The business wrap: Markets end high, Nifty closes at almost 9,600, and six other top stories
Other headlines: Modi inaugurated the country’s longest bridge in Assam, and EPFO may cut provident fund contributions by 2%.
A look at the headlines in the sector:
- Markets touch record high with Sensex closing above 31,000, Nifty five points shy of 9,600: Tata Steel was trading at Rs 511.90 per share, its highest since September 2014.
- India’s longest bridge was delayed by the previous government, says Modi at inauguration: The 9.15-km-long structure is expected to cut the travel time between Assam and Arunachal Pradesh from six hours to one hour.
- Centre may cut PF contribution by 2%, trade unions threaten nationwide strike: Employees and employers currently contribute 12% of the salary each towards the fund.
- Sad over recent IT layoffs, says Narayana Murthy: Infosys had announced it may sack hundreds of mid and senior-level employees during its bi-annual performance review.
- Centre bans the sale of cattle for slaughter at markets across the country: The new rules require cattle traders to give an undertaking that the animals are only being sold for agricultural purposes.
- ITC Q4 profit rises to Rs 2,669 crore: Revenue from cigarettes, at Rs8,954.94 crore, was up 4.8% year-on-year.
- ICICI Bank CEO Chanda Kochhar’s FY17 pay jumps 64%, employees’ median hike at 12%: The jump in Ms Kochhar’s overall pay was driven by the Rs. 2.2 crore performance bonus, which she got last fiscal.