• Cognizant To Lay Off Over 6,000 Employees
    Published Date : 20-Mar-2017 12:56:58 IST

    Over 6,000 employees representing 2.3 per cent of the total workforce are likely to be laid off by Cognizant Technology due to non-performance. “We conduct regular performance reviews to ensure we have the right employee skill sets necessary to meet client needs and achieve our business goals. This process results in changes, including some employees transitioning out of the company,” a Cognizant spokesperson said.

    Read More
  • Tirupati Laddu turns Bitter for TTD, Causes Rs 140-cr Loss
    Published Date : 20-Feb-2017 9:53:34 IST

    The most sought-after ‘Tirupati Laddu’ has caused an annual loss of over 140 crore to the cash-rich administration of Lord Venkateswara hill shrine for the last three years owing to its subsidised price and free distribution to some devotees, temple sources said. The mouth-watering sweet dish has been sold by the TTD at a subsidised price of 25 per piece for the last 11 years while the actual cost was about Rs 32.50, sources said. TTD also incurs more loss Rs 10 per piece to devotees selling the laddu at who opt for free darshan.

    Read More
  • Warren Buffett dumped 90% of his Walmart shares
    Published Date : 17-Feb-2017 12:36:54 IST

    Billionaire investor Warren Buffett’s firm Berkshire Hathaway sold off nearly $900 million (₹6,000 crore) worth of Walmart stock last quarter, which was 90% of his stake left in the retailer. Buffett’s Walmart holdings, which were worth $3 billion last summer, are now down to less than $100 million. Notably, Buffett’s firm has quadrupled its stake in tech major Apple.

    Read More
  • Apple plans to make iPhones in Bengaluru
    Published Date : 30-Dec-2016 8:34:24 IST

    Apple plans to make iPhones for the Indian market in Bengaluru. Wistron, a Taiwanese OEM manufacturer for Apple, is setting up a facility in the city’s industrial hub of Peenya to manufacture iPhones. The facility will start production as early as April next year, said industry sources familiar with the development.

    Read More
  • 76% of Indians not on internet
    Published Date : 27-Dec-2016 7:49:29 IST

    At a time when the government is aiming to convert the country’s cash economy into a digital one, a study on Monday provided a reality check – nearly a billion Indians do not have an internet connection. Nearly 950 million people -out of a population of 1.25 billion or over three-fourths, do not have access to internet, according to a study .

    Read More
  • Kapil to get ₹110 crore for The Kapil Sharma Show
    Published Date : 07-Dec-2016 10:33:19 IST

    As per reports, comedian Kapil Sharma has signed a contract of ₹110 crore with Sony Entertainment Television for 2017 to return as the host of ‘The Kapil Sharma Show’. The comedian will reportedly be paid ₹60-80 lakh per episode. Kapil’s earnings of around $14.7 million will reportedly be more than Priyanka Chopra’s earnings of $11 million last year from ‘Quantico’.

    Read More
  • Despite Trump threat, IIT-Kanpur student gets Rs 1.5-crore offer
    Published Date : 04-Dec-2016 11:50:31 IST

    Despite Donald Trump’s tough stand against non-Americans, an IIT-Kanpur student has received a job offer of nearly Rs1.5 crore per annum from Microsoft to work in one of its US offices. This is the highest ever salary offer to a student of IIT-K, according to sources at the premier institute. The Delhi-based student has been offered a position at Microsoft’s headquarters in Redmond to design a software, implement it and fix the bugs.

    Read More
  • Biggest Indian Exchange’s CEO Quits Months Before IPO
    Published Date : 02-Dec-2016 6:57:03 IST

    In a surprise move, Chitra Ramkrishna today quit as Managing Director and CEO of the National Stock Exchange with immediate effect presumably over differences with some board members, after having served the premier bourse for over two decades since its inception. While the exchange cited “personal reasons” for her departure, sources said the exchange veteran decided to leave — months ahead of its proposed IPO — following differences with some board members. Senior executive J Ravichandran has been given the interim charge.

    Read More
  • How much Flipkart, Paytm, Ola founders own in their startup?
    Published Date : 02-Dec-2016 1:22:47 IST

    Flipkart Co-founders Sachin and Binny Bansal together own around 14% of the company while Paytm founder and CEO Vijay Shekhar Sharma controls roughly 20% of the payments platform. Ola Co-founders Bhavish Aggarwal and Ankit Bhati own little over 10% of the company. On the other hand, Snapdeal Co-founders Kunal Bahl and Rohit Bansal together own only 6.5% of the company.

    Read More
  • Bank mistakenly puts ₹9,806 cr in taxi driver’s a/c
    Published Date : 29-Nov-2016 12:53:02 IST

    A taxi driver from Punjab, Balwinder Singh’s Jan Dhan account was mistakenly credited with ₹9,806 crore by the State Bank of Patiala earlier this month. While passing a credit entry of ₹200, a banker wrongly inserted the bank’s 11-digit internal general ledger account number in the amount column. However, the amount was debited from Singh’s account the very next day.

    Read More
  • RBI reveals how much India deposited since note ban
    Published Date : 28-Nov-2016 11:07:20 IST

    People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonetisation of the high value currency, the Reserve Bank of India (RBI) said on Monday. The banks also disbursed over 2.16 lakh crore over the counter and via ATMs between November 10 and November 27. “Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to Rs 8,44,982 crore,” the central bank said.

    Read More
  • Rupee Sinks Further; Seen Hitting 70 Now
    Published Date : 21-Nov-2016 9:50:03 IST

    The rupee fell on Monday, continuing its recent selloff against the dollar. In early trade, the rupee fell to 68.16 against Friday’s close of 68.13. Analysts expect the weakness in the rupee to continue in the near term. TS Harihar, founder of HRBV Client Solutions, expects the rupee to soon break its all-time lows of 68.85 hit in 2013. He sees the rupee eventually touching 70 against the US dollar.

    Read More
  • Chandrababu Sold Away Heritage
    Published Date : 07-Nov-2016 8:07:49 IST

    Kishore Biyani’s Future Retail announced the acquisition of retail and allied businesses of AP Chief Minister Chandrababu Naidu’s Heritage Foods Ltd, which currently owns 124 retail outlets under the brand name ‘Heritage Fresh’. “Heritage Foods will get 3.65 per cent shares worth Rs 295 crore from Future Retails. Heritage dairy products business will leverage the strength of Future Retail to spread Pan-India,” said Nara Lokesh.

    Read More
  • Rs 20,000 cr chance missed?
    Published Date : 07-Nov-2016 3:24:28 IST

    Ousted Tata Sons chairman Cyrus Mistry didn’t heed suggestions by members of the controlling Tata Trusts to sell up to 5% stake in TCS to help recapitalize some of the struggling group companies, two influential Tata Group insiders said. At peak value, a 5% stake dilution would have fetched Tata Sons $3 billion, or about Rs 20,000 crore at current exchange rates.

    Read More
  • Reliance Jio Lyf smartphone bursts into flames
    Published Date : 07-Nov-2016 2:24:31 IST

    A man claimed on a social media site that his 4G Lyf phone, sold by Reliance Retail, burst into flames with the firm promising thorough investigation in the matter. “My family had a narrow escape today after @reliancejio’s @Reliance_LYF phone exploded & burst into flames,” Tanvir Sadiq said. He also posted a picture of the phone and warned people from using Lyf smartphones. When contacted, a Lyf spokesperson said, “We are concerned about the incident reported on social media and are taking the matter seriously.

    Read More