Wipro, India’s third-largest information technology (IT) services company, said on Friday it had entered into a two-way pact with Canada’s ATCO group, according to which it would acquire the Alberta-based company’s subsidiary ATCO I-Tek for $195 million (about Rs 1,176 crore) in cash, and also would provide total outsourcing solutions to the group for 10 years.

Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday put out draft regulations for so-called infrastructure investment trusts that were announced in the finance minister’s budget speech last week to provide easier financing options to developers of public works.

Such trusts will be able to invest in infrastructure projects only directly or through special purpose vehicles (SPVs), the market regulator said. For public-private partnership (PPP) projects, investments can be routed only be through an SPV, it said.

Bangalore: India’s third largest software services exporter Wipro Ltd has agreed to buy information technology (IT) services business of Canadian logistics and utilities firm Atco Ltd for $195 million, as the Bangalore-based firm looks to expand and strengthen its presence in Canada and boost its natural gas business.

The deal, which comes less than a year since Wipro bought US-based Opus Capital Markets Consultants Llc for $75 million, is one of the company’s largest acquisitions in recent years, and comes bundled with a 10-year, $1.1-billion outsourcing contract with Atco.

Indian carriers, Air India and Jet Airways, will avoid the airspace of war-torn eastern Ukraine following a directive issued to them by the DGCA in the wake of reported shooting down of a Malaysian airliner in which all 295 people on board were killed today.

The aviation regulator, Director General of Civil Aviation issued instructions to Air India and Jet Airways, the only two Indian carriers that fly to Europe and North America, to avoid Ukrainian airspace while flying to and from destinations in both the continents, official sources said here.

BSE Sensex fell over 45 points in early trade today as funds and retail investors booked profits after three days of gains, even as TCS shares rallied nearly 4 per cent after encouraging June quarter results amid a weak global trend.

The 30-share index declined by 45.82 points, or 0.17 per cent, to 25,515.34 with realty, power, PSU and metal sector indices leading the fall. The index had gained 554.44 points in the previous three sessions.

We stay ‘neutral’ on Kotak Mahindra Bank (KMB), valuing the stock on a sum-of-the-parts basis with a target price of Rs 920 a share. This implies ~3x March 2016f book for its lending business (bank + NBFC) after factoring in Rs 140 for its flow business (excluding Kotak Prime).

The current valuations at ~2.9x March 2015f book after adjusting for Rs 140 of valuations for its flow business are expensive. While asset quality is likely to hold up as the management has been very conservative in growing in the past 18 months, we see valuations stretched on a relative basis with HDFC Bank (Kotak just at a 10% discount on FY16f P/B and ~20% premium on FY16f P/E).

Institutional investors have reduced their holdings in Maruti Suzuki, which had recently run into opposition from investors over setting up of a plant in Gujarat.

As per the latest shareholding data for June quarter, foreign investors, such as Credit Suisse and Norway's Government Pension Fund Global, are no longer holding more than 1% stake in Maruti.

Supermarket chains, mobile phone companies and housing cooperatives are among the organisations which the Reserve Bank of India (RBI) is now willing to recognise as “payments banks”.

In its draft rules released on Thursday, the RBI said, “Entities eligible to set up a payments bank include existing non-bank pre-paid instrument issuers (credit card companies), non-banking finance companies, corporate business correspondents, mobile telephone companies, supermarket chains, companies, real sector cooperatives and public sector entities”.

The Tamil Nadu Industrial Development Corporation (Tidco), the government agency working on identifying and promoting establishment of large and medium scale industries in the state, is in the process of procuring and alloting land for two major special economic zone projects - one by GMR Infrastructure Ltd and another by the GVK Group.

Anil Ambani-led Reliance Communications would be investing Rs 4,100 crore to build 4G WiFi services across Telangana, according to a statement issued by the chief minister's office.

The company is planning to launch the services in Hyderabad, six other municipal corporations and 37 municipalities across the state in the first phase and expects to cover the rest of the region in two more phases, it said.

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