Top headlines: Mistry opens new front against Tata; Infosys outshines in Q2

From Mistry attacking Tata Sons over Parliament redevelopment plan to theatres opening from today, here are top headlines this morning

Mistry opens new front against Tatas over Parliament redevelopment project

Opening a new front, Shapoorji Pallonji Group (SP Group) has hit out at the Tata Sons over the Parliament redevelopment project. The Mistry family-led SP Group, which has been engaged in a lengthy corporate battle with the salt-to-software conglomerate after Cyrus Mistry was removed as Tata Sons chairman in a boardroom coup four years ago, has alleged serious misconduct during the project’s bidding process. Read More

Attorney General not in favour of appealing against Voda arbitration award

The country’s top law officer does not want the government to challenge the Vodafone tax arbitration ruling by an international tribunal at another forum. Attorney General (AG) K K Venugopal has informally conveyed his opinion to the government, saying India should avoid filing an appeal against the arbitration award, two officials in the know said. The Permanent Court of Arbitration at the Hague in September upheld the plea of Vodafone Group Plc in its long-pending case against the Income-Tax (I-T) department’s demand for Rs 20,000 crore. Read More

Pandemic shock forced me to exit retail biz: Future Group founder Biyani

Future Group founder Kishore Biyani, 59, is known for his candid views on life as an entrepreneur. On Wednesday, he made his first public appearance since selling his retail assets to Reliance, admitting he had no option but to exit the business in the face of mounting debt and revenue loss triggered by the Covid-19 pandemic and lockdown. Read More

Infosys outshines rivals with Q2 performance; net profit jumps 20.5%

Continuing with its industry-leading performance, Infosys — India’s second largest information technology services company — on Wednesday delivered a healthy set of numbers in the second quarter (Q2) of 2020-21 (FY21). This exceeded Street expectation and was better than industry peers Tata Consultancy Services (TCS) and Wipro. Read More

Set for muted opening after 7-month closure, theatres eye Diwali fireworks

October will be a sluggish month even as some theatres get ready to reopen this week after a seven-month closure. In a setback for the movie business, states known for cinema including Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana and Kerala are yet to permit movie halls to reopen. So, exhibitors estimate that only about a third to half of their properties would screen films on day one. For instance, Inox will open around half of its 147 properties on October 15, taking the number gradually up in the coming weeks. Read More

In spite of anti-China rhetoric, Chinese smartphones dominate Indian market

Thousands of social media posts, angry protests outside factory gates and dismantled billboards promoting Chinese smartphones have failed to dislodge the leading handset brands in India. In spite of being attacked from all corners, a faltering supply chain and negative sentiments soaring high among the local consumers, top Chinese smartphone brands gained market share during the most critical phase — the April-June quarter of this year. Read More

Bharti Airtel ties up with global firms, kicks off ORAN tech plan

Bharti Airtel has tied up with global technology companies to develop products to power 4G and 5G networks based on Open Radio Access Network (ORAN) technology. These companies include Rakuten, a Japanese e-commerce giant and 4G operator which is the first to launch commercial 5G services in Japan based on the new technology. Read More

Despite anti-China sentiment, OnePlus to invest Rs 1,000 cr in India R&D

Unfazed by the surge in anti-China sentiment, smartphone maker OnePlus is committed to investing around Rs 1,000 crore on research and development (R&D) and another Rs 100 crore on retail expansion in the country, said a senior company official. Additionally, the executive said that all of its TVs, including the Q and U series, will be manufactured in India from next year. Read More

Tatas, private equity investors in talks with BigBasket for stake buy

Tata Group, along with a couple of other private equity investors, is in talks to invest money in Bengaluru-headquartered online grocery firm BigBasket, said reports. According to Financial Times, the Mumbai-headquartered automobile-to-technology conglomerate is looking at 20 per cent stake in the Alibaba-backed firm, apart from two board seats. A decision on this deal will be taken by the end of October, according to a report that cited a person in the know. Read More