Country's largest lender State Bank of India (SBI) SBI and Brookfield Asset Management have set up a joint venture (JV) with initial commitment of over $1 billion to make investments in businesses with stressed assets.

Brookfield will commit around Rs 7,000 crore and SBI up to 5 per cent of the total investments into stressed assets, the state-owned bank said in a statement.

Wipro’s June 2016 quarter performance once again reflected that the transformation the company is going through is still a work in progress, as the company disappointed the Street with its key financials.

The Bengaluru-headquartered company, though it managed to meet the middle end of its dollar-term revenue projection given for the April-June period, disappointed on the net profit growth and profit margin fronts apart from giving conservative revenue guidance for the September quarter.

Shares of oil marketing companies (OMCs) are on a roll with all three listed firms – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – closing at their respective lifetime highs on the Bombay Stock Exchange (BSE) on Tuesday. These stocks closed higher between 3%-5%, as compared to 0.15% rise in the S&P BSE Sensex today.

The country's third-largest IT firm, Wipro Ltd, today reported an 8% decline in consolidated net profit at Rs 2,052 for the quarter ended June 2016 as compared to Rs 2,238 crore in the previous quarter ending March 2016.

The consolidated revenue declined marginally by 0.3% to Rs 13,69 crore as against Rs 13,742 crore in March 2016.

Larsen & Toubro is looking at joining hands with US majors for designing and equipment suppliers to design and build future shipbuilding contracts. The vessels will be built at a facility near Chennai.

Speaking at the Indo-US Partnership Conclave 'The march towards $500 billion trade', organised by IACC along with the state ofTamil Nadu, B Kannan, CEO & MD, L&T Shipbuilding said the company is in touch with some US-based firms, for its future projects.

State-owned NTPC on Tuesday said it will strive to generate 248 billion units during the current financial year.

"NTPC...signed a Memorandum of Understanding (MoU) with Government of India for the year 2016-17...According to the signed MoU, NTPC shall strive to generate 248 billion units during the year under "excellent" category," the company said in a statement.

The government on Tuesday said it is releasing Rs 22,915 crore to recapitalise 13 public sector banks, including the biggest lender State Bank of India. The sum is about 92% of the budgeted provision of Rs 25,000 crore.

The highest sum of Rs 7,575 crore is being released for SBI, followed by Rs 3,101 crore for Indian Overseas Bank and Rs 2,816 crore for Punjab National Bank, a government statement said on Tuesday.

MUMBAI: The BSE Sensex recovered by 58 points in early trade on Tuesday on fresh buying by investors and foreign funds on hopes of passage of the GST bill in Rajya Sabha amid mixed global cues.

The 30-share index rose 58.07 points or 0.20% to 27,804.73 with the sectoral indices led by metal, realty, oil&gas, auto and healthcare, rising by up to 0.68%.

Cortana is set to fly the friendly skies thanks to a new partnership between Microsoft and Boeing, bring the Microsoft intelligent assistant closer still to the domain of its namesake. Microsoft and Boeing announced a partnership today to move Boeing’s suite of digital aviation offerings over to Azure, and the end result is that said servers are going to begin to get smarter, according to Microsoft.

CityPilot has taken a key early step towards fully autonomous public transportation: The Mercedes-Benz self-driving bus program saw one of its Future Bus vehicles drive 20 km (or around 12.4 miles) in the Netherlands, on a route that connected Amsterdam’s Schiphol airport with the nearby town of Haarlem. To make the trip, the bus had to stop at traffic lights, pass through tunnels, and navigate among pedestrians.

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