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HindustanTimes Sun,23 Nov 2014

Business

Infosys cracks down on BPO arm for faking bills

An anonymous mail has surfaced in Infosys, claiming to be from an employee who worked in the finance department of the company, questioning the internal controls of the company.

Take proactive steps to bring down NPAs: FM

Finance minister Arun Jaitley on Thursday asked chiefs of public sector banks (PSBs) to focus on recovery and take proactive steps to bring down the level of non-performing assets (NPAs).

Tech Mahindra buys US company for $240 million

Tech Mahindra, India’s fifth-largest IT service company, has entered into an agreement to buy US-based network services company Lightbridge Communications Corporation for $ 240 million (Rs 1,486.5 crore).

Wal-Mart denies violating FDI norms, says all rules followed

Multinational retailer Wal-Mart on Thursday refuted the allegations made by Cobrapost.com of foreign direct investment violation in India and insisted that it regularly conducts membership audit internally to keep a tight vigil and continuously improve strict compliance norms.

India in talks to save Rs. 18k cr on oil imports

In what will help the country save anywhere between $3-5 billion (Rs18,000 to Rs30,000 crore) of foreign exchange every year, India has begun tough negotiations with leading oil producers and suppliers in the Gulf nations to do away with the Asian premium.

Kotak acquires ING Vysya Bank, eyes national footprint

Shares of the two banks ended at life-time highs on the Bombay Stock Exchange Thursday. While Kotak Mahindra surged 7.2% at Rs. 1,157.05, shares of ING Vysya Bank ended 7.1% up at Rs. 814.20.

Rupee plunges to 62-level against US dollar, but recoups losses

The rupee on Thursday plunged to a nine-month low of 62.25 against the dollar but recouped losses to close the day at 61.94 on suspected selling of the US currency by state-run banks on behalf of the RBI and mild recovery in stocks.

Wal-Mart, Metro Cash flouting FDI norms, selling to retail buyers

Multinational retailers Wal-Mart, Metro Cash & Carry and Carrefour, which are allowed to sell goods and merchandise only to wholesale customers in India, are blatantly violating rules and selling to individuals, an undercover investigation by web portal Cobrapost.com has shown. The portal, which has recorded the entire operation on video, has shared its investigation report exclusively with HT.

IT, pharma shares help Sensex, Nifty log first rise in 3 sessions

Indian markets on Thursday logged their first rise in three sessions with benchmark Sensex gaining 35 points to end at 28,067.56 and Nifty appreciating 20 points to close above 8,400-mark after IT and pharma shares held to late gains, amid rupee breaching the 62-mark versus the US dollar.

Sensex, Nifty retreat after hitting new peaks on profit-taking

Indian stocks sold off sharply inlate trade on Wednesday after hitting new peaks with Sensex ending 130 points down at 28,032.85 and Nifty slipping 44 points to end below 8,400 mark on profit-booking and weak global cues.

Rupee hits 8 1/2 month low on dollar demand from oil firms

The rupee hit an 8-1/2 month low on Wednesday as global gains in the dollar ahead of the release of US Federal Reserve minutes later in the day and slumping crude prices spurred oil firms to accelerate their greenback purchases.

Sebi comes out with stringent insider trading norms

Revamping its nearly two-decade old regulations on insider trading, Sebi today approved stricter norms, including new definition for connected people, to prevent the menace.

Coal block auction in February; govt aims to keep lid on power tariff

The much-awaited auction of coal blocks is likely to be held in the second week of February, but power tariffs are unlikely to shoot up following bidding as the government has put in place norms to regulate the bid war.

Government considers system to ease loan recoveries

The government is considering putting in place a mechanism that would ensure time-bound closure of legal cases pertaining to non-performing assets, a move that would speed up the recovery process for banks.

Bombay HC rules in favour of Shell in transfer pricing case

Bombay high court on Tuesday ruled that oil major Shell India was not liable to pay income tax in a long pending Rs. 18,000-crore dispute. This is expected to ease foreign investors’ concerns about tax predictability in India, and boost the country’s investment climate.
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