Top headlines: Wipro Q2 profit dips, GoAir pilots stop P&W engine mid-air

From Wipro reporting decline in Q2 profit year-on-year, Godrej Properties buying land in Bengaluru to J&J pausing Covid vaccine, Business Standard brings you top news of the evening

Wipro Q2 PAT down 3.4% YoY at Rs 2,465.7 cr; announces Rs 9,500 cr buyback

Wipro on Tuesday reported a 3.4 per cent year-on-year (YoY) fall in its consolidated net profit at Rs 2,465.7 crore for the quarter ended September 2020 (Q2FY21). The company had posted a profit of Rs 2,552.7 crore in the year-ago period. On a sequential basis, numbers grew 3.15 per cent. Revenue for the company came in at Rs 15,114.5 crore, down 0.07 per cent on a YoY basis. Further, Wipro also announced a buyback of Rs 9,500 crore at Rs 400 per share. Read More...

GoAir pilots shut down P&W engine mid-air, even after fixes: Report

Pilots of an Airbus SE A320neo jet in India shut down a Pratt & Whitney engine mid-air last month after it encountered problems, people familiar with the incident said, reviving concerns about the turbines that have been plagued by issues since their debut in early 2016. The twin-engine jet, operated by Go Airlines India Ltd., landed safely using its other engine in the western city of Ahmadabad on Sept. 19, people familiar with the matter said, asking not to be identified because the matter is confidential. Read More...

Godrej Properties buys land in Bengaluru for 1.6 mn sq ft housing project

Godrej Properties has bought a 15 acre parcel of land in Sarjapur area of Bengaluru for an undisclosed sum. The company plans to build residential apartments in a project area of about 1.6 million sq ft. It had recently bought a land parcel in Kalyan area near Mumbai as well, while Godrej Fund Management acquired a parcel of land from Century group in Bengaluru for Rs 700 crore recently. Read More...

J&J confirms pausing Covid-19 vaccine trial because of unexplained illness

Johnson & Johnson said its Covid-19 vaccine study has been temporarily halted due to an unexplained illness in a trial participant. Jake Sargent, a spokesman for the New Brunswick, New Jersey company, confirmed an earlier report by health-care news provider STAT that the study was paused. Read More...

Stimulus 2.0 to push fiscal deficit to 9.5 per cent of GDP: SBI report

A day after Finance Minister Nirmala Sitharaman announced schemes to boost consumer spending hit by the coronavirus lockdown, the State Bank of India's Ecowrap pointed that the announcement is set to push the fiscal deficit to 9.5 per cent of the GDP. The new schemes which will put an additional burden of Rs 40,000 crore on the government. Sitharaman announced the LTC Cash Voucher and Festival Advance Schemes to encourage government employees to spend more and boost demand in the economy. Read More...