Infosys: The Schall Law Firm, a shareholder rights litigation firm based in Los Angeles has announced the filing of a class action lawsuit against Infosys Limited. It alleged that Infosys made false and misleading statements to the market and used improper recognition of revenue to boost short-term profits.
State Bank of India: SBI Cards & Payments Services, a subsidiary of State Bank of India, has made an application to list commercial paper for an issue size of ₹400 crore. Post process, the effective date of listing for the commercial paper at the exchange will be 13 December, BSE said in a statement.
Aviation stocks: According to the domestic air passenger traffic data released by the civil aviation regulator on Thursday, Indian airlines carried 129.5 lakh in November, up 11.2% year-on-year (yoy). In November, passenger traffic growth was led by SpiceJet at 42% yoy to 20.8 lakhs, while India’s largest airline IndiGo carried 61.5 lakh customers, up 23%. Both no-frills airlines IndiGo and SpiceJet increased their market share to 47.5% and 16.1% respectively.
Telecom stocks: The ratings agency has maintained a negative outlook for the Indian telecom industry, where major companies will have to repay massive dues to the department of telecommunications (DoT) after an unfavourable Supreme Court (SC) verdict in the adjusted gross revenue (AGR) case. ICRA has given its outlook until the end of this financial year ending March 2020.
Piramal Enterprises: The real estate unit of Piramal Group, has entered into a joint development agreement with another local builder Omkar Realtors & Developers to develop a residential project in Mumbai’s Mahim area with a total investment of around ₹3000 crore. This is the second time both the firms entered into such a partnership, the first one being a luxury housing project at Mahalakshmi, a neighbourhood in south Mumbai.
Bank of Baroda: The public sector lender has allotted 65.1 crore equity shares s of ₹2 each fully paid up at an issue price of ₹107.45 per equity share (premium of RS.105.45 per share) aggregating to ₹7,000 crore to the government on preferential basis, it said in a BSE filing.
Tech Mahindra: IT major Tech Mahindra on Thursday said it has won a ₹500 crore smart city project from Pune’s Pimpri Chinchwad Municipal Corporation (PCMC). Through this project, Tech Mahindra will engage with more than 15 lakh citizens of PCMC by enabling technology-led transformation to convert it into a smart and sustainable city.
Nestle India: The national anti-profiteering agency has slapped a ₹90 crore penalty on FMCG giant Nestle India for not passing on the benefit of the goods and services tax (GST) reduction to consumers. It also asked Nestle to deposit the amount within 3 months.
Ashok Leyland: The company has appointed Vipin Sondhi as chief executive officer (CEO) and managing director (MD) starting 12 December 2019. The announcement comes after over a year of former CEO Vinod Dasari’s resignation in November 2018. Sondhi will head the company for the next five years, with his term ending on 11 December 2024. The appointment is subject to the approval of shareholders, the company said in a regulatory filing.
Wipro: The IT firm on Thursday said it has bagged a strategic multi-year cyber governance, cloud and infrastructure services transformation engagement from Japan’s Olympus, in a filing with the exchanges. For this transformation, Wipro will leverage its SHINRAI delivery framework, which is designed specifically for engagements in Japan.
