Wipro reported a consolidated net profit of ₹2,484 crore in Q2 FY20, up 3 per cent quarter-on-quarter.

Also read: Wipro Q2 net profit declines 3.4% to ₹2,470 crore

Revenues came in at ₹15,115 crore, up 1.4 per cent sequentially. Out of this, IT services revenue came in at ₹14,768 crore — up 1.2 per cent — aided by an uptick in demand at almost all its business units. In dollar terms, revenues from IT services were at $1.99 billion, compared to $1.92 billion in the previous quarter.

The company’s revenue growth during the quarter ended September 30, 2020 points to a general improvement in demand environment for Indian IT services company.

TCS had also alluded to a robust uptick in demand for IT services during the quarter, pointing to a multi-year technological transformation demand in the future.

Also read: TCS reports 6.45% profit in Q2

Revenue guidance

Wipro restarted its

Read More

Listening to Prime Minister Narendra Modi when, in an effort to address the economic fall-out generated by the Covid-19 pandemic, he announced the Great Indian Bailout, aka Atmanirbhar, it seemed that the BJP Government had learnt a trick or two from its politics. Alas, when the Finance Minister rolled out the details over the next five days, it seemed that Atmanirbhar was mere rhetoric and the Government was using its usual slap-dash methods to cover serious injuries with Band-Aid.

That the commentariat concluded thus may seem a tad unfair, given that the Government did announce some transformational policies such as creating the central Agricultural Products Marketing Committee (APMC) or effecting changes in the labour code. However, the overall effort, was underwhelming rather than path-breaking.

For example, a subjective analysis of the over 50 or so line items in the announcements show that less than 20 per cent of them were

Read More

In what will perhaps go down as the toughest period in India’s aviation history, the country’s two listed airlines, Indigo Airlines and SpiceJet, posted huge losses in the June 2020 quarter. IndiGo’s consolidated loss of ₹2,844 crore was its highest ever, while SpiceJet’s consolidated loss of ₹601 crore was among the largest it has posted so far. This is in stark contrast to the profits of ₹1,203 crore posted by IndiGo and ₹263 crore by SpiceJet in the year-ago period. SpiceJet reported its Q1 numbers on September 15 while IndiGo declared its Q1 numbers on July 29.

SpiceJet’s losses in the June quarter would have been higher by ₹141 crore, had it not accounted for ‘other income’ towards claims of reimbursement from Boeing for the grounding of its MAX aircraft.

The spread of Covid-19 and the consequent lockdown on flights meant that both SpiceJet and IndiGo flew passengers for just

Read More

With international borders being closed for flyers for over seven months since the Covid-19 pandemic first spread across the world, global airlines and aircraft manufacturers are coming up with innovative ideas to keep themselves afloat financially and also stay alive in the minds of the flying public.

Qantas did a seven-hour flight from and to Sydney airport, with passengers being promised views of the Great Barrier Reef and the Australian Outback as the aircraft flew at a low altitude.

On a different trajectory, Thai Airways has opened a restaurant at its headquarters in Bangkok offering meals that it served on flights. The restaurant, which serves about 2,000 meals per day, is a way of recouping some lost revenue during the pandemic. Thai officials added that the airline was planning to turn other Thai Airways offices into similar dining experiences.

In addition, the media in Thailand reported that the airline has

Read More

Immuneel Therapeutics (Immuneel) has entered into a collaboration and licensing agreement with Hospital Clinic de Barcelona (HCB) and Institut d’Investigacions Biomèdiques August Pi i Sunyer (IDIBAPS) for treatment of B cell malignancies.

The collaboration opens up opportunities for co-development of advanced assets to be deployed in Spain and India, Immuneel acquired the exclusive rights to develop and commercialise autologous ARI-0001 – a CD19 Chimeric antigen receptor (CAR) T cell therapy, in India.

This agreement puts Immuneel in the pursuit of offering accessible and affordable CAR Ts to patients in India through registration clinical trials and its investments in further process optimisation.

