Infosys executive vice-president (EVP) and the former global head of consulting Sanjay Purohit has resigned from the company , making it the seventh EVP exit since Vishal Sikka took over as CEO two years ago.Purohit, who was previously the head of the products & platforms subsidiary EdgeVerve, moved to the US last year as the head of consulting, but was replaced within 18 months and was asked to relocate to India to work on strategic initiatives alongside COO U B Pravin Rao.

In spite of consumer inflation falling to a five month low of 5.05% (y-o-y) in August, with State Bank of India dropping deposit rates further, real interest rates are now well and truly in negative territory, reports Shakti Patra in Mumbai. SBI has lowered deposit rates from September 1 and offers just 7.15% for one year money which, after a 30% tax rate, yields just 5%.

To provide live updates of S&P BSE Sensex, the Bombay Stock Exchange has tied up with Twitter, which will give its investors live status, opening and closing figures of the market and stock prices, reported Economic Times.

This makes it the first collaboration in Asia between a stock exchange and a social networking site. BSE has been running a Twitter handle since 2012 but gives no real time updates and hence has comparatively less impact.

Union Consumer Affairs Minister Ram Vilas Paswan said 2.33 crore bogus ration cards have been weeded out all over the country, that nearly paralysed the public distribution system, due to Aadhaar seeding.

Addressing a conference on reforms in Public Distribution System (PDS), Pawan revealed that this weeding led to ‘Rightful Targeting of Food Subsidies’ of Rs 14,000 crore.

New Delhi: In less than two months, the Congress is back to square one and is yet again facing a battle of survival in Arunachal Pradesh.

The political battle against the party has been launched by its own chief minister Pema Khandu who has the support of 43 other MLAs. Now, 44 out of 45 Congress MLAs in the state, including Khandu, have quit the Congress and joined the People’s Party of Arunachal (PPA).

Bengaluru: Online sales of smartphones, the single largest product category in online retail, finally picked up in August after declining for two successive quarters when e-commerce firms pulled back on discounts and advertising, prompting shoppers to buy phones in stores.

Mobile phones and tablets accounted for about 55% of the gross sales of e-commerce firms in the quarter to December 2015. The proportion dipped to about 48% in the quarter to March, before picking up slightly to about 50% in the quarter to June, according research firm RedSeer Consulting.

Mumbai: The rupee on Friday strengthened against the US dollar on improvement in trade deficit data. Gains in the local equity and Asian currencies markets also helped the currency.

The rupee closed at 66.985 per dollar, up 0.06% from its previous close of 67.03. The domestic currency opened at 66.87 per dollar and touched a high and a low of 66.84 and 67.0325, respectively.

Mumbai: Axis Bank Ltd will buy a 13.67% stake in Asset Care and Reconstruction Enterprise Ltd (ACRE) paying Rs22.72 crore, the private sector lender said in a stock exchange notice.

Axis Bank is buying the stake from IFCI Ltd, which is partly divesting its 19.34% stake in the asset reconstruction company.

The BSE Sensex and NSE Nifty ended the holiday truncated week on a disappointing note despite some recovery in the last three trading sessions. For the week ended September 16, the 30-share index shed 198.22 points or 0.69 per cent at 28599. Nifty 50 index also dropped by 86.85 points, or 0.98 per cent to 8779.85. The index was at 8866.70 on September 9. Market sentiments dampened on worries that the US Federal Reserve could be considering an imminent interest rate hike and a nuclear test by North Korea.

A cabin crew member of national carrier Air India has been arrested at international airport here for allegedly trying to smuggle about 300 bottles of a banned drug to the US.

The crew member, who was intending to depart to New York, was intercepted by the customs officials on Friday. On his personal and baggage search, 300 bottles of 'Phensedyl new cough Linctus 50 ml' were allegedly recovered.

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