Business

Banking, Financial Services Segment Ahead of Company’s Overall Growth: TCS

New Delhi: Allaying concerns regarding demand slowdown in banking and financial services (BFS) vertical, the country’s largest IT firm Tata Consultancy Services (TCS) on Tuesday said the segment continues to grow well and is “ahead of the overall company growth”. Yesterday, TCS’ rival Cognizant had given a bleak revenue outlook for the first quarter and 2016, citing a “soft start ... Read More »

Axis Bank Appoints V Srinivasan as Deputy MD

New Delhi: Private lender Axis Bank on Tuesday said it has appointed V Srinivasan as deputy managing director of the bank. The bank has received approval from RBI for re designation of V Srinivasan as the deputy managing director for three years, with effect from December 21, 2015, Axis Bank said in a statement. Prior to this, he was executive ... Read More »

Bad Loan Clean-Up Takes Toll on State Banks’ Earnings

Mumbai: Four state-run banks reported a spike in bad loans and provisions for sour debt on Tuesday after a clean-up exercise ordered by their regulator, sending three of them to net losses for the fiscal third quarter. Punjab National Bank (PNB), India’s fourth-biggest state-run lender by assets, posted a 93 per cent fall in December-quarter profit, and said it expected ... Read More »

Central Bank of India Posts Rs 837-Crore Loss in Q3

New Delhi: Central Bank of India on Tuesday said it has registered a net loss of Rs 836.62 crore for the third quarter ended December. The public sector lender had clocked a profit of Rs 137.65 crore in the corresponding October-December qaurter of 2014-15. Total income of the bank decreased to Rs 6,911.62 crore during the third quarter of 2015-16, ... Read More »

Banking, Financial Services Segment Ahead of Overall Growth: TCS

New Delhi: Allaying concerns regarding demand slowdown in banking and financial services (BFS) vertical, country’s largest IT firm Tata Consultancy Services (TCS) today said the segment continues to grow well and is “ahead of the overall company growth”. Yesterday, TCS’ rival Cognizant had given a bleak revenue outlook for the first quarter and 2016, citing a “soft start to the ... Read More »

Renuka Sugars Q3 Net Loss Narrows at Rs 46 Crore

New Delhi: Leading sugar refiner Shree Renuka Sugars today reported a narrowing of its standalone net loss at Rs 46 crore for the quarter ended December 31, 2015. The company had posted a net loss of Rs 90 crore in the same quarter last year, it said in a BSE filing. The net loss narrowed down due to increase in ... Read More »

Crisil Posts Rs 87-Crore Net Profit in Q3

New Delhi: Crisil Ltd on Tuesday reported a 23 per cent growth in net profit at Rs 87.05 crore for the quarter ended December 2015. The company had posted a net profit of Rs 70.79 crore in the October-December quarter of last fiscal. Consolidated total income during the quarter was up 18 per cent at Rs 385 crore, Crisil said ... Read More »

Snapdeal to End Contract With Brand Ambassador Aamir Khan: Report

Snapdeal will reportedly be ending its association with brand ambassador Aamir Khan, with his contract signed March 2015 set to expire soon. According to a recent news report, which cites unnamed sources, the company decided not to renew the contract as it is looking to reduce its advertising spend and focus on its products instead. Speaking to NDTV, the actor’s ... Read More »

Raghuram Rajan Says MNCs Too Are Responsible for Tax Rows

Mumbai: Blaming multinational corporations squarely for tax controversies, Reserve Bank of India Governor Raghuram Rajan on Thursday said their indulgence in avoidance and evasion results in prolonged legal battles. Addressing the issue of tax havens, Rajan wondered aloud as to what makes a bulk of intellectual property reside in Cayman Islands, quipping that no one has seen scientists in so ... Read More »

Tata Steel Edges Higher Despite Big Q3 Loss

Tata Steel took a one-time charge of Rs 711 crore on its European operations Tata Steel shares recovered, after falling 4 per cent on Friday, on hopes that the government would take steps to curb cheap imports in a bid to protect domestic steel manufacturers. Mumbai-headquartered Tata Steel had posted a net loss of Rs 2,127 crore in the December ... Read More »