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Industry mourns the loss of Vineet Nayyar, one of the finest IT leaders

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New Delhi, May 16 (IANS) Industry leaders on Thursday mourned the demise of Vineet Nayyar, former Tech Mahindra vice chair, who passed away at 85.

Founding chairman and managing director of the Gas Authority of India (GAIL), Nayyar served as Managing Director of HCL and Vice Chairman of HCL Technologies.

He was the key figure in the acquisition of IT services company Satyam by Mahindra and oversaw the subsequent merger.

Mahindra Group Chairman Anand Mahindra posted on X that “It saddens me to share the news of the passing of Vineet Nayyar this morning”.

“Vineet was a larger than life figure in the Indian business landscape. A distinguished IAS officer, who then served with the World Bank, he became the first Chairman of GAIL,” Anand posted.

Nayyar then made a successful transition to the private sector.

IT industry’s apex body Nasscom said that Nayyar’s visionary leadership and dedication have left an indelible mark on the industry.

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“Our deepest condolences to his family, friends, and colleagues. His impact and achievements have carved a lasting legacy,” Nasscom commented.

According to CP Gurnani, former MD and CEO of Tech Mahindra India has lost one of its finest leaders today.

“Personally it’s like losing the light that has led me for decades. He was a friend, philosopher, brother, guide and statesman par excellence,” Gurnani posted on X.

–IANS

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Sensex falls 314 points amid muted global cues

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Mumbai, May 30 (IANS) Indian equity indices opened in the red on Thursday following muted global cues.

At 9:50 a.m., Sensex was at 74,188, down 314 points or 0.42 per cent and Nifty was at 22,605, down 99 points or 0.41 per cent.

The banking index is outperforming the benchmarks. Nifty Bank is up 255 points or 0.53 per cent, at 48,751.

Among the other indices, PSU Bank, Fin Service, and Media are major gainers. Auto, IT, Pharma, Metal, Energy and Infra are major losers.

The Indian volatility index (India VIX) is up 0.50 per cent at 24.30 points.

Twenty-three out of the 30 Sensex stocks are trading in the red.

Tata Steel, JSW Steel, Power Grid, Nestle, Titan, Sun Pharma, Bajaj Finance and Wipro are the top losers, whereas, Axis Bank, SBI, ICICI Bank and Kotak Mahindra Bank are the top gainers.

Almost all the markets in Asia are trading with a decline. American markets closed in the red on Wednesday. The Dow had slipped more than one per cent. The dollar index remains at 105.

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Crude oil remains flat — Brent crude at $79 per barrel and WTI crude at $83 per barrel.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt Ltd, said: “Nifty ended on the losing side once again for the last 3 consecutive sessions ending near the 22700 zone with bias turning weak and has the next crucial support zone maintained near 22500 zone which needs to be sustained as of now.”

“For the bias to improve, a decisive breach above the 22800 level is important to carry on with the upward move and thereafter, anticipate retesting the previous peak zone of 23100 levels,” she added.

–IANS

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Samsung's new chip head vows to regain leadership in global market

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Seoul, May 30 (IANS) Samsung’s new semiconductor chief pledged on Thursday to restore the company’s leadership in the global chip market amid the ongoing transition driven by artificial intelligence (AI).

“We are at the centre of the AI era and facing an unprecedented future,” Vice Chairman Jun Young-hyun stated in his inaugural letter on the company’s internal bulletin.

“This presents a significant challenge, but if we navigate it properly, it will become a major opportunity for our semiconductor business, which is essential in the AI era.”

Jun was recently appointed head of Samsung’s semiconductor division as part of the company’s strategy to revitalise its struggling chip sector, reports Yonhap news agency.

Last year, Samsung Electronics posted an annual loss of 15 trillion won ($11 billion) due to declining demand for IT products. Despite this, the company hesitated to cut memory production, exacerbating the financial loss.

The company also lost its leadership in the high-bandwidth memory (HBM) market, a crucial segment in the expanding AI sector.

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SK hynix now leads the HBM market with a 53 per cent share, compared with Samsung’s 38 per cent.

On top of that, on Wednesday, the company’s unionised workers announced plans to go on a strike in protest against stalled wage negotiations with the management.

Jun expressed confidence in overcoming these challenges, citing Samsung’s extensive experience in the memory chip industry and its untapped potential.

“As an executive, I feel a heavy responsibility for the current situation,” he said. “I will analyse the circumstances with renewed determination and find ways to overcome these difficulties.”

