Wipro, the third-largest software company in India, has found itself entangled in legal issues involving its former Chief Financial Officer (CFO), Jatin Dalal. After 21 years of service, Dalal left Wipro on November 30, 2023. However, the company has filed a civil suit against him, the specifics of which remain undisclosed. As reported by TOI, the company has not revealed the reasons behind the lawsuit. The next hearing on this matter is scheduled for January 2 in the Bengaluru court. Interestingly, the court will decide whether the case should be sent to arbitration, a private and streamlined alternative to traditional…
Author: Shrutika Patil
Infosys Ltd, a leading IT services company, witnessed a 2% dip in its shares following the termination of a significant Memorandum of Understanding (MoU) with an undisclosed global company. The deal, valued at $1.5 billion, focused on artificial intelligence (AI) solutions and was signed in September 2023 for a 15-year commitment. The announcement sent shockwaves through the stock market, with Infosys opening at ₹1,535 per share, down from the previous closing price of ₹1,562.90 on the National Stock Exchange (NSE). The share price hit an intraday low of ₹1,523, resulting in a market cap of ₹6.40 lakh crore. The company…
The Indian Parliament has recently passed the Telecommunications Bill, 2023, marking a significant overhaul of the country’s outdated telecom laws dating back to the late 19th century. This comprehensive bill, rooted in the Indian Telegraph Act of 1885, the Wireless Telegraphy Act of 1933, and the Telegraph Wires (Unlawful Possession) Act of 1950, is set to bring about substantial changes in the telecom sector. Here, we delve into 10 key ways in which the Telecom Bill 2023 will impact both mobile users and telecom companies. National Security Takes Priority One of the most critical aspects of the bill is its…
Varun Beverages Ltd (VBL), a leading bottler for PepsiCo, announced on Tuesday its acquisition of a 100% stake in South Africa-based The Beverage Company (BevCo) and its wholly-owned subsidiaries. The enterprise-level transaction is valued at approximately ₹1,320 crore (ZAR 3 billion), and the Board of Directors has greenlit the acquisition, awaiting regulatory approvals. The company, which is among the largest franchise bottlers for PepsiCo globally, expressed its intent to expand its geographical presence in Africa through this strategic move. BevCo, the target of the acquisition, is actively involved in the manufacturing and distribution of licensed PepsiCo and proprietary non-alcoholic beverages…
Two years after announcing its exit from the Indian market, Ford Motor Company is reconsidering its decision, according to sources familiar with the matter. The American automaker, which had been in talks with JSW Group for the sale of its Chennai plant, has now put those plans on hold indefinitely. “Ford is rethinking whether it wants to leave India, one of the world’s fastest-growing auto markets,” revealed one of the sources. A spokesperson for Ford India stated, “We continue to explore alternatives for our manufacturing facility in Chennai and have nothing further to share on the speculations.” The JSW Deal…
In a significant leap towards a digital economy, Unified Payments Interface (UPI) transactions have witnessed an extraordinary surge, marking a substantial shift in the country’s payment landscape. According to data shared by the Union Minister of State for Finance, Dr Bhagwat Karad, UPI transactions have experienced exponential growth both in terms of volume and value. Stellar Growth in UPI Transactions Since the financial year 2017-18, UPI transactions have not only increased in volume but have also seen a remarkable rise in their overall value. From 92 crore transactions in FY 2017-18, UPI transactions soared to an astounding 8,375 crore in…
In a recent development, the anticipated listing of the Zee-Sony merged entity has faced a delay of three to four months. Zee Entertainment has requested additional time before finalizing the merger with Sony Pictures Networks India Private Limited, now rebranded as Culver Max Entertainment Private Limited. The merger, initially scheduled for a stock exchange debut in January next year, is now expected to be listed by March or April. The catalyst for this delay arises from Zee Entertainment’s request for an extension of the merger timeline from Sony Pictures Networks India Private Limited. The cut-off date for the merger, set…
It’s been almost a year since Google, under Alphabet Inc., made the unprecedented decision to lay off over 12,000 employees, marking the largest downsizing in the company’s history. The aftermath of this significant event continues to be a topic of concern for employees, evident in the recent all-hands meeting where CEO Sundar Pichai addressed the tough decision and its lingering impact. During the meeting held on December 12, 2023, a Google employee raised important questions about the repercussions of the layoffs on the company’s growth, profit and loss (P&L) statements, and overall employee morale. Sundar Pichai candidly responded, acknowledging the…
In a strategic move, the Adani Group has announced that its subsidiary, AMG Media Networks Limited (AMNL), has successfully acquired a substantial 50.50% stake in the prominent Delhi-based news agency, Indo-Asian News Service (IANS). This significant acquisition, as disclosed in the company’s official filing, includes both Equity Shares (Category I shares – with voting rights) and Equity Shares (Category II shares – without voting rights) of IANS India Private Limited. The transaction was carried out in accordance with the Share Purchase Agreement dated December 15, 2023. The Board of IANS gave their nod to the transfer of shares during a…
Essar Group announced on December 14 that it has entered into three memoranda of understanding (MoUs) with the Government of Gujarat. The agreements, totalling a substantial ₹55,000 crore in the sector of energy and infrastructure, were formalized just ahead of the upcoming Vibrant Gujarat Global Summit 2024, marking a pivotal moment in the state’s developmental journey. Prashant Ruia, Director at Essar Capital, expressed the company’s commitment to Gujarat’s progress, stating, “Gujarat has consistently been at the forefront of Essar’s strategic investments. We are delighted to further contribute to the state’s economic progress with an additional investment of ₹55,000 crore in…
