IT major Wipro Ltd reported a better-than-expected September-quarter earnings, driven by higher margins. State-owned oil companies threatened to snap supplies to Air India from Friday if the national carrier fails to clear its dues. S&P Global Ratings cut Jain Irrigation Systems to “selective default” for missing missed certain principal payments. A former Jet Airways employee who had deposited Rs 90 lakh with the beleaguered Punjab and Maharashtra Co-operative Bank died of a heart attack in Mumbai. Reliance Jio said it disagrees with India’s telecom regulator for its proposal on call connect charges. Here is more on what made news on Tuesday.
Wipro September-quarter profit beats estimates
Wipro Ltd reported a better-than-expected September-quarter profit, as the software exporter managed to withstand a global spending squeeze among its financial clients that has hurt the sector overall. Net profit came in at Rs 2,552.6 crore--a 35.1 per cent jump year-on-year.
Jain Irrigation Systems cut to selective default
Jain Irrigation Systems Ltd. has been cut to “selective default” by S&P Global Ratings. The company missed certain principal payments under its working capital facilities and S&P sees a “high likelihood” that the company would be classified a non-performing asset by its bankers. A selective default means S&P believes a firm has defaulted on a specific issue but will meet its other obligations.
Oil companies give Air India deadline to pay dues
State-owned oil companies said they will snap supplies to Air India at major airports from Friday if the national carrier fails to keep its promise of paying them Rs 100 crore every month to clear dues of over Rs 5,000 crore. Indian Oil Corporation, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd have served a notice on Air India.
Jio blasts Trai for call connect charges decision
Reliance Jio has protested the telecom regulator’s consultation paper on call connect charges, saying it was "retrograde" and hurts consumers. The Telecom Regulatory Authority of India’s has decided to extend the deadline for ending charges for terminating calls on rival networks beyond January 2020, forcing Jio to levy a 6 paisa per minute charge on its users last week.
PMC Bank depositor dies of heart attack
Sanjay Gulati, who had Rs 90 lakh in deposit with scam-hit Punjab and Maharashtra Co-operative Bank (PMC), died in Mumbai a day after taking part in protests. Gulati, 51, lost his job with Jet Airways when the airline was grounded in April. He had a specially-abled child to support, news agency PTI reported.