A look at the headlines in the sector right now:
- Wipro's Azim Premji and HCL's Shiv Nadar only Indians in Forbes list of 100 richest tech moguls: While Microsoft chief Bill Gates has topped the list, Jeff Bezos of Amazon is the second richest person in the industry.
- Flipkart shares get 10% markup by US mutual fund: With this, the company is now valued at around $11.55 billion, higher than its earlier $10.5 billion.
- Cabinet relaxes FDI norms for non-banking financial companies: The changes allow the inflow of foreign funds through the automatic route for financial services that are monitored by regulators such as the RBI and SEBI.
- Google Chrome to start blocking Flash from next month, kill the buggy software fully by December: The popular web browser, in a blog post, said the move will help users see ‘an improvement in responsiveness and efficiency for many sites’.
- Gold demand slumps 18% in India in the second quarter of the fiscal: High prices, the jewellers' strike and various regulatory moves by the Centre are believed to be responsible for the drop.
- RBI is set to transfer its surplus profit of Rs 65,876 crore to the central government: The amount is marginally lower than what the bank gave the Centre last year
- Ikea Group will open 25 stores in India in the next 10 years: The Swedish home furnishings company has decided to double its sourcing from the country to 600 million euros by 2020.