India News

Tata Motors announces association with Paytm and CEAT

MUMBAI: Tata Motors, India's largest automobile manufacturer today announced its association with tyre manufacturer CEAT and mobile commerce platform Paytm, as new partners in Tata Motors. BSE 2.96 % Loyalty Programs - Tata Delight and Tata Emperor.

Reliance Industries hits six-month high; surges over 10% in one week

Shares of Reliance Industries (RIL) has moved higher by 5% to Rs 974, extending its in past four day’s rally on the NSE, after the company said Jio and retail will place Reliance in a select group of most valuable companies in the world.

Currently, the stock trading at its highest level since December 2014 and rallied 11% in past one-week from Rs 877 on June 11, 2015. The CNX Nifty gained 2.3% during the same period.

IT giants revamp culture to attract young talent, battle start-ups

India’s oldest and most distinguished IT firms are doing what would have been almost sacrilegious a few years ago – holding coding marathons to develop innovative fixes and deploying “commando” units to resolve clients’ IT woes within hours.

Infosys, Wipro and other Indian IT giants, which rose to prominence during the outsourcing boom in the 1990s and 2000s, have struggled to keep pace with mushrooming start-ups. The rate of revenue growth has more than halved since 2011-12, partly due to the emerging competition.

Pakistani company sold 8 Yamaha engines to 26/11 Mumbai attack facilitator

A Pakistani company had sold eight Japanese Yamaha engines to one of the 2008 Mumbai attack facilitators who supplied them to terrorists, including Ajmal Kasab, for reaching Mumbai in a dingy, a senior manager of the firm on Wednesday told an anti-terrorism court.

The company's general manager, one of the two witnesses who testified before the court which is hearing the case at the high security Adiala Jail in Rawalpindi, said the firm had sold the engines to absconding accused Amjad Khan, a shadowy LeT organiser and financier from Karachi, a court official told PTI.

SBI eyes 12% credit growth on mining turnaround

State Bank of India (SBI), the country's biggest lender, is targeting 12 per cent growth in credit in the state this fiscal, banking on a turnaround in the mining sector which it expects to happen by the third quarter.

"We are eyeing 12 per cent credit growth in this fiscal. By the third quarter of this fiscal, we hope that credit will pick up as the mining sector is expected to recover by that time. Mining is the backbone of the state economy and there is much reliance on mining and metallurgy," said K M Trivedi, chief general manager, SBI (Odisha).

Madhu Kapur gets say on YES Bank board appointments

The Bombay High Court on Wednesday termed "invalid" the appointment of two directors on YES Bank's board and declared that the proposed appointments of three others - Rajat Monga, Sanjay Palve and Pralay Mondal - were void. For two other board members, the court questioned their appointment as independent directors.

In a ruling that can be termed as a setback for the Rana Kapoor camp, the court said the appointment of board members be exercised jointly by the promoters, not individually. "Although the right to recommend is the right to nominate, it is an indivisible right and must be exercised jointly," the order said, adding "any recommendations made by the first defendant, Rana Kapoor, without the concurrence and consent of the plaintiffs [Madhu Kapur and Shagun Kapur Gogia] are also ultra vires the Articles and are null and void."

Mercedes Benz set to regain top spot in luxury car market in India

Riding on the wave of sales growth achieved in 2014 and during the first quarter of 2015, Mercedes Benz hopes to get back to its numero uno position this year, according to a top company official.

The German luxury car maker, which sold 10,200 cars in 2014 and 3,566 cars in the January-March quarter — 385 cars more than nearest competitor Audi — hopes to register a double-digit growth in 2015. “We have grown 40 per cent in the first quarter of 2015 and the second quarter will be even better. So, we are confident of achieving a strong double-digit growth in 2015,” Eberhard Kern, managing director and CEO, Mercedes-Benz India, told Business Standard.