New York: India’s second largest software services firm Infosys Ltd on Tuesday said the US government has found no visa violations after a probe that began in June this year.

“Infosys is pleased to report that the US Department of Labor (DOL) concluded its investigation with a determination of compliance regarding labour condition applications filed in the Southern California Edison project,” it said in a statement. “Infosys fully cooperated with DOL in its investigation, and over 145 files were reviewed, with no violations found,” it added.

New Delhi: Prime Minister Narendra Modi plans to meet with billionaires, bankers and bureaucrats on Tuesday to discuss ways to bolster the economy as the country’s stocks and currency slide.

More than 40 people will attend the meeting at Modi’s official residence, the government said in a statement late on Monday. Participants include central bank Governor Raghuram Rajan, Finance Minister Arun Jaitley, Tata Group Chairman Cyrus Mistry and billionaire Mukesh Ambani, The Economic Times reported, without citing anyone.

The BSE Sensex and NSE Nifty are likely to open in green on Tuesday tracking SGX Nifty and rest of Asian markets.

At 8.19 am (IST), SGX Nifty was up 49.50 points, or 0.65 per cent, at 7,610.50.

NTPC shares jumped over 2 per cent in the morning trade on Tuesday after Citi upgraded NTPC to ‘buy’, citing capacity additions, improving and assured return on equity, low valuations and no regulatory uncertainty till FY19. Earlier, Citi group had ‘neutral’ rating on NTPC stocks.

At 10.45 am, NTPC was trading 2.35 per cent higher at Rs 115.30. It opened at Rs 113 and had touched a high and low of Rs 116 and Rs 113, respectively, in trade so far. Sensex was up 0.14 per cent at 24,929.

MUMBAI: Engineering major Larsen & Toubro aims to restructure its top deck as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form after incumbent K Venkataramanan retires in September, chairman AM Naik told ET on Monday.

The $15-billion company has been grooming executives from within the company for leadership roles and SN Subrahmanyan, board member and senior executive vice president (infrastructure and construction), is seen leading the race for the top spot.

BENGALURU: Months after it poached Tata Consultancy Services veteran Abid Ali Neemuchwala as its operations chief, Wipro has roped in yet another top executive from TCS, Dave Chopra as Vice President of its key global infrastructure business. India's third-largest software exporter confirmed the development.

"Wipro can confirm that Dave Chopra has joined the company as vice-president, global infrastructure services, and will be responsible for driving strategy, marketing and business development for GIS.

Oil and Natural Gas Corporation's (ONGC) buyout of 15% stake in Vankorneft Oil project in Russia has received a thumbs up from most analysts as there are clear benefits. For one, the deal will enable ONGC Videsh (OVL), ONGC's overseas subsidiary, to source 66,000 barrels of oil from Vankorneft daily or about 3 million tonnes of oil annually, from the word go. Vankorneft is a subsidiary of Russian oil giant Rosneft. Analysts believe output from this project could provide about one-third of OVL's production and say, the deal valuations at an estimated $1.27 billion and $1.35 billion are also inexpensive.

Over one crore broadband users of BSNL will be able to surf internet at a minimum speed of 2 mega bit per second as against existing speed of 512 kilo bit per second at the same cost.

Communications Minister Ravi Shankar Prasad launched the services in Gurgaon today. BSNL chairman Anupam Srivastava said, "we have increased the internet speed four times. We have ensured 2 mbps is available at the last mile, which is the customer premises."

MUMBAI: Market regulator Sebi has started inspecting the books of the troubled JPMorgan Mutual Fund and is also looking into its processes to see what went wrong with two of the fund house's schemes - JPMorgan India Treasury Fund and JPMorgan India Short Term Income Fund. Late on August 28, the fund house restricted redemption in these two schemes to just 1% of its total outstanding units, but had given selective exits to three large corporate investors.

Mumbai: One of state-run Air India Ltd’s pilot unions on Wednesday has extended the date to conduct a secret ballot on whether to declare a strike or not.

The Indian Commercial Pilots’ Association (ICPA) had told its members that “the central executive committee is of the strong judgement to declare strike”, adding that “a secret ballot is called for this purpose from 31 August to 6 September for a mandate as the Constitution of ICPA”.

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