Microsoft to shut down LinkedIn in China

Microsoft will shut down its localised version of professional networking website LinkedIn in China, due to "more challenging operating environment and greater compliance requirements," the company said in a blogpost on Thursday.

LinkedIn had been operating a local version in China since 2014 to adhere to its government's internet regulations. Other social media companies like Twitter and Facebook are already banned in the country.

Microsoft will launch InJobs, a new standalone jobs-application platform, which will not have social feeds, limiting the ability to share posts or articles.

TCS launches financial-services marketplace

Tata Consultancy Services (TCS) has launched TCS BaNCS Marketplace, an innovation hub for customers to collaborate and adopt cutting-edge partner solutions compatible with the TCS BaNCS suite, spanning banking, capital markets, and insurance domains.

The marketplace will be an ecosystem of solutions and APIs from fintechs, insurtechs, risktechs, regtechs, and other innovators.

Enterprises can collaborate and experiment with these partners in a secure and trusted sandbox environment to co-innovate and prototype solutions that enhance end-customer experience.

They can also select pre-packaged and curated solutions to respond to evolving market needs.

Ramkrishna Forgings’ Jamshedpur plant approved

Ramkrishna Forgings (RKFL) has started the production of heavy fabrication for the excavator parts at its plant VII in Jamshedpur. Excavators are heavy construction equipment that consists of a bucket, arm, rotating cab, and movable tracks. It is used to dig trenches, lift away waste, and excavate mines.

The RKFL Jamshedpur plant is a fabrication facility which has been approved by a leading OEM in the mining and earth moving industry in Europe, said the company in an exchange-filing on Thursday.

“The approval of the fabrication facility at Jamshedpur is a step in the right direction as we move to strengthen our presence in non-auto sectors,” said Lalit Khetan, Executive Director & CFO, Ramkrishna Forgings. “This approval will provide significant impetus to capacity utilisation of this new plant, and will add to revenues in coming years.”

Cyient's Q2 revenue rises

Digital solutions company Cyient reported revenue of Rs 1111.6 crore in the second quarter of financial year (FY) 2022. This was up by 10.8 percent over the same quarter a year ago, and 5 percent sequentially.

During the quarter, Cyient  strengthened its IntelliCyient Suite of Digital solutions with the acquisition of WorkForce Delta to further its offerings in field services transformation. It also expanded its digital solution portfolio for the aerospace industry with the global AS9145 Supplier PPAP4Aero platform offerings.

GTPL Hathway revenue up 1 percent sequentially

GTPL Hathway, a digital cable TV and broadband service provider, booked consolidated income of Rs 605.2 crore in the second quarter of FY 2022, down by 1 percent sequentially but 3.5 percent more than in the same quarter a year ago.

GTPL Hathway posted a consolidated profit of Rs 50.4 crore, 4.4 percent lower than in the previous quarter. Its broadband service revenue rose by 9.5 percent over the previous quarter, whereas its cable TV services revenue remained flat.

In its annual report, GTPL Hathway said it has plans to cross-sell broadband services to its digital cable TV subscribers as a combined service.

Amitabh Chaudhry re-appointed CEO of Axis Bank

Axis Bank has informed stock exchanges that Amitabh Chaudhry has been reappointed as Managing Director and CEO of the bank for the next three years.

Chaudhry joined Axis Bank in 2019 after nine years in HDFC Life Insurance as MD and CEO. In a letter dated October 14, 2021, the Reserve Bank of India has approved the re-appointment of Amitabh Chaudhry.

IndusInd appoints Gobind Jain as CFO

IndusInd Bank said it appointed Gobind Jain as Chief Financial Officer (CFO) and a key managerial of the bank. Jain replaced SV Zaregaonkar, who has been the lender's CFO since 1995. 

Jain is a Chartered Financial Analyst with 29 years of experience in accounting and finance. He previously worked with a private sector bank before taking over as IndusInd Bank's CFO on September 30.

BPCL gets new government nominee director

Rajesh Aggarwal, Government Nominee Director of Bharat Petroleum Corporation, has stepped down from the post from September 23, 2021.

In his place, Gudey Srinivas, Additional Secretary & Financial Advisor, Ministry of Consumer Affairs, Food & Public Distribution and financial advice charge of Ministry of Petroleum & Natural Gas (MoP and NG), will be the Government Nominee Director from October 13, 2021. He is also on the Board of Food Corporation of India.