Profit Top 10: Pranab Mukherjee resigns as Finance Minister for Presidential race

• Pranab Mukherjee submits resignation, Manmohan to take up portfolio
• Markets, Rupee track global trend, end flat
• India’s growth story oversold, says former US Secretary of State
• SBI to recruit 10,500 staff this fiscal
• E-voting mandatory for top 500 listed companies: Sebi
• Ganga Expressway demise: The longest expressway India never had
• Now, engineers quit crippled Kingfisher: 5 biggest worries
• Why falling rupee has no short-term benefit for Infosys, TCS
• Moody's cuts debt ratings of 28 Spanish banks
• Maruti's Diwali gift: a new 800cc car

1) Pranab Mukherjee submits resignation, Manmohan to take up portfolio

Finance minister Pranab Mukherjee on Tuesday submitted his resignation to Prime Minister Manmohan Singh. He will now run for President of India as the candidate of the ruling United Progressive Alliance. (Read More)

Also Read: Pranab Mukherjee's last address as finance minister

Meanwhile, sources said that Prime Minister Manmohan Singh, widely recognised as the father of India's economic reforms, will take additional charge of the Finance Ministry. The Prime Minister currently holds portfolios of space, atomic energy, planning, and personnel, public grievances and pensions.

Also Read: Pranab Mukherjee's term by the numbers: 5 key indicators

2) Markets, Rupee track global trend, end flat

The 30-share BSE Sensex and the 50-share NSE Nifty tracked the global trend and ended flat on Tuesday. The two indices rose after European markets opened firm. The BSE Sensex rose 24 points to 16906 while the NSE Nifty inched up 6 points to 5121. The rupee ended flat on Tuesday, and not far from record lows against the dollar, as strong end-of-the-month greenback demand from state-run oil firms and weak global risk sentiment pressured the domestic currency. (Read More)

Also Read: Coca-Cola to invest $5 bn in India over 8 years

3) India’s growth story oversold, says former US Secretary of State

India's growth story was oversold, but it has the ability to pull through, former US Secretary of State Madeleine Albright told NDTV on Tuesday. However, according to Albright, this does not mean that India’s growth story is over. “I think that there is going to be a period where the growth is not everything that the Indians expected,” she said, adding that she has great confidence in Indian economy. (Read the full interview here)

Also Read: Nomura cuts India GDP forecast to 5.8%

4) SBI to recruit 10,500 staff this fiscal

State Bank of India has said that it will recruit about 10,500 employees during the current financial year to manage the growing business of the bank. The process would be completed by Dussehra, SBI Chairman Pratip Chaudhuri said. According to the annual report of SBI, overall staff strength declined by 7,452 employees during the last fiscal. (Read More)

Also Read: Aditya Birla interested in Jaypee Cement's Gujarat plant, deal likely in 10-15 days

5) E-voting mandatory for top 500 listed companies: Sebi

Market regulator Sebi on Tuesday decided to make it mandatory for top 500 listed companies to facilitate e-voting, making it easier for shareholders to participate in key decisions without being physically present in the meetings. The regulator also modified the minimum subscription requirements for infra firms coming out with IPOs. (Read More)

6) Ganga Expressway demise: The longest expressway India never had

In a wheat field near the mighty Ganges river stands a cracked foundation stone surrounded by nibbling goats and farmers driving their cattle in the baking sun. Unveiled more than four years ago, it's all that remains of an ambition to build India's longest expressway, an eight-lane, 1,050-km (650-mile) road. Its failure offers a snapshot of India's chronic infrastructure woes and a reality check on Prime Minister Manmohan Singh's recent promise to speed up more than 200 key projects. (Read More)

Also Read: India Inc.’s revenue growth likely to hit 6-quarter low

7) Now, engineers quit crippled Kingfisher: 5 biggest worries

About 80 engineers have quit beleaguered Kingfisher Airlines during the past four months due to non-payment of salaries by the near-bankrupt carrier, sources said. Some more engineers are in the process of bidding good-bye to the carrier, they said, adding that "if the trend continues, the airline may face severe shortage of engineers". (Read More)

Here are five reasons the airline needs to worry.

8) Why falling rupee has no short-term benefit for Infosys, TCS

A falling rupee may have got the IT industry windfall gains, but industry body Nasscom feels the weakening of the Indian currency will benefit companies like TCS and Infosys only in the long run. "The rupee depreciation helps us in the long term because it ensures competitiveness for the industry. But in the short run, we do not really gain,” industry body, Nasscom president Som Mittal said.

Also Read:  Infosys falls for third straight day: Top 5 reasons

9) Moody's cuts debt ratings of 28 Spanish banks

Moody's Investors Service on Monday cut its credit ratings on 28 Spanish banks, saying the weakening financial condition of Spain's government is making it more difficult for that country to support its lenders. The banks are also vulnerable to losses from Spain's busted real estate bubble, Moody's said. (Read More)

Also Read: Seeking elusive 'alpha,' investors scour the globe

10) Maruti's Diwali gift: a new 800cc car

Maruti Suzuki India is gearing up to introduce by the end of this year a new 800cc car that is likely to be more fuel efficient, but also more expensive, than its existing best-selling model Alto. According to sources close to the development, the company will start commercial production of the car at its Gurgaon facility from July or August and will launch it by Diwali. (Read More)

Also Read: Now, a car that can drive itself through traffic