Top 10 biz headlines: Cognizant may cut jobs, Airtel net up 29%, and more

From Bharti Airtel Q4 results to Cognizant job cuts, Business Standard brings you top 10 business stories that made news on Monday

Bharti Airtel net up 29%, closes gap with Reliance Jio in wireless segment

Bharti Airtel posted a 29 per cent jump in net profit to Rs 107 crore for the quarter ended March 2019 even as the Street had anticipated a loss in the range of Rs 700 crore. The company said the jump was mainly due to gains from exceptional items. The high point in the third-largest telecom company’s results was its domestic wireless numbers. Read more...

Donald Trump tweets hit D-Street, oil saves the day; Sensex falls 363 pts

Global markets — which went through a turbulence-free phase over the past few weeks on hopes that the US and China had largely sealed a trade accord — were jolted by US President Donald Trump’s tweets on Sunday, where he said the US would raise tariffs on $200 billion of Chinese goods from 10 per cent to 25 per cent this week. The hardline taken by Trump spooked global markets as investors turned risk averse. Read more...

Policy to boost exports on anvil as trade deficit hits new high of $176 bn

The Central Board of Indirect Taxes and Customs (CBIC) has set up a working group to look into export promotion policy, the impact of free trade agreements (FTAs) signed by India, tariff concessions vis-à-vis non-tariff barriers faced by exporters, and facilitating e-commerce exports.

“We are looking into issues faced by exporters amid intense competition in the international market. The idea is to look at our policies comprehensively from the perspective of export, manufacturing, and trade facilitation,” a CBIC official said. Read more...

ICICI Bank Q4 profit at Rs 969 crore, falls 5% on higher expenses

Private lender ICICI Bank saw a 5 per cent fall in net profit for the quarter ended March 2019 (Q4) to Rs 969 crore. This was due to higher operating expenses and treasury income plunging to Rs 156 crore versus Rs 2,685 crore a year-ago padded with Rs 3,320 crore of profit from stake sale in ICICI Securities. That aside, net interest income (NII) grew by 27 per cent at Rs 7,620 crore in Q4. Read more...

Cognizant may cut jobs, mostly in India; mid-level staff to be worst hit

US-based IT services company Cognizant is likely to opt for more job cuts this time as the firm’s headcount additions were not in sync with the revenue growth in the past two quarters. The company, which has guided for the lowest growth in its history for this calendar year, had given voluntary separation package to around 400 senior executives in 2017 as part of its cost optimisation measures. Read more...

Jet Airways' security services to 38 foreign carriers likely to end soon

Jet Airways has informed foreign airlines it would be unable to provide security services to them after May 10. The development comes in the backdrop of the aviation security regulator asking foreign airlines to make alternative arrangements as soon as possible. Read more...

Mastercard to invest $1 bn in India, plans to make country global tech node

Global card payments major Mastercard Monday said it will invest USD 1 billion (about Rs 7,000 crore) in India in the next five years and plans to make the country a global technology node for its platforms. The company has already invested USD 1 billion in the Indian market in the last five years. Read more...

Govt to make it easier for homebuyers to clear builders’ revival plans

The government is set to provide relief to thousands of homebuyers and bankrupt builders awaiting rescue by preparing a clarification on passing bankruptcy resolutions that are stalled because many homebuyers did not vote.

This follows a reference from the National Company Law Tribunal (NCLT) to the ministry of corporate affairs in the Jaypee Infratech Ltd case, where the panel of creditors dominated by homebuyers could not clear a rescue plan from a Suraksha Realty Ltd-led consortium as many homebuyers stayed away, reported LiveMint.

Fake job offers: How to avoid getting duped in job scams

In January this year, Ajay Kolla, CEO of an award-winning recruitment firm, Wisdom Jobs, was arrested with 13 staffers. The well-established firm, operating since 2009, had duped 1.04 lakh people out of nearly Rs 70 crore by promising fake jobs in India and abroad, Economic Times reported. 

Why India struggles to cope with droughts

Parts of Andhra Pradesh and Rajasthan have faced four droughts in the last four years while more than 20 districts in Karnataka reeled under a drought for three years during this period. At the same Maharashtra, Uttar Pradesh, Chhattisgarh, Madhya Pradesh and Odisha faced two droughts, Hindu BusinessLine reported.