Infosys's earnings for the quarter ended December 2014 have surprised the Street, with a marked improvement in many parameters - volume growth (growth in billed man-hours in a quarter), profit margin and employee utilisation. However, the growth in revenues was largely in line with a seasonally weak quarter, one with many holidays and client furlough.

Kotak Mahindra Bank on Thursday announced the withdrawal, for the time being, of the nomination of Paul Parambi to the board of directors of Multi Commodity Exchange.

The world was looking at India with hope-filled eyes, said Prime Minister Narendra Modi on Thursday, welcoming the Indian diaspora to the 13th Pravasi Bharatiya Divas (PBD) in the Gujarat capital.

Describing India as a land “brimming with opportunities” at the inaugural address of the meet at Mahatma Mandir, Modi said: “Indians have explored various countries of the world for opportunities to scale new heights. They gave a new identity to India. It was the need of that time.”

MUMBAI: In a strong show by Indian markets, the benchmark Sensex soared by 366 points to end at 27,274.71 and the rupee gained hefty 50 paise to close at nearly four-week high of 62.67 against the US dollar on Thursday.

Stocks rose after a three-day downward trend on account of value-based buying and a firming trend in global markets on strong US data and fresh Eurozone stimulus hopes.

Sao Paulo: Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) and its Indian partners—Videocon Industries Ltd and Bharat Petroleum Corp. Ltd (BPCL)—have found more light crude oil in the Sergipe Basin off Brazil’s Northeast coast, according to a securities filing on Thursday.

The discovery in the BM-SEAL-11 exploration block is one of several in recent years in an area believed to hold more than 1 billion barrels of recoverable oil, or enough to supply all needs in the US for nearly 2 months.

NTPC has cancelled an over Rs 2,000-crore deal with Russia’s state-owned Technoprom Export (TPE) for supply of main equipment (boilers) to its 1,980 MW super thermal power project (STTP) at Barh in Bihar’s Patna district, due to inordinate delays and breach of contract terms by TPE. It has also encashed bank guarantees of R800 crore given to TPE and the deed of joint undertaking (DJU) partners, following a decision taken at the PSU’s board meeting on December 23, according to sources privy to the matter.

Car companies are ready with New Year offerings and at least three crucial launches are lined up for this month.

Tata Motors, which found its footing in the car market after the launch of a compact sedan a few months ago, will unleash its second model Bolt, a hatchback, on January 22.

Benchmark share indices came off their early highs amid profit taking in select index heavyweights even as Tata Group shares continued to trade higher.

At 10:30AM, the 30-share Sensex was up 193 points at 27,468 after hitting an intra-day high of 27,508 and the 50-share Nifty was up 55 points at 8,290 after touching 8,303 in early trades.

After close to 18 years, the income tax (I-T) department’s proceedings against former Tamil Nadu chief minister Jayalalithaa and her close associate Sasikala in four cases ended today.

The chief metropolitan magistrate here discharged both individuals after the prosecution said it had wished to withdraw the cases.

In a discussion paper — ‘Revisiting capital raising process’ — issued on Thursday, the market regulator suggested a timeline reduction would be possible if cheque payments are done away with.

“...The post issue timelines will reduce from T+12 days to T+6 days. Once the process gets stabilised, timelines can be further curtailed to T+3/2 days. Further, on account of reduction in printing of application forms, the overall cost of public issues will also come down,” said the Securities and Exchange Board of India (Sebi).

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