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NASSCOM inks MoU with Dubai Internet to expand Indian SMEs in MENA region
Posted on 1st October 2018
IT industry body NASSCOM has signed an MoU with a leading technology community here to help small and medium-sized Indian enterprises expand their operations in the Middle East and North Africa region.

The MoU between the National Association of Software and Services Companies (NASSCOM) and the Dubai Internet City (DIC) is first of its kind in the Middle East and North Africa (MENA) region.


Coal India to increase tenure of supply pacts with steel industry to 10 yrs
Posted on 19th October 2018
Coal India has decided to increase the tenure of fuel supply pacts to be signed with the steel industry to 10 years with a view to reducing the sector's reliance on imports for the fuel, according to a notice.

The new FSA tenure would be applicable from the fourth tranche of the auction of coking coal linkages for the steel sector to be held shortly, Coal India said in a notice to its subsidiaries.


IT shares trade weak; TCS hits 3-mth low, Infosys, HCL Tech down 4% each
Posted on 19th October 2018
Shares of information technology (IT) companies were trading lower at the bourses with Tata Consultancy Services (TCS), Infosys, Tech Mahindra and HCL Technologies falling up to 4% on the National Stock Exchange (NSE).

Mindtree, Sonata Software, Mphasis, Trigyn Technologies, Larsen & Toubro Infotech, Hexaware Technologies and Mastek were down in the range of 4% to 15%. At 01:41 pm,


Sensex cracks 408 points on global sell-off; Nifty below 10,400
Posted on 19th October 2018
The benchmark BSE Sensex sank over 408 points in early trade on Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets.

The broader NSE NIfty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped. The NSE Nifty index fell 80.85 points, or 0.77 per cent, at 10,372.30.


Former SBI Chairman Arundhati Bhattacharya joins Reliance Industries’ board
Posted on 19th October 2018
Former SBI chairman Arundhati Bhattacharya has joined the Reliance Industries board as an independent additional director, the Mukesh Ambani-led conglomerate said in a regulatory filing. She has been appointed for five years starting October 17, 2018, subject to shareholder approval, the statement further said.

RBI may opt for an early rate hike
Posted on 19th October 2018
Low CPI inflation at 3.8% in September may be welcome but this does not mean all is well on the price front as wholesale inflation increased to 5.13% in the same month, indicating the Reserve Bank of India might have to resort to a rate hike ahead of its December monetary policy.

Sabarimala row: Amid strong protests, two women begin climbing hill to visit Lord Ayyappa temple
Posted on 19th October 2018
Two women, including a reporter from Hyderabad, began trekking to Sabarimala hill on Friday amid strong protests by devotees opposing the entry of girls and women of menstrual age into the Lord Ayyappa temple.

Their attempt to reach the shrine came a day after a New Delhi-based woman reporter of a foreign media outlet made a failed bid to visit the temple.


YES Bank slips 4% after RBI rejects request to extend Rana Kapoor's term
Posted on 19th October 2018
Shares of YES Bank dropped as much as 4.9 per cent in the opening deals on Friday after the Reserve Bank of India (RBI) on Wednesday once again rejected the lender’s request for extending the term of MD & CEO Rana Kapoor, and reaffirmed the February deadline for finding his successor.

Reliance Industries falls 7% post Q2 results
Posted on 19th October 2018
Shares of Reliance Industries (RIL) has dipped 7% to Rs 1,073 on the BSE in early morning trade after a mixed bag results for the quarter ended September 2018 (Q2FY19) with its retail and digital services (telecom; Jio) businesses continuing to post strong growth, while its core refining business performance was a bit disappointing amid high expectations.

Accel invests Rs 1 bn in Sachin Tendulkar backed Universal Sportsbiz
Posted on 19th October 2018
Universal Sportsbiz (USPL), the owner of fashion brands Wrogn, Imara, and Ms. Taken, has raised fresh investment of Rs 1 billion ($13.5 million) from venture capital firm Accel Partners India, valuing the fast-fashion retailer at Rs 12 billion ($160 billion).

Alteria Capital Advisors, a Mumbai-headquartered investment firm, also invested Rs 65 million ($1 million) in this round.


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