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<ul><li><keyword id="6357096" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> (M&amp;M) will increase the prices of its entire range of passenger and commercial vehicles from January 1, 2021. The share price of M&amp;M has gained 4% in morning trade. </li><li>Meanwhile, its loss-making <keyword id="10441530" type="UNKNOWN" weightage="20" keywordseo="south-korean-subsidiary-ssangyong-motor">South Korean subsidiary Ssangyong Motor</keyword> has defaulted on loan repayment aggregating to $55 million (around ₹408 crore) to JPMorgan Chase. </li><li>In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong.</li><li>M&amp;M holds nearly 75% in the Korean subsidiary now, and has injected over $110 million in it since the acquisition.</li></ul>One of India’s largest automakers <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> &amp; Mahindra (M&amp;M) will be hiking prices of its entire range of passenger and commercial vehicles from next month to offset the impact of the rise in input costs. The price hike will be effective from January 1, and across a range of its passenger and commercial vehicles models. The share price of M&amp;M witnessed a 4% gain in morning trade. <div type="image" title="M&amp;amp;M share (3)" msid="79754028" hostid="261"></div> This price hike announcement comes hours after its loss-making South Korean subsidiary Ssangyong Motor <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/432c164e-1871-4f23-a4f4-289112e504e7.pdf">defaulted on loan repayment</a> aggregating to $55 million (around ₹408 crore) to JPMorgan Chase Bank. In a regulatory filing, M&amp;M highlighted that the South-Korea listed subsidiary SYMC has outstanding loans aggregating to $92 million (approximately ₹680 crore). These are three banks Ssangyong owes money to: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenders to Ssangyong </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pending loans </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JPMorgan Chase Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹408 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹68 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of America </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹204 crore </td></tr></tbody></table> The South Korea-based automaker has been in the red for nearly three years and the pandemic only made it worse. It saw its losses deepen in the third quarter and reported the worst performance since the 2008 global financial crisis. In the July-September quarter it reported net loss of $89.1 million. This default comes after Mahindra’s decision to no longer inject money into its subsidiary. In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong. The pain point: Ssangyong acquisition Mahindra acquired the loss-making Ssangyong in 2010. Despite several attempts, it has failed to turn its fortune around. M&amp;M holds nearly 75% in the Korean subsidiary now, and has since injected over $110 million in it. Mahindra has been looking for a potential buyer for SsangYong, after the loss making subsidiary took <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">a toll on its profit</a> this year. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

M&M’s planned price hikes eclipse debt default by Ssangyong

New Delhi, Apr 3 () Mahindra &amp; Mahindra (M&amp;M) on Friday said its board has rejected a proposal to inject any fresh equity into its loss-making Korean arm SsangYong Motor Company (SYMC). The management and labour union of SYMC had sought a funding of 500 billion KRW (USD 406 million) from the Mumbai-based auto major over the next three years. "After lengthy deliberation given the current and projected cash flows, the M&amp;M board took a decision that M&amp;M will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding," the auto major said in a statement. However, with a view to enable SYMC to have continuity of business operations, whilst they are exploring alternative sources of funding, the board has authorised the M&amp;M management to consider a special one-time infusion of up to 40 billion KRW (USD 32 million) over the next three months, it added. The board hoped that the employees and management at SYMC understand the magnitude of the unfortunate and unforeseen crisis created by the coronavirus, which has compelled it to take the difficult decision, the statement said. M&amp;M would, however, make every effort to continue to support to all other non-fund initiatives that are currently in place to help SYMC reduce capital expenditure (capex), save costs and secure funds, it said. The decision was taken by the board in a special meeting to review investment SYMC and at the same time to discuss the approach to capital allocation in light of the COVID-19 impact. The board noted that large parts of the global economy are under shutdown and India particularly is under an unprecedented 21-day complete lockdown. The board also initiated several measures to tighten capital allocation norms and ensure that M&amp;M remains strong through the current crisis and beyond. Mahindra had acquired the loss-making SsangYong in 2010 but failed to turn it around since then despite several attempts. M&amp;M holds nearly 75 per cent in the Korean company now and has since invested over USD 110 million. SsangYong has been struggling with deteriorating earnings since 2017 when it slipped into the red with a net loss of 66 billion wons as against a net profit of 58 billion wons in 2016. In 2018, its net loss rose to 62 billion wons and then ballooned to 341 billion wons in 2019. MSS HRS

Mahindra board rejects proposal to inject fresh equity in SsangYong

<ul><li><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires. </li><li>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy. </li><li>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive. </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99. “The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. ‘We don’t know a damn thing about the auto industry’ Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>. <div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> Licences, price controls and capacity caps For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. The courage of change His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21. The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. Not just business Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. “During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.

