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BSNL to offer free roaming services from June 15
Posted on 3rd June 2015
Mobile subscribers of state-run telecom firm Bharat Sanchar Nigam Limited (BSNL) will be able to avail free roaming services across India from June 15, minister for communications and information technology Ravi Shankar Prasad said while talking about the one-year achievements of his ministry. BSNL had a mobile subscriber base of 77.2 million at the end of March.

At present, BSNL earns about Rs 150 crore from roaming rates, BSNL chairman and managing director Anupam Shrivastava said. He said, though the roaming revenues will come down, the company expects new subscriber additions going forward because of the free roaming facility. The company operates across India except Delhi and Mumbai where its sister concern Mahanagar Telephone Nigam (MTNL) operates.

Tata Motors gains post May sales number
Posted on 2nd June 2015
Shares of Tata Motors have gained over 1% to Rs 477 on the NSE after the company’s total commercial and passenger vehicles sales (including exports) rose 5% to 39,496 units in May 2015 over May 2014.

Sales of Tata Motors passenger vehicles rose 21% to 11,138 units in May 2015 over May 2014. The growth trend was driven by the cars segment, specifically the new launches of Zest and Bolt and with positive early response to the new GenX Nano, Tata Motors said.

Sensex, Bank Nifty plunge 400 points; HDFC dips 3%
Posted on 2nd June 2015
Markets continue their sharp downfall weighed down by rate-sensitive stocks after the Reserve Bank of India (RBI) at its monetary policy review indicated that the further rate cuts depend on the monsoon and inflation data.

At 1:05 PM, the 30 share Sensex shed 375 points or 1.31%, to 27,483 levels while the Nifty 50 slipped below 8,350 to 8,309 levels, down by 125 points or 1.5%.

Bajaj Auto sales skid 2% in May
Posted on 2nd June 2015
Bajaj Auto today reported a 2% decline in total sales in May at 3,45,438 units against 3,51,436 units in the same month last year.

Motorcycle sales during the month dropped 4% at 3,01,862 units as against 3,13,020 units in May last year, the company said in a BSE filing.

ONGC to invest Rs 5,000 cr in 4 coal bed methane blocks
Posted on 2nd June 2015
Oil and Natural Gas Corporation (ONGC) will explore four of its coal bed methane blocks on its own. This will require an investment of Rs 5,000 crore.

D K Sarraf, chairman and managing director, said, “We have decided to expedite development in our CBM blocks. CBM does not require technology or expert knowledge. We were in this business and our team is familiar with exploration plans”.

Finmin denies Air India request to treat equity infusion as grant
Posted on 2nd June 2015
The ministry of finance has not accepted a proposal by Air India to treat Rs 4,300 crore of the government’s equity infusion into the airline as a grant or income so as to prop up the bottom line of the carrier. “The finance ministry hasn’t favourably considered the request from Air India,” a senior Air India official told FE.

FE had earlier reported that the Rs 4,300 crore equity received by Air India, as part of the government’s infusion in accordance to the Turn Around Plan (TAP), will be used to fund the interest cost. Therefore, Air India executives want to treat this equity infusion as an income in the airline’s balancesheet.

Indian IT services companies lagging in the next big thing
Posted on 2nd June 2015
Bengaluru: Indian IT companies are looking to build up their presence in the social, mobile, analytics and cloud (SMAC) space, but they have a long way to go to catch up with their global outsourcing peers when it comes to offering elements of these new technologies to clients.

Infosys Ltd gets 8% of its $8.7 billion revenue from offering solutions to clients in the SMAC or digital space, a relatively small percentage when compared to global outsourcing giant Accenture Plc, which gets a fifth of its $30 billion revenue from client spending in that area.

Casuals in, suit-boot out at Infosys
Posted on 2nd June 2015
BENGALURU: Vishal Sikka did away with Monday's mandatory tie soon after he became Infosys CEO in August last year. Now, all Infoscions have been told that they are free to get rid of their formals and dress more comfortably to work through the week. Turtlenecks and denims, and anything that does not look too shabby or too casual, are officially in.

This marks a big change for a company that for years mandated that all employees should come in formals from Monday to Thursday. For a company whose vast majority of employees is in their twenties, formals was a source of much irritation.

Government reduces import tariff value on gold, silver
Posted on 2nd June 2015
NEW DELHI: Taking cue from global price trends, the government on Monday reduced the import tariff value of gold to $385 per 10 grams.

The import tariff on silver has also been cut to $544 per kg.

RIL sells stake in US pipeline venture for $1 billion
Posted on 2nd June 2015
NEW DELHI: Mukesh Ambani's Reliance Industries Ltd has sold its entire 49.9% interest in a US shale oil and gas pipeline joint venture to New York-listed Enterprise Products Partners for more than $1 billion in an all-cash deal.

Reliance and Pioneer Natural Resources Co, its partner in the US shale gas business, sold Eagle Ford (EFS) Midstream venture to Enterprise Products Partners for $2.15 billion. Eagle Ford (EFS) Midstream owns a 460-mile pipeline network. Pioneer held 50.1% in the venture.

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