India News

Axis Bank Noida branch raided; I-T dept finds 20 fake accounts with Rs 60 crore

The income tax department has raided the Noida branch of Axis Bank on Thursday, according to an alert from ANI.

ANI also reported that the I-T department found 20 fake accounts in the bank branch with Rs 60 crore deposited in them.

Wipro to split India, West Asia business

Wipro chief executive Abidali Neemuchwala has split the information technology (IT) major's India and Middle East (West Asia) business in two. And, carved a separate hyper automation group by consolidating the Artificial Intelligence (AI) assets such as Holmes that would be headed by its chief technology officer, K R Sanjiv.

The backdrop is the government push for a 'Digital India' and the move towards a less-cash society. So, the company's India region would now be an independent entity with its head reporting directly to Neemuchwala. He has appointed Sreenath A V, currently head of Wipro's global Oracle Practice, to head the India region.

Sensex closes down 95 points ahead of Fed verdict

Mumbai: The stock market erased all its early gains on Wednesday to close in the red at 26,603, in line with subdued global indices, as investors remained tentative ahead of the crucial US Fed policy meet on whether to raise interest rate or not. Index heavyweight Coal India disappointed on the quarterly earnings front, which too soured mood, brokers said.

Retail inflation for November eased to a two-year low of 3.63% and wholesale inflation, falling for the third month, was down at 3.15%. But this was not enough to offset the worries as investors keenly waited for the outcome of the US Fed meeting later in the day.

Volvo, IISc join hands for R&D future automotive technologies

Volvo Group Trucks Technology (GTT), the global research, development and engineering arm of Volvo, and Indian Institute of Science (IISc) today joined hands to undertake R&D in future automotive technologies.

Volvo Group and IISc will collaborate on long-term research collaboration in selected technology areas under a Memorandum of Understanding (MoU), Volvo Group in India said in a statement.

WPI is in tandem with expectations of the Indian economy post demonetisation, says ASSOCHAM

Apex industry body ASSOCHAM today stated that fall in wholesale price index (WPI) numbers for the month of November 2016 is in tandem with the expectations which started to feel the depressive state in the Indian economy owing to the demonetisation announcement in November 2016. The chamber indicates that WPI numbers for the coming months is expected to fall in coming months since any increase in crude oil prices due to output cut decision by OPEC countries and increase in prices of other commodities due to stimulus given by US and other developed countries will be offset by downward pressure on consumption demand, which is a main contributor in GDP.

Indian Railways to adopt e-tendering for Rs 1.22 lakh cr capex

Indian Railways will adopt a “completely transparent e-tendering process” to utilise its capital expenditure of Rs 1.22 lakh crore for 2016-17, Union Minister Suresh Prabhu has said.

He said the Railways is trying to ensure that end-users and vendors use e-wallets, in line with the government’s thrust on cash less transactions post demonetisation.

ONGC trades weak ahead of bonus issue

Oil and Natural Gas Corporation (ONGC) has dipped 2.6% to Rs 304 on the BSE in intra-day trade ahead of the stock go for ex-bonus in the ratio of 1:2. The stock price will factor in the issuance of bonus shares on Thursday, December 15, 2016 to the existing investors.

The stock has outperformed the market by gaining 11% from Rs 280 after the company on October 24, announced that the board will consider a proposal for declaration of bonus issue on October 27. The S&P BSE Sensex was down 5% during the same period.