A week into his new job, Infosys Chief Executive Vishal Sikka has promoted 5,000 employees, in an attempt to stop staff from leaving the Bangalore-based information technology services company.

Sources said the promotions, most of those on the delivery side of the business, would be handed out before October.

Even a weak rupee have not been able to save technology stocks from sharp selling in trade today. Shares of Infosys , TCS , Wipro , HCL Tech and Tech Mahindra fell 2-3 percent intraday on Wednesday as Cognizant’s lowering its guidance sparked fears about a growth slowdown of the entire sector.

The Nasdaq-listed IT firm slashed its growth guidance for the full year from 16.5 percent to 14 percent. Higher IT spending in North America and Europe helped the company clock 16.5 percent rise in quarterly revenue and net income rose to USD 371.9 million from USD 300.4 million, a year ago.

Passengers on board an Air India flight that arrived here from New Delhi on Wednesday had a close shave when one of the plane's tyres burst while it was taxiing on the tarmac, an airport official said.

"The incident took place this evening when the Air India flight from Delhi was taxiing after having made a safe landing," said Jamil Khaliq, in-charge of the Allahabad airport.

The Narendra Modi government has made the first concrete move towards expanding India's solar generation capacity.

The Narendra Modi government has made the first concrete move towards expanding India's solar generation capacity.

Finance Minister Arun Jaitley on Wednesday allayed fears that Ponzi scheme operators will split schemes into small funds to avoid being caught by the new law being proposed to empower the Securities and Exchange Board of India (Sebi) to regulate those collecting at least Rs 100 crore.

Jaitley also expressed the hope that the new financial inclusion programme of the Narendra Modi government will provide avenues to investors to avoid these schemes.

Lanco Industries Limited (LIL), a Lanco group company engaged in production of pipes, pig iron and cement, is adding smaller dia ductile iron pipes (SDP) to its existing range of products at a cost of Rs 325 crore.

The company, located at Srikalahasti in Andhra Pradesh, stated in a press release that it would produce 100,000 tonnes of SDP a year.

For the last few quarters, analysts have been expecting refining margins of complex refiners like Reliance Industries Ltd (RIL) to dip, as the benchmark Singapore GRMs (gross refining margins) have been declining. RIL has managed to surprise on that front, even though the benchmark Singapore GRMs have steadily declined.

In the June quarter of this year, Singapore GRMs declined $0.4 a bbl sequentially to $5.8 a bbl. RIL's GRMs, too, declined from $9.3 a bbl in the March quarter to $8.7 a bbl in the June quarter but were higher than the previous year's $8.4 a bbl.

Information technology (IT) services major Infosys plans to invest Rs 1,400 crore in a campus proposed to be built on 28 acres in Noida, Uttar Pradesh.

The project is estimated to generate 35,000 direct and indirect jobs.

Seven years after its multi-billion-dollar acquisitions of Corus and JLR, the Tata group's finances seem to be back on track. For the first time since 2007-08, its combined leverage ratio declined to less than one in 2013-14, compared with 1.22 the previous year and 1.62 at its peak in 2008-09.

The improvement was led by Tata Motors, once a financially shaky truck and car maker but now the largest cash generator for the group, and Tata Consultancy Services (TCS), with a vast free cash flow.

The Reserve Bank of India policy statement for August strikes a marginal hawkish tone with a firm eye on 6 per cent inflation target by January, 2016, State Bank of India (SBI) Chairperson Arundhati Bhattacharya said here on Tuesday.

As widely expected, the RBI, kept the repo rate unchanged at 8 per cent but cut the Statutory Liquidity Ratio (SLR) and held-to-maturity (HTM) by 50 basis points each. “The 50 basis points cut in SLR to 22 per cent from 22.5 per cent is expected to provide roughly Rs.40,000 crore growth-supportive liquidity to the system, and the move is not intended to trigger an interest rate cut,” said Ms. Bhattacharya.

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