Wipro Q1 Results: Net profit rises 36% YoY to Rs 3,243 crore

Wipro Limited reported a 36.65% year-on-year (YoY) increase in consolidated net profit to Rs 3,242.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.09% when compared to the previous quarter. The IT company’s revenue from operations rose 22.4% YoY (or 12.4% QoQ) to Rs 18,252 crore during the same period. Wipro secured eight large deals worth $715 million (~Rs 5,330 crore) in Q1. However, the attrition rate jumped from 12.1% in Q4 FY21 to 15.5% in Q1 FY22.

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Reliance in advanced talks to acquire Justdial: Report

According to a report from ET Now, Reliance Industries Ltd (RIL) is in advanced talks to acquire local search engine Justdial from its promoters in a deal worth Rs 5,920 crore-6,660 crore. The report further states that this acquisition will allow Reliance Retail to leverage the merchant database of the 25-year-old local discovery platform and its network across India. Justdial will evaluate fundraising proposals at its scheduled board meeting tomorrow (July 16).

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RBL Bank partners with Visa after RBI bans Mastercard

RBL Bank has entered into a partnership with Visa Worldwide to start the issuance of credit cards on the Visa platform. The lender will be able to issue new cards after technology integration with Visa, which is expected to take 8-10 weeks. The move comes after the Reserve Bank of India (RBI) indefinitely barred US-based Mastercard from issuing new credit, debit, and prepaid cards for its failure to comply with data storage norms. The ban takes effect on July 22.

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Zomato IPO subscribed 4.8 times on second day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 4.8 times on the second day of bidding. The IPO has received bids for 344.76 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 4.73 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 45% and 7.07 times, respectively, against their reserved portions. 

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Kolte-Patil Developers partners with Planet Smart City to develop 15,000 housing units

Kolte-Patil Developers Ltd has created a residential development platform with Planet Smart City to develop 15,000 housing units. The joint entity will primarily focus on developing aspirational housing projects in Pune, Mumbai, and Bengaluru. The platform will enable Kolte-Patil Developers to capture structured outright land purchase transactions while maintaining a sound balance sheet.

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Angel Broking Q1 Results: Net profit jumps 156% YoY to Rs 121.36 crore

Angel Broking Ltd reported a 156% YoY jump in consolidated net profit to Rs 121.36 crore for the quarter ended June (Q1 FY22). Net profit has increased by 19.09% when compared to the previous quarter. Its total income rose 92.42% YoY (or 13.28% QoQ) to Rs 474.48 crore during the same period. The company’s board has declared an interim dividend of Rs 5.15 per share. Angel Broking crossed the 5 million client milestone in June 2021. Its board has also approved a proposal to change the company name to ‘Angel One’ or ‘Angel One Fintech’.

USFDA issues import alert on Jubilant Pharmova’s Roorkee plant

The US Food & Drug Administration (USFDA) has placed an import alert on Jubilant Pharmova’s manufacturing plant in Roorkee (Uttarakhand). USFDA had conducted an inspection of the formulations plant in March 2021. Earlier, the Roorkee facility had received an Official Action Indicated (OAI) from the agency in December 2018, followed by a warning letter in March 2019. Jubilant Pharmova said it will engage with USFDA to resolve the import alert at the earliest and ensure Current Good Manufacturing Practice (cGMP) compliance. 

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LTI Q1 Results: Net profit rises 19.13% YoY to Rs 496 crore

Larsen & Toubro Infotech (LTI) Ltd reported a 19.13% YoY increase in net profit to Rs 496.3 crore for the quarter ended June (Q1 FY22). Net profit has declined by 8.97% when compared to the previous quarter. Its total income rose 18.88% YoY (or 6.28% QoQ) to Rs 3,584 crore during the same period. LTI is a global information technology (IT) solutions and services company based in Mumbai.

BLS International ties up with Flipkart for last-mile delivery services

BLS International Services Ltd has announced a partnership with Flipkart to provide last-mile delivery services across India. The company works with over 46 client governments, including Diplomatic Missions, Embassies & Consulates, and leverages technology and processes that ensure data security. BLS has more than 12,000 centres globally, with 15,000+ employees and associates that provide consular, biometrics, and citizen services. 

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Tata Elxsi Q1 Results: Net profit rises 64% YoY to Rs 113.37 crore

Tata Elxsi Limited reported a 64.61% YoY increase in net profit to Rs 113.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 1.55% when compared to the previous quarter. Its total income rose 39.11% YoY (or 9.63% QoQ) to Rs 575.81 crore during the same period. Tata Elxsi is a leading design and technology services provider based in Bengaluru.  

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