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Wipro’s Net Profit Rises 3% YoY in Q3 - Top Indian Market Updates
Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23). This article covers several major updates that could move the markets, including Wipro's Q3 results, Citroen India's partnership with Jio-BP, and Mahindra Lifespaces' land acquisition.
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- Wipro Q3 Results: Net profit up 3% YoY to ₹3,053 crore
- Citroen India partners with Jio-BP to build EV infrastructure
- Mahindra Lifespaces acquires 4.25-acre land parcel in South Bangalore
- L&T signs pact with Norway-based firm to develop floating green ammonia projects
- India's ethanol capacity to jump 25% to 1,250 crore litres by year-end: Govt
- Heritage Foods rights issue to open on Jan 30
- HCL Tech secures deal to modernise IT operations for State Farm
- Gold prices in India hit record high
- Domestic passenger vehicle sales rise 23% in Q3: SIAM
Key takeaways
- Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23).
- Citroen India announced a strategic partnership with Jio-BP to build electric vehicle (EV) infrastructure and services across its network.
- Mahindra Lifespace Developers has bought a 4.25-acre land parcel in Singasandra, South Bangalore, with a developable potential of around 4.6 lakh sq. ft. of saleable area.
- Larsen & Toubro (L&T) has signed a pact with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications.
- Indian gold futures hit a record high today, tracking gains in the overseas market, rising to ₹56,245 per 10 grams.
Here are some of the major updates that could move the markets tomorrow:
Wipro Q3 Results: Net profit up 3% YoY to ₹3,053 crore
Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 14.3% YoY to ₹23,229 crore during the same period. The company secured deals worth $4.3 billion, up 26% YoY. Wipro announced an interim dividend of ₹1 per share.
Read more here.
Citroen India partners with Jio-BP to build EV infrastructure
Citroen India announced a strategic partnership with Jio-BP to build electric vehicle (EV) infrastructure and services across its network. The partnership will enable Jio-BP to install DC fast chargers across Citroen’s key dealership network and workshops across the country in phases. Jio-BP is a fuels and mobility joint venture between Reliance Industries Ltd (RIL) and UK-based BP.
Read more here.
Mahindra Lifespaces acquires 4.25-acre land parcel in South Bangalore
Mahindra Lifespace Developers has bought a 4.25-acre land parcel in Singasandra, South Bangalore. The land is estimated to have a developable potential of around 4.6 lakh sq. ft. of saleable area and a gross development value of over ₹400 crore primarily comprising premium residential apartments. This latest acquisition is aligned with the company’s strategy of further strengthening its presence in India’s IT capital.
Read more here.
L&T signs pact with Norway-based firm to develop floating green ammonia projects
Larsen & Toubro (L&T) has signed a pact with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. As per the agreement, L&T will become a partner for engineering, procurement, construction, installation, and commissioning of the topsides for H2C's floating process plants.
Read more here.
India's ethanol capacity to jump 25% to 1,250 crore litres by year-end: Govt
The overall ethanol production capacity in India is expected to go up by 25% to 1,250 crore litres by the end of this year, as proactive steps have been taken for faster clearance of projects. A single-window clearance has been put in place so that ethanol projects seeking interest grants and environment clearances are given faster clearance. India has doubled ethanol blending with petrol to 10% in the last two years.
Read more here.
Heritage Foods rights issue to open on Jan 30
The Board of Directors of Heritage Foods Ltd. has fixed Jan 20 as the record date for its rights issue, which will open on January 30. The company will issue 46.4 million equity shares at ₹5 per rights equity share (aggregating to ₹23.2 crore). The rights issue will close on February 13. Heritage Foods is engaged in the business of milk and dairy products, cattle feed, and renewable energy.
Read more here.
HCL Tech secures deal to modernise IT operations for State Farm
HCL Technologies Ltd has received an order from US-based insurance company State Farm to modernise its IT service desk and infrastructure operations. Several State Farm employees supporting this work will transfer to HCL Tech to continue their key role in delivering technology services. HCL Tech will leverage its portfolio and execution capabilities to accelerate the modernisation of a hybrid cloud environment for the insurance firm.
Read more here.
Gold prices in India hit record high
Indian gold futures hit a record high today, tracking gains in the overseas market. Domestic gold futures rose to ₹56,245 per 10 grams, surpassing the previous record of ₹56,191 recorded in August 2020. Gold rates have surged since November 2022 due to a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve.
Read more here.
Domestic passenger vehicle sales rise 23% in Q3: SIAM
According to the Society of Indian Automobile Manufacturers, passenger vehicle wholesales rose 23% YoY to 9,34,955 units in the quarter ended December (Q3 FY23). The surge in sales was aided by robust demand during the festive season. In December, passenger vehicle sales witnessed an increase of 7% YoY to 2,35,309 units.
Read more here.
Frequently asked questions
What was Wipro's net profit in Q3 FY23?
Wipro's consolidated net profit rose 2.8% year-on-year (YoY) to ₹3,053 crore for the quarter ended December (Q3 FY23).
What is the partnership between Citroen India and Jio-BP?
Citroen India has partnered with Jio-BP to build electric vehicle (EV) infrastructure and services across its network, with Jio-BP installing DC fast chargers at Citroen's dealerships and workshops.
What is the developable potential of the land acquired by Mahindra Lifespaces in South Bangalore?
The land acquired by Mahindra Lifespaces in Singasandra, South Bangalore, is estimated to have a developable potential of around 4.6 lakh sq. ft. of saleable area.
When will Heritage Foods' rights issue open?
Heritage Foods Ltd.'s rights issue will open on January 30.
Written by
Cherian VargheseRelated reads
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