IndiGo reports biggest quarterly loss, cuts expansion targets : Bulletin: Business Today
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IndiGo reports biggest quarterly loss, cuts expansion targets

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October 25, 2019

Infosys asks law firm, auditors to complete 'unethical practices' probe in 2 weeks

As the probe into the allegations of "unethical practices" deepens with Sebi and US Securities and Exchange Commission investigating the matter, Infosys has also stepped up efforts on its part to allay fears of its investors. Infosys' audit committee has retained law firm Shardul Amarchand Mangaldas & Co to conduct an independent probe into the allegations. The company has both Shardul Amarchand and Ernst & Young, its auditor, to submit the final report on these allegations in the next two weeks.

Fitch Rating cuts India's GDP growth forecast to 5.5% for FY20

New lending as a proportion of gross domestic product (GDP) may dip to 6.6 per cent this fiscal year from 9.5 per cent in 2018-19 owing to a large squeeze in credit from non-banking financial companies (NBFCs). These estimates assume that the sluggish pace of lending is maintained throughout the year, according to Fitch Rating.

IndiGo reports biggest quarterly loss, cuts expansion targets

India's biggest airline IndiGo reported its biggest ever quarterly loss on higher maintenance costs and cut capacity expansion targets, at a time when the industry is grappling with slowing passenger growth in a sluggish economy. IndiGo parent InterGlobe Aviation Ltd's net loss grew to 10.66 billion rupees ($150 million) in the three months to Sept. 30 from 6.52 billion rupees a year earlier.

Amazon founder Jeff Bezos no longer the world's richest man; Bill Gates back at number 1

Amazon founder and Chief Executive Officer Jeff Bezos lost the title of the richest man in the world after Amazon Inc reported that revenue and profit for the Q3 quarter could be below expectations over fierce competition and rising costs from its plan to speed up delivery times globally. After the announcement, the shares of the online retail behemoth dipped 7 per cent during initial hours of trading on Thursday, taking Bezos' fortune down to $103.9 billion. Microsoft co-founder Bill Gates is back on number 1 spot, with a net worth of $105.7 billion, reported Forbes.

Growth can come back because economy in transition phase: SBI Chairman

The Indian economy is in a transition phase largely owing to important reforms undertaken in the last few years, a top Indian banker has said exuding confidence that the country's growth rate will be back on track. "Growth can come back. Because of a lot of (reforms), economy is in transition. We had GST (goods and services tax). We had IBC (insolvency and bankruptcy code). All these reforms have been implemented in last three years. And as a result, we are in a transition period. A lot of cleanup has happened in the corporate sector," SBI Chairman Rajnish Kumar told PTI in an interview.
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