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Government orders probe into debit card data breach

Banks, National Payment Corporation of India (NPCI) and the government got into damage control mode
on Tuesday to curtail the risks emerging from a possible data breach of 3.2 million debit cards.

WIPRO buys APPIRIO for $500 million for cloud services


Wipro has acquired fro $500 million ( Rs.3,325 Crore) APPIRIO, a US-based information technology
services company, with a large offshore presence that helps companies implement cloud applications like
Salesforce and Workday.

Roseneft-Essar Oil deal not to re-rate refiners: Analysts


The $12-Billion deal between the Roseneft-led consortium and Essar Oil would not lead to re-rating of
rival refiners in India, analysts said. While the deal may be at premium, I do not see a case of re-rating of
Indian refiners, said Ritesh Gupta, analyst with Ambit Capital. Roseneft, Tranfigura and Russian financial
investors UCP agreed earlier this month to acquire a combined 97.4 percent stake in Essar Oils refining
and retailing assets, the Vadinar port and related infrastructure.

RILs core PAT jumps 43% to Rs. 7,206 cr in Q2


Reliance Industries Limited Thursday reported a 23% drop in its second quarter net profits as compared
to its last years figure, which was boosted by income from sale of US shale gas assets.

HSBC to wind up P-notes business in India


HSBC is planning to wind up participatory notes (P-notes) operations in India as tightening of regulatory
framework made the business unviable. P-notes attractiveness has been on the wane following
tightening of the regulations and the recent double tax avoidance agreement (DTAA) with Mauritius.

Trump says he may not accept election results


Republican candidate Donald Trump on Wednesday said he would not commit to accepting the outcome
the November 8 US presidential elections, if he loses, challenging a cornerstone of American democracy
and sending shockwaves across the political spectrum.

SBI merger to trim new hiring by 20% next year


The merger of State Bank of India (SBI) with its associate banks will bring down new recruitment by around
a fifth next year. SBI is calculating the numbers likely to be become surplus with the merger. It has already
announced that there wont be any job cuts on account of merger. Since 2015-16, there has been no
recruitment in the associate banks.

Sikka pays four business heads million-dollar salaries


Infosys chief executive Vishal Sikka is paying his top managers more as an incentive to reach the
companys revenue target of $20 billion by 2020. Four Infosys presidents Mohit Joshi, Rajesh K Murthy,
Ravi Kumar S, Sandeep Dadlani and the companys general counsel Davis Kennedy will now be paid
million dollar salaries.