oil said the term coined from ‘naya’ (new) and ‘era’ strongly signifies its vision to succeed in the Indian and global energy markets. The adoption of the new name is subject to all requisite approvals, the company said. The majority stake in Essar Oil was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017.

Infosys has said it its largest campus outside of India is going to be in Indianapolis, US. The company is already aggressively expanding its capacity in US while stepping up hiring to localise the workforce.

The proposed campus, according to some local media reports, is expected to come up on around 125 acres, which the company will acquire from airport authorities, and would house as many as 3,000 employees. This, however, could not be independently verified.

Numetal has moved the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT order that pointed towards payment of overdue amount for ArcelorMittal to cure its ineligibility. Legal sources in Numetal said the NCLT order, which suggested a 30-day cure period for payment of overdues for ArcelorMittal, wasn't applicable. It was applicable to companies who had bid before the IBC amendment, but ArcelorMittal submitted its bid for Essar Steel after the amendment, they said.

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