X Corp, formerly Twitter, has been ordered to pay $1.1 million in legal fees to a group of its former top executives. The executives, including ex-CEO Parag Agrawal and former top lawyer Vijaya Gadde, argued that Twitter violated its duties by refusing to cover their legal expenses tied to investigations of the company.
Indian leaders are making a comeback at Cognizant, with Ravi Kumar as the new CEO and Jatin Dalal as the CFO. The company has been filling senior leadership roles with alumni from Infosys and Wipro, following several high-level departures. Narsimha Rao Mannepalli, former Infosys EVP, is expected to join as the global head of delivery, while Nageswar Cherukupalli, another former Infosys executive, is also set to join.
Indian companies are experiencing strong growth due to domestic demand and government spending, according to credit rating analysis by Crisil and ICRA. The ratings upgrades-to-downgrades ratio for the first half of fiscal 2024 was nearly 2:1, indicating a positive sign for the economy.
In recent weeks, Indian companies have been receiving GST demand notices due to the deputation of overseas staff to India. This follows a Supreme Court judgment stating that the reimbursement of salaries to overseas entities for "seconded employees" will be subject to service tax. Companies are now examining their cases to determine the best approach, as the period of limitation for assessment of cases for the financial year 2017-18 has ended. It is common for employees to be deputed from overseas to Indian subsidiaries, and their salaries are reimbursed by the Indian company to the overseas entity.
Indian IT companies are expected to face a weak earnings season due to Accenture's modest guidance and continued weakness in discretionary spending. However, deal wins have accelerated, giving confidence in strong growth for FY25. The top four Indian IT firms have collectively booked deals worth nearly $20 billion, with a significant portion coming from large deals. Infosys recently expanded its partnership with Liberty Global in a deal valued at 1.5 billion euros.
The GST-Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the provider of the ride-hailing app 'Namma Yatri', is considered an e-commerce operator under GST laws. However, the company is not required to collect and pay GST on transportation fare as the supply of passenger transportation is not made through it.
The Reserve Bank of India's rate-setting committee is expected to maintain interest rates at their current level, despite inflation being above the target range, rising crude oil prices, and a weakening rupee. The committee has kept rates unchanged since February 2023. Economists predict that inflation will decrease in the coming months, but caution that the central bank should be watchful of rising oil prices and bond yields.Co Valued At $18Bn, One Of Largest Bets From FIs In Sector from Business News Today: Stock Markets, Financial News, India Business & W...
