Infosys shares continued their downward spiral on Friday to end with a weekly loss of almost 4 percent as investors viewed the company losing its multi-million dollar Royal Bank of Scotland (RBS) project with concern. The BSE Sensex ended 46 points lower at 28,077.The Infosys stock closed at Rs. 1,021.10 on Friday on the Bombay Stock Exchange (BSE), a fall of 3.98 percent from its previous Friday close of Rs. 1,063.30. In intra-day trade, the stock plunged to Rs. 1,019, almost near to its 52-week low of Rs. 1,012.25.Last Saturday (August 13), the Bengaluru-based IT software services exporter had said in a statement that RBS had scrapped a project to spin off and list Williams & Glyn (W&G) as a separate entity. Infosys, along with IBM, had won a project in September 2013 to develop computer systems for W&G for an estimated Rs. 2,500 crore. Infosys had deployed about 3,000 people on the project as the technology partner.”Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months,” the company had said in the statement.”The Royal Bank of Scotland announced last week that it will no longer pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), and instead will pursue other options for the divestment of this business. RBS is a key relationship for Infosys and the company looks forward to further strengthening our strategic partnership and working with them across other strategic and transformation programs,” Infosys added.The BSE Sensex ended with losses on Friday after Thursday’s 118 point rally.Top Sensex losers included Coal India, TCS, Lupin and Wipro, while stocks that lifted the 30-scrip benchmark equity index included State Bank of India (up 4.15 percent at Rs. 258.50), Tata Steel and Cipla. The week saw private sector lender RBL Bank’s initial public offering (IPO) commencing. The public issue will remain open till August 23.The bank raised Rs. 364 crore from anchor investors by issuing shares to 28 anchor investors at the upper price band of Rs 225. The bank’s track record on the loan front is considered sound because of its client profile. “Market experts are of opinion that the bank has stayed away from stressed sectors such as steel, power as well as infrastructure, which has helped it to maintain its asset quality at better levels compared to its peers,” Dynamic Levels said in its IPO note.
yaba. File PhotoMore than 100 traffickers of illegal narcotic substance called yaba, have surrendered to the law enforcement in Cox’s Bazar under a government-sponsored rehabilitation process.The listed yaba traders, who were taken to the surrender ceremony venue on Saturday morning, include four brothers and 12 relatives of former Awami League member of parliament (MP) Abdur Rahman Badi, the number one person in the list prepared by the home ministry.However, Abdur Rahman Badi himself refrained from surrendering. Saiful Karim, the second man in the list, is reportedly staying abroad. Badi’s wife Shahin Akhter is now an MP of the ruling party.The yaba traders were seen handing over yaba pills and guns to home minister Asaduzzaman Khan Kamal at the gathering at Teknaf Pilot High School. Inspector general of police Javed Patwary was present.Only 24 out of 73 listed top yaba traders in the tourist district that has border with Myanmar surrendered, according to the police.Of the rest (49), six have already been killed since a drive that began May last year. Others numbering 43 traders are yet to surrender.“Those who have not surrendered have to face a dire consequence,” the home minister told the programme organised by the law enforcement, after months of discussion about the surrender.He mentioned that the surrender of yaba traders is a process as part of the drive against illegal arms and drugs.According to officials, names of 26 traders including Badi as the key patron, his five brothers and one sister were listed both by the home ministry and the Narcotics Control Department.Asaduzzaman warned that a stern action would be taken if anyone of the local administration is found involved in illegal drug trafficking.The home minister asked the members of Border Guard Bangladesh (BGB) to gear up surveillance along the border with Myanmar to stop entry of yaba.Those who surrendered include Badi’s brothers Abdul Shukkur, Abdul Amin, Mohammad Shafiq and Mohammad Foysal, Badi’s cousin Kamrul Islam Rasel and nephew Shahedur Rahman Nipun.Teknaf upazila parishad’s chairman Zafar Ahmed’s son Didar Mia, Hilar union parishad members Nurul Huda and Zamal Hossain, Teknaf municipality councilor Nurul Bashar Nurshad, woman councilor Kohinur Begum’s husband Shah Alam, Teknaf sadar UP member Enamul Haque and upazila BNP general secretary’s two brothers Ziaur Rahman and Abdur Rahman, among others, surrendered.Each of them was implicated in lawsuits up to 16.Around 300 people were killed in what the law enforcement called ‘crossfire’or ‘gunfights’ across the country since the crackdown against drugs began on 4 May last year.Among them, 44 were killed in Cox’s Bazar alone.Officials said yaba traders have been brought in for surrender at police lines in Cox’s Bazar since mid-January as part of the ‘initiative to bring yaba traders to normal life’.Cox’s Bazar superintendent of police ABM Masud Hossain, however, said two separate lawsuits in connection with drug and arms will be filed with Teknaf model police station.There is no scope of general amnesty for them, the police official said, the law will take its own course.
At the brain-storming meeting of the Election Authority of the party, Gandhi is learnt to have expressed his concern over the tardy pace of organizational polls and asked young AICC secretaries to take responsibility to ensure that it gets the needed momentum in states.Re-introducing active membership concept, common membership across all the wings of Congress and enhanching the representation ratio of SCs, STs, OBCs and minorities in Committees are some of the measures that were debated threadbare during the meeting in which Gandhi was present for one and half hour. Also Read – Need to understand why law graduate’s natural choice is not legal profession: CJIThrust was laid on opening up the membership enrolment by introducing multiple channels like web-based application and smart phone application as well as providing “incentives” for a member who enrolls at least 25 members.From the meeting, coming a day before Delhi goes to vote, it emerged that the Congress Vice President was focussing on long-term strategies.Party General Secretary in-charge Organization Janardan Dwivedi could not attend the meeting as he was down with viral fever while some other general secretaries also failed to turn up. Also Read – Health remains key challenge in India’s development: KovindThe membership drive, which was earlier set to have ended on December 31 of last year, was extended for two months is to wrap up this month-end with Gandhi not quite keen on further extending it.The Central Election Authority headed by senior leader Mullapalli Rmachandran submitted some proposals and amendments to better the organizational functioning of the party, which was considered by the apex decision making body of the party, Congress Working Committee in a meeting on January 13. The CWC decided to take inputs from the states on the proposed changes and fine-tune the proposal and if necessary, place them before AICC session likely in March-April.This time there will be open membership and the party plans to carry out rigorous scrutiny to ensure transparent selection.There have been several complaints earlier regarding bogus membership and kin of senior politicians occupying key posts in the party by ‘managing’ elections.In a statement, the party said that since it is seriously considering to introduce active membership concept, the Election Authority exhorted each Congress workers to enrol at least 25 members and maintain its record to access “incentives” to be announced by the party, for every one, who enrolls a minimum of 25 members.