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Sensex trades flat; Infosys rises 2.7%
Posted on 12th June 2014
Mumbai: The 30-share bellwether BSE Sensex on Thursday was trading flat tracking weak cues from Asian equity markets.

At 09.17am, the Sensex was trading lower by 0.03%, or 8.09 points, at 25,481.98 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading down 0.03%, or 2.45 points, at 7,624.40 points.

Reliance Jio plans 14 data centres for high-speed cloud services
Posted on 12th June 2014
Mumbai: R eliance Jio Infocomm Ltd, the telecom unit of Mukesh Ambani’s Reliance Industries Ltd (RIL), is setting up 14 data centres across India to create a cloud-computing infrastructure that can take advantage of, and complement, its long-delayed roll-out of fourth generation, or 4G, telecom services, finally expected this year.

The cloud-based services, three company executives familiar with the plan said, will span healthcare, education and entertainment, and build synergies with the home shopping and content businesses of Network18 Media & Investments Ltd, in which RIL is acquiring a majority stake.

Infy appoints Vishal Sikka as CEO & MD; stock gains ground
Posted on 12th June 2014
Infosys has opened higher by nearly 3% at Rs 3,280 on the NSE after the board has appointed former SAP executive Vishal Sikka as the Chief Executive Officer and Managing Director (CEO & MD) of the company. Sikka will take over from August 1, 2014.

The board of directors of the company has also elevated U B Pravin Rao, president and whole-time director, as the Chief Operating Officer, with effect from June 14, 2014, Infosys said in a statement.

India's Kotak Mahindra Bank gains; Deutsche upgrades to 'buy'
Posted on 11th June 2014
Shares of India's Kotak Mahindra Bank Ltd up as much as 3 percent after Deutsche Bank upgrades the stock to "buy" from "hold" and increases the price target to 1,080 rupees from 770 rupees. High operating leverage in banking, broking and other sectors is driving strong earnings, while investments in its distribution network is resulting in sustained growth, Deutsche said in a note.

India exports grow 12.4 pct to $28 bn in May; trade deficit up at $11.23 bn
Posted on 11th June 2014
India's exports rose 12.4 per cent in May over the previous year - the sharpest rise in 6 months - helped by a weaker rupee, government data showed on Wednesday.

Exports in May reached $28 billion, data released by the Ministry of Commerce and Industry showed.

NDA govt moves to amend Factories Act
Posted on 11th June 2014
New Delhi: Taking its cue from Rajasthan, as it were, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government has initiated action on the sensitive subject of labour law reforms. To begin with, the labour ministry has sought suggestions from all stakeholders, including industries, trade unions and experts, on its proposal to amend the 66-year-old Factories Act.

Rupee opens lower at 59.33 per dollar
Posted on 11th June 2014
Mumbai: The Indian rupee on Wednesday opened marginally lower against the dollar tracking mixed cues in the Asian currencies market.

The local currency opened at 59.33 per dollar against its Tuesday’s close of 59.3.

R-Com expands 3G footprint to five new circles
Posted on 11th June 2014
Mumbai: Reliance Communications Ltd (R-Com), India’s fourth-largest telecom services provider, said on Wednesday that it had expanded its 3G footprint to five new circles in India—Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and Uttar Pradesh (East).

This takes its 3G presence to 18 circles.

Air India seeks release of rescue plan funds
Posted on 11th June 2014
New Delhi: The management of Air India has requested the new government to release the next cash infusion due to it under a Rs. 30,000 crore rescue plan.

The plan, approved in 2012, involves helping the state-owned airline cut its high-cost debt and turn around its operations.

Tata Motors sees two more top-level exits
Posted on 11th June 2014
New Delhi: A month after the exit of Tata Motors Ltd senior vice-president of passenger vehicle business unit, two more top-level executives have put in their papers, the company’s corporate steering committee (CSC) said in a message to employees.

The new executives to join the departure list are Venkatram Mamillapalle, head of purchases, and Rajesh Bagga, head of human resources and legal.

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