Keshub Mahindra: The man who thought impossible is possible

<ul class="summary-list"><li>Thousands of union workers in <keyword id="11944254" type="UNKNOWN" weightage="60" keywordseo="south-korea" source="Orion">South Korea</keyword> went on strike Wednesday demanding better workers' rights.</li><li>About 80,000 members of the South Korean Confederation of Trade Unions rallied in 13 different cities in South Korea.</li></ul>Thousands of union workers wearing costumes from the <keyword id="11892922" type="UNKNOWN" weightage="60" keywordseo="netflix" source="Orion">Netflix</keyword> hit "<a href="https://www.insider.com/category/squid-game">Squid Game</a>" rallied in the streets across South Korea on Wednesday, demanding job security.About 80,000 members of the South Korean Confederation of Trade Unions in 13 different cities in South Korea went on strike on Wednesday local time, calling on the nation's government to impose better working conditions for irregular workers and a minimum wage hike, <a href="https://www.straitstimes.com/asia/east-asia/labour-union-stages-rallies-strikes-in-south-korea">The Straits Times</a> reported.In Seoul alone, 27,000 people gathered to protest, prompting local authorities to deploy about 12,000 officers to set up "bus walls" and fences for crowd control, namely in Gwanghwamun Plaza, where most of the rallies took place, according to The Straits Times.Lim Yun Suk, the Korea Bureau Chief for Channel <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">News</keyword> Asia, <a href="https://twitter.com/yunsukCNA/status/1450784065540395015">tweeted</a> that some union workers said, like the characters in the popular Korean survival drama, "they too are struggling to make a living."The <a href="https://www.insider.com/squid-game-creator-paused-writing-script-sell-laptop-for-cash-2021-10">Netflix original series</a>, which captured global attention since debuting on the streaming platform in mid-September, centers on 456 adults on the brink of financial ruin who are invited to play children's games to win 45 billion won, or about $40 million - but losing the games has deadly consequences.The show hit too close to home for some in South Korea, where "workers work 44.6 h per week on average, higher than the number of average weekly working hours (32.8) in OECD member nations," according to an <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5102235/">article</a> published in the <keyword id="6356001" type="UNKNOWN" weightage="100" keywordseo="international" source="Orion">International</keyword> Journal of Occupational and Environmental Health in July 2016."Some scenes were very hard to watch," Lee Chang-keun, a former worker at South Korea's Ssangyong Motors, which laid off thousands of employees while filing for bankruptcy protection in 2009, told <a href="https://abcnews.go.com/Entertainment/wireStory/squid-game-strikes-nerve-debt-ridden-south-korea-80551191">ABC News</a>."In '<keyword id="12189586" type="UNKNOWN" weightage="60" keywordseo="squid-game" source="Orion">Squid Game</keyword>,' you see characters scrambling to survive after being laid off at work, struggling to operate fried chicken diners or working as 'daeri' drivers," a rental service where drivers take drunk people home in their own cars, Lee added. "That reminded me of my co-workers who died."The rally came in stark violation of the country's strict social distancing COVID-19 policies, which only allows gatherings of up to eight people if the group includes four fully vaccinated people, and up to 10 people in other regions, according to a <a href="https://www.reuters.com/world/asia-pacific/skorea-eases-coronavirus-gathering-curbs-before-switch-living-with-covid-2021-10-15/">Reuters</a> report.All rallies are banned in Seoul and the greater Seoul area under the city's tight social distancing measures.Korean President Moon Jae-in also encouraged union workers not to rally in a bid to prevent the spread of COVID-19.

Thousands of union workers dressed in 'Squid Game' costumes rallied in South Korea, calling on the government to improve workers' rights

<keyword id="44587" type="COMPANY" weightage="20" keywordseo="Dr-Reddy">Dr Reddy</keyword>'s Laboratories on Saturday said it has inked pact with US-based Gilead Sciences to manufacture and market <keyword id="8775508" type="UNKNOWN" weightage="20" keywordseo="remdesivir">Remdesivir</keyword> - a potential treatment for COVID-19 - in 127 countries, including India. As per the non-exclusive licensing agreement, Gilead will grant the Hyderabad-based drug maker the right to register and manufacture its investigational drug Remdesivir in 127 countries, Dr Reddy's Laboratories said in a statement. The company will receive technology transfer from Gilead for manufacturing of the drug, it added. Dr Reddy's would need to scale up manufacturing and obtain regulatory approval for marketing of this drug in respective countries, the company said. Remdesivir, an investigational antiviral therapy developed by Gilead, has received Emergency Use Authorisation (EUA) by the US Food and Drug Administration (USFDA) to treat COVID-19. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

