India

Forbes’ 2014 Midas List includes 11 Indian-Americans

Forbes’ 2014 Midas List includes 11 Indian-Americans

This year's Forbes' Midas List, which features the top one hundred tech investors in venture capital, includes 11 Indian-Americans who pocketed nearly $95 billion in profits from their investments in tech startups.

Aneel Bhusri, co-CEO of Workday, topped the list of Indian-Americans who made billions from their tech startups. Workday is a cloud-based financials & human resources software firm. Forty-eight-year-old Bhusri is a graduate from Stanford business school. He grabbed the 17th spot on the list, with a net worth of $1.3 billion.

Nokia staff to go on hunger strike on Monday

Nokia staff to go on hunger strike on Monday

Nokia employees have threatened that they would have to resort to a hunger strike in case the handset maker turns the Sriperumbudur, Chennai-based factory into a contract manufacturer or cuts output.

Nokia India has long been entangled in Rs 21,000-crore tax dispute with Indian tax authorities that forced the income-tax department to freeze the Chennai factory. On March 14, the Supreme Court upheld a lower court verdict over the manufacturing facility and ordered the company to give Rs 3,500 crore guarantee before transferring the facility to Microsoft.

SC-appointed panel recommends 20M T/year limit on iron ore production in Goa

SC-appointed panel recommends 20M T/year limit on iron ore production in Goa

A panel appointed by the Supreme Court of India has recommended lifting of iron ore production ban in Goa, albeit with a condition that production should be capped at 20 million tonnes per year.

Prior to ban iron ore production in 2012, Goa was India's top exporting state of the raw material for steel. The cap on production recommended by the SC-appointed panel is equivalent to just 40 per cent of what Goa produced in the financial year through March 31, 2012.

SC asks Sahara chief Subrata Roy to deposit Rs 10,000cr to get bail

SC asks Sahara chief Subrata Roy to deposit Rs 10,000cr to get bail

The Supreme Court of India on Wednesday allowed disgraced Sahara chief Subrata Roy to get bail on the condition that he would deposit Rs 10,000 crore.

A bench of justices K. S. Radhakrishnan and J. S. Khehar asked 65-year-old Roy's senior counsel C. A. Sundaram to inform it by Thursday as to whether Roy was ready to deposit the amount or not.

Putting the condition, the bench said, "We are inclined to grant interim bail to the contemnors (Roy and two directors) who are detained by virtue of our order dated March 4 on the condition that they would pay the amount of Rs. 10,000 crore."

DGCA finds ‘serious lapses’ in RIL and JSPL planes

DGCA finds ‘serious lapses’ in RIL and JSPL planes

Indian civil aviation regulator found serious lapses in a private planes owned by Reliance Industries Ltd (RIL) and Jindal Steel & Power Ltd (JSPL).

The Directorate General of Civil Aviation (DGCA) grounded a plane owned by RIL for flouting safety norms. During random checks yesterday, DGCA officials found the plane carrying expired safety equipment on board.

Moreover, the pilot was flying without a licence. The co-pilot too was not in possession of certain essential documents. The regulator suspended the pilot and grounded the RIL plane.

Allowing more banks to import gold will lead to lower cost: RBI

Allowing more banks to import gold will lead to lower cost:  RBI

Allowing more banks to import gold will lead to lower cost that will in turn lead to improvement in India's current account deficit (CAD), according to Reserve bank of India (RBI) Deputy Governor K. C. Chakrabarty.

Earlier this week, the central bank allowed some private-sector lenders to import gold, a move that is being seen as a precursor to relaxation in restrictions on imports of the precious yellow metal.

Nokia files writ petition against Tamil Nadu govt.’s Rs 2,400cr tax demand

Nokia files writ petition against Tamil Nadu govt.’s Rs 2,400cr tax demand

Nokia India on Friday refuted Tamil Nadu government's allegation that the handset maker avoided taxes on handsets sold domestically by masking them as exports.

Filing a writ petition with the Madras High Court, Nokia India revealed that Tamil Nadu's income tax department had asked it to pay Rs 2,400 crore in tax, claiming that that handsets manufactured by the company in Chennai were not exported and were instead sold in the domestic market.

India is fastest growing market in Starbucks’ history: Avani Davda

India is fastest growing market in Starbucks’ history: Avani Davda

American coffee chain Starbucks, which opened its first Indian outlet in Mumbai in October 2012 in partnership with Tata Global Beverages, has herald has said that India is the fastest growing market in its history.

During the last seventeen months of its operations in India, Tata Starbucks joint venture has opened a total of 40 stores.

During the recently held annual shareholders meet, Tata-Starbucks CEO Avani Davda said, "With 40 stores in four cities (in 17 months) and nearly 1,000 partners, India is the fastest growing market in Starbucks history."

Job scenario in Bangalore looking better

Job scenario in Bangalore looking better

Despite persistent sluggishness in the economy, job scenario in Bangalore is looking better, and many experts believe that it would improve once uncertainty around the upcoming elections clears.

According to data by Naukri Job Speak Index, monthly hiring activity in Bangalore jumped 8 per cent from January to February this year.

Bangalore, which was once known for just software services, has now moved beyond IT field to sectors like biotechnology, hospitality, retail, and microfinance.

TCS stock tumbles 5% on weak revenue growth outlook

TCS stock tumbles 5% on weak revenue growth outlook

Stock in Tata Consultancy Services (TCS) tumbled as much as 5 per cent in early morning trade on Wednesday after the software services provider announced a low-key outlook for its quarterly revenue growth.

The largest Indian IT outsourcer yesterday announced that its revenue growth in the January-March quarter would likely be weaker than that of the October-December quarter.

Kotak Institutional Equities said in a note, "We are disappointed by the muted outlook for the quarter and expect constant currency revenue growth of around 2 per cent, down from our 3 per cent estimate earlier."