The business wrap: Infosys defers raises to July amid IT crunch, and 6 other top stories
Other headlines: SBI clarified that its ATM withdrawals will not be charged, and solar power tariffs touched a historic low.
A look at the headlines in the sector right now:
- Infosys delays salary hikes amid speculation over layoffs: In a letter to the employees, Chief Operating Officer Pravin Rao said the compensation review was postponed to save costs and sure better raises.
- SBI ATM withdrawals are not going to be charged, clarifies bank: A circular issued earlier in the day had caused confusion among account holders.
- Solar power tariff drops to record low of Rs 2.44 per unit: Two days ago, the lowest bidder for the solar park in Rajasthan had quoted Rs 2.62 per unit.
- Niti Aayog suggests limiting registration of fuel-dependent vehicles, encouraging electric cars: It claimed the country can conserve 64% of energy from the road sector and 37% in carbon emissions by transitioning to electric transportation.
- Yes Bank reported Rs 748 crore in bad loans in March 2016 when it was actually Rs 4,925 crore: Its shares fell by almost 4% after the central bank made public its annual report for fiscal year 2017.
- GM mustard a step closer to being India’s first genetically modified food crop: A regulator under the Environment Ministry has recommended approving the indigenous product for commercial cultivation.
- Mumbai’s Rs 12,000-crore coastal road project gets final environmental clearance from Centre: The 29.20-km long road will link Nariman Point in South Mumbai with Kandivli in the western suburb.
