Companies and Markets

Companies & Markets

Nilekani’s return Infy promoters may need to make open offer

Nandan Nilekani’s return to Infosys as chairman and co-founder NR Narayana Murthy exerting his power could amount to a change in control under Sebi regulations, requiring promoters to make an open offer, shareholder advisory firm SES has said.

The Bengaluru-based firm has been in the eye of the storm over the past few months, with the two sides —promoters and the earlier board of the company — clashing over issues such as corporate governance lapses and alleged irregularities in the acquisition of Panaya.

Nifty tops 10,000 as global frictions ease

NSE’s Nifty-50 index regained 10,000-level last seen in early August with good buying seen in banks, capital goods, utilities and oil and gas stocks. Improvement in global geopolitical situation and gain in other major Asian and European market boosted sentiments.

Nifty-50 first crossed 10,000 mark on July 25, 2017 and after trading above 10,000 level for 11 sessions fell below 10,000 level on August 8, 2017.

Buying in Indian stocks was led by domestic institutional investors after range bound trading seen in last few weeks, while foreign investors were net sellers.

Saab picks Adani as partner for fighter jets bids

Sweden’s Saab will tie-up with India’s Adani Group to bid for a contract to make fighter aircraft in India, an aerospace consultant aware of the proposed partnership told Reuters on Thursday.

The partnership will compete with US defence giant Lockheed Martin in a two horse-race to equip the Indian military with single-engine jets to be produced locally under Prime Minister Narendra Modi’s “Make-in-India” initiative.

As market hits new highs, MFs sit on cash pile

With the market hitting all time highs and valuations becoming expensive, domestic asset managers have turned cautious as they have hiked the cash levels on their portfolios. As of July end, the cash levels of domestic mutual funds stood at a record high of Rs 35,055 crore which is 5.6 percent of the total equity assets under management (AUM) of the industry.

Certain PSU posts also come under OBC creamy layer

The Centre has expanded the ambit of 'creamy layer' to include certain posts in PSUs and public sector financial institutions.

In effect, it bars these officials and their kin from claiming reservation benefits under the other backward castes (OBC) category, potentially benefiting many deserving candidates, who are less privileged in terms of economic condition.

The Union cabinet also approved excluding 'socially advanced persons/sections' from the purview of reservation under the OBC category.

Wipro shareholders approve Rs 11,000cr buyback proposal

The country’s third-largest software services firm, Wipro, on Wednesday said its shareholders have approved the company’s Rs 11,000-crore buyback proposal.

The Bengaluru-based company has fixed September 15 as the record date for the buyback offer.

It had said last month that it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

In a filing to the BSE, Wipro said the “special resolution has been passed through postal ballot and e-voting by members by requisite majority.”

L&T sees $28b golden goose in defence contracts

Fresh from winning its biggest defence contract in May, Larsen & Toubro is planning to bid for $28 billion of orders, including warships and submarines in India, as Prime Minister Narendra Modi breaks with tradition to embrace private, local suppliers.

Bansal paid to hide Sikka’s secret: Murthy

Infosys’ public spat isn’t over even after Nandan Nilekani’s return to the company in a non-executive role. Stirring up the controversy, co-founder NR Narayana Murthy on Tuesday accused former chairman R Seshasayee of lying about the Rajiv Bansal issue at the AGM.

MRF expects to cross Rs 20,000 crore turnover by 2020

With the Gujarat manufacturing facility scheduled to be operational by 2020, tyre maker MRF expects its turnover to grow to over Rs 20,000 crore by then.

The company is investing Rs 4,500 crore in Gujarat over a ten-year period in a phased manner with the intention of broad basing its manufacturing across India as the existing facilities are largely spread across south India. The first phase of the new plant in Sanand is expected to complete by 2020.