Unfazed by double-digit decline in annual and quarterly net profit and posting lower growth than rival HCL Technologies in revenue, software major Wipro on Wednesday sounded upbeat on demand environment being strong in global markets for its IT services.

“Demand environment and traction in global markets continues to be strong, especially for digital transformation and enterprise scale modernisation services,” Wipro Chief Executive Abidali Neemuchwala told reporters here.

The majority of lenders with exposure to debt-laden Essar Steel are expected to vote in favour of ArcelorMittal’s revised bid that promises at least Rs 42,000 crore to the financial creditors. The voting process saw a significant delay owing to ‘technical difficulties’, senior bankers have indicated to FE. The voting process that should have begun on Tuesday faced some technical hitch at the start, causing the process to be delayed.

Air India’s market share plunged to an all-time low of 11.8% in September even as the government-owned carrier grapples with a financial crunch, reports Arun Nayal in New Delhi. In January 2014, the carrier commanded a share of 19.8%. Although the domestic passenger market is growing at robust pace, the near-bankrupt Air India has slipped to the number four position behind low-cost carrier Spicejet, which repo-rted a 12% market share.

Bajaj Auto on Wednesday reported a 3.6% year-on-year (y-o-y) increase in standalone net profits at Rs 1,152.5 crore in the July-September quarter on the back of higher revenues and other income. The motorcycles manufacturer reported a strong 22% y-o-y increase in its revenue at Rs 7,987 crore, driven by strong volume growth. However, the Bajaj Auto stock crashed to a 28-month low, losing 4.3% on the Bombay Stock Exchange (BSE) to close at Rs 2,475.30.

If you often use mobile banking and are customers of any of the following banks then you are at risk of cyber fraud. An IT security firm in its report has claimed that the fake apps of State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda (BoB), Yes Bank, Indian Overseas Bank (IOB) and Citi Bank are available on Google Play. The report further claimed that the fake apps have stolen data of many bank customers.

Breaking his silence for the first time since the news of data theft at Paytm came out, founder and Chief Executive Officer Vijay Shekhar Sharma on Wednesday said he was shocked and wanted answers.

“I’m stunned and want to figure out the truth. I have always believed her (Sonia Dhawan, his secretary and one of the accused). It is possible that she has been used as a conduit. Cops will unearth the truth,” said Sharma.

Microsoft Corp beat Wall Street estimates for revenue and profit in its first quarter on Wednesday, as more businesses signed up for its Azure cloud computing services and Office 365 software.

Microsoft shares have tripled since Satya Nadella became chief executive in 2014 and refocused the company on building data centre software and services.

Mumbai: The State Bank of India (SBI) wants to appoint an adviser to liaison among the separate resolution professionals (RPs) and prospective bidders for the 15 Videocon group entities that it referred to the National Company Law Tribunal (NCLT), according to a public notice.

The bank has mandated SBI Capital Markets to look for this “common process adviser”.

Bengaluru: Indian software services exporter Wipro Ltd on Wednesday reported a 13.8% fall in second-quarter net profit, dented by higher expenses.

The Bengaluru-based company posted a net profit of 1,889 crore ($258.09 million) in the quarter ended 30 September, compared with 2,192 crore a year earlier, the company said on Wednesday.

New Delhi: Hyundai Motor Co. on Tuesday brought back the entry-level Santro small car to India two decades after it was first introduced as the South Korean carmaker mounts one of its strongest-ever efforts to challenge the domination of Maruti Suzuki India Ltd in rural markets and small towns. The re-launch of the Santro, however, comes at a time when high auto fuel prices, increased loan rates, and worsening macroeconomic factors have crimped consumer demand.

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