The business wrap: IITs blacklist 31 companies from student recruitments, and six other top stories
Tata Motors' net profit declined by 57% because of Brexit, and traders in Kashmir claimed its economy has lost Rs 6,400 crore because of the crisis there.
A look at the headlines in the sector right now:
- IITs blacklist 31 companies, mostly startups, from recruiting students at campus placement drives: The All-IIT Placement Committee decided on the one-year ban after the firms revoked offer letters or delayed their joining dates, among other last-minute changes.
- Tata Motors' first quarter net profit declines 57% at Rs 2,260.4 crore after Brexit: The company blamed higher depreciation and amortisation costs for the sharp fall.
- The Kashmir violence has cost its economy Rs 6,400 crore in 49 days, says traders' association chief: Mohammad Yaseen Khan said the issue should be resolved immediately and permanently.
- Uber is reportedly facing a $1.2-billion loss in first half of 2016: The technology’s company head of finance Gautam Gupta blamed driver subsidies for the worrying numbers.
- UPI launches as four banks introduce payment apps, more to follow: The National Payments Corporation of India has allowed only those banks with a success rate of 80% to go live.
- Sensex closes 54 points lower, Nifty 20 points as IT stocks decline: Late upward swings for stocks such as Tata Motors saw the Sensex recover from its intra-day fall of 139 points.
- UK parliamentarians say Facebook, Twitter and YouTube ‘consciously failing’ to tackle radicalisation: A report by a select committee said social media has become the ‘vehicle of choice’ for groups looking to spread extremist propaganda.
