Business News

Infosys new CEO and MD announced

UB Pravin  Rao who is the current COO has been appointed as the acting CEO and MD of Infosys. Rao joined Infosys in 1986 and is experienced in sales. Rao is the chairperson of Infosys BPO and is responsible for global sales delivery. As a COO he was enabling business services and was in charge of the growth of the company in multiple portfolios.

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Narayana Murthy's assault made Vishal resign : Infosys

According to the reports, Infosys says that the primary reason for Vishal Sikka's resignation is because of the continuous assault by NR Narayana Murthy. A former member of Infosys alleged that Sikka was the first outsider to be the CEO and Murthy plotted his exit with other directors. Reportedly Murthy said that his advisors have been telling that Sikka was more of CTO material than a CEO material. Infosys board now claims that they have no intentions to ask Narayana Murthy to play a formal role in company's governance.

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Infosys CEO and MD resigns on Friday

Vishal Sikka, CEO and MD of Infosys resigned on Friday morning. In his resignation letter, he said that his reason to leave was because he faced a stream of distractions and disruptions over the recent months and it was preventing the management's ability to accelerate the company. Reportedly, Infosys slipped 7.5% trade already because of Sikka's resignation. Now the Board has decided that  Sikka will be appointed executive vice chairman and will hold office until the new permanent chief executive officer and managing director takes charge.

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Air India’s Independence Day freedom offer: Air tickets as low as Rs 425

With exciting Independence Day sale of Air India starting from August 13th to August 20th, prices of domestic flight tickets are slashed as low as Rs 425 and for International flights the price of tickets start at Rs 7000. For International flights, the slashed rated are applicable for both economy and business class, while for Domestic flights, the price slash is only for economy class. The travel period is from September 16 to November 30, 2017, and January 25 to March 31, 2018.

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Amazon refunds buyers for unsafe Solar eclipse glasses

Amazon on Sunday said it is refunding purchases of Solar eclipse glasses in the US that are below safety standards needed to protect users' eyes. Amazon is warning customers to not use the glasses ahead of the upcoming solar eclipse on 21st August.  Amazon is also recalling some glasses that do not come from recommended manufacturers.

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18% GST on food takeaway from non-AC area at AC restaurant

The government has clarified that 18% GST will be charged on takeaways and food served from the non-AC area of a hotel or restaurant if any of its parts has air conditioning facility. The new regime provides for a levy of 12% on food bills in non-AC restaurants. Further, GST rate for AC restaurants and those with a liquor licence is 18%.

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Ola raises Rs.231 crore from New York based firm

Ola raised $36 million from New York based hedge fund Tekne private ventures in June, as per regulatory filings. Backed by soft bank and Falcon edge, Ola is reportedly in talks with Microsoft to raise about $100 million. Last month, vanguard raised the value of its investment in Ola by 12%, taking its valuation to $3.4billion.

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OnePlus 5 Soft Gold Limited Edition launched

The Chinese smartphone makers OnePlus has reportedly launched the limited edition OnePlus 5 Soft Gold at Rs 32,999. With a more refined and elegant Soft Gold finish, it features 6GB of RAM and 64GB of storage. Powered by the most powerful processor Qualcomm Snapdragon 835.

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WhatsApp to start UPI payment feature, shows beta version

Facebook owned messaging app WhatsApp will reportedly start a new facility for instant money transfer via the Unified Payments Interface. The description of the new beta version mentions "WhatsApp Payments: The immediate bank-to-bank transfer with UPI". A few platforms like Hike Messenger already support the UPI payments feature.

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Amazon to hire over 1000 employees in India

As Amazon is developing its business in India, they will be hiring 1000 employees over the year. They will be hiring software professionals and research analysts as they are developing the Research and Development wing of Amazon India. Amazon's website lists 1,245 open positions in India on its careers page.

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GST will lead to increase in GDP in next 6-mths: Godrej

Indian conglomerate Godrej Group Chairman Adi Godrej has said that GST will lead to considerable increase in the GDP in the next six months. He further said there are some 'teething' problems, which are being resolved. On the variable tax rates, he said that in a country like India with people of different income levels, one single rate is very unrealistic.

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New variant of Suzuki Gixxer SF ABS Launched

Japanese automakers Suzuki has reportedly launched the new version of Gixxer SF with ABS. The new variant is available in both standard and fuel injected versions and is priced at Rs 1.08 lakh and Rs 1.13 lakh respectively. However, there is no change in the colour scheme and graphic pattern, but the bike could be differentiated by ABS sensor ring on the front disc brake.

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Jio offers 4G data, voice at 'Effectively Zero Cost'

Reliance Jio reportedly announced an exciting offer for its wifi router, JioFi, "effectively at zero cost". Jio is offering data worth Rs 1,999 and unlimited voice calls for free to new customers who buy its WiFi router, JioFi, by paying Rs 1,999, making the device effectively free of cost.

 

Image source: Twitter

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Bharti Airtel sells 6.7 cr Bharti Infratel shares for Rs 2,570 cr

Bharti Airtel’s telecom index stock share rates was running low when compared to other. It decided to sell its share to its subsidiary company Bharti Infratel .  However  Bharti Infratel reacted negatively of 3.67% after this trade. Bharti Airtel will primarily proceed to reduce its debt from this sale.

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GST may cut rate on Dosa batter, dozen other items

The GST council, after meeting on August 5th approved to lower tax rates on few items. India today reported that GST on dried tamarind and roasted gram have been proposed to be lowered to 5 per cent from 12 per cent. GST on custard powder to be made 18 per cent as against current 28 per cent, idli/dosa batter would be charged with 12 per cent tax against 18 per cent currently. For oil cake there is no GST applicable currently, there might be a 5 per cent GST applied here after.

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Bitcoin is the future currency

Bitcoin is a digital currency created in 2009 that uses decentralised technology for secure payments and storing money that doesn't require banks. On August 4th another crypto currency, Bitcoin cash was out which is slightly optimised. Bitcoin and Bitcoin cash is of equal value. Bitcoin has a range of uses, including funding companies, investing cash and transferring money without fees.

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Flipkart announces ‘The Big Freedom Sale’

E-commerce giant Flipkart has announced that it will host an Independence Day sale named ‘The Big Freedom Sale’ from August 9 to August 11. The sale will see discounts on mobile phones, TVs, laptops, tablets, headphones, cameras, and accessories. There will also be additional instant discounts for HDFC credit card holders.

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We don't have Tesla abilities: Volkswagen

German automakers Volkswagen’s board Chairman Herbert Diess reportedly said that US carmaker Tesla has abilities that Volkswagen currently doesn't have. Talking about competitors he said, "In the old world it is Toyota, Hyundai, and the French carmakers. In the new world, it is Tesla." Volkswagen is looking at Tesla for inspiration on how to improve its core business, he added.

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GST Council recommends luxury car cess hike from 15% to 25%

The GST Council has recommended the government to raise cess on SUVs and luxury cars from 15% to 25%. According to the earlier decision, large motor vehicles, SUVs, and mid-segment cars, among others, attracted a cess of 15% in addition to 28% GST rate. However, the decision on when to raise the cess on the motor vehicles will be taken later.

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Reliance Jio’s plea on Airtel ads dismissed

According to reports, a Mumbai court has rejected Reliance Jio's plea to pull Airtel's 'Fastest Internet' speed advertisement off the air. Jio stated the ad amounted to conspiracy, defamation, and breach of trust. The court, however, observed, "It's nothing but a marketing policy," and said firms are in competition and claim themselves to be the best by way of advertisements to expand their business.

 

Image source: Flickr/satyam desai

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