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Wipro Q1 results: Net profit falls 21% to Rs 2,564 cr as expenses rise

IT major Wipro Ltd reported a 21% fall in June-quarter profit on Wednesday as higher employee-related costs pushed up the information technology services firm's overall expenses. June-quarter consolidated net profit came in at Rs 2,564 crore, compared with Rs 3,243 crore a year ago. Revenue from operations rose nearly 18% to Rs 21,529 crore as against Rs 18,048 crore in Q1FY22.

NCLT admits Bank of India's insolvency petition against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India’s petition under Section 7 of Insolvency and Bankruptcy Code (IBC) to start insolvency proceedings against Future Retail and appointed an interim resolution professional (IRP) in the matter. In an oral order, the two-judge bench, presided over by Justice Pradeep Narhari Deshmukh and Shyam Babu Gautam, said, “The company petition is admitted and Vijay Kumar Iyer is appointed as IRP. The intervention application is dismissed.”

IndusInd Bank Q1 results: Net profit jumps 64% to Rs 1,603 cr Private lender

IndusInd Bank on Wednesday reported 64% jump in net profit to Rs 1,603 crore for the quarter ending June 30, 2022. It reported net profit of Rs 975 crore in the year-ago period. The bank's provisions and contingencies were at Rs 1,251 crore as compared to Rs 1,779 crore in Q1FY22. However, the lender's asset quality deteriorated marginally with gross NPA at 2.35% as against 2.27% in June quarter

FMCG exports to make substantial contribution to ITC's growth: Sanjiv Puri

Cigarettes-to-hotel conglomerate ITC expects its FMCG products will have a market of Rs 500,000 crore by 2030, said Sanjiv Puri, the group’s chairman and managing director, on Wednesday. The company aims to take its brands overseas, Puri told shareholders at the company’s annual general meeting in Kolkata. “In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC’s ‘Proudly Indian’ brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of your company’s value-added FMCG portfolio.”

Rajarshi Gupta takes over as Managing Director of ONGC

Videsh Rajarshi Gupta has taken over as Managing Director of ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC). He replaces Alok Gupta who superannuated last month.

Hatsun Agro breaches Rs 2,000 crore sales mark in Apr-Jun quarter

Dairy products maker Hatsun Agro Products has crossed the Rs 2,000 crore sales mark during the quarter ending June 30, 2022 for the first time, the company said on Wednesday. The city-based company reported revenues of Rs 2,014.60 crore for the quarter ending Jun 30, 2022 as against Rs 1,538.78 crore registered during corresponding quarter previous year

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