IT services major Wipro continued to witness tepid revenue growth in the first quarter of the ongoing financial year owing to uncertainty in the macro environment apart from delay in closure of large projects.

Operating margins also dipped because of rising wage cost and higher expenses due to changing onshore-offshore mix, in spite of the company reporting forex gains.

Bill Gates has never ranked lower than No. 2 in the seven-year history of the Bloomberg Billionaires Index. That run ended Tuesday when the Microsoft Corp. co-founder dropped to No. 3 behind France’s Bernard Arnault.

LVMH, Arnault’s luxury-goods maker, advanced to a record Tuesday and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. The shares extended their gains Wednesday, rising 0.7% at 1:54 p.m. in Paris.

Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a choppy note on Wednesday amid weak global cues and continued foreign fund outflow.

The 30-share index was trading 4.40 points, or 0.01 per cent, lower at 39,126.64 at 0930 hours, while the broader Nifty inched 2.20 points, or 0.02 per cent, higher to 11,664.80.

MUMBAI: The family that controls Apollo Hospitals Enterprise Ltd., India’s largest private hospital chain, is looking to sell assets or bring an outside investor into their holding company to pay down debt.

The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20% of their total holding in the company from about 78% now, said Suneeta Reddy,

The falling margins and tariff pressure have forced Indian EPC rooftop solar players to shut shop over the last six months as they find it difficult to meet their working capital and other operating expenses, industry sources close to the development told FE. Policy decisions from state to retrospectively cancel net metering, and failure to honour the 20% to 30% capital incentives have damaged the viability of many companies that aggressively bid for projects across the country, said sources close to the development.

U.S. senators used a Congressional hearing on Tuesday to push the idea of overhauling a law that protects YouTube, Facebook and other internet services from being sued for the content users post. The Senate Judiciary subcommittee hearing, led by Senator Ted Cruz of Texas, featured accusations Republicans have been making for months: that Google manipulates search results and its YouTube video service to censor conservatives.

Amazon has reached a deal with Germany’s anti-trust authority to overhaul its terms of service for third-party merchants, who had complained of unfair treatment when selling through the world’s biggest online retailer. The Federal Cartel Office said on Wednesday it was dropping a seven-month investigation after the U.S. e-commerce giant agreed to amend its Business Services Agreement that applies to merchants using its platform.

A group of ministers led by home minister Amit Shah is understood to have met on Tuesday to explore ways to revive sick telecom PSUs —BSNL and MTNL —; a task which seems herculean with every passing day. Since the days of the government garnering high revenues through spectrum auctions are over, the choices before it are limited and also costly. Hyper competition and spectrum auction design led to generation of surplus for the exchequer in the past but any such chances are not there now.

Stressed housing finance major Dewan Housing Finance Company (DHFL) has shared its resolution plan with bankers and company sources claim that the lenders are in sync with the plan. The plan will be formally presented to the banks later this week and to bondholders on July 25. In its resolution plan, the housing finance company has proposed that its debt be recast. The cash-strapped lender has a cumulative debt of Rs 1 lakh crore, of which it owes Rs 38,000 crore to banks and Rs 34,000 crore to bondholders.

In his last address to shareholders as Executive Chairman of Wipro, Azim Premji on Tuesday said the information technology (IT) services firm is focusing on four new-age technology areas such as digital, cloud, engineering services, and cybersecurity to drive its growth.

After more than five decades of chairmanship of the company, Premji will pass on the mantle to his son Rishad Premji at the end of July, though he will continue to serve on the board as non-executive director and founder chairman.

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