In a new directive, the Trump administration has made it more difficult for the renewal of non-immigrant visas such as H-1B and L1, popular among Indian IT professionals, saying that the burden of proof lies on the applicant even when an extension is sought.

Rescinding its more than 13-year-old policy, the US Citizenship and Immigration Services (USCIS) said that the burden of proof in establishing eligibility is, at all times, on the petitioner.

Anil Ambani-led Reliance Communications (RCom) has asked 60 per cent of its 81 million customers to migrate from using second generation (2G) services to 4G services, as it was shutting down the 2G business. This comes a day after the beleaguered company said it was shutting down its direct-to-home TV business.

The company has also asked around 1,000 employees to leave by the end of November.

Mumbai: Benchmark Sensex breached the 33,000-mark for the first time, while the Nifty ended at a fresh life high on Wednesday after the government’s Rs9 trillion package lit up banking and infra stocks. The 30-share Sensex surged 435.16 points, or 1.33%—its biggest single session gain since 25 May when it had surged 448.39 points—to close at a new peak of 33,042.50. The broader 50-share Nifty finished at its fresh lifetime high of 10,295.35, up by 87.65 points, or 0.86%.

New Delhi: Canadian solar energy developer SkyPower Ltd has hired Yes Bank to sell a stake in its solar power projects in India, said two people aware of the development.

The move by one of the world’s largest utility-scale solar project developer to sell a stake in its India portfolio is representative of the investment thesis adopted by foreign developers in India’s clean energy space. With financing at the lowest cost becoming key to success, given record low solar and wind power tariffs, the deal-making activity in the Indian clean energy space has gathered pace.

Mumbai: Kotak Mahindra Bank Ltd on Wednesday reported a 22.26% rise in its September quarter net profit, beating analyst estimates, due to higher net interest income and other income.

The private lender reported standalone net profit of Rs994.31 crore in the quarter against Rs813.29 crore a year ago.

New Delhi: The Election Commission on Wednesday said Gujarat elections will be held in two phases on 9 and 14 December while the results will be announced on 18 December.

The first phase of Gujarat elections will see polling in 89 seats while the second phase of polling will witness polling in the remaining 93 constituencies. The counting of votes will take place on 18 December together with the counting of votes with Himachal Pradesh which goes to polls on 9 November.

Microsoft is dropping a lawsuit against the US government after the Department of Justice issued new rules limiting the use of secrecy orders that prevent firms from telling customers law enforcement has accessed their data.

The tech giant sued the government in April last year, but declared victory yesterday and said it was ending its case after the DOJ announced it would revise its rules.

A Delhi-based NGO has moved the Delhi High Court seeking cancellation of the appointment of Shashi Shanker and BJP national spokesperson Sambit Patra, as the chairman & managing director, and independent director, respectively, on the board of Oil and Natural Gas Corporation. The HC will hear the PIL on November 1. Energy Watchdog, through counsel Prashant Bhushan, has alleged that Shanker’s appointment was contrary to the public interest, as he was suspended in a tender matter and was also recently reprimanded by the CVC on a procurement matter.

The third party logistics service provider Mahindra Logistics is planning to raise around Rs 829.35 crore at the upper end of the price band from its initial price offering (IPO). The company has set a price band of Rs 425-429 per share for its IPO. The IPO is scheduled to open on October 31 and close on November 2. The minimum bid lot for the offer is fixed at 34 equity shares and in multiples of 34 shares thereafter.The company has proposed an offer for sale (OFS) up to 1.93 crore equity shares of face value of Rs 10 each.

The country’s second largest software services exporter, Infosys on Tuesday lowered its revenue guidance to 5.5-6.5% from 6.5-8.5% for the current fiscal, even as it beat market expectations to record a 7% sequential rise in its net profit to Rs 3,726 crore during the July-September quarter, on the back of higher utilisation rates and cost control. The company’s revised guidance falls below Nasscom’s industry projections of 7-8%. Explaining the rationale behind lowering the guidance, the IT major said the second half of the fiscal is expected to witness seasonal softness with a longer holiday period along with client uncertainty on spending in certain accounts. Revenue for the period grew by 2.9% to Rs 17,567 crore.

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