BENGALURU | MUMBAI: Tata Consultancy Services (TCS) is creating a product brand for its artificial intelligence (AI) product Ignio and has hired from US companies to drive sales of the standalone product, a move that analysts say is akin to building a software company with a different model to its traditional services.

The company is working to ensure the Ignio brand is a standalone — with a separate website that has minimal TCS branding. Digitate, the unit that houses Ignio, is only once referred to as a TCS venture.

Mumbai: A Securities and Exchange Board of India (Sebi) panel on corporate governance is considering whether an auditor should be barred from scrutinizing the books of listed companies if an audit is ineffective and fails to spot financial discrepancies.

It’s the first time the regulator is considering an active monitoring of the role of auditors, currently governed by the Institute of Chartered Accountants of India (ICAI). The debate on the role and responsibility of auditors started again after some listed banks reported bad loans that diverged widely from the assessment of the Reserve Bank of India (RBI).

Coal stocks at thermal power plants across the country have dropped to alarmingly low levels. Private power companies are the worst-hit, as state-run NTPC, under government patronage, is getting out-of-turn supplies.

According to sources from power companies, the shortage of fuel supply is primarily due to reduced production by Coal India (CIL) and its failure to open new mines and commission new railway sidings for seamlessly transporting the dual power plants.

South Korea’s Hyundai Motor said on Monday it had replaced the head of its China operations – an appointment that comes on the heels of a supply disruption and as it struggles to deal with the fallout from a diplomatic row between the two nations. Tao Hung Than, who is of Chinese descent, became CEO of Beijing Hyundai Motor on Friday, replacing Chang Won-shin, a company spokesperson said, without elaborating on the reason for the change. Chang held his job for less than a year. Hyundai was recently forced to halt production for about a week at its joint venture with China’s BAIC Motor Corp Ltd after a fuel-tank components supplier refused to provide parts due to non-payment.

Maruti Suzuki shares which have given stellar returns in the year so far, are still undervalued at these levels says research and brokerage firm CLSA. The shares were trading at Rs 7,838 on Monday morning, and have returned 47% in the year so far. CLSA has a buy rating on the stock with target price of Rs 9,230 per share.

The shares have seen a slight correction in the last one month, down by more than 0.5%. However, in the last three months the scrip has returned nearly 10%. The BSE Sensex is up by by more than 2% in the last three months. Notably, Maruti Suzuki shares have outperformed the index in one, three and five year periods.

Shares of the state-run coal mining company Coal India Ltd (CIL) advanced more than 2% on Monday after the PSU said that India is not facing any scarcity of coal and the output of Coal India is more than the country’s power demand. Coal India – largest producer of coal in the world had registered a high growth rate of 28% output in FY17 over the last fiscal, while the average rise in power demand in the country was at 10.3%, said Chairman and Managing Director Gopal Singh.

Key indices on Monday opened flat over escalating global tensions after a fresh nuclear test by North Korea on Sunday.

Asian markets were under pressure as North Korea’s latest nuclear disrupted markets and forced investors to run towards safe haven assets.

Flagging concerns over the proposed hike in GST on luxury cars, German auto-maker Mercedes Benz has said it was eager to increase its output and headcount from the country if the government extended a little bit of support on taxation.

"We do not understand suddenly why the need to actually review the cess all over again. We have so much to contribute. We have high ends jobs that we are able to create, willing to create..." Mercedes Benz India Managing Director and CEO Roland Folger told PTI here.

Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company's Rs 13,000 crore buyback offer.

The promoters group -- which includes most of the founders and their families -- have expressed their intention to be part of the company's first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares.

Mumbai: Axis Bank on Friday said the Reserve Bank of India (RBI) has identified an additional list of defaulter companies that lenders must now focus on, potentially sending the firms to bankruptcy court should they fail to resolve the troubled loans by 13 December.

Axis did not disclose which companies were on the list, but said it had loans to 12 of the names provided to banks by the RBI earlier this week.

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