The National Stock Exchange (NSE) will introduce new interest rate futures (IRF) contracts from December 30 on six-year government bonds maturing in 2022.

The IRF contract is based on 6.84% central government security maturing on December 19, 2022, will be made available for trading from December 30, this year, NSE said in a circular. An IRF contract is an agreement to buy or sell a debt instrument at a specified future date at a pre-determined price.

Software major Wipro has agreed to pay a civil money penalty worth $5 million to the US Securities and Exchange Commission (SEC) to resolve a six-year-old investigation on account of embezzlement of funds by an employee.

In a filing to the BSE, the company said while agreeing to a settlement it neither admits nor denies the allegations made by SEC that Wipro violated certain provisions of the Securities Exchange Act of 1934.

Information technology major Infosys is offering paid internships to campus hires before taking them on the payrolls in a move that that will affect new jobs across the sector. Already, hiring by technology companies is already at a 10-year low.

The Indian technology services sector is facing its worst growth in nearly a decade as clients reduce budgets on traditional outsourcing work, which is not being offset by growth in newer areas such as digital and cloud. In addition, routine maintenance work of customer applications or IT infrastructure, where freshers are normally deployed, have been taken over by automation or robots.

New Delhi: The Central Board of Direct Taxes (CBDT) on Wednesday ruled out ring-fencing large foreign portfolio investors (FPIs) and offshore funds from tax liability arising out of sale of assets of a foreign company which has substantial assets based in India.

Large FPIs and offshore funds had approached the finance ministry for a special carve-out since they don’t have a managerial role in such companies.

Mumbai: The National Company Law Tribunal has asked Cyrus Mistry to file a rejoinder within seven days in the petition filed by his family-controlled firms against Tata Sons Ltd. The tribunal has asked Mistry to prove his allegations against the Tatas with material facts.The next hearing is on 31 January.

Mistry has been specifically asked to file a rejoinder and the tribunal noted that Mistry seems to be “sailing along with the petition”.

The Indian Railways on Wednesday launched a Train Protection and Warning System (TPWS) provided by French firm Thales on the 68-km-long Basin Bridge-Arakkonam section in southern India, said a Thales official. The TPWS-equipped section was inaugurated by Akhil Agrawal, Director General (Signal & Telecommunication), Railway Board, at Ambattur station, Chennai, a press release from the company said.

Global technology major Thales’ European Train Control System (ETCS) Level 1 solution is known in India as TPWS.

A consortium of lenders led by State Bank of India (SBI) plans to sell a plant of ANG Industries for at least R17.49 crore and has mandated SBI Capital Markets (SBI CAPS) to look for a buyer, a bid document showed.

“SBI Capital Markets Limited (SBICAP) has been mandated by SBI on behalf of consortium of lenders, to identify an interested bidder (“IB”) for sale of a plant ANG Industries Ltd situated at address 19-A, Udyog Vihar, Greater Noida, Uttar Pradesh , under a slump sale method,” it said.

Stock markets upheld their negative tone for the seventh consecutive session and shed nearly a percent on Thursday. Feeble cues from Asian markets were weighing on sentiments in early trade, which further deteriorated with a slide in select index majors as the day progressed.

Besides, participants were maintaining cautious approach ahead of the beginning of the two-day GST Council meet. Most sectoral indices ended lower in line with benchmark, wherein metal and PSU banks lost the maximum. The Nifty eventually closed with a cut of a percent at 7979.

The re-auction of embattled businessman Vijay Mallya's Goa property, Kingfisher Villa, yet again turned out to be a damp squib on Thursday despite a reduction in reserve price by 5% to Rs 81 crore by lenders. This is the second failed attempt by the 17-lender consortium this week to recover its dues of over Rs 9,000 crore from Mallya by selling his prime assets.

On Monday, the lenders failed to get any buyer for Kingfisher House in the city, when it was put under auction for the third time. "There was hope that Villa could get some buyer this time, but unfortunately, none of the bidders came forward. The auction failed this time as well," a source said.

Moody's Investors Service on Thursday said that Reliance Communications' ratings will "remain on review for downgrade" despite the company signing an agreement with Canada-based Brookfield Infrastructure to sell its tower assets.

Reliance Communications' (RCom's) "B1 corporate family and senior secured ratings remain on review for downgrade despite signing a binding agreement with Brookfield Infrastructure (unrated) in relation to the sale of RCom's tower assets," a Moody's statement said.

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