All India Bank Employees’ Association (AIBEA) is planning to go on a strike on Wednesday, in support of the demands of State Sector Bank Employees’ Association and pertaining to the employees of the Associate Banks of State Bank of India (SBI).

C H Venkatachalam, general secretary, AIBEA stated in the two rounds of conciliation meeting this month, held by the chief labour commissioner (CLC) in New Delhi, the Union explained in detail the issues and demands involved.

The Bombay High Court has not provided any ad interim relief to Madhu Kapur, the second-largest promoter of YES Bank, who has been seeking a stay on the reappointment of two directors — M R Srinivasan (non-executive director) and Diwan Arun Nanda (independent director).

Kapur had raised objection to the reappointment of the two directors, which has been already approved by the shareholders at the annual general meeting held earlier this month.

Drug company Sun Pharmaceutical has reportedly asked 18 top executives of Ranbaxy Labs to leave as part of integration with the former company, according to an ‘Economic Times’ report.

In April 2014, Sun Pharma had announced the acquisition of troubled rival Ranbaxy in an all-stock transaction worth $4 billion that includes $800 million debt.

Shares of Adani Power has dipped 6% to Rs 27.75, extending it’s a month long fall on the bourses, after reporting weak earnings for the quarter ended March 31, 2015 (Q4). The stock tanked nearly 10% to Rs 26.50, also its record low on the BSE in early morning trade.

Since May 11, the stock plunged 36% from Rs 43.40 as compared to 1.5% decline in the S&P BSE Sensex. The market value of Adani Group firm has been more than halved from its recent high of Rs 57.10 touched on March 3.

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.

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.

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.

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.

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).

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."

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