Bengaluru-based proxy advisory firm Ingovern Research has asked shareholders of Infosys to seek more clarity on the terms of David Kennedy's severance from the company. Kennedy, was the company's general counsel and chief compliance officer.

On Sunday, Infosys told the exchanges that Kennedy had left the company after a mutual separation agreement it entered into with him. As a part of the separation as well as his employment agreements, Kennedy will receive severance payments of $868,250 plus reimbursements for COBRA (insurance) continuation coverage over a period of 12 months.

The GMR Group and Tata Realty will not bid for the Navi Mumbai airport project, citing “onerous” bid conditions, among other reasons. “We are not bidding on account of project implementation and execution challenges as well as onerous timelines and bid conditions,” a GMR Group spokesperson said.

This means there will be only two companies — GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium — in the race for the Rs 16,000-crore project.

Nine of the top ten realty stocks went up by 0.72% to 6.65% on January 2, after the domestic banks have started cutting lending rates after a massive inflow of deposits post demonetisation. The BSE Realty index rose by 4.23% and closed at 1,318.38 in the first session of CY2017.

The biggest gainer from the realty index was DLF, up 6.65% at the end of Monday’s closing. A spurt in DLF’s volume has been registered on Monday, the volume increased by 2.27 times from last two weeks average of 9.39 lakh to 21.31 lakh.

State Bank of India (SBI) on Monday set off a rate war, offering home loans as cheap as 8.5%, the lowest in six years. ICICI Bank Ltd slashed its rate in response, a move that will likely be followed by a host of other lenders, many of whom have already cut their benchmark lending rates.

SBI also introduced a a hybrid loan product which allows customers to tie up a fixed-rate loan for the initial two years, which will get repriced later.

Private sector lenders ICICI Bank and Kotak Mahindra Bank and state-owned lenders Central Bank of India and Dena Bank on Monday reduced the marginal cost of funds-based lending rates (MCLRs) with effect from January 1.

While ICICI Bank’s one-year MCLR now stands 70 basis points (bps) lower at 8.2%, the corresponding figure for Central Bank came down 85 basis points (bps) to 8.5%. Dena Bank lowered the MCLR by 75 bps to 8.55% and Kotak Mahindra Bank cut the MCLR by 20 bps to 9%.

Countering Reliance Jio, Bharti Airtel is all set to introduce a new offer that will offer customers free data for 12 months if they switch to Airtel’s 4G network! According reports, the offer will open on January 4, 2017 and will close on February 28, 2017. The offer will be available to Airtel customers across India. Airtel will offer free 3GB/month data for 1 year to new 4G customers.

The offer comes within days of Reliance Jio launching its ‘Happy New Year’ offer. The offer gives the consumers, free voice calling, video calling, data and messaging features. However, the daily limit for data usage will now come down to 1GB.

Markets regulator Securities and Exchange Board of India (Sebi) has given the BSE a go-ahead to launch its IPO, paving the way for Asia's largest bourse to list its shares on the National Stock Exchange. The stock exchange is looking to raise Rs 13,000 crore from the markets

The BSE had filed its Draft Red Herring Prospectus (DRHP) in September and has completed its road shows abroad for the IPO.

Homegrown auto major Tata Motors launched its new pick-up vehicle Tata Xenon Yodha with price starting at Rs 6.05 lakh.

The pick-up, which is endorsed by Tata Motors Commercial Vehicles' new brand ambassador Bollywood actor Akshay Kumar, is available in multiple variants of 4x2 and 4x4, and in single and double cab options, the company said in a statement.

The Reserve Bank of India (RBI) on Tuesday instructed banks to ensure that at least 40 per cent of bank notes are supplied to rural areas, in denomination of Rs 500 or below, as the notes being supplied to rural areas "are not commensurate with the requirements of rural population".

Banks maintaining currency chests should step up issuance of fresh notes to rural branches of regional rural banks, district co-operative banks, other commercial banks, white label ATMs (WLAOs) and post offices in rural areas on priority basis.

The country’s largest hydrocarbon producer Oil and Natural Gas Corporation (ONGC) plans to spin off its difficult fields into a separate division that includes Gujarat State Petroleum Corporation's Deen Dayal Upadhyaya discovery in the Krishna Godavari (KG) basin.

Besides, the company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities. It was this integration that added value to the $1.2 billion deal with GSPC, D K Sarraf, chairman and managing director, ONGC, told Business Standard.

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