Top 10 business news today: Indian Railways unveils ‘Make in India’ coaches, Flipkart names Binny Bansal as CEO, Omax Autos stake sell, Sebi lowers MF exposure limit, more
Enhancing passenger amenities coupled with adequate fire safety measures, railways today unveiled refurbished coaches with aesthetically appealing and improved interior furnishings. This is a step towards providing better amenities to passenges and we will continue to do so in future also, Railway Minister Suresh Prabhu said here after inspecting the new coaches here.
Indian Railways unveils train 'Make in India' coaches with new, refurbished look </br><br>
Enhancing passenger amenities coupled with adequate fire safety measures, railways today unveiled refurbished coaches with aesthetically appealing and improved interior furnishings. This is a step towards providing better amenities to passenges and we will continue to do so in future also, Railway Minister Suresh Prabhu said here after inspecting the new coaches here.
Flipkart elevates Binny Bansal as CEO, Sachin Bansal as Executive Chairman</br><br>
In a major top management rejig at Flipkart, Binny Bansal will be the new CEO in place of his co-founder Sachin Bansal, who would become Executive Chairman of India's biggest e-commerce company. Binny Bansal till now was the Chief Operating Officer (COO). Sachin Bansal along with Binny Bansal launched Flipkart in 2007.
Omax Autos sells remaining 51% stake in wholly-owned unit</br><br>
Auto component maker Omax Autos said it has sold the remaining 51 per cent stake in its subsidiary Gmax Auto."The shares transfer in this regard have been registered today by the board of Gmax auto. Hence, with effect from today the company has no stake in Gmax Auto and it is no more a subsidiary of the company," Omax Autos said in a regulatory filing.
Sebi tightens norms for Mutual funds' exposure to riskier bonds</br><br>
To safeguard investors' interest, markets regulator Sebi tightened its norms for mutual funds' exposure to riskier corporate bonds including by capping the investment limit in bonds of a single company at 10 per cent.The single sector exposure limit would also be lowered from 30 per cent to 25 per cent, while group-level investment limits of 20-25 per cent have been also been introduced for the mutual funds investing in debt securities.
Facebook supports differential pricing of data</br><br>
Amid a debate over net neutrality principles, Facebook has become the only Internet firm to side with telecom operators over the issue of differential pricing of data services.The social media giant has favoured allowing differential
pricing of data services — a key issue under net neutrality principles, in India specially zero rating platforms like its own controversy-ridden Free Basics.
Volkswagen determined to win back American consumers </br><br>
Embattled German auto giant Volkswagen has vowed to reconquer the hearts of American car consumers as it struggles to shift focus away from the still-unresolved emissions cheating scandal. "We are determined to reignite America's love for Volkswagen," Herbert Diess, chairman of the Volkswagen brand, said on the opening day of the Detroit auto show.
Consumption demand,earnings to decide market outlook: Moody's</br><br>
India's market outlook for this year will be dependent on consumption demands, corporate earnings and inflation trends, says rating agency Moody's. While maintaining that it expects the country to be the world's fastest growing major economy this year, the rating agency believes that the "market trends will depend on whether inflation remains under control and corporate profits revive."
SAP 4th quarter operating profit rises 7% on license renewals </br><br>
Europe's largest software company, SAP on Tuesday reported a 7 percent rise in operating profits, driven both by year-end software license renewals and customers converting to newer cloud-based software.Fourth-quarter operating profit, excluding special items, rose to 2.28 billion euros ($2.47 billion) from 2.13 billion euros in the same period a year earlier.
Persistent Systems to acquire Citrix Systems' 2 product lines </br><br>
IT firm Persistent Systems said it will acquire Citrix Systems' CloudPlatform and CloudPortal Business Manager product lines for an undisclosed sum. "Persistent Systems Ltd, through its US subsidiary has signed an agreement with Citrix Systems International GMBH, a Swiss subsidiary of Citrix Systems, Inc., to acquire the Citrix CloudPlatform and CloudPortal Business Manager product lines in an asset purchase transaction," the company said in a BSE filing.
Power sector does not need ‘crutches’ of tax breaks: Piyush Goyal </br><br>
Power sector does not need any “crutches” in form of tax incentives as it is no longer facing any stress and can stand on its own, Union Power Minister Piyush Goyal has said.The statement assumes significance in the run-up to the Union Budget as various sectors are seeking tax breaks and other incentives from Finance Minister Arun Jaitley.
