- Sensex falls on IIP disappointment; Bharti, SBI weigh
- Surprise IIP slump adds to India's economic woes
- 2G auction: Centre moves Supreme Court to extend deadline
- Visa fraud case: Second employee files lawsuit against Infosys in US
- Uninor can't auction assets, rules Company Law Board
- I will not be pressured by flight cancellations: Mallya to Kingfisher staff
- Moody's cuts GDP forecast to 5.5%, says govt biggest factor weighing on economic outlook
- Earnings Central: Tata Motors, Tech Mahindra, Ranbaxy, News Corp
- Veritas demanded money for holding back scathing report, alleges Indiabulls
- Google to include people's Gmail in search results
1) Sensex falls on IIP disappointment; Bharti, SBI weigh
The BSE Sensex ended lower Thursday weighed down by the contraction in factory output in June. Markets fell despite gains in global stocks and a higher rupee. The Sensex ended 40 points or 0.23 per cent lower at 17,561 while the broader Nifty index declined 15 points at 5,323. (Read More)
Meanwhile, the rupee rose on Thursday tracking continued gains in Asian emerging currencies and other risk assets, but an unexpected slump in domestic industrial output capped gains by reinforcing concerns about domestic growth. (Read More)
Also Read: Bharti Airtel - 5 reasons why shares have hit 25-month low
2) Surprise IIP slump adds to India's economic woes
India's industrial output contracted for the third time in four months in June, increasing pressure on new Finance Minister P. Chidambaram to move quickly to pull Asia's third-largest economy from its worst slowdown in almost a decade.
The manufacturing-led slump provided further ammunition to the slew of private economists who downgraded their growth outlook for India this week, citing the impact of a worsening drought on farming and political hurdles to economic reform. (Read More)
Also Read: June IIP disappoints, power outages a big problem, say experts
3) 2G auction: Centre moves Supreme Court to extend deadline
The Union government on Thursday moved the Supreme Court to extend the timeline for the auction of 2G spectrum. The Union Cabinet had on Tuesday set November 12 as the new date for auctioning second-generation spectrum, much later than the August 31 deadline set by the Supreme Court while cancelling the 122 2G licences. (Read More)
4) Visa fraud case: Second employee files lawsuit against Infosys in US
In a latest blow to Infosys, Indian IT major, another employee has filed lawsuit claiming harassment for blowing the whistle on the alleged visa and tax fraud issue. Satya Dev Tripuraneni, a US citizen and former-Infosys employee, filed a case in the US District Court for the Northern District of California on August 2. (Read More)
5) Uninor can't auction assets, rules Company Law Board
The Company Law Board on Thursday stayed the auction of assets by telecom firm Uninor. Real estate company Unitech, a minority holder in the telco, had moved the CLB last week against the auction of assets. Uninor is a joint venture between Unitech and Norwegian firm Telenor, which owns 67.25 per cent in the telco. The CLB said the decision was final and would not be reviewed by it. (Read More)
6) I will not be pressured by flight cancellations: Mallya to Kingfisher staff
With over 19 flights cancelled, the protest at Kingfisher Airlines entered its second day on Thursday as a section of the airline’s employees, including pilots and engineers, has not been reporting for work since Wednesday to protest the non-payment of salaries. (Read More)
Vijay Mallya, chairman of the beleaguered airline has written a letter to his employees saying that the strike is ‘unacceptable’. Read the entire text of the letter here.
7) Moody's cuts GDP forecast to 5.5%, says govt biggest factor weighing on economic outlook
India’s central government is the single biggest factor weighing on business confidence and the economic outlook, said Moody’s Analytics, an arm of rating agency Moody’s, said in a new report that. Joining a string recent India growth outlook downgrades, Moody’s Analytics cut India’s growth forecast to 5.5 per cent. (Read More)
Also Read: Blackouts call for electricity sector reforms, tariff hikes, says Moody’s
8) Earnings Central: Tata Motors, Tech Mahindra, Ranbaxy, News Corp
Software-services provider Tech Mahindra's first-quarter net profit rose 22 per cent to beat analyst expectations, helped by strong performance by its Mahindra Satyam unit and a currency boost, while pharmaceutical major Ranbaxy Labs posted a net loss of Rs 586 crore for the quarter ended June 30, against a profit of Rs 243 crore on sequential basis.
Meanwhile, Tata Motors, India's biggest commercial vehicles manufacturer and owners of the iconic British brands Jaguar Land Rover, met profit estimates in the June quarter despite rising losses on account of adverse forex movement while Rupert Murdoch's embattled media giant News Corp posted a net loss of $1.51 billion in its fiscal fourth quarter, as the firm prepared for a major restructuring. (Read More)
9) Veritas demanded money for holding back scathing report, alleges Indiabulls
Indiabulls Real Estate on Thursday said it has submitted ‘email evidence’ to the police regarding money demanded by a Veritas analyst for holding back a scathing report against the group. A day after shares of its various group firms plunged sharply on the back of a damning report by Canada-based Veritas, the company said it has also initiated complaints in the North American country against the research firm and two authors of the report - Neeraj Monga and Nitin Mangal. (Read More)
Also Read: Cairn India shares fall on Rahul Dhir's resignation
10) Google to include people's Gmail in search results
Google is creating an information bridge between its influential Internet search engine and its widely used Gmail service in its latest attempt to deliver more personal responses more quickly.
The experimental feature unveiled Wednesday will enable Google's search engine to mine the correspondence stored within a user's Gmail account for any data tied to a search request. For example, a query containing the word "Amazon" would pull emails with shipping information sent by the online retailer.
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