The country’s second largest IT services exporter, Infosys registered a 37.6% sequential rise in net profit for the third quarter of FY18 boosted by a tax reversal of $225 million following a recent agreement with the US Internal Revenue Service (IRS); sans this, the company’s bottom line would have actually dipped. Infosys reported a net profit of $796 million for the third quarter compared with $578 million in the second quarter of the fiscal, even as it recorded a sequential dollar revenue growth of 1% (0.8% in constant currency) to $2.75 billion.

Shares of Facebook Inc fell more than 4 percent on Friday and were on track for their worst session in more than three months after Chief Executive Mark Zuckerberg announced changes that he said would hit user engagement in the near term. Zuckerberg said late on Thursday the world’s largest social network would adjust its centerpiece News Feed to prioritize what friends and family share, while reducing the amount of non-advertising content from publishers and brands. A warning by Zuckerberg that people could spend less time on Facebook in the short term as a result of the changes sent the company’s stock $8.29 lower to $179.47.

Post steep hike in non coking coal FSA prices by CIL, we lift our FY18-19E EPS 6-40%. We upgrade CIL to Buy from Hold as the price hike along with recent evacuation charge should more than offset wage hike and lead to margin expansion. Restocking at power plants should drive offtake growth near term. We expect EPS to grow at 30% EPS CAGR over next two years. At 6.8x Ebitda ex OBR, valuations appear attractive. Stock also offers 5% dividend yield potential. Price revision to lift average FSA realisation by 10% CIL has raised FSA prices for lower grade coal (3300-4300 kcal/Kg) by 15-18%, while it has cut prices for high grade coal (over 6400 Kcal/kg) by 2-5%.

Despite a drop of as much as 0.8% from the day’s high following news of a controversial press meet held by four senior judges of the Supreme Court to highlight their discomfort with the internal functioning of the apex body, the benchmark indices recovered and ended the session at a fresh record high. The Sensex ended the session up 88.90 points at 34,592.39, a rise of 0.26%, while Nifty rose by 30.05 points or 0.28% to end the session at 10,681.25.

GoI's decision to allow 49% foreign airline equity in Air India is good news. The rules were changed last year permitting 100% foreign equity in Indian carriers, restricting foreign airlines holding to 49% — excluding Air India. The move will attract better valuation for the national carrier.

The news that the Tatas have shown interest to bid for Air India, along with Singapore Airlines, after the Union Cabinet amended the rules has spread cheer.

The Board of Control for Cricket in India (BCCI) on Friday invited expressions of interest (EoI) in three categories of commercial partnership for the Vivo Indian Premier League (IPL).

Applicable for a minimum of three years, the categories for which the rights are up for grabs include official partner, strategic time-out partner and umpire partner. The official partner section has the maximum of six spots up for sale while the other two categories have one each.

One blue surgical drape at a time, the patient disappeared, until all that showed was a triangle of her shaved scalp. “Ten seconds of quiet in the room, please,” said David J Langer, the chairman of neurosurgery at Lenox Hill Hospital in Manhattan, part of Northwell Health. Silence fell, until he said, “OK, I’ll take the scissors.”

His patient, Anita Roy, 66, had impaired blood flow to the left side of her brain, and Langer was about to perform bypass surgery on slender, delicate arteries to restore the circulation and prevent a stroke.

The Indian Space Research Organisation (Isro) has started the new year with a successful note by successfully launching PSLV-C40, which was carrying India's earth observation satellite Cartosat-2 along with 30 nano satellites. The foreign statellites belong to Canada, Finland, France, Korea, UK and USA.

Isro's chairman designate K Sivan said that today's launch is a green flag for some of the important launches including Chandrayaan-2, GSLV MK-II among others in 2018.

Mukesh Ambani-led Reliance Industries (RIL) is set to sign a memorandum of understanding (MoU) with Israeli tech major mPrest, a global technology provider, during the visit of Israeli Prime Minister Benjamin Netanyahu to India. This could be considered RIL’s move to get deep into the smart city, big data, defence and critical infrastructure space.

This is one of the 10 important MoUs to be signed between Indian and Israeli companies. mPrest is part of the largest-ever business delegation from Israel, which would accompany the Israeli PM, who is arriving on Sunday.

The Reserve Bank has proposed delegating to clients the decisions regarding the quality and tenor on hedging of commodity prices and freight risk. In its draft directions on the subject, the RBI has also proposed introducing the facility for hedging of indirect price risk for selected metals. Hedging refers to activity undertaken to reduce an identifiable and measurable risk. “Eligible entities having exposure to commodity price risk for any eligible commodity may hedge such exposure in overseas markets using any of the permitted instruments,” the draft said.

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