A look at the headlines in the sector right now:

  1. Infosys beats expectations to post 1.4% rise in net profit, increases revenues abroad: For the April-June quarter, Infosys’s revenue abroad came in at $2.65 billion, growing 6% from 2016.
  2. Sensex closes 16.63 points down after losses in morning session, Nifty at 9,886: The rupee, which opened two paise higher at 64.43 to the dollar, was trading at 64.56 to the dollar at 4.43 pm.
  3. India’s wholesale price inflation eases to 0.9% for June, food prices fall 1.25%: Economists have forecast 1.60% annual gain in wholesale prices
  4. China is fast catching up with the US as a global economic power in public view, says survey: Indians believe that the US is the No 1 economic power, the Pew Research Center document said.
  5. Centre says cannot extradite Vijay Mallya before January, SC adjourns contempt case in his absence: A court in UK has fixed December 4 for the final hearing of the fugitive liquor baron’s extradition case.
  6. Uber and Russia’s Yandex enter $3.73 billion merger to form a new venture: The deal comes a year after the taxi hailing app sold its business to rival Didi Chuxing in China in exchange for a 17.5% stake.
  7. Court asks McDonald’s to reinstate ousted managing director Vikram Bakshi: Bakshi was removed after he had a disagreement with the US-based food chain over the management of Connaught Plaza Restaurant Limited.
  8. India, not the US, has the highest number of active Facebook users now: While the figure rose by 27% in the country in the past six months, the United States saw only a 12% increase.
  9. Walmart’s Rs-900 crore project will create 30,000 jobs in Maharashtra: The 15 stores it plans to open in the state will cater to wholesalers alone.
  10. Paytm acquires majority stake in online event management platform Insider.in: The ticketing company was earlier owned by Only Much Louder, a market leader in this field in India.