A look at the headlines in this sector right now:
- Larsen & Toubro lays off 14,000 employees in bid to ‘right size’ citing economic slowdown: The Indian engineering giant sacked 11.2% of its staffers in six months leading to September despite reporting an 84.3% increase in second quarter net profit.
- Sensex, Nifty close higher as markets rise for second straight day: This is the first time the indices made gains in consecutive sessions since the Centre demonetised Rs 500 and Rs 1,000 notes on November 8.
- Sun Pharma signs agreement to acquire 85% stake in Russian firm Biosintez for $24 million: As part of the deal, the drug major will also assume a debt of around $36 million from the company.
- SC rules in favour of Reliance Communications in Rs 4,800-crore tax case: The I-T department had claimed that proceeds from the company’s Foreign Currency Convertible Bonds were ‘unexplained cash credits’.
- All public banks, some private banks will waive debit card service charges this year: Meanwhile, India and Switzerland signed a joint declaration, as per which Swiss banks will share information on Indian account holders from 2019.
- Facebook has developed a censorship tool as part of efforts to re-enter China: The software will allow a partner Chinese company to block and monitor content shared on the social networking platform.
- Twitter suspends its own CEO Jack Dorsey’s account for half an hour: This triggered rumours that the social networking platform’s co-founder had been sacked.