As speculation over information technology major Infosys’ hunt for its next chief executive officer (CEO) gathers pace, the Bangalore-based company observed fatigue building among its employees and investors. According to sources, few clients of the company have also started raising concerns over the search process and rumours of further exits from the company.

The new government seems to have spurred recovery in the automobile industry, with eight of the country's leading passenger vehicle makers on Monday reporting sales growth of 7.4 per cent in May.

These automobile manufacturers sold 190,193 vehicles in May, compared with 177,168 in the same month a year ago. According to data available with the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle sales had in April declined 9.50 per cent to 188,541 on a year-on-year basis.

Mumbai: The 30-share bellwether BSE Sensex on Tuesday was trading flat after the Reserve Bank of India (RBI) opted to keep its key lending rate unchanged.

RBI retained the repo rate, at which it lends short-term funds to banks, at 8% but reduced the statutory liquidity ratio (SLR) to 22.5% from 23%, effective the fortnight starting 14 June.

Mumbai: A week after the National Democratic Alliance government assumed power, the finance ministry is trying to restart stalled projects that will also reduce the burden of bad loans on banks.

The ministry has asked some banks to submit a list of stalled projects to which they have lent money to see if there are ways to expedite clearances and make them viable, said officials at three banks.

New Delhi: In a move that will strengthen Vietnam’s case in its dispute with China over the South China Sea, India’s state-owned ONGC Videsh Ltd (OVL) plans to continue exploration in its oil block there.

The field is the South China Sea hydrocarbon block No.128 and OVL’s inclination for renewal is being seen as India’s attempt to assert its presence in the region. OVL had earlier agreed to continue exploring the block for two years after China had put it up for global bidding. This extension ends in June.

State Bank of India, the country’s largest lender by assets, led state-run banks higher in Mumbai trading after an official said the government is working on creating a holding company to infuse capital into them.

The holding company will be a repository of government equity in all state-run banks, said the official, who wasn’t authorized to speak publicly.

New Delhi:Rural development minister Gopinath Munde died on Tuesday morning after a road accident in New Delhi, said Union transport minister and Bharatiya Janata Party (BJP) leader Nitin Gadkari.

Munde, who met with an accident around 6:30am, died in AIIMS hospital in New Delhi. “He was brought to the hospital at 6:30am by his driver and personal assistant. His car was hit by another vehicle at the side he was sitting,” an AIIMS spokesperson said.

Mumbai: May sales at Bajaj Auto Ltd, India’s largest exporter of motorcycles and three-wheelers, rose 4% to 351,436 units compared with a year ago, the company said in a statement on Monday.

Exports, which expanded 40% to 156,179 units, drove volume growth. The company’s commercial vehicle sales also jumped 11% to 38,416 units.

Bangalore: Indian factory activity expanded at a slightly faster pace in May, while input prices rose at their slowest rate in over a year, a business survey showed on Monday.

The HSBC Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, edged up to 51.4 in May from 51.3 in April.

The rupee weakened by 15 paise to 59.26 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market due to appreciation of the American unit against other currencies overseas amid the country’s subdued economic growth in FY14.

India’s economic growth remained subdued at 4.7 per cent in FY14 and at 4.6 per cent in the fourth quarter of 2013—14 which weighed on the rupee, forex dealers said.

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