Business News

Infosys stock slips nearly 9% on weak revenue growth outlook

Infosys stock slips nearly 9% on weak revenue growth outlook

Shares of IT outsourcer Infosys came under tremendous selling pressure in morning trade on Thursday after the company announced that it was expecting this fiscal's revenue growth to be weak.

Infosys said it expected its revenue would likely grow 11.5 per cent year-on-year in 2013-14, lagging peers like TCS and HCL Tech.

The expected growth rate also lags industry body Nasscom's estimated growth rate of 13 per cent for the industry.

Sesa Sterlite planning to cut 1,000 jobs

Sesa Sterlite planning to cut 1,000 jobs

Sesa Sterlite Ltd, India's leading iron ore exporter until it was banned from mining in Goa around months back, is now planning to cut jobs to cope with escalating costs.

The miner on Tuesday announced that it might have to eliminate 40 per cent of its workforce or 1,000 of its 2,500 workers, if the court put a limit on the amount of ore it can mine in the state.

Prasun Kumar Mukherjee, executive director for iron ore business at Sesa Sterlite Ltd, confirmed that the company was looking critically at all fixed costs and planning to layoff nearly one thousand workers.

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India's trade deficit narrowed to lowest in five months in February this year despite a decline in exports, according to stats released by the commerce ministry on Tuesday.

Newly released figures revealed that the country's trade deficit narrowed to $8.13 billion in the second month of this year even as exports slipped 3.7 per cent year-on-year to $25.69 billion.

The shrinkage in the trade deficit was on account of continued decline in imports, which slipped 17.1 per cent year-on-year to $33.82 billion.

Tatas to take final decision on retail JV after final regulatory nod

Tatas to take final decision on retail JV after final regulatory nod

The Tata Group has said that it would take the final decision on its plan to open multi-brand retail stores in partnership with British retailer Tesco only after gaining final regulatory approvals.

In December 2012, Tata Group's Trent Hypermarket and Tesco won approval of the Foreign Investment Promotion Board (FIPB) to open multi-brand retail stores in India, but final approvals are still pending because of inter-ministerial issues over the approval order's wording.

Google can be fined up to $5 billion by CCI

Google can be fined up to $5 billion by CCI

Search engine giant Google Inc could be slapped with a penalty of up to $5 billion if it is found guilty of violating competition norms in India, emerging reports suggest.

The Asian country's fair trade watchdog, the Competition Commission of India (CCI), is examining if the Internet search giant has really breached competition norms of the country.

Tata Motors launches low-priced ‘Prima’ trucks

Tata Motors launches low-priced ‘Prima’ trucks

Tata Motors Ltd on Thursday launched a new range of low-priced truck models, as the Indian auto giant is looking to tap the country's high volume multi-axle segment.

The new low-priced truck models, launched under the Prima brand, are nearly 20 per cent cheaper than the company's existing Prima range of trucks, and merely 5 per cent costlier than its conventional trucks.

The price tags for the Prima LX trucks range between Rs 18.5 lakh and Rs 32.5 lakh, while the company Prima trucks cost in the range of Rs 23 lakh to Rs 65 lakh.

Daimler India lays foundation stone for bus manufacturing plant

Daimler India lays foundation stone for bus manufacturing plant

Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of German auto giant Daimler AG, on Thursday laid the foundation stone for a new bus manufacturing & assembling facility in Chennai.

The upcoming manufacturing facility, which will be set up at the company's existing site of Oragadam plant near Chennai, will produce both intra-city and inter-city (luxury and premium) buses.

The Indian arm of Daimler AG has plans to produce two different sets of buses under two different brands, viz. Bharat Benz and Mercedes Benz, to compete with existing competitors.

All gas discoveries won’t be viable even at $8: ONGC

All gas discoveries won’t be viable even at $8: ONGC

While many political parties as well as consumer advocates have been criticizing the government for increasing the price of domestic gas, state-run Oil & Natural Gas Corporation (ONGC) has expressed concerns that even the increased price would not be able to make all gas discoveries viable.

The government has decided to increased domestic natural gas price to almost double, from current $4.2 per million British thermal units (mBtu) to $8 per mBtu from the April 1, 2014.

As per some estimates, ONGC will receive additional revenue of Rs 16,000 crore from gas price rising.

Former Fed Reserve chief Bernanke earns at least $250,000 in just 40 minutes

Former Fed Reserve chief Bernanke earns at least $250,000 in just 40 minutes

Ben Bernanke reportedly earned more in just 40 minutes for delivering a speech on Tuesday than he earned in one full year as head of the U. S. Federal Reserve.

Mr. Bernanke, who stepped down form the top job at the central bank in January this year, received at least $250,000 for a public speaking engagement in Abu Dhabi on Tuesday, sources familiar with the matter revealed.

That is a huge amount in comparison to his 2013 paycheck of $199,700. He is reportedly scheduled to engage in two more public speaking events around the world this week.

Bill Gates swings back to top spot on Forbes billionaire list

Bill Gates swings back to top spot on Forbes billionaire list

Microsoft Corp. co-founder Bill Gates has once again topped Forbes magazine's annual list of the world's richest people, while Mexico's telecommunications tycoon Carlos Slim Helu, who was at the top last year, slipped to the second spot.

Mr. Gates reclaimed the top position from the Mexican tycoon with a net asset worth of $76 billion. In the last year's list, the technology guru was at the second spot with assets worth $67 billion. He has topped the annual list of the world's richest people for a total of 15 times in the last 20 years.