Top 10 biz headlines: Ogilvy-Vivo dispute, Tata Steel cuts jobs, and more

From Ogilvy dragging Vivo to court over plagiarism to Tata Steel cutting jobs in Europe, here are the top 10 business headlines on Tuesday

Infosys ADR sinks 13% over whistleblower's window dressing allegations

Information technology major Infosys saw its American Depositary Receipts (ADRs) on the NYSE sink by 12.91 per cent on Tuesday (as of 12.22 am), after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. Read More

Ogilvy group drags Vivo to court over 'plagiarism'; next hearing on Nov 22

Issues of scam advertising, plagiarism, and blatant copying have been raised frequently at ad award shows. But in what will be the first instance of the matter moving beyond industry fora, ad agency Brand David, part of the WPP-owned Ogilvy group, has taken smartphone manufacturer Vivo to court over a campaign it claims resembles a piece of work it presented to the company earlier. Read More

Tata Steel to cut 2,500 jobs in Europe to save $930 mn in costs: Report

Tata Steel Europe, a subsidiary of Tata Steel India, has decided to cut 2,500 jobs, or 25 per cent of its work force, in Europe to save $930 million in costs, Dutch media outlet NH Nieuws reported on Monday. Read More

Enforcement Directorate probes real estate deal of DHFL associate company

The Enforcement Directorate (ED) is examining a real estate transaction worth Rs 121 crore between Essential Hospitality (EHPL), a Dewan Housing Finance (DHFL) associate group firm, and Charak Pharma, an entity controlled by Raj Shroff, son-in-law of Sushilkumar Shinde, former Maharashtra chief minister and ex-Union home minister. Read More

Piramal Enterprises profit before tax rises 29% to Rs 733 crore in Q2

Piramal Enterprises has posted 29 per cent growth in its profit before tax (PBT) at Rs 733 crore in the quarter ended September FY20 (Q2FY20), compared to Rs 570 core in the same period of the last financial year. Read More

Bharti Infratel posts Rs 1,043 crore profit before tax in September quarter

Bharti Infratel on Monday reported Rs 1,043 crore profit before tax for the second quarter ended September 30, up 6 per cent from Rs 988 crore in the same last year. Read More

Seven of top 10 drug brands sold in India are from multinational companies

Home-grown drug firms have 80 per cent of the Rs 1.36 trillion domestic pharmaceuticals market but when it comes to the top selling medicine brands in India, multinational companies (MNCs) rule. Read More

Weak demand, drop in prices may keep steel sector Q2 performance muted

With domestic steel prices having slipped significantly in the September quarter on the back of dull demand for the commodity, primary producers of the alloy are expected to take a hit on their margins in Q2 results. Read More

Walmart CEO Writes to PM, Seeks Stable Biz Environment

Walmart chief executive Doug McMillon has written to Prime Minister Narendra Modi, seeking certainty and predictability in India’s business environment, people familiar with the matter said, Economic Times reported. Changes in foreign direct investment rules for ecommerce marketplaces late last year had upset Walmart-owned Flipkart and rival Amazon, and forced them to overhaul their business models.

Centre’s EPFO dues surge to Rs 9,115 crore amid fiscal pressure

The Union government’s statutory dues to the state-run retirement fund manager has ballooned to Rs 9,115 crore, reflecting the rising pressure on government finances. The cumulative arrears to the Employees’ Provident Fund Organisation (EPFO) are only till the end of March and have increased since then, a senior government official said on condition of anonymity.