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Biz EOD: Allegations against Infosys CEO; 10.86 lakh jobs created in August; Ultratech profit up 72%

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Biz EOD: Allegations against Infosys CEO; 10.86 lakh jobs created in August; Ultratech profit up 72%
Top stories from the world of business and economy.

The anonymous employee group, which has accused Infosys CEO Salil Parekh and CFO Nilanjan Roy of indulging in unethical practices, has claimed that they have emails and voice recordings to back their claims. Net employment creation in the formal sector stood at 10.86 lakh in August 2019, according to the latest Employees' Provident Fund Organisation payroll data. Ultratech Cement reported a 72.3 per cent y-o-y rise in profit after tax at Rs 639.20 crore for the second quarter ended September 30, 2019. Read for more top stories from the world of business and economy:

1. 'E-mails, voice recordings': Whistleblower letter trains guns on Infosys CEO Salil Parekh, CFO Nilanjan Roy

The group accuses Infosys CEO Salil Parekh of bypassing reviews of large deals and hiding information from auditors; says CFO Roy is "compliant."

2. 10.86 lakh jobs created in August 2019: EPFO data

Since September 2017, 1.23 crore jobs have been created. Out of which, 15.53 lakh jobs were created in between September 2017 to March 2018. A total of 61.12 lakh jobs were created in FY19. In the current fiscal 47.3 lakh jobs have been created.

3. Ultratech Cement Q2 profit jumps 72% to Rs 639 crore, board approves capex of Rs 940 crore

The Mumbai-based company's Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 29 per cent to Rs 1,995 crore in Q2FY20 as against Rs 1,544 crore in Q2FY19.

4. India turned net copper importer in FY19, for first time in 18 years

Given that Vedanta's Tuticorin copper smelter plant produced about 40% of India's copper output, its closure caused output to dip 46% in the last fiscal, forcing the country to turn a net importer of the metal. India used to be a net exporter of copper cathodes till FY18.

5. Kelvinator to make a comeback in India under Reliance Retail

The retail arm of the Mukesh Ambani-led Reliance Industries has signed an exclusive 10-year brand licensing, manufacturing, marketing and distribution deal for the consumer durables brand with its owner, Swedish appliance maker Electrolux.

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