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Vodafone Idea, Tata Teleservices, TTML will not become PSUs: Govt

Telecom operators Vodafone Idea Ltd (VIL), Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings after their interest payable on dues are converted into government equity, the communications ministry said on Wednesday. The three debt-ridden companies have proposed to convert their interest liability payable to the government into equity. "These three companies will not become PSUs. These three companies will continue to be managed as professionally run private companies," Telecom ministry said in a statement. Post conversion, the government would have 35.8 per cent in VIL and the shareholding in TTML at around 9.5 per cent.

Wipro expects to hire about 30,000 freshers in next financial year

Wipro on Wednesday said it expects to hire about 30,000 freshers in FY23, as the IT services major strives to ensure that supply is not a constraint in managing the robust demand environment. Amid the fast-spreading Omicron variant of the COVID virus, the company remains "very vigilant", CEO and Managing Director Thierry Delaporte said, adding that as a proactive measure, the company has decided to close its offices globally for the next four weeks.

Motherson Sumi eyes 25% revenue from non-automotive business in next 5 yrs

India’s largest automotive manufacturing company Motherson Sumi Systems (MSSL) is looking to expand business in four key non-automotive areas. These are aerospace, logistics, technology and industrial solutions and health and medical. According to Laksh Vamaan Sehgal, Group Vice-Chairman, MSSL, the diversification to non-auto segments will help the company leverage the existing business strength of global presence, product design and development expertise. The company expects that the new verticals will generate 25 percent of revenue by 2025.

TCS Q3 net profit rises 12%, announces Rs 18,000-cr share buyback

IT major Tata Consultancy Services (TCS) on Wednesday reported net profit of Rs 9,763 crore for the third quarter of FY22, up 12.2 per cent year-on-year. Profit for the quarter grew 1.4 per cent on a sequential basis. The Mumbai-headquartered company also announced buyback worth Rs 18,000 crore at Rs 4,500 per share. The company reported revenue for Q3FY22 was at Rs 48,885 crore, up 16.3 per cent YoY and 4.3 per cent QoQ.

Wipro Q3 net profit flat at Rs 2,969 cr YoY, up 1.3% sequentially

The consolidated net profit of IT services major Wipro was flat y-o-y at Rs 2,969 crore for the December (Q3FY22) quarter. The bottomline grew 1.3 per cent on a sequential basis and was marginally lower than the street estimates. The muted net profit performance was on account of weak operating performance and lower other income. While operating profit margins were down 410 basis points y-o-y to 17.6 per cent in the core IT vertical, fall in other income was on account of buy back post Q3,FY21.

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