ICICI Bank, the country's largest private sector lender, reported a 14 per cent increase in net profit for the June quarter on a consolidated level, aided by higher net interest income. Net profit increased to Rs 3,232 crore in the April-June quarter from Rs 2,832 crore in the corresponding quarter a year ago.

In the same period, on a standalone level, net profit increased by 12 per cent to Rs 2,976 crore from Rs 2,655 crore in the quarter ended June a year ago. Net interest income, the difference between interest earned and interest expended, increased 14 per cent to Rs 5,115 crore in the first quarter of financial year 2016, compared with Rs 4,492 crore a year ago.

Engineering and Infrastructure major L&T's net for Q1 was down by 37% to Rs 606 crore against Rs 967 crore for the corresponding period last year.

Consolidated gross revenue registered a 7% growth as it rose to Rs 20,460 crore against Rs 18,970 crore.

Bengaluru: One mid-summer day last year, Vishal Sikka, then recently named as the first non-founder chief executive officer (CEO) of Infosys Ltd, met with some senior executives of the company at a guest house in Hauz Khas in South Delhi.

Sikka, now 48, had a question for the group, which included then CEO S.D. Shibulal.

London: Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers’ cartel Opec indicated there would be no cuts in production despite a huge global oversupply.

Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries (Opec).

Caller ID app, Truecaller which now has 150 million users is raising around $100 million at a $1 billion valuation that is expected to be lead by previous and new investors. Till date, the company has raised around $80 million. It is backed by Atomico, Kleiner Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open Ocean. In its latest round, the firm secured $60 million series C round at a valuation of USD 300 million led by Atomico, Kleiner Perkins Caufield & Byers (KPCB) and Sequoia Capital

This move will put Aliyun in direct competition with the successful Amazon Web Services.

Commenting on the matter, Alibaba Group Chief Executive Officer Daniel Zhang stated, “This $1 billion investment is just the beginning; our hope is for Aliyun to continually empower customers and partners with new capabilities, and help companies upgrade their basic infrastructure.”

Within a couple of years of its entry in India, the country has become the largest market outside the US for the San Francisco-headquartered taxi aggregator.

Amit Jain, president of Uber India, is of the opinion that India is a an extremely fertile market for Uber. “We’re committing an additional $1 billion to India in the next six to nine months, so that we can expand and improve our operations, grow into newer cities, develop new products as well as payment solutions, and establish a great support network,” he stated.

Shares of Kotak Mahindra Bank today fell by nearly 5 per cent after the company reported 25.8 per cent decline in net profit for the first quarter.

The stock declined by 4.43 per cent to Rs 684.40 at BSE.

On the NSE, the scrip fell by 4.6 per cent to Rs 683.80.

Retirement fund body EPFO will kickstart the process of investing in the stock market on August 6 with an initial corpus of around Rs 5,000 crore to be invested through ETFs in the current fiscal.

“We are making our first investment in equity (market) on August 6 in Mumbai. The Labour Minister (Bandaru Dattatreya) will preside over the function,” EPFO’s Central Provident Fund Commissioner K K Jalan said while addressing an Assocham conference.

The Directorate General of Civil Aviation on Friday ordered the removal of Air India chief of air safety Captain AS Soman for not maintaining flight monitoring data, sources said.

Soman was appointed Air India's air safety chief in January this year.

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