A look at the headlines in the sector right now:

  1. 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.
  2. 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.
  3. Pound Sterling falls to a seven-month low against Euro: The dip came as results for the 2017 UK elections were announced.
  4. 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.
  5. 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.
  6. 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.
  7. 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.