Companies and Markets

Companies & Markets

Wipro to divest hosted data centre services biz to Ensono for $405m

Wipro, the country’s third largest software services firm, on Wednesday said it has signed a definitive agreement to divest its hosted data centre services business to US-based IT services firmEnsono for $405 million.

The deal will see transition of eight data centres and over 900 employees of the hosted data centre services business to Ensono, Wipro said in a statement.

Support at 10,250 critical

The market ended flat with the Sensex closing 21.04 points, or 0.06 per cent, lower at 33,835.74 and the Nifty ending 15.95 points, or 0.15 per cent, down to settle at 10,410.90. The sentiments were hit after the RBI banned letters of undertaking (LoUs) for seeking overseas loans. The BSE Mid-Cap Index rose 0.28 per cent and Small-Cap advanced 0.06 per cent, outperforming the Sensex.

Gems and jewellery traders move IBA

Facing acute credit squeeze in the wake of PNB fraud committed allegedly by diamond merchants Nirav Modi and Mehul Choksi, the All-India Gems and Jewellery Trade Federation has approached the Indian Banks Association (IBA) to discuss the issue.

With the Reserve Bank of India (RBI) scrapping the use of Letters of Undertaking (LoU) as a credit instrument, premier trading agencies, which are allowed to import gold, will now have to look for other avenues.

More 4G spectrum for BSNL, revival plan for MTNL: Sinha

With BSNL all set to get more 4G spectrum to expand its services across the country and consultations on for MTNL revival, the two telecom PSUs are in for a big push from the communications ministry.

“Consultations with MTNL are on... let’s see how MTNL gets out of it. We have received a request from BSNL for providing 4G spectrum and we are considering it positively to provide the same to them,” Telecom minister Manoj Sinha told Financial Chronicle in an exclusive interview.

Patel wants to be Neelkantha, drink poison, cleanse system

Facing criticism for not detecting Rs 12,700 crore fraud at Punjab National Bank that was perpetrated over seven years, the Reserve Bank of India (RBI) governor Urijit Patel broke his silence on Wednesday stating that like the ‘Neelakantha’, the central bank will consume poison and face brickbats, but will persist with its endeavour to become better with each trial.

Resumption of down move likely

Volatility returned to be the market as benchmark indices declined after opening up. The Sensex fell 61.16 points, or 0.18 per cent, to settle at 33,856.78 while the Nifty rose 5.45 points, or 0.05 per cent, to close at 10,426.85. Stocks of public sector banks surged on optimism triggered by media report that Bank of India recovered nearly Rs 7,000 crore bad loans in the last two months. IT stocks declined as the rupee firmed against the dollar.

The BSE Mid-cap and Small-cap indices rose 1 per cent 1.14 per cent, outperforming the Sensex.

Sandhar Tech IPO from next week

Delhi-based auto components maker Sandhar Technologies announced a Rs 512-crore initial public offering in the price band of Rs 327 to Rs 332 per share. The public offer opens on March 19.

The IPO comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of 64 lakh shares by private equity investor GTI Capital Beta.

Eicher ends Polaris JV, Multix dumped

Eicher Motors, the listed parent of Royal Enfield motorcycles, will shut down Eicher Polaris, its six-year joint venture with USA’s Polaris Industries Inc as the sales of Multix, a personal utility vehicle made by the venture, dropped to unsustainable levels in India.

The equal joint venture was incorporated in 2012 and its sole product, Multix, was launched in 2015 from its factory on the outskirts of Jaipur in Rajasthan.

Suzlon to set up 36 wind units for Maharashtra utility

Wind turbine maker Suzlon Energy, the fifth largest player globally, has signed a 75 megawatt repeat order for wind power project contract from an independent power producer, which would earn it total revenues of about Rs 487 crore.

The project, won in bid from the Maharashtra State Electricity Distribution Company, entails installation of 36 units of S111-140m wind turbine generators (WTGs) with a rated capacity of 2.1 MW each, said the Pune-headquartered wind power major.