Vedanta Resources will use the $1.7 billion (Rs 9,500 crore) it has raised through bonds to partly repay the debt taken for its Cairn India acquisition.
India’s biggest commercial bank, State Bank of India (SBI), on Thursday posted a 18.54% year-on-year decline in its net profit to Rs. 3,299 crore during the quarter ended March 31, from Rs. 4,050 crore recorded during the corresponding quarter of the previous fiscal.
Phaneesh Murthy, the disgraced former chief executive of iGate Corp, may lose as much as USD 15.09 million (about Rs. 84 crore) in severance benefits after being sacked by the US-based firm for professional misconduct.
Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13-17% for the year to end-March 2015, but said there were “encouraging” signs of a revival in its electronics business.
Despite an increase in total income, engineering and construction major Larsen & Toubro (L&T) reported a 6.9% year-on-year decline in standalone net profit for the March quarter at Rs. 1,788 crore, mainly due to a sharp increase in interest costs which skyrocketed to 132%.
A consumer forum in Delhi imposed a fine of Rs. 5.5 lakh on banking major Hongkong and Shanghai Banking Corporation (HSBC) Ltd for unfair trade practice of keeping its customer's already settled loan account outstanding and charging interest from him.
Infrastructure conglomerate Larsen & Toubro today reported 6.90% decline in standalone net profit at Rs. 1,787.94 crore for the fourth quarter ended March, 2013, due to a sharp rise in interest outgo.
Describing Indian market as an attractive and big for solar power, equipment maker First Solar has said it is looking for partnerships to strengthen business activities in the country.
Lawyer for Rajat Gupta, told the 2nd US Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence.
iGate Corporation, a US-listed IT company, on Tuesday sacked its India-born president & CEO Phaneesh Murthy for not disclosing to the management his relationship with a subordinate employee.
HT reports.
The 48-year-old’s exit on grounds of sexual harassment from the company, the same ground on which he quit Infosys in 2012, has a ring of déjà vu. On both occasions, Murthy has denied any wrongdoing.
N Madhavan writes.
Nasscom chairman Krishnakumar Natarajan today said iGATE board has taken a right decision to sack its President and CEO Phaneesh Murthy over alleged sexual harassment, emphasising that a "quick and decisive" action in such incidents augurs well for the IT industry.
Outsourcing company iGate Corp said it had sacked its chief executive Phaneesh Murthy for not disclosing a relationship with a subordinate after investigating one of India's best-known IT executives for sexual harassment.
Phaneesh Murthy, who became one of the youngest Infosys officials to head the company's key operations in north America, fell from grace after being sacked as the CEO of Nasdaq-listed iGate Corporation following an inquiry into a controversy surrounding his relationship with a subordinate employee.