The BSE Sensex and Nifty on Friday rose for a consecutive session, paring a weekly loss, as Infosys, the country's second-largest software exporter reported profit that beat estimates and global stocks rallied.

Infosys rallied the most in three months after the company maintained its annual sales forecast. The stock now has the highest weighting on the Sensex, up from a third place on Thursday.

The finance ministry has proposed standards for disclosing and computing of income, for the purpose of levying tax on companies. The draft, among other matters, provides for recognising segment-wise income for works spread over a period of time.

The finance ministry has proposed standards for disclosing and computing of income, for the purpose of levying tax on companies. The draft, among other matters, provides for recognising segment-wise income for works spread over a period of time.

The government is likely to exempt Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) from payment of fuel subsidy during the rest of the financial year due to steep decline in global oil rates to around $50 a barrel.

The upstream producers made good nearly half of the revenue loss or under- recoveries that fuel retailers incurred on selling cooking fuel and diesel until recently at government controlled rates.

Succession planning at ITC appears to be gaining traction, with the latest reshuffle in portfolios of top executives. Executive directors Kurush Grant and P V Dhobale’s portfolios have been interchanged. Grant, who was heading the fast-moving consuming goods (FMCG) business, will now be overseeing paper, paperboards and packaging, along with finance and information technology. Executive director Nakul Anand, in addition to overseeing the hospitality, travel and tourism businesses, has taken over the responsibility of the lifestyle retailing business.

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.

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