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December 2: The lensman`s view
December 2: The lensman`s view
File photo of Wipro chairman Azim Premji speaking at a news conference in Bangalore
Wipro Ltd, India's No. 3 software services provider, said on Wednesday Chairman Azim Premji will transfer 213 million equity shares held by entities controlled by him to an irrevocable trust.
Wipro said in a stock exchange notice that the transfer would be effected by December 7. Premji controls the trust and will continue to retain the voting rights of the transferred shares, it said.
Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in Gujarat Shares in Indian explorer Oil and Natural Gas Corp jumped as much as 5.1 per cent on Thursday, after the state-run firm received the government's approval for a stock split and bonus issue.
Oil Minister Murli Deora told Reuters the cabinet had approved issue of one free share to ONGC's stock holders for each share held, but did not say what the ratio was for stock split.
ONGC had proposed to the government to split each share into two ahead of a planned share sale in the company, Chairman R S Sharma said last month.
The shares are up about 12 per cent this year, compared with a 14 per cent rise in the main index.
ONGC expects its follow-on share sale to hit the markets in March, Sharma said on Wednesday. The government has approved a 5 per cent stake sale in ONGC that is expected to raise more than $3 billion.
Employees work at Hero Honda's plant in Haridwar
India's top motorcycle maker, Hero Honda, has agreed to increase its royalty payments to Honda Motor Co to 8 per cent of annual sales in return for a technology makeover and a stake sale by the Japanese firm in the venture, Business Standard reported.
The newspaper cited unnamed industry sources as saying that Honda had agreed to cut stake in the joint venture with India's Hero Group to 20 per cent from 26 per cent now, and to sell the balance to Hero Group at a discount to the current market price.
Under the proposed agreement Honda would supply the technology for three new products to Hero Honda, in addition to the existing product portfolio, it said.
The paper said a Hero Honda official declined comment.
Qantas Airways flight QF31, an Airbus A380 bound for Singapore and London, takes off from Sydney airport
Qantas stepped up pressure on Thursday on engine maker Rolls-Royce to settle damages related to an engine failure on one of its giant Airbus A380 aircraft, but said it would keep the door open for an out-of-court settlement.
Qantas said it had filed a claim in the Federal Court of Australia over the financial and commercial impact of the mid-air failure of a Roll-Royce engine on Nov. 4, which forced a Sydney-bound A380 to make an emergency landing in Singapore with 466 people on board.
\"Today's action allows Qantas to keep all options available to the company to recover losses, as a result of the grounding of the A380 fleet and the operational constraints currently imposed on A380 services,\" the airline said.
\"The airline has today filed a statement of claim ... (to) ensure that the company can pursue legal action against Roll
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