HDFC Bank reported net profit of Rs 3,455 crore, 20.4 per cent year-on-year growth in quarter ended September’16. This was in line with Bloomberg estimates of Rs 3,456 crore. Net interest income (interest earned less interest expended) at Rs 7,994 crore grew by 19.7 per cent year-on-year, while net revenue at Rs 9,233 crore expanded by 18 per cent year-on-year, slightly below Bloomberg estimates at Rs 10,144 crore.

In a dramatic development, Tata Sons, the holding company of the $103-billion (around Rs 6.88 lakh crore) Tata group, said its board of directors had removed Cyrus Pallonji Mistry, 48, as chairman of the conglomerate and named Ratan Tata, chairman of Tata Trusts, the largest shareholder in Tata Sons, as interim chairman for four months.

In a letter to group employees, Tata said the board has requested him to perform the role of chairman and he has agreed to do so “in the interest of stability of and reassurance to the Tata group”.

The board of state-owned Oil and Natural Gas Corporation (ONGC) will on Thursday consider issuing a bonus share to increase liquidity ahead of government disinvestment.

With all of its about Rs 14,000 crore cash committed in future projects and capital expenditure, the company is considering issuing bonus shares rather than cash dividends as a method of providing income to shareholders.

Mahindra First Choice Wheels Ltd (MFCWL) today announced the launch of a platform that allows buyers to participate in traditional ‘on the ground’ used-car auctions via internet in real-time.

The platform, True Time Bids (www.truetimebids.com) will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said in a statement.

Social media giant Facebook has updated its Messenger as well as WhatsApp apps for Windows 10 and the most notable feature that has been incorporated is the voice and video calling. Now users will not have to close the app and then open the browser to call friends on the Facebook and WhatsApp lists. Now the Windows apps will work similar to the Android apps with full functionality.

Paying heed to the Reserve Bank of India’s (RBI) advice to improve operational efficiency of companies whose loan accounts have gone sticky through induction of new owners or managers, the government has lined up a plan under which cash-rich public sector undertakings like NTPC, Coal India, Power Finance Corpn and Rural Electrification Corpn will buy equity stakes in stranded power plants.

Microsoft, a long time back, wanted to buy ‘itsy-bitsy’ Facebook for $24 billion. In an interview with CNBC, former Microsoft CEO informed that he had approached Facebook CEO Mark Zuckerberg and also said that he never wanted to buy Twitter. Recalling that Zuckerberg had ‘said no’ and that he ‘respects it since you have to be a willing seller’.

MUMBAI: Wipro’s $500 million of cloud services company Appirio was not just to gain access to its cloud-integration business, it was also part of a bet that the IT industry would be disrupted the way cab-hailing company Uber disrupted the transport sector. Buried inside Appirio is a crowdsourcing platform for developers and data scientists called TopCoder. Clients contact the platform with their IT requirements and with a budget.

An Air India plane, carrying 108 passengers and crew members onboard, on Sunday made an emergency landing at the Indira Gandhi International airport in the national capital after its tyre burst while taking off from Udaipur.

The aircraft (Airbus 319 operating as flight no AI-472) took off around 7:20 PM from Udaipur's Maharana Pratap international Airport and just before it took to the skies, a loud bang was heard, officials said.

The Securities and Exchange Board of India (Sebi) (pictured) has said it has probed the activities of Sahara Q-shop and found these do not fall under purview of its Collective Investment Scheme (CIS) regulations. It has referred the matter to Maharashtra government for action under its investor protection laws. The reply came last week in the matter of a case filed in Allahabad High Court by IPS officer Amitabh Thakur and his wife Nutan Thakur.

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