The government on Saturday appointed Arijit Basu as managing director of the country’s largest lender State Bank of India. He will fill the position that fell vacant following the elevation of Rajnish Kumar as the chairman. Now, after this, the SBI will have four managing directors. As per the SBI Act, the bank can have four managing directors.

Joining the likes of Google and Apple, Microsoft has launched Microsoft News – a news engine that curates articles from across the web and delivers them to the users’ Microsoft feed, the media reported. The newly redesigned app for iOS and Android platforms would also power news on “Microsoft Edge”, the News app in Windows 10, Skype, Xbox and Outlook.com.

Nearly two dozen Air India flights were delayed across its network including at IGI Airport here today after a technical glitch in the check-in software hampered operations, an airline spokesperson said. The departure timings of as many as 23 flights were affected and the delays owing to the software malfunction stretched from 15-30 minutes, the spokesperson said.

Riding on strong financial performance and disruptive technologies, global software major Infosys is betting on digital strategy to spur growth in the exciting times, said its co-founder and Chairman Nandan M Nilekani on Saturday.

"We are at an exciting juncture in the journey of our industry. I have never seen as many possibilities to partner with and grow along with our clients as I see today.

Volvo Cars has announced that, from 2025 onwards, at least 25% of the plastics used in every newly launched Volvo car will be made from recycled material. The company has also urged auto industry suppliers to work closely with car-makers to develop next-gen components that are as sustainable as possible, especially with regards to containing more recycled plastics.

Lenders led by Axis Bank have put on sale Lanco Kondapalli’s 1476-megawatt (MW) gas power plant in Andhra Pradesh, according to sources. The plant’s debt to lenders stood at Rs 3,503 crore at the end of FY16.

Emails sent to spokespersons at Axis Bank and the Lanco Group did not elicit responses till the time of going to press.

The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (Sebi) to conduct a fresh probe into the acquisition of Network18 Media & Investments by Reliance Industries Ltd (RIL) through its subsidiary Independent Media Trust (IMT).

In a 19-page order released on Friday, the tribunal pulled up Sebi for not following the instructions it gave on this in an order dated April 13, 2016.

In a step that is beneficial to India, the Organization of Petroleum Exporting Countries (Opec) decided to raise its output at a meeting held in Vienna on Friday.

Though the producer group did not specify the increase, it may be in the range of 1 million barrels per day (bpd), or 1 per cent of the global supply.

Lenders to bankrupt textile company Alok Industries have approved a joint resolution plan submitted by Reliance Industries (RIL) and JM Financial Asset Reconstruction Company (JMF ARC). According to the plan, the combine will acquire Alok Industries for Rs 50.50 billion, of which the lenders will receive Rs 40 billion.

The corporate debtor owes banks Rs 295 billion, which means they are taking a haircut of more than 86 per cent.

For 2017-18, Larsen & Toubro’s (L&T) hydrocarbon business recorded a profit margin of 7.7 per cent. This, for the segment that earlier struggled with sticky orders, is a complete turnaround from losses reported between fiscal year 2013 and 2015.

Top officials heading the segment attribute the turnaround story to major internal restructuring and cost rationalisation, while external factors continued to remain challenging.

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