The business wrap: Infosys denies founders looking to sell their stake, and six other top stories
Other headlines: The textile industry raised concerns about the 18% GST, and the pound fell sharply as the UK election results were announced.
A look at the headlines in the sector right now:
- Infosys denies reports that its founders aim to sell entire stake in company: Infosys founders have accused the company board of lapses in corporate governance, and criticised pay hikes given to senior officials.
- Textile industry worried about government’s decision to impose 18% GST: The industry is also uneasy about the effect on jobs like weaving, knitting, cutting and packaging, which it fears could hurt the small units badly.
- Pound Sterling falls to a seven-month low against Euro: The dip came as results for the 2017 UK elections were announced.
- Central government employees likely to get revised allowances from July: The HRA in cities with more than 5 million population is likely to be 27% of the basic pay.
- Sensex, Nifty 50 recover early losses: Maruti Suzuki, Mahindra and Mahindra and Vedanta were the top gainers, while ITC, Infosys and Tech Mahindra lost the most.
- SBI may not need to tap equity markets for at least another year: India’s biggest lender is also due to gain additional funds this financial year from a planned share sale in its life insurance arm.
- State-run oil companies lose market share to private companies: Indian Oil, BP and HP lost about 12 percentage points market share in fuel retail business to private firms Essar Oil, Reliance and Shell, primarily due to lower diesel sales.
