India News

Infosys misses estimates, cuts guidance forecast

After showing impressive numbers for past few quarters, Infosys, India’s second largest IT services company seems to have lost the pace of growth in the quarter ended June 30, 2016.

In the quarter ended June 2016, the Bengaluru-headquartered company, for the first time in the last four quarters, missed the revenue guidance for the year ahead as it saw customers reduce discretionary spending on software projects. The company’s share price was down by over 8% in the early trade on the BSE at around Rs 1083.15.

Honda to recall over 1,90,000 units of previous generation Accord, CR-V, City, others

Japanese car maker Honda will recall over 1,90,000 units of previous generation of Accord, CR-V, Civic, City and Jazz as part of the company's precautionary global recall campaign, concerning Takata front airbag inflators. Bulk of the 1,90,578 vehicles being recalled is the City. This will be the company's seventh recall in the Indian market in last two years.

Black money disclosure: Govt extends deadline till September 30, 2017, money can be paid in three instalments

The government today extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three instalments by September 30 next year.

The first instalment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another instalment of 25 per cent by March 31, 2017. The remaining amount, according to a finance ministry statement, will have to be paid to the exchequer by September 30, 2017.

Infosys IT infra chief Samson David resigns in setback to Vishal Sikka

Bengaluru: Infosys Ltd’s head of cloud, infrastructure and security unit, Samson David has resigned, a setback for chief executive officer Vishal Sikka who earlier this year entrusted David with the additional responsibility of heading artificial intelligence platform Mana.

David will join Hewlett Packard Enterprise Co. as senior vice-president, enterprise services delivery, and will report to Mike Nefkens, executive vice-president of HPE Enterprise Services, said a spokesman for HPE.

Reliance Industries profits seen 5.5% up in first quarter

Ahead of the first quarter results of Reliance Industries, that is due on Friday, top brokerages and analysts have predicted an average rise in net profits of 5.5 per cent over the like period of last year, with the maximum jump seen at 10 per cent.

Sequentially, though, all the 16 such forecasts by firms like Citi, HSBC, Nomora, JP Morgan and Kotak, see a fall ranging between 5.5 per cent and 15.5 per cent (for the first quarter of this financial year over the last quarter of the previous year. The average is 11.3 per cent.

ONGC hires US co to study GSPC KG block data

ONGC has hired US-based petroleum reserves certifier Ryder Scott to review the hydrocarbon present and recoverable in the 1,850 sq km GSPC-owned block KG-OSN-2001/3 in the East Coast.

This is in the wake of the central government-owned explorer, which is negotiating a deal to pick up a majority stake in the GSPC deep water block, finding that the actual hydrocarbon that could be taken out is far less than the presumed 7.6 trillion cubic feet (tcf) — probably not even half that.