Infosys’ public spat isn’t over even after Nandan Nilekani’s return to the company in a non-executive role. Stirring up the controversy, co-founder NR Narayana Murthy on Tuesday accused former chairman R Seshasayee of lying about the Rajiv Bansal issue at the AGM.
Companies and Markets
Companies & Markets
The Centre may allow import of raw sugar at zero duty for mills in Tamil Nadu, as they face lower production of cane due to drought in the state.
With the Gujarat manufacturing facility scheduled to be operational by 2020, tyre maker MRF expects its turnover to grow to over Rs 20,000 crore by then.
The company is investing Rs 4,500 crore in Gujarat over a ten-year period in a phased manner with the intention of broad basing its manufacturing across India as the existing facilities are largely spread across south India. The first phase of the new plant in Sanand is expected to complete by 2020.
To meet the rising demand for petrochemicals, especially plastics and polymers, the largest public sector oil company, Indian Oil Corporation,will invest Rs 32,000 crore to ramp up its output by fiscal 2021.
This investment is part of the overall Rs 1.8 lakh crore capex planned for the next five to seven years, IOC chairman Sanjiv Singh said here on Tuesday.
Like most global equity markets, Indian markets too have had a great run over, hitting new highs or testing previous highs on expectation of smart global recovery as well as unprecedented inflows into equity mutual funds. While everyone agrees that India is a great story for the medium to long term and the view has not changed in the medium term regarding growth or political stability, but the disappointment in earnings and a possible disappointment in gross domestic product (GDP) makes a lot of people nervous.
Indian stock markets have had a decent run and even though currently they are in a consolidating mood, they have made decent returns for investors. The roots of this rally began in August-September of 2013 when the present Prime Minister Narendra Modi was chosen to be the BJP candidate for prime minister. In effect, the rally is now about four years old and has come in two legs. The first rally was from August-September 2013 and lasted until January 2015 by which time it had gained 56 per cent in just under 18 months.
Lenders of Essar Steel would meet on August 31 to consider a resolution plan to deal with the company’s debt totalling Rs 45,000 crore. The development comes weeks after the appointment of interim resolution professional (IRP). Industry sources said lenders want a change in the management of the company and bring in a new investor.
The National Company Law Tribunal (NCLT) had earlier admitted Essar Steel’s insolvency case and appointed Satish Kumar Gupta of Alvarez and Marsal India as IRP on suggestions from SBI.
Despite the weakness in the global market, the Indian showed signs of strength, gaining for the fourth straight trading session in a row on Monday on the back of short-covering ahead of the derivative contract expiry and a diplomatic breakthrough on the Indo-China border stand-off.
Monday’s gain was largely led by index heavyweight Infosys that surged 3.14 per cent as brokerages upgraded the stock after co-founder Nandan Nilekani made a comeback as non-executive chairman to steer the company out of the recent crisis following the exit of Vishal Sikka as CEO.
Infosys founders, who hold close to 13 per cent stake in the company, are likely to sell a part of the stake back to the IT giant during its Rs 13,000-crore buyback scheme.
The announcement of their participation in the buyback scheme came within days of Nandan Nilekani, a co-founder, returned to Infosys as non-executive chairman after a high decibel spat between the founders and the board.
As non-executive chairman Nandan Nilekani’s selection process for Infosys CEO continues, some executives who quit the company earlier and some who are still with the organisation are topping the list.