Kiran Mazumdar Shaw, Co-founder, Immuneel, said, “This partnership with HCB & IDIBAPS is pathbreaking and heralds the advent of life saving CAR T therapy for patients in India. Immuneel is committed to providing affordable access to this therapy at facilities housed at the Mazumdar Shaw Cancer Centre. I would

Read More

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted renewability, migration and portability of Covid-specific standard health policies, Corona Kavach and Corona Rakshak.

In a circular issued on Tuesday, the insurance regulator said these policies of any tenure may be renewed for further terms of three and half months, six and half months or nine and a half months as per the option exercised by the policyholder.

Corona Kavach and Corona Rakshak polices are permitted to be renewed till March 31, 2021.

“Renewal, if any, may be done before the expiry of the existing policy contract. There will be no imposition of any additional waiting period of 15 days and the coverage should be continued seamlessly,” the IRDAI said. The change in sum insurance can be opted by the policyholder during the renewal period.

In the case of Corona Kavach, the insurers have the choice to offer migration

Read More

The Gujarat government will reopen the Statue of Unity at Kevadia to tourists from October 17 while implementing strict guidelines as a precaution against the spread of Covid-19.

As part of the State government’s efforts to gradually normalise businesses after Covid-19 lockdown, tourism is one of the priority areas.

After the Gujarat government’s recent decision to reopen major tourist destinations at Kevadia on the banks of Narmada river including Jungle Safari, Children Nutrition Park, Ekta Mall among others, the State government has now decided to re-open the world’s tallest statue, that of Sardar Vallabhbhai Patel, to visitors.

“Maximum 2,500 tourists will be permitted every day, of which only 500 will be permitted up to the viewing gallery,” a statement from the Sardar Sarovar Narmada Nigam Limited (SSNNL) informed here.

As per the official data, in November last year the 182-meter Sardar Patel’s statue had recorded average daily tourist footfall of

Read More

The Securities Exchange Board of India (SEBI) has done small investors a good turn by restricting their access to so-called innovative debt instruments such as perpetual non-cumulative preference shares and perpetual bonds (also known as AT-1 bonds). It has said that offers of such instruments should henceforth take the electronic book provider route, with participation restricted to Qualified Institutional Buyers (QIBs). The minimum ticket size for initial offers and secondary market trading in these bonds has been raised to ₹1 crore. Explicit disclosures will now be required on the perpetual character of these bonds, and the Point-of-Non-Viability (PONV) clause that allows the RBI to direct a troubled bank to completely write-off the principal value. These new requirements are a welcome attempt by SEBI to ward off YES Bank-like situations, where the write-off of AT-1 bonds as a part of the bank’s restructuring plan came as a rude shock to the

Read More

India’s industrial production, as measured by the Index of Industrial Production (IIP), contracted for the sixth month in a row in August by 8 per cent y-o-y. However, one good news is that basic metals production improved from a year ago levels. The basic metals sub-index in IIP recorded a growth of 0.1 per cent y-o-y in August. This is significant, since the index was in contraction since February and in April recorded the steepest drop of 70 per cent.

Another optimistic signal is also the recovery in the Purchasing Managers’ Index (PMI). The PMI, which was 52 in August, moved higher to 56.8 in September — the fastest growth since January 2012, recovering from 27.4 in April.

Government housing and electrification projects have been driving demand for metals, say physical market participants. Consumption of long steel has seen sharp recovery – it was 4.5 million tonnes (mt) in August,

Read More

Cancer patients who belong to the Black and Hispanic communities are more likely to be infected with coronavirus disease 2019, than white patients, according to findings from a study presented at the American Society of Clinical Oncology’s (ASCO) Quality Care Symposium, which took place virtually on October 9-10, 2020.

Robert S Miller, Medical Director for CancerLinQ, said in an official release: “Patients with cancer are, unfortunately, faced with balancing cancer treatments with the risk of developing Covid-19. This research, while preliminary, will hopefully help patients and providers understand who’s most at risk of Covid-19 and plan cancer treatment accordingly.”

For the study, the researchers used data from ASCO’s CancerLinQ (CLQ) Discovery database.

Also read: Pfizer modifies protocol for virus vaccine study

The researchers identified cancer patients, who had either a positive test for SARs-CoV-2 or a diagnosis code of Covid-19, from the electronic health records data of the CancerLinQ Discovery

Read More