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Wipro in focus on resignation of CEO and MD, Abidali Z Neemuchwala
31-Jan-20   08:37 Hrs IST

Wipro announced that Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments. The board of directors has initiated a search to identify the next Chief Executive Officer. Abid will continue to hold the office of CEO & Managing Director until a successor is appointed for a smooth transition and to ensure that business continues as usual.

Tata Motors said consolidated net profit stood at Rs 1,738.30 crore against a loss of Rs 26992.54 crore on a 6.44% fall in total income to Rs 72,586.35 crore in Q3 December 2019 over Q3 December 2018. The financial performance was impacted due to the downturn coupled with the inventory corrections the company took to get ready for BS VI.

Kotak Mahindra Bank has informed that RBI has (a) accepted promoters voting rights in the Bank to be capped to 20% of paid-up voting equity share capital (PUVESC) until 31 March 2020; (b) promoters' voting rights in the Bank to be capped to 15% of PUVESC from April 1, 2020 onwards; (c) promoters' shareholding in the Bank to be reduced to 26% of PUVESC of the Bank within six months from the date of final approval of the RBI.

Persistent Systems reported 2.16% rise in consolidated net profit to Rs 87.93 crore on 3.75% rise in total income to Rs 957.50 crore in Q3 December 2019 over Q2 September 2019. In Technology Services Unit (TSU), the company saw a secular growth across BFSI, Healthcare & Life Sciences and ISVs as well as uniformed growth across top 20 customers.

Hindustan Aeronautics said the government is planning to sell a 15% in Hindustan Aeronautics (HAL) through an offer for sale, which could fetch about Rs 4,000 crore to the exchequer.

Bharti Infratel's consolidated net profit grew 23.18% to Rs 798.70 crore on a 4.68% rise in total income to Rs 2,069.70 crore in Q3 December 2019 over Q3 December 2018. Total Tower base stood at 94,244 with closing sharing factor of 1.85. Operating Free Cash Flows grew 8% to Rs 1,181 crore.

Marico said consolidated net profit grew 10.57% to Rs 272.00 crore on a 1.59% fall in total income to Rs 1,853.00 crore in Q3 December 2019 over Q3 December 2018. The India business recorded a volume decline of 1%. The stress in consumption was particularly visible in personal care categories, while foods and allied categories showed resilience.

Bharat Electronics' consolidated net profit fell 56.80% to Rs 222.68 crore on a 16.19% fall in total income to Rs 2,311.47 crore in Q3 December 2019 over Q3 December 2018. The company declared interim dividend of Rs 1.40 per equity share of Re 1.

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