The Income Tax department’s Investigations Wing on Wednesday seized a sum of ₹1.48 crore as accounted cash, even as police opened fire in the air to prevent miscreants from stealing the money.

The seizure came as the I-T department concluded their searches at Andipatti, Theni.

Wipro has largely met the Street estimates on the revenue and profit fronts for the fourth quarter of 2018-19, though the revenue growth reported by the country's third-largest IT services firm was the lowest among the top three players in the last financial year.

The company, however, gave a tepid outlook for the first quarter of FY20, citing delays in starting out new projects. The firm also announced a mega buyback plan of Rs 10,500 crore at Rs 325 a share, making it the second such repurchase consecutively. The buyback price is 15.4 per cent higher than Tuesday's closing price on the NSE.

Funding for debt-laden Jet Airways is likely to come through, said a government official on Tuesday amid reports that the airline is likely to shut down temporarily.

Jet lenders, led by State Bank of India (SBI), met financial services secretary Rajeev Kumar as the airline's share price fell by as much as 19%, Live Mint website reported.

Reliance Jio Infocomm has approached the telecom department for in-flight connectivity licence, that allows service providers to offer connectivity and data services to Indian and foreign airlines, according to sources.

Besides Jio, the Department of Telecommunications (DoT) has also received a clutch of other applications including those from Ortus Communications, Station Satcom and Cloud Cast Digital, sources privy to the development told PTI.

Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said Tuesday.

The full service carrier, which is currently operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.

The Supreme Court on Tuesday admitted a plea of a couple to lift the prohibition on entry of Muslim women into mosques across the country.

The only reason we may hear you is because of our judgement in Sabarimala temple, a Bench of Justices S.A. Bobde and S. Abdul Nazeer remarked orally. The court issued notice to the government and various bodies, including the National Commission for Women.

Tata Consultancy Services (TCS) hit a six-month high of Rs 2,149, up 2 per cent on Tuesday, extending its Monday’s 5 per cent rally on the BSE, after the company reported better than expected 2.4 per cent growth in constant currency (CC) revenue in the March 2018 quarter of financial year 2018 - 19 (Q4FY19).

The stock of IT major hit its highest level since October 4, 2018 on the BSE. Boosted by 7 per cent rally in stock post March quarter results, the market valuation of TCS regained the Rs 8 trillion-mark today to reach Rs 8.04 trillion at 12:50 pm, BSE data shows.

Passengers are facing delays in receiving refunds for cancelled flights and are forced to shell out 25-30 per cent more for alternate flights, following the grounding of Jet planes.

Jet is operating around 40 flights with seven aircraft for the last few days due a cash crunch. It has cancelled all its international services till Thursday and future operations look uncertain as lenders have not released emergency funds.

ICICI Bank shares rose over 3 per cent in intra-day trade on the BSE, marking their biggest intraday per cent gain since March 12, after global financial firm Goldman Sachs hiked the target price on the stock.

Goldman Sachs raised the price target on the stock to Rs 492 from Rs 451 and maintained 'buy' rating, saying that ICICI Bank's strong deposit franchise, lower cost of funds put the company at an advantage, a media report said.

SpiceJet shares surged up to 8 per cent while InterGlobe Aviation, parent of IndiGo, also gained on the expectation of higher yield due to the capacity reduction of Jet Airways.

India’s first private airline Jet Airways is headed towards a total grounding and a decision could be taken as early as Tuesday after a meeting of its board of directors, Business Standard reported.

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