BENGALURU: The slump in global energy prices once again hit Wipro's financial performance in the quarter ended March.

The IT services company, which has a higher exposure to the oil & gas vertical compared to its peers, saw its sequential revenue growth drop by 1.2% to $1,774.5 million. In constant currency terms, revenue rose by 1.2%, but that figure was lower than that of TCS's 1.6% and HCL Technologies' 2.7%. It was however well within the company's revenue guidance of 1%-3%.

Life Insurance Corporation of India (LIC) boasts nearly a tenth of ownership in listed banks in the country. As per data compiled by FE, the insurance giant’s latest cumulative possession in 33 listed banks is more than 9% and valued at close to R83,069 crore, based on Friday’s closing prices.

The latest ownership as of March 2015 is considered for the compilation, barring six for which data were available as of December 2014.

The government will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, oil secretary Saurabh Chandra said on Tuesday.

"Marginal field policy will have approval soon for 69 fields, which ONGC and Oil India have agreed to give. We hope to put them for bidding," Chandra told reporters in New Delhi.

Tata Motors, the country's fifth largest car maker, announced today the launch of an exclusive campaign for all existing Nano customers - Power of 1+1 programme.

Customers of Nano will have the privilege to be among the first to own the new GenX Nano with Easy Shift (automated manual transmission). Such a transmission set up is seen on the Zest and on models of rival like Maruti Alto and Celerio.

MUMBAI: Gautam Adani-led Adani Group has finally acquired Lanco Infratech's 1200 MW Udupi power plant for an enterprise value of Rs 6,300 crore — Rs 300 crore or 5% more than the deal value of Rs 6,000 crore announced in August last year.

TOI first reported on February 10 that Adani struck a new deal agreeing to value the asset 5-7% higher to accommodate additional interest accruals made by the banks. The original deal struck in August last year had run into trouble and missed deadline as lenders sought better terms to approve the transaction.

With gold giving negative returns for three years in a row, investors are experiencing that sinking feeling. While gold has always been a favourite investment option during Akshaya Tritiya, the falling prices may put off many, with investors having lost over 11% on the metal bought last year on the same occasion.

Since equities are faring better, gold’s lure as an asset class has been dampened across the globe. Data from World Gold Council show that investment demand for the yellow metal (bars and coins) fell to 44 tonne in the quarter ended December 2014 from 98 tonne in the quarter ended March 2013.

Reliance Industries (RIL) has so far committed Rs 88,000 crore ($14 billion) of capital to its telecom business, sources told FE. This does not include the Rs 10,077.53 crore the telecom subsidiary, Reliance Jio Infocomm, will spend for its 800-MHz and 1,800- MHz spectrum won in the recently held auctions.

An Kotak Institutional Equities report dated April 20, notes that Reliance Jio has so far deployed about Rs 52,400 crore of capital as of March 31, against Rs 37,800 crore, as of March 31, 2014. Reliance Jio holds broadband wireless access spectrum in all the 22 telecom circles and has made significant progress in rolling out its 4G business, including physical network infrastructure, systems and processes, sales and distribution network.

NEW DELHI: The government proposes to make the rules regarding benami property ownership much more stringent than they are currently. As part of efforts to prevent black money being tucked away into convenient domestic hidey holes, it could sharply prune the list of relatives in whose names property can be acquired to spouses and unmarried daughters.

The new law is likely to say that property acquired in the name of any other person —brother, sister, father, mother, son —risks being confiscated and would lead to jail time.

Markets turned choppy weighed down by pharma shares with Sun Pharma leading the decline while gains in ITC and financials helped offset some of the losses.

At 10:45AM, the 30-share Sensex was down 100 points at 27,786 and the 50-share Nifty was down 33 points at 8,444.

Bharat PetroResources Limited, upstream arm of Bharat Petroleum Corporation Limited (BPCL), and Videocon Industries, announced that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, had completed assessment of the petroleum potential of the wells located in the ultra-deep waters of the Sergipe-Alagoas Basin.

"The results confirmed the presence of light oil and good productivity of the reservoirs. This drilling identified two reservoir intervals of light oil and gas - the top with a thickness of 44 metres, and the bottom 11 metres thick, the bottom zone being a new discovery for the area," Bharat PetroResources and Videocon said in a filing to an exchange.

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