Dr Reddy's inks pact with Gilead to manufacture COVID-19 drug Remdesivir

The government has restricted imports of <keyword id="81763" type="ORGANIZATION" weightage="20" keywordseo="tyres">tyres</keyword> used for <keyword id="20632" type="ORGANIZATION" weightage="20" keywordseo="Cars">cars</keyword>, buses, lorries and motorcycles, including radial and tubeless, in a move aimed at curbing imports and boosting domestic companies. In all the categories, imports have been restricted and will need permission. So, even after paying the customs duty, imports are not freely allowed from other countries. The rules were notified by an amendment in the import policy of pneumatic tyres by the Directorate General of Foreign Trade (DGFT) under the Union Commerce Ministry. Any goods under the restricted category means an importer would require a licence or permission from the DGFT for imports. Given the procedures and permissions, these measures have the effect to dissuade imports. Before the new policy, imports of tyres were allowed without any restrictions. The government recently pitched for ‘Aatmanirbhar Bharat' pitch and coined the ‘Go Vocal for Local' slogan in a bid to make India self-sufficient in the post Covid phase. Indian tyre manufacturers have been demanding restrictions on imports from China and other destinations. The restrictions are on imports of tyres used in station wagons, racing cars, scooters, multi-cellular polyurethane tubeless tyres, and bicycles. Imports of these tyres were worth $260.72 million in April-February 2019-20 as against $330.72 million in the same period in 2018-19. With demand slumping during the lockdown due to the Covid pandemic, domestic companies are seeking measures to boost manufacturing which will also enhance employment opportunities. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

India restricts imports of tyres to boost domestic manufacturing

Former Pakistan captain <keyword id="16977" type="PERSON" weightage="20" keywordseo="Shahid-Afridi">Shahid Afridi</keyword> revealed on Saturday that he has tested positive for coronavirus. He wrote a heartfelt message on popular social media platform Twitter to make the announcement. Afridi stated that he has feeling unwell since Thursday and after getting himself tested, the reports came as positive. He urged his fans and followers to pray for him during these testing times. His Twitter post read: "I have been feeling unwell since Thursday; my body has been aching badly. I have been tested and unfortunately I'm covid positive. Need prayers for speedy recovery, Inshallah. #COVID19 #pandemic #hopenotout #staysafe #stayhome." Afridi had been involved in charity work during the ongoing crisis in his home country. He was even supported by former India all-rounder Yuvraj Singh and out-of-favour spinner Harbjahan Singh. But following his comments on Kashmir and India Prime Minister Narendra Modi, the Indian cricketers had cut all ties with Afridi. "This is very upsetting what Shahid Afridi has come up with, talking ill about our country and our Prime Minister. This is just not acceptable," Harbhajan had told Sports Tak. "To be honest, he (Afridi) asked us to make an appeal for his charity. In good faith, we did it for humanity and for the people suffering due to the coronavirus," said Harbhajan. "But this man is talking ill about our country. All I have to say is we have nothing to do with Shahid Afridi. He has no right to speak ill against our country and he should stay in his country and limits. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

Pakistani cricketer Shahid Afridi tests positive for Covid-19

<ul><li>A former diversity head Davina Linguist has filed the case against the company in a Texas court and is demanding compensation.</li><li>She has claimed that <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> discriminated against her as she had testified in court in an earlier class action lawsuit against the company.</li><li>The complaints against Infosys come at a time when America is amidst the <keyword id="2771111" type="PERSON" weightage="20" keywordseo="black-lives-matter">Black Lives Matter</keyword> protest.</li></ul>Infosys is facing a <a href="https://economictimes.indiatimes.com/tech/ites/infosys-faces-fresh-race-discrimination-suit-in-us/articleshow/76347038.cms">race discrimination</a> suit in the US. A former diversity head Davina Linguist has filed the case against the company in a Texas court and is demanding compensation. According to reports, Linguist, an African American national, said that Infosys discriminated against her as she had testified in court in an earlier class action lawsuit against the company. Linguist had quit Infosys in 2017, but she says that she was removed from the role. “Infosys has a policy of treating everyone fairly and providing equal employment opportunity and an inclusive workplace to all. It has multiple avenues in which employees can report concerns and further takes affirmative measures so that employees can do so without retaliation," the company said in a statement to the Economic Times. Earlier in 2018, Infosys’ <a href="https://www.timesnownews.com/business-economy/companies/article/infosys-ex-immigration-head-files-lawsuit-against-company-for-discrimination-against-non-south-asian/63898">immigration head in the US</a> too had spoken about the company’s discrimination. He had alleged that he “was not given equal right to work based on his race and the management retaliated against him for complaining about the discrimination.” The complaints against Infosys come at a time when America is amidst the Black Lives Matter protest – which has brought the country to a standstill. The protests began after the murder of a black man George Floyd by a police officer in Minnesota. Since then, thousands have taken to the roads in the US to protest against police brutality and racism in the US. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

