The Mahindra group is planning to make a big-bang entry into the defence sector, with the acquisition of 25-30 per cent stake in Pipavav Defence, India’s largest private shipyard, based in Gujarat. Banks privy to the deal said the Pipavav Defence board was slated to meet on Friday to approve the transaction.

After a preferential share offer, the Mahindras and Gandhis (current promoters of Pipavav) were likely to hold equal stake and an open offer would be made to the shareholders of Pipavav Defence, said a banker. The Gandhi family owns a 45 per cent stake in the company. “The final contours of the transaction are under discussions between the two, especially the shareholding and the management rights,” the banker added.

IT services major Infosys today said it has been selected by ICA Gruppen, Sweden's leading retailer, to manage its IT operations.

The contract will help ICA Gruppen reduce cost in stages by SEK 75 million (about Rs 50 crore) starting from 2016 (compared to 2014).

India’s largest private sector lender, ICICI Bank, has launched an e-wallet called ‘Pockets’, which can do everything a payments banks can do.

'Pockets' is a mobile application, which can be used to send money, pay utility bills, book movie tickets, send gifts and share expenses. One can use this service even if one doesn’t have an ICICI Bank account. With this app, one can also open a zero-balance account.

Currency volatility, macroeconomic headwinds and changing technology are likely to pull down growth of Indian information technology and business process management services exports to 12-14 per cent in 2015-16, according to sector body Nasscom.

This is lower than its growth forecast of 13-15 per cent for 2014-15. The export revenue grew 12.3 per cent on a reported currency basis in 2014-15 and 13.1 per cent on a constant currency basis.

Stock markets today rose for the second straight day with the benchmark Sensex rising 178.35 points to end at 28,533.97 and the Nifty index reclaiming the 8,600-mark powered by a rebound in bluechips amid hopes of faster reforms and optimism over the upcoming Budget.

After surging to 28,618.91 points on value-buying, the Sensex slipped partially to end at 28,533.97, logging a net gain of 178.35 points, or 0.63 per cent. Intra-day, it hit day’s low of 28,424.39. Yesterday, the index snapped a seven-day downtrend by rising 128.23 points.

Tata Consultancy Services (TCS) and Singapore Airlines (SIA) today introduced TCS CrewCollab Solution, a tablet-based mobile application for cabin crew to deliver more personalised customer service and to automate and streamline in-flight processes for cabin crew.

SIA is the launch customer for TCS CrewCollab Solution and its cabin crew are now using it on board. Crew can view information which traditionally has been in paper format, such as customer service lists, flight information and crew lists, digitally via tablets during flights.

The crushing defeat of India’s ruling BJP in the Delhi assembly elections has brought Prime Minister Narendra Modi “down to earth” and the poll results will increase the “enormous pressure” on him to deliver on his economic and governance promises, according to a media report.

The election defeat for Modi comes days after the successful visit of US President Barack Obama to India and following the biggest national election victory by his party in three decades, the New York Times editorial board said.

Mumbai: India’s benchmark index, S&P BSE Sensex, rose for the second consecutive day on Wednesday, led by shares of capital goods, healthcare and power companies, and banks.

The 30-share Sensex closed 0.63%, or 178.35 points, higher at 28,533.97, while the National Stock Exchange’s broader 50-share CNX Nifty gained 0.72%, or 61.85 points, to end at 8,627.40.

Mumbai, Feb. 10: Reliance Communications (R-Com) has joined hands with Facebook to offer free data access to 33 websites to its customers through Internet.org.

The facility will also be available to new customers of R-Com.

NEW DELHI: The Competition Commission has ordered a fresh probe against realty major DLF, finding the company to have prima-facie abused its dominant position, making it the second such probe ordered within two days. The new order, in which CCI has asked its investigative arm to conduct a detailed probe, relates to alleged "abuse of dominant position in development and sale of residential units in Gurgaon" for the Skycourt residential project of DLF Universal Ltd.

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