Wipro sacks hundreds post performance appraisal
The country's third largest software services firm Wipro is learnt to have fired hundreds of employees as part of its annual "performance appraisal". According to sources, Wipro has shown the door to about 600 employees, while speculation was rife that the number could go as high as 2,000. At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees.
Nalco stake sale fully subscribed, retail buyers outbid
The government's first PSU stake sale in the current fiscal -- Nalco -- got off to a solid start, with retail investors putting in bids for 1.81 times the shares on offer. Over 1.93 crore shares were offered to retail buyers yesterday. The issue got subscribed 1.81 times till 1445 hours. Bidding will continue till the close of market. The offer for sale (OFS) opened to institutional investors yesterday, wherein foreign fund houses and domestic institutions bid for 1.84 times the shares on offer. The share sale got bids for Rs 954 crore and the government will retain full over-subscription under the greenshoe option.
I-T seeks Rs 30k cr penalty from Cairn for non-payment of tax
The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs 30,700 crore in penalties for its alleged failure to pay Rs 10,247 crore capital gains tax on time. Within weeks of tax tribunal ITAT upholding levy of retrospective tax, the Income Tax Department first sent a fresh demand note of Rs 10,247 crore and another show cause notice asking as to why penalty should not be levied for its failure in paying tax on time and filing of returns. Senior tax department officials said Cairn Energy has sought 10 more days to reply to the show cause seeking levy of penalty.
SPARSH launches collection for Akshay Tritiya
SPARSH Touch of elegance, one of the renowned and India’s most trusted diamond jewellery brand has announced the launch of Temple Gold Jewellery collection for women on this Akshaya Tritiya. With the growing demand for traditional and temple jewellery collection in the market, SPARSH Touch of elegance has designed Gold ornaments to cater their target audience better. The company has introduced its Temple Jewellery Collection that consists of choker, necklaces, bangles and other variants of temple jewellery in 22k gold.
UFO Moviez to monetise United Media Works’ screen ad inventory
Digital cinema distribution firm UFO Moviez India yesterday said it has tied-up with United Media Works, a digital cinema technology and service provider having more than 300 digitised cinema screens, to monetise the latter's advertising inventory on these screens. "UFO has acquired long term exclusive rights from United Media Works to monetise the advertising inventory on these screens. In addition, UFO will share movie content to these screens in UFO M-4 format, a satellite-based, e-cinema movie delivery platform," UFO Moviez India said in a release.
‘India’s mango exports in FY18 may touch 50k tonne mark'
India's mango exports are likely to surpass last year's level and touch 50,000 tonne mark in the ongoing fiscal, buoyed by strong demand and supply of export quality fruit, government body APEDA said yesterday. The country had shipped 45,730 tonnes of mangoes. The export figures pertain to shipments undertaken by exporters registered with APEDA. "Around 200 tonnes of mangoes have been exported so far this month. The exports will pick up pace in the coming weeks," a senior official of the Agricultural and Processed Food Products Export Development Authority ( APEDA) told PTI.
Hyundai launches all new Xcent priced up to Rs 8.41 lakh
Hyundai Motor India yesterday launched all new version of its compact sedan Xcent priced between Rs 5.38 lakh and Rs 8.41 lakh (ex-showroom Delhi). The six petrol variants are priced between Rs 5.38 lakh and Rs 7.51 lakh while the five diesel trims are tagged between Rs 6.28 lakh and Rs 8.41 lakh. "The fast changing trends and rising customer aspirations have always been the key driving force at Hyundai," the company's MD & CEO Y K Koo told reporters.
UBS opens 1,200-seater second back office
Swiss bank UBS yesterday opened a 1,200-seat support centre on the outskirts of the financial capital to help its global businesses. It has hired 300 employees to help the group's technology function primarily and will gradually ramp up the number, the bank said in a statement. "Business solutions centers are central to our ambition to offer competitive solutions to our clients while focusing on operational excellence," Axel P Lehmann, Group COO said. The facility at Airoli in Navi Mumbai was inaugurated by Maharashtra CM Devendra Fadnavis.
Chief Minister, Devendra Fadnavis at the Mindspace, Airoli facility with the teams from K Raheja Corp. and UBS Swiss Global Financial Services Co.