Companies and Markets

Companies & Markets

Digital to disrupt revenues of legacy IT services: study

The contract size of digital products have increased significantly in 2017, reinforcing vendor commentary that digital services are in the implementation mode, said a survey conducted by UBS Evidence Lab across 224 IT decision makers in Fortune 500 and Global 1000 companies.

The improvement in offshore rankings has come more at the expense of in-house capabilities and specialist vendors than the large consulting-led service providers, said the study.

ICICI Bank reduces 1,000 employees in second quarter

The ICICI Bank has reduced its employee base by 1,082 in a three-month period between July and September this year.

According to latest figures, ICICI bank, the country’s biggest private sector lender, had 83,058 employees as of September 30. This number as of June 2017 stood at 84,140.

Rajan’s fitting reply to US concerns over India’s rising forex

India’s growing foreign exchange reserves have made US treasury wary of the feat. The US treasury said it would be “closely monitoring” India’s foreign exchange and macroeconomic policies, which could mean India stands the risk of being branded as currency manipulator. But the former RBI governor Raghuram Rajan, whose polices have immensely contributed to forex building, gave befitting to reply to US concerns. “I don’t suspect the treasury will do that (branding India as currency manipulator), but it shouldn’t, even if it’s thinking of it,” Rajan, who now teaches in the US, asserted.

Bitcoin skyrockets above $7,000 for first time ever

Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year.

Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone. It hit as high as $7,066.44 on the Luxembourg-based Bitstamp exchange on Thursday.

The latest rally was driven by news earlier this week that the world’s largest derivatives exchange operator CME Group is to launch bitcoin futures.

FSSAI launched Food Regulatory portal for businesses

The Food Safety and Standards Authority of India (FSSAI) today launched a portal which will inform businesses about regulations related to the food sector.

FSSAI CEO Pawan Agarwal said the portal focuses on six key areas -- food standards, consistent enforcement, hassle free food imports, credible food testing and codified food safety practices -- of the food sector.

About 90 per cent of standards pertaining to the food sector has been notified and the remaining would also happen soon.

Gold smuggling soars 80% after GST rollout

Gold smuggling zoomed by 80 per cent in September quarter despite the rollout of GST in July to widen tax net. On a sequential basis, the illegal import has doubled, according to an update by metals agency GFMS.

The July-September quarter saw gold smuggling of 46 tonnes against 25.2 tonnes in the same period last year and 22.8 tonnes in June quarter of this year. Illegal imports in the three-month period of July-September were the highest in the past five quarters.

HMD in talks with telcos for bundling Nokia phones

Iconic Nokia phone may soon come bundled with telecom service providers as its new owner HMD aims to improve the brand’s market share in India.

Nokia phones were revived by Finnish company HMD Global, which now owns and markets them. HMD has been aggressive after reincarnating Nokia phones and has launched 11 phones in the past 11 months.

“We are in discussion with all telecom operators, including government telcos for bundled services.
"We are open to it as a strategy,” Florian Seiche, HMD Global CEO, told Financial Chronicle.

Govt approves sale of entire 73% stake in Dredging Corp

The government has finally bitten the bullet. It has cleared the sale of its entire stake of 73.47 per cent in profit making Dredging Corporation of India (DCI).

Also under discussion are five more PSUs — STC, MMTC, Kamajaar Port, RCF and Hindustan Copper, which could be put on the block in the next round.

According to sources, the Union cabinet on Wednesday approved the entire stake of the government in the miniratna firm DCI. At current share prices, the sale could fetch the government about Rs 1400 crore.

Mint says no RBI order to print Rs 2,000 notes

As demonetisation of Rs 500 and Rs 1,000 bank notes completes one year on November 8, there is a widespread apprehension that the government may phase out Rs 2,000 notes, which were introduced aft

Market celebrates India’s new ranking

Sensex and Nifty rallied by more than one per cent to yet new record highs, as a jump in India’s ranking in the World Bank’s ease of doing business survey to 100 from 130 and core sector growth hitting a six-month high in September led to fresh buying in blue chips.