Mumbai: The BSE Sensex edged lower on Friday after earlier hitting a five-week low ahead of the results from elections in Bihar, which Prime Minister Narendra Modi’s party needs to win to improve the parliamentary strength it needs to push through reforms.

Modi’s nationalists and opposition parties were running neck-and-neck in the elections, according to exit polls on Thursday. Official results will be announced on Sunday.

Bengaluru: Wipro Ltd restructured its global media and telecommunications business unit and split the nearly $1 billion unit into three different businesses, after the incumbent boss Ayan Mukerji decided to leave from the country’s third largest software exporter.

Significantly, Mukerji becomes the second executive to leave Wipro after the chief business operations officer Satishchandra Doreswamy resigned in March when Wipro undertook its biggest management reshuffle in four years, which included the appointment of a former Tata Consultancy Services Ltd executive Abid Ali Neemuchwala as chief operating officer.

Emerald Haven Realty Ltd., an associate company of TVS Motor Company, will shortly announce its second residential project in a southern suburb of Chennai with an eye to tap the emerging opportunity in the GST (Grand Southern Trunk) corridor.

The company will launch its new residential project GreenAcres on 18-acre area at Kolapakkam near Tambaram, Chennai. It will have 2BHK, 3BHK houses and villas catering to different segments of people. The price will be in the range between Rs.25 lakh and Rs.1.25 crore.

nion Finance Minister Arun Jaitley spoke out against the fact that the Supreme Court is deliberating on the issue of Aadhaar being universally implemented saying that it is up to the government to decide the methodology of governance, not the courts.

“The need for this (Aadhaar) and the utility for this has been universally recognised across States. We are at a situation where there is a challenge pending in court and normally courts entertain a challenge which are judicially determinable. As to what should be the methodology adopted in governance is not a judicially determinable matter. It is a matter for the executive government to decide,” Mr.

Kotak’s reported standalone PAT of Rs 570 crore was in line with our expectations, but adjusted for a one-off fee reversal of Rs 60 crore, lending business PAT was higher. The 2QFY16 results indicate that most of the P&L drags from the ING integration are behind us, with sequential growth picking up, margins stabilising and opex normalising lower and even the elevated credit costs for the ING book coming within management guidance.

The Indian Railways has doubled the ticket cancellation charge as it has proposed to change the refund rules to help genuine passengers getting confirmed tickets.

Indian Railways sais that there will be no refund after the departure of train and one has to get the refund four hours before the departure, according to the new refund rules.

State Bank of India (SBI) on Friday reported a net profit of Rs 3,879 crore for the three months to September, up 25% from a year earlier, on the back of higher other income, which rose 35.5% year-on-year (y-o-y) to Rs 6,197 crore.

The lender saw an improvement in asset quality with slippages falling 20% sequentially even as chairman Arundhati Bhattacharya was cautiously optimism about a pick-up in the economy saying more projects were beginning to take off.

Reliance Communications on Friday recorded an increase of 1.9 per cent in its net profit at Rs 156 crore for the September quarter, as voice business continued to remain under pressure. The revenue and net profit of the Anil Ambani-led company were below Street expectations for the period as its voice call operations slowed down compared with April-June period.

It reported a net profit of Rs 156 crore on a revenue of Rs 5,355 crore during the quarter. The net income was two per cent higher than Rs 153 crore posted in the same period a year ago, but lower than Rs 177 crore net profit seen in previous quarter.

Oil and Natural Gas Corporation (ONGC) on Friday said its standalone net profit for the September quarter dipped 11 per cent on the back of crude price slump.

It reported a net profit of Rs 4,842 crore, against Rs 5,444 crore in the same quarter in 2014-15. However, the profit was ahead of Bloomberg consensus estimate of Rs 4,601 crore. The company also gave subsidy to oil marketing companies (OMCs).

The capital markets regulator, Securities and Exchange Board of India (Sebi), has directed Essar Oil to match its delisting price with that being paid by Russian oil giant Rosneft for a 49 per cent stake in the company.

The regulator has also agreed to certain relaxations sought by the company for its delisting bid.

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