Wipro announces Rs 9,500 crore share buyback plan
The Board of Directors of Wipro Limited has approved a share buyback plan that would cost the company Rs 9,500 crore. The company would purchase 23.75 crore shares at Rs 400 per share. The buyback size is 4.16% of the total paid-up equity share capital of the company. The company reported a 3.4% year-on-year decline in consolidated net profit at Rs 2,465.70 crore, for the quarter ended September 30 (Q2). Wipro has also signed an agreement to acquire Eximius Design, a leading engineering services company.
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Indian economy to contract by 10.3% in 2020: IMF
The International Monetary Fund (IMF) on Tuesday said that the Indian economy is projected to contract by 10.3% this year. It also stated that the country is likely to bounce back with an 8.8% growth rate in 2021, and regain position as the world’s fastest-growing emerging economy. In 2019, India’s growth rate was 4.2%.
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Centre allows 20 states to borrow Rs 68,825 crore to meet GST shortfall
The Central Government on Tuesday gave permission to 20 states to raise Rs 68.825 crore through borrowings, in order to meet the GST revenue shortfall. The 20 states had chosen ‘Option 1’ under the Finance Ministry’s plan. The borrowing limit for the states has also been raised by 0.5% of the Gross State Domestic Product (GSDP).
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Domestic pharma sales growth jumps to highest in six months
India’s pharmaceutical market showed a year-on-year growth at 4.7% in September, which is the highest since March 2020. The growth was supported by new product launches and sale of medicines for chronic ailments such as diabetes. Firms such as Cipla and Glenmark have recorded double-digit growth in September due to the sale of their Covid-19 treatment drugs.
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Vodafone Idea selects IBM to implement big data platform
Telecom operator Vodafone Idea Ltd (VIL) has selected International Business Machines Corporation (IBM) to develop its big data platform. Through this move, the company aims at reducing costs, and improve its customer experience.
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Godrej Properties buys land in Bengaluru for housing project
Godrej Properties on Tuesday said that it has bought a 15-acre land in Bengaluru to develop a housing project. The project area of 1.6 million square feet will be used to build residential apartments. The company has plans to deepen its presence in India’s real estate markets.
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Stimulus 2.0 to push fiscal deficit to 9.5% of GDP: SBI report
According to a State Bank of India (SBI) Ecowrap report, the new stimulus introduced by the Finance Minister would push the fiscal deficit to 9.5% of the GDP. Fiscal deficit is a shortfall in a government’s income, as compared to its spending. The report also stated that the new schemes would cause an additional burden of Rs 40,000 crore on the government.
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SAIL to start production of HH rails in 2021
Steel Authority of India Limited (SAIL) is planning to commence the commercial production of Head Hardened (HH) rails in the current financial year. HH rails are used in high-speed freight corridors and metro rail projects. SAIL has set up facilities to start production of HH rails at the new Universal Rail Mill at the Bhilai Steel Plant in Chhattisgarh.
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Infosys completes acquisition of Kaleidoscope Innovation
IT company Infosys Limited has completed the acquisition of US-based product design and development firm Kaleidoscope Innovation. Last month, Infosys had announced that it will acquire the product design company for up to $ 42 million (~Rs 308 crore). The collaboration aims on improving patient care and consumer health across the world.
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Fastest mobile network in India is Reliance Jio: TRAI data
Reliance Jio has continued to become the fastest mobile network with an average download speed of 19.3 Mbps (megabit per second), according to the latest data from the Telecom Regulatory Authority of India (TRAI). Vodafone recorded the highest speed in terms of upload. Jio has also become the first telecom company to cross the 40 crore subscriber mark.
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