Infosys Ltd’s chief executive officer Vishal Sikka has told employees he wants to grow revenue by 16% in 2016-17. That’s materially higher than lobby group Nasscom’s estimate that the industry will grow 10-12% in FY17. But investors shrugged off Sikka’s statement; Infosys shares have been flat in the past two trading sessions.

Internal targets are materially different from a guidance given to investors. An analyst at a multinational brokerage says that Sikka’s statement to employees sounds like good intentions more than anything else.

Oil prices fell further in Asia today after OPEC kingpin Saudi Arabia shut the door on an output cut to ease the global crude supply glut, touting only a freeze in production.

Traders were cautious ahead of the release later today of data on US commercial crude stockpiles which have been rising for weeks, indicating softer demand in the world’s top energy consumer.

Ahead of the Railway Budget, industry body Assocham on Tuesday asked Railway Minister Suresh Prabhu to muster political courage and go in for a hike in the passenger fares, saying they have been kept low at the cost of freight traffic.

“There is lack of political will to raise passenger fares even though the reluctance is not shared by passengers, who would be willing to pay more provided the hike is accompanied by better services including timely arrival of trains, cleanliness at stations, safety and improvement in food,” the chamber said a memorandum to the Railway Minister.

With Life Insurance Corporation having subscribed to around 41% of NTPC’s issue of shares on Tuesday, the power producer’s offer for sale (OFS) sailed through attracting a total subscription of 1.8 times. The 32.98 crore shares reserved for institutional investors attracted a subscription of 57.4 crore shares, according to the BSE.

Disinvestment secretary Neeraj Gupta said foreign portfolio investors had bid for Rs 925.45 crore worth of shares. This would amount to about 12.7% of the total subscription received on Tuesday.

NEW DELHI: Mahindra & Mahindra (M&M) has firmed up plans to invest around Rs 1,000 crore in developing petrol engines over the next two to three years. The company is working on developing new petrol engines (1.5 litre and 1.6 litre) in-house and a 2.2-litre petrol engine in collaboration with Korean subsidiary SsangYong Motor Company (SMC).

Apart from joint engine development, M&M Executive Director Pawan Goenka said the company is also reviewing opportunities to share platforms with SMC.

Venezuela's state oil company PDVSA is about to clinch a deal for Oil and Natural Gas Corp (ONGC) to invest some $500 million in their San Cristobal joint venture, the South American company's president said on Tuesday.

"We're about to firm up ONGC's financing to the joint venture we have in the San Cristobal field," Eulogio Del Pino, who is also Venezuela's Oil Minister, told Reuters.

New Delhi: President Pranab Mukherjee on Tuesday said Parliament is a place for “debate and discussions” and not for “disruption or obstruction”. Addressing the joint session of both Houses of Parliament on Tuesday, Mukherjee set the tone for the upcoming Budget session by listing out the broad initiatives taken by the Union government and objectives for the coming year.

The Budget session, which began on Tuesday, has started on a note where the opposition parties have set conditions of discussing issues like the ongoing Jawaharlal Nehru University (JNU) row and the Hyderabad Central University row before the legislative business is taken up.

The Reserve Bank of India Tuesday fixed the reference rate of the rupee at 68.64 against the US dollar and 75.76 for the euro.

These rates were 68.55 and 76.19, respectively, yesterday.

Mumbai, Feb. 22: The National Stock Exchange (NSE) today rejigged its benchmark index to bring in some new scrips, while restructuring its broad market indices.

The semi-annual review of the Nifty 50 index decided to include Aurobindo Pharma, Eicher Motors, Bharti Infratel and Differential Voting Rights (DVRs) of Tata Motors in the index. These securities will replace Cairn India, Punjab National Bank and Vedanta.

Hyderabad: Infosys Ltd, the second biggest information technology (IT) firm in the country, is embracing automation and futuristic technologies such as virtual reality and assisted driving to innovate itself at a time when the industry is going through a major digital transformation.

By deploying fewer employees on projects that could be automated, Vishal Sikka, chief executive officer of Infosys, hopes to increase the revenue per employee from around $50,000 currently to $80,000 by 2020.

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