India News

Infosys looks for expert in place of Ravi Venkatesan

BENGALURU: Infosys has begun looking for a technology services industry expert to replace Ravi Venkatesan as independent director on the company’s board, a person with direct knowledge of the plan told ET.

The software services exporter will involve an external agency to identify the right person, the source said, adding that the company would also “consider recommendations from existing board members as well from outside”.

Sensex zooms nearly 200 points as investors upbeat on Karnataka election trends

NEW DELHI: Equity markets on Wednesday saw a positive start in morning trade as positive sentiment prevailed in the Street after BJP took early lead in Karnataka assembly election results.

30-share BSE Sensex opened around 20 points in the negative but zoomed into the green zone as the early trends of counting of votes started pouring in. At 9.30 am, Sensex was up more than 200 points at 35,759.40..

Idea Vodafone may face conflict of interest in telecom tower deal

New Delhi: The merged entity of Vodafone India Ltd and Idea Cellular Ltd is likely to face a conflict of interest when it plans to buy tenancies as the two companies have telecom tower operator American Tower Corp. (ATC) as a preferred vendor and at the same time also have stakes in its rival Indus Towers-Bharti Infratel combine.

All-New Hyundai Santro interiors spied: Most premium Santro ever?

Indian-arm of the Korean automaker, Hyundai Motor India plans to reintroduce its best selling highly popular all-new Hyundai Santro back in the country. While the market debut is still about 4-5 months away, the company is busy testing its new Santro across the country. The car has been spotted several times in Chennai and nearby districts and once it was also spotted testing in the capital.

‘Hold’ on Kotak Mahindra Bank; expect subsidiaries to add value

Kotak Mahindra Bank’s Q4FY18 PAT at Rs 1,120 crore was marginally lower than our estimate as it took a one-time hit of Rs 82 crore on employee expenses and did not avail RBI dispensation on amortization of mark-to-market losses. Loan growth at 25% YoY gained momentum and management continues to guide for 20% YoY growth in FY19.

NPA provisioning to hit PNB results; to report loss of Rs 27 billion in Q4

Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4.

As Inflation gets 'ugly' in April, RBI may be pushed to hike rates

India’s inflation accelerated more than estimated in April, providing ammunition to hawks in the central bank to tighten monetary policy and fueling a selloff in bonds.

Consumer prices rose 4.6 percent in April from a year earlier, the statistics ministry said in a statement in New Delhi on Monday, higher than the 4.4 percent median estimate in a Bloomberg survey of economists. It was the first pick-up in inflation in four months.