Yes Bank bounces back after hitting 52-week-low
Shares of Yes Bank rebounded after falling 9% in Thursday’s trade to touch a fresh 52-week low as well as a 33-month low. The private sector lender's stock has tanked 19% in the past three days after Moody’s downgraded the bank’s instruments and changed its outlook from stable to negative on Tuesday.
The stock was the among top losers on the Nifty index. Yes Bank's exiting MD-CEO Rana Kapoor wants to be named as the bank’s non-executive chairman once his term ends on January 31.
Tata Communications to drop Tata Teleservices acquisition plan
Tata Communications, a Tata group company, is expected to scrap the plan to acquire Tata Teleservices’ enterprise business, Economic Times reported.
As per the media report, Tata Sons, a Tata group company, has informally apprised the government that the group it not planning for a deal now and would like to instead concentrate on strengthening the balance sheet of Tata Communications.
Zydus Cadila gets final USFDA approval for Lansoprazole; tentative for Linagliptin tablets
Cadila Healthcare has received the final USFDA approval for Lansoprazole tablets (15 mg & 30 mg) and a tentative approval for Linagliptin tablets (5 mg).
The pharma company has "received the final approval from the USFDA to market Lansoprazole delayed-release, orally disintegrating tablets (US RLD- Prevacid), 15 mg and 30 mg", Cadila Healthcare said in a release to the BSE. It will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad, the company added.
Adani Enterprises to finance 100% of Carmichael project through own resources
Adani Mining's Carmichael mine and rail project will be 100% financed through the Adani Group's resources, Adani Mining CEO Lucas Dow has said.
Dow said that the "construction and operation of the mine will now begin".
"Our work in recent months has culminated in Adani Group's approval of the revised project plan that de-risks the initial stage of the Carmichael mine and rail project by adopting a narrow gauge rail solution combined with a reduced ramp-up volume for the mine.
TCS cleared of anti-American bias by jury
A jury in California rejected claims that Tata Consultancy Services (TCS) has discriminated against American workers in favor of hiring its US offices with Indians.The verdict is a major victory for the company and indian outsourcing industry, whose business model depends largely on exporting Indian engineers to the US.
The case was the first of several accusing India’s big IT firms of hiring bias in the US to go to trial. HCL Technologies, Infosys and Wipro also face similar claims.TCS attorneys argued the company had no incentive to discriminate, having spent millions of dollars on building a local talent pool in the US. Employees were terminated because they were unwilling to move to cities in the US where TCS needed more engineers, the company said.
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