Indian IT giant Infosys faces a racial discrimination suit in the US as Black Lives Matter protests rise in the country

<ul><li>At 7:45 am, SGX Nifty was down by 50 points, or 0.38%.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Indian stock markets could see a bounce back on Tuesday after the <a href="https://www.businessinsider.in/stock-market/news/sensex-sees-2-weeks-of-gain-wiped-out-in-half-a-day-plunges-by-over-1400-points/articleshow/79838339.cms">massive plunge on Monday</a>. At 7:45 am, SGX Nifty was down by 50 points, or 0.38%, suggesting that the Indian stock exchanges will have a tepid start to the day. This is at a time when <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks had a mixed day</a> as stimulus optimism clashed with the new virus strain. The Dow Jones closed in the red, down by 0.67%, while S&amp;P 500 was down by 0.21%. These are the stocks to watch out for during the trading session today <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> Infosys has announced a deal with German automotive giant Daimler AG. As part of the deal, Infosys will take over Daimler AG’s employees in Germany, the US and the Asia Pacific region. <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Wipro has announced a share buyback program which will open on December 29 and close on January 11. Additionally, the <a href="https://www.businessinsider.in/business/corporates/news/wipro-buys-the-it-operations-of-a-german-food-services-firm-for-700-million/articleshow/79909949.cms">IT company has also announced a deal with German multinational company Metro AG</a>. According to the ₹9,500 crore worth buyback offer, Wipro plans to purchase shares at ₹400 per share, which is 10% more than yesterday’s (Dec 22) closing price of ₹364, looking to mop up 23.75 crore shares from the market. Additionally, Wipro has signed a $700 million deal with Metro AG that will bring over 1,300 employees of the German company to Wipro. Mahindra &amp; Mahindra Mahindra’s South Korean subsidiary SsangYong Motor has filed for bankruptcy after failing to repay loans worth ₹680 crore. Jubilant FoodWorks The company has announced “The Unthinkable Pizza” based on plant protein. This comes after it had announced its foray into biryani (an Indian rice-based dish) that sent its stock soaring to a record high. <keyword id="6359783" type="ORGANIZATION" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> Bajaj Auto has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit with an investment of ₹650 crore. Punjab National Bank State insurer Life Insurance Corporation of India has increased its stake in the bank from 4.12% to 7.73%. Majesco One of the hottest stocks in the news recently, it will be worth watching out for today as its promoter Ketan Mehta and others sold 10.5 lakh shares while Atul Limited acquired 2.14 shares. LT Foods The company received a boost in its ratings from CRISIL, who revised its outlook to ‘positive’ from ‘stable’. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-rises-3-after-report-says-the-company-aims-to-produce-electric-cars-by-2024/articleshow/79872303.cms">Apple's market value grows by $102 billion after report says the company aims to produce electric cars by 2024</a> <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks close mixed as stimulus optimism clashes with new virus strain</a> <a href="https://www.businessinsider.in/stock-market/news/billionaire-investor-sam-zell-questions-tesla-and-bitcoin-predicts-workers-will-return-to-offices-and-warns-the-us-dollar-could-be-replaced-as-the-worlds-reserve-currency-in-a-new-interview-here-are-the-15-best-quotes-/articleshow/79843473.cms">Billionaire investor Sam Zell questions Tesla and Bitcoin, predicts workers will return to offices, and warns the US dollar could be replaced as the world's reserve currency in a new interview. Here are the 15 best quotes.</a>

Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others

<ul><li>The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex and Nifty opened on a cautious note tracking mixed cues from global markets ahead of the US Federal Reserve's policy outcome. The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment Limited </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr></tbody></table>*as of September 16, 9:50 am Mahindra and Mahindra shares gain 5% on September 16 The shares of automobile manufacturer Mahindra and Mahindra opened 5% higher after <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a> surfaced claiming that M&amp;M subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings. SpiceJet shares shed 2% post earnings The shares of India’s largest cargo operator lost nearly 2% on Wednesday a day after the company reported a net loss of ₹593.4 crore for the first quarter ended June 30. The overall revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. Indiabulls Housing trade 3% higher The shares of Indiabulls Housing gained 3% after the company said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. Lakshmi Vilas Bank locked in 10% upper circuit The shares of Lakshmi Vilas Bank were locked in a 10% upper circuit after the bank said the Clix Group have substantially completed the due diligence on a proposed amalgamation of the financial services company with the bank. In June, Lakshmi Vilas bank had signed a preliminary, non-binding letter of intent (LoI) with Clix Capital Services Private Limited and Clix Finance India Private Limited, collectively the Clix Group, in relation to the proposed amalgamation of Clix Group with the Bank. NMDC trades 4% higher The share price of National Mineral Development Corporation (NMDC) gained over 4% a day after the Karnataka Cabinet cleared the NMDC’s application to start mining operations at Donimalai following the intervention of Union Mines Minister, Prahlad Joshi. Sterlite Technologies gains over 5% The shares of Sterlite Technologies was trading over 5% higher after it partnered with telecom giant Airtel to build an optical fibre network across 10 telecom circles. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/indias-covid-19-number-crosses-5-million-mark-and-last-one-million-cases-in-just-11-days/articleshow/78139916.cms" data-type="tilCustomLink">India’s COVID-19 tally crosses 5 million mark — with an addition of one million cases in just 11 days</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-future-enterprises-bharti-airtel-sterlite-technologies-spicejet-indigo-mm-and-more/articleshow/78138733.cms" data-type="tilCustomLink">Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&amp;M and more</a>

Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

<ul><li>At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. However, the US stocks finished higher as Wall Street ahead of decision from the Federal Reserve meeting. The Dow Jones Industrial Average ended on a flat note, while the S&amp;P 500 rose 0.52%. Here’s a list of stocks to watch for in trade on September 16: Infosys One of the largest publicly traded water, wastewater and natural gas providers in the US, Essential Utilities has selected Infosys as its strategic partner to drive its digital transformation. The shares of Infosys closed 0.31% higher yesterday. Bharti Airtel and Sterlite Technologies Telecom giant Airtel has partnered with Sterlite Technologies to build an optical fibre network across 10 telecom circles. The densely fibered future-ready network will also form the foundation for many next-generation services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, Sterlite said in a release. The shares of Bharti Airtel and Sterlite Technologies closed 2% higher yesterday. SpiceJet SpiceJet reported a net loss of ₹593.4 crore for the first quarter ended June 30. The company’s total revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. In its quarterly filing, SpiceJet also stated that it is restructuring aircraft lease and renegotiating some of its current contracts to for long term saving impact on the cost front. The shares of SpiceJet closed 0.47% lower yesterday. IndiGo Aviation regulator DGCA has asked IndiGo and GoAir to fly only those aircraft that have modified Pratt and Whitney (PW) engines on them, said the civil aviation minister Hardeep Singh Puri. The PW engine-powered A320 neo planes in IndiGo, and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Puri said on Twitter IndiGo has 134 A320neo, and A321neo aircraft and all of them have modified PW engines on them. The shares of IndiGo closed 1.55% higher on Tuesday. Indiabulls Housing Finance Indiabulls Housing Finance said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. The shares of Indiabulls Housing Finance closed 1.95% lower on September 16. Future Enterprises Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹322.92 crore for the quarter ended on June 30. Its revenue from operations was down 87.31% to ₹179.39 crore during the quarter under review. The shares of Indiabulls Housing Finance closed 4% higher on September 16. IDBI Bank According to news reports, the state-owned Life Insurance Corporation of India (LIC) is planning to sell its 51% stake in IDBI Bank in tranches. LIC bought 44% stake in IDBI Bank in January 2019 for ₹21,624 crore for saving the bank from collapse. The shares of IDBI Bank closed flat on September 16. Mahindra and Mahindra According to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a>, Mahindra and Mahindra’s subsidiary SsangYong Motor was close to signing a binding investment agreement with a US-based HAAH Automotive Holdings. Mahindra had earlier said that it will not make any <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">further investments in the loss making SUV-maker </a>and wanted to give up its controlling stake. Hexaware Watch out for Hexaware in trade as the date for delisting has been extended by one more day. The delisting offer closes today. The shares of Hexaware closed 6.25% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/bill-gates-says-the-pandemic-wiped-out-25-years-of-vaccine-progress-in-25-weeks/articleshow/78117898.cms" data-type="tilCustomLink">Bill Gates says the pandemic wiped out 25 years of vaccine progress in 25 weeks</a> <a href="https://www.businessinsider.in/tech/news/watch-live-apple-unveils-whataposs-next-for-the-apple-watch-ipad-and-more-at-its-big-september-event/slidelist/78133140.cms" data-type="tilCustomLink">Apple unveils what's next for the Apple Watch, iPad, and more at its big September event</a>

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