Top headlines: Nilekani’s take on Infosys crisis; H1-B denials hit IT firms

Nandan Nilekani


assures action if whistleblower allegations proved; up 4%

The stock advanced 3.7 per cent to Rs 721.50 in intra-day trade on the BSE today, after non-executive chairman Nandan Nilekani, told investors in a concall that the company would take action if the whistleblower allegations against it are substantiated.

denial rate spikes under Trump; Indian IT firms worst-hit

Denial rates for H-1B petitions have increased significantly following the Trump administration’s restrictive policies, from just six per cent in 2015 to 24 per cent in the third quarter of the current fiscal, a study carried out by an American think-tank shows.

SC orders completion of resolution within 90 days

In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of the corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.

Fitch raises India’s FY20 fiscal deficit to 3.6% of GDP on sluggish growth

Fitch Solutions on Wednesday raised India’s fiscal deficit forecast to 3.6 per cent of the GDP for this fiscal year, from 3.4 per cent previously, due to weak revenue collections resulting from sluggish economic growth and government’s sweeping corporate tax rate cut.

The big Diwali shopping season wasn’t all that big this year

The festival of Diwali is supposed to herald India’s biggest shopping season of the year. Purchases did happen, but were muted, according to a Bank of America Merrill Lynch report. More than 90 per cent of the storekeepers surveyed said footfalls were lower than the last year’s festival period, according to the report. The study was based on analysts’ visits to more than 120 retail outlets in the financial capital of Mumbai in the week leading to Diwali, the country’s equivalent to Christmas.

Tharoor-led parliamentary panel to take up snooping case on Nov 20

A parliamentary standing committee headed by Congress leader Shashi Tharoor will take up the snooping case in its next meeting on November 20, sources said on Wednesday.Two parliamentary panels headed by Congress leaders have decided to examine the snooping case and will seek details from top government officials including the Home Secretary.

India gains $755 mn in additional exports to US due to trade war: UN body

India gained about $755 million in additional exports, mainly from chemical, metal and ore shipments to the US in the first half of 2019 due to the trade diversion effects of Washington’s tariff war with China, a study by the UN trade and investment body has said.

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