Aug. 16: A ghost which could have bedevilled Prime Minister Narendra Modi's passage to the United Arab Emirates (UAE) on Sunday has been exorcised.

The death of Arumugam Sekhar, who was in his twenties when he was shot by the American navy off the coast of Dubai three years and one month to the day Modi landed in the UAE, had already cost Manmohan Singh his planned visit to Abu Dhabi and Dubai in 2013.

New Delhi: Natural gas prices in India may, from 1 October, fall below $ 4.2 per unit, a rate that was used last year to devise a new pricing formula to incentivise domestic exploration.

Using prevailing price in gas surplus nations like the US, Russia and Canada, the government had in October last year announced a new pricing formula that led to rates rising by about 33% to $5.61 per million British thermal unit (mmBtu) for a period up to March 31, 2015 from the long-standing price of $4.2.

Bengaluru: Infosys Ltd is looking at reducing the number of engineers deployed by its subcontractors on overseas projects to meet its profitability target as hiring these temporary workers is at least one-and-a-half times more expensive than using its own employees in a similar project.

Infosys plans to deploy its own employees on new projects after imparting them with skills that they earlier lacked, a reason India’s second largest software exporter was forced to rely on outside resources.

After investing in companies like Snapdeal and Ola, Tata Sons chairman emeritus Ratan Tata has now invested in the online company for entrepreneurs stories, Yourstory.com, for an undisclosed amount.

YourStory provides storytelling platform for entrepreneurs, innovators and change makers since 2008. Since then it has published over 20,000 stories of entrepreneurs.

India’s largest lender, State Bank of India is slated to launch its mobile wallet, SBI Buddy, on Tuesday, an ET report has said.

With this, SBI will be entering into the fast-growing mobile wallet business, which already has players like HDFC’s PayZapp, ICICI Bank’s Pocket.

Shares of public sector undertaking (PSU) banks have rallied by up to 13% each on the bourses in early morning trades in an otherwise weak market after the government proposed to infuse capital in public sector banks and has roped in private sector professionals to run two of its largest banks — Bank of Baroda and Canara Bank.

Bank of Baroda, Bank of India (BoI), Punjab National Bank (PNB), Canara Bank, Indian Overseas Bank, IDBI Bank, Union Bank of India, Andhra Bank and State Bank of India (SBI) were up more than 3% each on the National Stock Exchange (NSE).

Shares of Oil and Natural Gas Corporation (ONGC) have dipped by 3% at Rs 262, their lowest level since October 2013 on the BSE, after the company reported net profit of Rs 5,460 crore for the quarter ended June 30, 2015 (Q1) against an average analyst estimates of Rs 6,029 crore.

However, net profit was 14% higher compared to Rs 4,782 crore in the same quarter of previous year, on improved realisations and lower subsidy sharing burden.

Shares of Indian multinational automotive manufacturing company, Tata Motors are trading 1.5% lower at Rs 350 on the Bombay Stock Exchange (BSE) after the global wholesales figures including Jaguar Land Rover (JLR) declined from 3,07,017 units in July 2014 to 73,535 units in July 2015 showing a drop of 8%.

Also, the global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in July 2015 dropped from at 117,040 units in July 2014 to 30,278 units in July 2015, lower by 3%.

Benchmark share indices opened lower amid profit taking at higher levels with index heavyweights leading the decline.

However, PSU banks were in focus with Bank of Baroda leading the gains after the government launched seven-pronged revamp plan to revive the ailing PSU Banks, including a Rs 20,000-crore capital infusion lifeline.

Global technology giant Microsoft will be working with Andhra Pradesh government to implement TV White Spaces technology on a pilot basis in Srikakulam district. White Spaces is a technology that uses unused television terrestrial spectrum to deliver low cost internet connectivity.

This is the first time this technology is being used in India. Along with Microsoft other agencies including the Department of Telecom (DoT) are working with the government to bring low-cost internet connectivity to four educational institutions in this remote north coastal district under this pilot project.

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