News digest: Infosys AGM, airlines raise luggage fee, and more

Panaya pain haunts Infosys; Parekh assures stronger due diligence in AGM

 

The Panaya and Skava issues dominated the discussion at the 37th annual general meeting of Infosys on Saturday, with shareholders questioning the board’s decision to acquire the two firms and then sell them. Constant buying and selling of subsidiaries, they said, proved to be a drain on the cash flow of the company, eroding shareholders’ wealth. They also flagged up concerns about the rising number of loss-making subsidiaries. Read more

 

Airlines couldn't hit you with fare hikes, so they've raised luggage fees

Mind the weight of your luggage next time you fly. Carrying extra luggage will become costlier as airlines in India have hiked fees for excess luggage.

IndiGo, GoAir and SpiceJet have raised the charges for luggage to Rs 400 per kg for anything beyond 15 kg from existing Rs 300 per kg. In addition, the cost of pre-booked excess luggage has risen by 33 per cent in the case of IndiGo and SpiceJet. Read more

 

Xiaomi CEO's $1.5-bn stock award from his firm is one of the largest ever

 

Chinese smartphone maker Xiaomi Corp., whose valuation could soon register at $70 billion, gave its founder and chief executive a token of its appreciation: $1.5 billion in stock, no strings attached, in one of the largest corporate paydays in history. Read more

 

India makes a mark at Cannes Lions 2018 , but still a long way to go

The 65th edition of the Cannes Lions Festival of Creativity ended on a high note on Friday with India taking home 21 Lions, including two Grand Prix trophies. The performance, coming after the record 40-Lion-haul in 2017, settles the debate about India's position at the global advertisement show. Read more

 

$60 a barrel ideal oil price for India as it will bring investments: HPCL

On a day the Organization of the Petroleum Exporting Countries (Opec) and its allies declared a modest increase in production, state-run Hindustan Petroleum Corporation (HPCL) indicated on Saturday though the move would stabilise prices, India as a consumer would like to see a further rise in supply to the market. Read more