Larsen & Toubro said its construction arm won orders worth Rs 3,551 crores. The first is a Rs 1,123 crore order from the government. The contract is for design and construction of smart trunk infrastructure with roads, storm water drains, water supply network, sewerage network, utility ducts for power and telecom, reuse water line, pedestrian […]
Reliance Communications, the telecom arm of the Anil Ambani Group, has got moving on its announced strategy of becoming a 4G-only operator by shedding its GSM and 3G operations. According to industry sources, the company has been re-allocating its staff to the 4G division and gradually switching off GSM cell sites. The GSM network could […]
IT company Wipro Ltd said it increased its stake Drivestream, which focuses on implementing Oracle’s cloud solutions, to 43.7% from 26.1% by investing around Rs 26 cr. Wipro had first invested in the company about four months ago, and seems to have liked what it saw. It made the latest investment by converting some of […]
Nandan Nilekani, the stand-in chairman of Infosys Ltd today gave his stamp of approval to the investigations conducted in the context of corruption allegations around the IT company, and suggested that the company and its founder Narayana Murthy will be able to develop a ‘trusting relationship’ going forward. “I am fully persuaded, as is the […]
Infosys said its Q2 revenues grew sequentially by 2.9% in USD terms and 2.2% in constant currency terms. It said for the year, revenues are expected to grow 5.5%-6.5% in constant currency, which is lower than its previous guidance. Three months ago, it had maintained sales growth guidance at 6.5-8.5% on a constant-currency basis for […]
Asian Paints reported a 13.7% increase in its revenue for July-September quarter, and said net profit from continuing operations rose 7.5%. “The Decorative business in India registered high single digit volume growth in the current quarter,” said K.B.S. Anand, Managing Director & CEO of the company. “Hence there was a recovery from Q1 which was […]
GAIL India Ltd said it has started supplying piped natural gas to the city of Bhubaneswar in Odisha. The first phase has started with 255 houses in NALCO Nagar, and will soon be extended to nearby Jeevan Bima Colony and Maitri Vihar Colony covering a total of 1,000 houses, it said. It also said it […]
Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services. Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 countries on a unified platform. It will cover 8500+ employees across Asia […]
Reliance Communication Ltd said it received the approval of Department of Telecommunication (DoT) for its merger with Sistema Shyam Teleservices Limited or SSTL, which runs MTS branded services in India. With this, the Anil Ambani Group company has received all the major regulatory approvals for the merger. The closure of the transaction is expected by […]
State-owned Bharat Sanchar Nigam Ltd said it would offer one month of its wired services — DSL, landline or fiber — free if the booking is made via Twitter or Facebook. The user will have to pay security deposits and installation charges, if any. However, he or she will get a month’s worth of services […]
Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank’s 10 mln customers. The move is in line with the app company’s strategy to be a partner and solutions provider to traditional financial services companies such as banks, instead of recreating the whole banking infrastructure […]
Reliance Digital TV, the DTH arm of the Anil Ambani Group, is scheduled to shut down next month, according to the photo of an advertisement that allegedly appeared in a regional newspaper. The DTH service has around 5 mln (50 lakh) subscribers. “This is a notice to all subscribers of Reliance Digital TV,” the advertisement […]
The stock of Bharti Airtel is at a two-year high, not far from its life-highs of late 2007, but going by the latest tariffs unveiled by Reliance Jio, investors will do well to hold off on the bubbly for a while longer. Airtel closed at Rs 461.30 on Tuesday, buoyed by two factors — the […]
Wallet players like Paytm, Mobikwik, PhonePe and AmazonPay have come up with cash back offers for Reliance Jio users who want to take advantage of the Rs 399 recharge scheme valid till today midnight. Last week, India’s largest wireless Internet provider said anyone recharging with Rs 399 to get 84 days of ‘free’ usage, will […]
Maruti Suzuki said it sold 1 lakh units of the 2017 Dzire sedan in just five-and-a-half months after it was released, making it the first car ever to do so. Dzire, built over the Swift platform, was initially targeted at those who wanted a roomy sedan with a dicky instead of the stylish hatchback that […]
Life Insurance Corporation of India, the single biggest shareholder in many listed companies in India, has withdrawn its insolvency case against DB Realty Ltd, the real estate developer said. The two companies have executed a debt settlement agreement on Oct 16, DB Realty said. With this, the case against the developer has been withdrawn and […]
Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund. “XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers in rural India,” the group […]
Bharti Airtel announced that it will sell high-end smartphones online with instant financing. The phones, including the iPhone 8, will be available at low downpayment and bundled monthly packages, which will make them more or less free of charge. The model was first tried by Reliance Communications several years ago. The company had, at the […]
Mid-sized IT services provider Persistent Systems reported 4.5% sequential USD revenue growth and 4.6% rupee revenue growth for the September quarter. On a year-on-year basis, dollar revenue rose 12.3%, while rupee revenue was up 8.1%. Operating profit, however, was up only 4.5% on year, but because of the poor performance in the preceding quarter, rose […]
Bharti Airtel said it is merging its operations in the African nation of Ghana with the local unit of Millicom International Cellular. “Under the joint agreement, Airtel and Millicom will have equal ownership (50:50) and governance rights in the combined entity, which will have revenues of approximately USD 300 million,” the companies said. Both Airtel […]