Jun, who joined Samsung Electronics in 2000, has extensive experience in the semiconductor and battery sectors.

After leading the development of DRAM and NAND flash memories in the chip division, he took over Samsung SDI Co. in 2017, helping the battery maker shift to the black in 2020 and become a major player in the global market.

–IANS

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Nearly 2,500 leaked Search documents are real, says Google

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New Delhi, May 30 (IANS) Tech giant Google has admitted that around 2,500 leaked internal documents from its Search feature are authentic.

The leaked Search material was first reported by search engine optimisation (SEO) experts Rand Fishkin and Mike King, according to reports.

In a statement to The Verge, the company said “we would caution against making inaccurate assumptions about Search based on out-of-context, outdated, or incomplete information”.

Google said that it has shared extensive information about “how Search works and the types of factors that our systems weigh, while also working to protect the integrity of our results from manipulation.”

The leaked material allegedly suggests that Google “collects and potentially uses data” that company representatives have said does not contribute to ranking webpages in Google Search.

However, the leaked information is likely to create some panic across the SEO industry.

According to Fishkin, the leaked documents outline Google’s search API and break down what information is available to employees.

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SEO expert King said in his overview of the documents that “Lied” is harsh but “it’s the only accurate word to use here”.

“While I don’t necessarily fault Google’s public representatives for protecting their proprietary information, I do take issue with their efforts to actively discredit people in the marketing, tech, and journalism worlds who have presented reproducible discoveries,” he wrote.

–IANS

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Sensex falls 667 points on mixed global cues, Nifty drops to 22,704

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Mumbai, May 29 (IANS) The equity benchmarks in India closed in deep red on Wednesday due to profit booking by investors and mixed global cues – marking a decline for three consecutive days so far this week.

The Sensex was down 667 points or 0.89 per cent at 74,502, while the Nifty closed at 22,704, down 183 points or 0.80 per cent.

Banking index Nifty Bank also declined by more than 1 per cent to close at 48,501, down 640 points or 1.30 per cent.

The midcap and smallcap stocks performed better compared to the largecaps during the session on Wednesday.

The Nifty Midcap 100 index closed at 52,125 points, down 169 points or 0.32 per cent. However, the Nifty Smallcap 100 index increased by 10 points or 0.06 percent to close at 16,886 points.

Sector-wise, pharma and metal stocks were the major gainers, while auto, IT, PSU bank, FMCG, and realty were the major losers.

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The India volatility index (India VIX) closed at 24.17 points on a day when 24 out of 30 Sensex stocks closed in the red.

Tech Mahindra, ICICI Bank, Bajaj Finserv, HDFC Bank, UltraTech Cement, and Axis Bank were the top losers, while Power Grid, Sun Pharma, Nestle, ITC, and IndusInd Bank were the top gainers on Wednesday.

Rupak De, Senior Technical Analyst at LKP Securities, said: “The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000.”

“Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level,” De added.

–IANS

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RBI curbs business of 2 Edelweiss Group firms over breach of rules

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Mumbai, April 29 (IANS) The Reserve Bank of India (RBI) on Wednesday imposed business restrictions with immediate effect on two Edelweiss Group firms — ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited, citing material supervisory concerns.

The RBI has directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business

The RBI has also ordered Edelweiss Asset Reconstruction Company Limited (EARCL) to cease and desist from the acquisition of financial assets, including security receipts (SRs) and reorganising the existing SRs into senior and subordinate tranches.

The RBI said that the action is based on material concerns observed during the course of supervisory examinations, essentially arising out of conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations.

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“Incorrect valuation of SRs was also observed in both ECL and EARCL. Apart from the above, in ECL, supervisory observations included submission of incorrect details of its eligible book debts to its lenders for computation of drawing power, non-compliance with loan to value norms for lending against shares, incorrect reporting to Central Repository for Information on Large Credits system (CRILC) and non-adherence to Know Your Customer (KYC) guidelines,” the RBI said.

ECL, by taking over loans from non-lender entities of the group for ultimate sale to the group ARC, allowed itself to be used as a conduit to circumvent regulations which permit ARCs to acquire financial assets only from banks and financial institutions, according to the RBI.

In EARCL, other violations included not placing the Reserve Bank’s supervisory letter issued after the previous inspection for 2021-22 before the Board, non-compliance with regulations pertaining to the settlement of loans and sharing of non-public information of its clients with group entities, the RBI said.

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Instead of taking meaningful remedial action to rectify the said deficiencies, it was observed that the group entities were resorting to new ways to circumvent regulations, the RBI added.

–IANS

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