NEW DELHI: India’s technology bellwether WiproBSE 0.07 % is seeking to reposition itself as a conglomerate, crafting a holistic brand identity to give businesses as diverse as consumer care and lighting the prominence they deserve, according to a person aware of the development.

“The objective of the exercise is to rebrand Wipro as a group that is not just focused on IT, but also on consumer goods, lighting and other businesses. This is to do with the backlash in the US over Indian IT firms,” the person told ET. The exercise is likely to involve rebranding the positioning, tagline and logo, the person said, requesting not to be named given the sensitivity of the subject.

Car sales in January bounced back from one of the largest declines seen in December after demonetization. Car sales in the country grew 10.83% in January, with the C2 category witnessing a 22.8% growth in the month as sales grew to 48,100 units compared to 39,145 units in the same month last year.

Passenger vehicles priced between Rs 8 lakh to Rs 9.5 lakh are placed in the C2 segment.

Hindustan Petroleum Corporation (HPCL) dipped over 6% to Rs 541 on the BSE on profit booking after the company reported 53% year-on-year rise in its net profit at Rs 1,590 crore for the quarter ended December 2016 (Q3FY17), owing to better operational performance.

Total income from operations for the quarter under review was at Rs 55,541 crore, 15% higher from Rs 48,323 crore.

Reliance Infrastructure (RInfra)-controlled Reliance Defence and Engineering Limited (RDEL) has signed the master ship repair agreement (MSRA) with the US Navy.

In January, the Reliance Shipyard was qualified by the US Navy as an approved contractor to perform complex repair and alternation services for the navy’s Seventh Fleet vessels operating in the region.

Mumbai: Market benchmark Sensex inched up by 17 points to close at 28,351.62 on Monday, while the NSE Nifty went past the 8,800 mark on fag-end buying in IT, metal and power stocks amid positive global cues. The 30-share Sensex resumed higher at 28,450.42 and advanced to 28,458.80 following initial buying by investors and sustained foreign fund inflows.

However, profit-booking took a toll, and the index slipped to touch a low of 28,197.38 before settling 17.37 points, or 0.06% higher at 28,351.62. The gauge has gained 44.33 points in the previous two sessions.

That the Street was not happy with Mahindra & Mahindra Ltd’s performance for the December quarter was seen by its stock closing lower on Friday, when the benchmark BSE Sensex closed higher. In any case, the stock was beaten down badly by investors as auto sales volume crumbled in the last two months.

For the quarter, the auto division’s sales fell by 7.7% year on year. The hope that prices could compensate for the lower volume was also negated, as net revenue of the division slid by 8%, mirroring weak realizations during the quarter.

After meeting finance minister Arun Jaitely on Saturday, the board of Securities and Exchange Board of India (Sebi) decided to take forward the issue of integration of the commodity spot markets and the derivatives markets, originally proposed in the Budget on February 1 by the finance minister. The move is significant as even futures market require the transparent price for relevant commodities traded in the spot market.

Shares of private sector banks were trading firm in otherwise range-bound market with IndusInd Bank and YES Bank hitting their respective record highs on the National Stock Exchange (NSE).

YES Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC Bank and HDFC Bank were trading higher by up to 3% as compared 0.17% rise in the Nifty 50 index. At 03:11 pm; Nifty Private Bank index was up 0.75% against 3% decline in the Nifty PSU Bank index.

Even as Reliance Industries is creating ripples in the telecom industry, the net worth of Mukesh Ambani owned, Reliance Gas and Transportation Infrastructure Ltd (RGTIL) has eroded by a massive Rs 7,966 crore as on September 2016 as low gas supply from RIL’s Krishna Godavari basin hit the pipeline company’s financials. The company owns and operates a 1400 kilometers gas pipeline connecting Krishna Godavari basin to Gujarat and depends on gas production from RIL’s KG basin to earn revenues.

Engineering and construction major L&T today entered into a joint venture with European defence major MBDA Missile Systems for development of missiles in India.

L&T will own 51 per cent stake in the JV named L&T MBDA Missile Systems and the rest 49 with the European partner.

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