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HindustanTimes Fri,01 Aug 2014

Business

Petrol price cut by Rs. 1.09 a litre; diesel gets costlier

Petrol price was on Thursday cut by Rs. 1.09 per litre, the second reduction in three-and-half-months, while diesel rates were hiked by 56 paise a litre.

Tata Motors to invest Rs. 16,000 cr in 4 years

Tata Falcon hatchback, compact saloon to debut at Auto Expo
Tata Motors is increasing its capital expenditure in the domestic business and will invest `3,500 crore to `4,000 crore per year for the next 3-4 years, compared with its `2,700 crore last year, Tata Motors chairman Cyrus Mistry told shareholders at the company’s annual general meeting (AGM) on Thursday.

FM eyes financial inclusion via mobile banking for all

Mobile banking
Efforts are on to introduce mobile banking even on basic cellphones, finance minister Arun Jaitley said on Thursday, during a meeting with heads of public sector banks.

ICICI Bank Q1 net profit up 17%, beats estimates

ICICI Bank
ICICI Bank Ltd, country's second-biggest lender by assets, reported a 17% rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

Maruti Suzuki Q1 net up 20.7% at Rs. 762.28 crore

Alto 800
Driven by robust sales, cost reduction and forex gains, the country's largest carmaker Maruti Suzuki India on Thursday reported 20.69% increase in net profit at Rs. 762.28 crore for the first quarter ended June 30, 2014-15.

ultimatum
WTO faction discussing customs deal without India

Farmer Jasvir Singh
New Delhi wants the deal, which must be approved on Thursday, be accompanied by a parallel agreement giving it more freedom to subsidise and stockpile food grains than allowed under WTO rules.

Innovation to be key in Infosys’ strategy, says Vishal Sikka

Vishal Sikka

Innovation and building new solutions to meet cuastomer needs will be centre to Infosys’ strategy, said Vishal Sikka, who is set to take over as the CEO and MD of the software services firm on Friday. The new leadership team will  broadly stick to the plan put in place by founders, he added.

HCL Tech Q4 Net up 53.7% to Rs. 1,834 crore, beats estimates

HCL
India's fourth largest software services firm HCL Technologies on Thursday reported a 53.7% jump in its consolidated net profit to Rs. 1,834 crore for the fourth quarter ended June 30, 2014.

A billion dollar bet: Seven reasons why Flipkart is hot in the market

Flipkart, Binny Bansal, Sachin Bansal
It is not really a coincidence when Amazon.com announces that it would invest $2 billion (Rs 12,000 crore) in India exactly a day after Flipkart announces it has raised a record $1 billion in the latest round of funding. Read: Amazon to invest $2 billion more in India

Give up subsidised cylinders meant for poor: oil cos

LPG
“The results of this campaign are encouraging and over 3,500 customers of Indian Oil, HPCL and BPCL (including employees of oil firms) have already responded and surrendered their subsidised LPG connections,” a senior oil ministry official told HT.

BNP Paribas posts 4.3 billion euro quarterly loss after US fine

money exchange
BNP Paribas on Thursday posted a net quarterly loss of 4.3 billion euros ($5.75 billion), as a record fine for violating US economic sanctions sent it into the red for the first time since 2008.

Samsung profit falls as smartphone sales slow

 Samsung Galaxy S3 mini
Samsung Electronics Co. reported a bigger-than-expected fall in second quarter profit on Thursday and said it was uncertain if earnings from its handset business would improve in the current quarter.

Govt rules out any tax amnesty scheme; vows re-look at GAAR

Why did EC allow Rahul's roadshow and deny Modi, asks Jaitley
The government on Wednesday said it will not come up with any tax amnesty scheme to unearth black money as it acts as a disincentive to honest tax payers.

Indian airline companies headed for $1.4 bn loss in 2014-15: CAPA

Indian airlines are headed for another large loss in 2014-2015 with risks peaking for some carriers, a report by aviation consultancy firm Centre for Asia Pacific Aviation (Capa) has said.

Sensex surges 96 pts to reclaim 26K level; Airtel up, L&T down

Airtel
Solid gains in Bharti Airtel, ICICI Bank and HDFC shares helped the benchmark Sensex on Wednesday log its first rise in three sessions and end about 96 points higher to reclaim the 26K level despite sharp losses suffered by L&T.

Sun Pharma to seek shareholders nod for Ranbaxy acquisition

Ranbaxy
Mumbai-based Sun Pharmaceutical Industries will seek shareholders nod for its $4 billion acquisition of Ranbaxy Laboratories in a court convened meeting on August 22.
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