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Wipro Q4 net profit falls; new CEO flags uncertainty in macro environment

IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains uncertain. Photograph: PTI Photo from the Rediff Archives The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per ...

Rediff.com, 25 min(s) ago Also from:
Sensex rallies 599 pts on buying in banking, auto shares

Stock markets rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares. Photograph: Shailesh Andrade/Reuters The 30-share BSE Sensex climbed 599.34 points or 0.83 per cent to settle at 73,088.33. The index opened lower and tanked further 672.53 points or 0.92 per cent to hit a low of 71,816.46 in early trade. However, the index rebounded in the second half on value-buying in banking shares.   The NSE Nifty ...

Rediff.com, 3 hour(s) ago Also from:
Infosys' youngest millionaire, Ekagrah Murty, set to earn Rs 4.2 cr dividend

Ekagrah Rohan Murty, NR Narayana Murthy's five-month-old grandson who was gifted a whopping 15 lakh shares by the Infosys founder recently, is set to earn Rs 4.20 crore, thanks to the Bengaluru-IT company declaring a bumper final and special dividend totalling Rs 28 per share. Photograph: Kind courtesy, Narayana Murthy/X Murthy had gifted 15 lakh shares to Ekagrah valued at a staggering Rs 240 crore at that time, making the five-month-old the youngest millionaire shareholder of India's ...

Rediff.com, 3 hour(s) ago Also from:
Crude realisation: Oil's slick grip threatens corporate margins, profits

Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Illustration: Dominic Xavier/Rediff.com Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices. An increase in companies’ core operating margins was observed in 2020-21 (FY21) following a sharp decline in crude  oil prices ...

Rediff.com, 5 hour(s) ago Also from:
India Inc capital expenditure story gets cement to semiconductor push

Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. Illustration: Uttam Ghosh/Rediff.com This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable ...

Rediff.com, 8 hour(s) ago Also from:
Are the stock markets prepared for a delay in interest rate cut?

A higher-than-expected consumer price inflation (CPI) print for March in the US has dashed hopes of an interest rate cut by the US Federal Reserve (US Fed) in June. Illustration: Uttam Ghosh/Rediff.com Analysts now expect the US central bank to start cutting rates in September, provided inflation remains in check and oil prices remain supportive. The markets, analysts believe, partially factored in this possibility.   Leading equity markets across Asia lost ground on Thursday with Nikkei ...

Rediff.com, 8 hour(s) ago Also from:
Vodafone Idea FPO opens to slow start, 26% shares subscribed

Debt-saddled telecom operator Vodafone Idea Ltd's Rs 18,000 crore follow-on offering (FPO) opened to a modest response on Thursday with just 26 per cent of shares on offer being sought by investors. IMAGE: Kindly note the image has been posted only for representational purposes. Photograph: Kind courtesy Ketut Subiyanto/Pexels.com Of the 1,260 crore shares on offer, 331.24 crore was subscribed on Thursday, according to information on the BSE. Qualified institutional buyers picked up 61 per ...

Rediff.com, 23 hour(s) ago Also from:
Infosys profit jumps 30% to Rs 7,969 crore in Q4

IT company Infosys on Thursday said its consolidated profit jumped 30 per cent to Rs 7,969 crore in the fourth quarter ended March 2024. Photograph: PTI Photo from the Rediff Archives The company posted a profit of Rs 6,128 crore in the same period a year ago, according to a regulatory filing. The consolidated revenue of Infosys during the reported quarter increased by 1.3 per cent to Rs 37,923 crore from Rs 37,441 crore in the same quarter a year ago. The company expects a revenue growth of ...

Rediff.com, 23 hour(s) ago Also from:
Stock advice: BSE warns against deepfake videos

After the National Stock Exchange (NSE), rival bourse BSE on Thursday cautioned investors against deepfake videos of its MD and CEO Sundararaman Ramamurthy giving stock recommendations. Photograph: Shailesh Andrade/Reuters In a statement, the exchange said it has noticed some fake, unauthorised and fraudulent videos and audios created through innovative and ingenious technology impersonating the BSE's top honcho are being circulated on social media recommending certain investments and ...

Rediff.com, 23 hour(s) ago Also from:
Sensex tanks 455 points dragged by bank stocks

Equity benchmark indices Sensex and Nifty faced heavy volatility on Thursday and ended lower, taking their losing streak to the fourth straight session, dragged by bank stocks and foreign fund outflows. Photograph: Danish Siddiqui/Reuters Concerns over fading rate cut hopes and persisting FII fund exodus from domestic equities also dampened investors' sentiment. The 30-share BSE Sensex declined abruptly post noon, reflecting heavy fluctuations, wiping out all its early gains.   It tanked ...

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