Infosys reported a broadly in-line Q1FY19 on both revenues and margins. Revenue decline in the financial services vertical of 0.2% QoQ in CC terms and high attrition of 23% on a Quarterly Annualized (QA) basis were the key negatives. However, 8% QoQ growth in CC terms in digital revenues, $1.12bn of deal TCV (vs $905mn in Q4FY18) and addition of 4 clients in the >$100 mn revenue bucket were the key positive highlights.

Food Safety and Standards Authority of India (FSSAI) has recently launched the Eat Right Movement in a bid to encourage food companies to make accurate disclosures of the nutritional values or calorific value of foods. Additionally, the movement also aims to make consumers aware of the salt, sugar and sodium levels or fat content in the products they purchase or foods they consume.

Private-sector lender ICICI Bank on Monday postponed its annual general meeting (AGM) by over a month to September 12. The AGM was earlier scheduled for August 10.

“We wish to draw reference to our letter dated 13th July 2018, indicating the revised Annual General Meeting(AGM) date of 12th September 2018 and the revised dates of book closure between 28th August 2018 and 12th September 2018 (both days inclusive),” the lender said in a regulatory filing, adding,

We expect 1QFY19 EBITDA for Reliance Industries (RIL) to grow 45% yoy with petchem growth more than offsetting slight decline in refining margins. We believe investors will continue to get surprised by the stability of new and improved chemical business earnings even amid rising oil prices and lower polyethylene spreads, while volumes will also grow qoq due to ramp-up of the new projects.

VTB Capital-led Numetal on Monday said in the National Company Law Appellate Tribunal (NCLAT) that its rival AreclorMittal should not be made eligible to bid for Essar Steel as it is yet to clear dues of two defaulting firms – Uttam Galva Steels and KSS Petron.

A churn may take place at L&T’s structured finance business as its head Navin Gupta has quit and it is understood that some of his team members — industry sources say eight — are also likely to leave the company, people with direct knowledge of the matter told FE.

The sources also said that Gupta is currently in discussions with engineering group Kirloskar, which is diversifying into the financial services business with an NBFC. However, his joining the Kirloskar Group is not yet final.

E-commerce major Amazon has pumped in Rs 230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm. According to documents filed with the Registrar of Companies (RoC), Amazon Pay (India) has allotted 23 crore equity shares worth Rs 230 crore to existing shareholders — Amazon Corporate Holdings and Amazon.com.incs — on right basis.

Taking a strong stand against the threat of financial sanctions for purchasing Russian weapons, defence minister Nirmala Sitharaman has said that India was going ahead with the purchase of the S-400 air defence system deal and is not bound by internal laws of the US.

She said that the $5.5 billion deal has almost reached final stage and added that it has been conveyed to the US that India has an enduring relationship with Russia and negotiations on the deal has been on for years.

The Chinese and Malaysian manufactured solar cells being imported to India is likely to attract 15% to 25% safeguard duty during the next two years.

On Monday, the Directorate General of Trade Remedies (DGTR) has recommended three slab safeguard duty on imported solar cells from China and Malaysia, while exempting all other countries including United States of America, Taiwan and European nations.

Life Insurance Corporation of India (LIC) came a step closer in acquiring a majority stake in the government-owned IDBI Bank as its board gave an approval to the deal on Monday.

LIC’s shareholding in IDBI Bank will stand at 51 per cent after it takes a series of approvals from the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the government and the bank’s board, Department of Economic Affairs Secretary Subhash Chandra Garg said.

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