BUSINESS
Tech Mahindra inaugurates 5G innovation lab in US
The innovation Lab in Bellevue, WA will curate vertical solutions in the telco space to help customers achieve their future business ambitions through 5G and related technology. The lab will combine an ecosystem of partners (both telecom and cloud) and help build end-to-end solutions for enterprises.
Sacked fund manager slaps legal notice on Axis MF
Joshi was first suspended and later relieved of his charge on May 18, as per a statement issued by the AMF on May 19, for his purported role against allegations of 'front-running' (or, tailgating) at the company which conducted an internal probe into the matter.
Reliance subsidiary SankhyaSutra unveils 'make in India' software at Drone fest
According to the company, achieving accurate simulation of turbulent flows often required in aerospace and defence designing is a challenging task due to the involvement of multiple scales of swirling motions, also known as vortices. SankhyaSutra Labs said it develops next-generation high-fidelity CFD tools that do not use approximate turbulence models.
Ex-Twitter India head Maheshwari quits startup he founded 6 months ago
Founded by Maheshwari and Tanay Pratap just six month ago, Invact Metaversity in February received $5 million in funding led by Arkam Ventures to build a metaverse of education and expand globally. "I am moving out of Invact to first take a break for a few months and then pursue new opportunities.
Money laundering case: Avantha Group promoter gets interim bail
Thapar was given bail on furnishing the two surety bonds of Rs 50,000 each with other conditions. On May 23, after submissions of Thapar seeking interim bail for medical treatment, the bench of Justice Jasmeet Singh had issued notice to the Enforcement Directorate (ED).
Equities close week in green, Sensex up 632 pts, Nifty IT top gaine
Nifty IT was the top sectoral gainer at 2.5 per cent. Sensex closed at 54,885 points, up 632 points or 1.2 per cent, Nifty at 16,352 points,up 182 points or 1.1 per cent. With Friday's gains, indices have managed to chart on the positive territory for the second straight day.
RBI says momentum in economic recovery to continue in FY23
Despite the risks, the report said the recovery is "getting entrenched and is broadening", besides the Union Budget for FY22 envisioned the roadmap for 'India at 100', with a focus on demand side measures. The substantial increase in government capital expenditure outlay could crowd-in private investment and "propel a virtuous cycle, thereby improving aggregate demand".
RBI's balance sheet grows by 8.46% in FY22
While income for the year increased by 20.14 per cent, expenditure increased by 280.13 per cent, according to the RBI's Annual Report for 2021-22 released on Friday. The increase on the asset side was due to increase in foreign investments, domestic investments, gold, and loans and advances and on the liability side due to the increase in deposits and notes by it.
Infosys hikes CEO Salil Parekh's salary by 88% to Rs 79.75 cr per annum
This makes him one of the highest paid executives in India. The company provided the sharp hike citing industry-leading growth in the recent years. It said that any comparison of CEO's salary should be seen in the context of the company's performance and stock price growth. The firm said it considered key factors such as total shareholder return, rise in market cap and growth while recommending his reappointment and change in remuneration.
Shareholder sues Musk for manipulating Twitter stock for personal gains
The lawsuit alleged that Musk proceeded to make statements, send tweets, and engage in conduct designed to create doubt about the deal and "drive Twitter's stock down substantially in order to create leverage that Musk hoped to use to either back out of the purchase or re-negotiate the buyout price".
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