Bengaluru: Infosys said it has opened technology and innovation hub in North Carolina, taking it to three such hubs in the US. The company inaugurated its Technology and Innovation Hub in Raleigh on Wednesday (August 22). The other two were set up in Indianapolis and Connecticut recently.

Larsen and Toubro’s (L&T) buyback proposal, which will be considered by the company’s board on August 23, could be of up to `12,300 crore based on its net worth, debt, cash and bank balances, and investments in securities, bonds and debentures. As on March 31, 2018, L&T’s net worth stood at ` 49,174.25 crore on a standalone basis, while its cash and bank balances, investments in securities, bonds and debentures stood at `17,425 crore on a consolidated basis, according to Bloomberg data.

Similar to its peers BPCL and HPCL that reported last week, IOC also reported a strong result. Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts. Large inventory gain of Rs 78.7 bn (`59.2 bn or $6.8/bbl in refining) was a key reason for the beat. We expected core marketing margins to be weak, as OMCs had not taken enough timely increases in petrol/diesel prices.

South Korean auto major Hyundai Motor Company has acquired a stake in Indian self-drive car-sharing company Revv for an undisclosed sum. Hyundai’s investments in India’s car-sharing platform follows similar investments made earlier during the year by Ford as well Mahindra & Mahindra in Zoomcar. M&M had invested close to Rs 175 crore for a significant minority stake in Zoomcar.

Telecom companies added around 1.55 crore wireless subscribers in the country in June, data from the Telecom Regulatory Authority of India (TRAI) showed on Monday. Accordingly, the total wireless subscription base in the country rose to around 114.65 crore from 113.10 crore in May.

BENGALURU: Maruti Suzuki on Monday launched the new Ciaz with an aim to wrest back the No.1 spot in the country’s mid-size sedan segment.

Taking the price-value equation to the next level, the company priced the new car aggressively at Rs 8.19-10.97 lakh exshowroom pan-India. The new Ciaz is cheaper by Rs 50,000-2.5 lakh to the Honda City and Rs 1-2 lakh to the Hyundai Verna.

NEW DELHI: State-owned telco Bharat Sanchar Nigam (BSNL) has claimed it has outperformed private sector rivals such as Bharti Airtel, Vodafone India and Idea Cellular in net subscriber additions in 2017-18, and plans to build on the gains by spending Rs 4,300 crore for network expansion in this fiscal year.

Bengaluru: One97 Communications, the parent entity of Paytm has announced the launch of its AI Cloud computing platform “Paytm AI Cloud for India” for developers, startups and enterprises. The platform is mainly aimed at offering business-centric apps for organizations that need high-quality solutions for cloud computing, automate their workflow, easy payments, messaging and customer engagement without the hassle of managing hardware and software.

The head of Amazon India's business has reportedly asked his employees to get a life - quite literally. In an email, which was leaked and accessed by news agency Bloomberg, Amit Agarwal has told his team to stop responding to emails or work calls between 6 pm and 8 am.

Food regulator Food Safety and Standards Authority of India (FSSAI) has ordered testing of the popular brands of honey, including Dabur, Zandu and Patanjali, for authenticity.

This comes in the backdrop of growing concern among the public that the honey sold in the market could be adulterated with corn syrup or sugar syrup.

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