Daily News Podcast: Wipro wins biggest ever contract, over $1.5 billion : Podcast: Business Today
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Daily News Podcast: Wipro wins biggest ever contract, over $1.5 billion

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September 3, 2018

Wipro wins biggest ever contract, over $1.5 billion
Indian software services exporter Wipro Ltd has won its biggest-ever contract worth more than $1.5 billion with U.S.-based Alight Solutions LLC for digital services as reported by Reuters. Wipro would earn $1.5-1.6 billion in revenues over the tenure of the deal, which will include services in health, human resources and finance.The deal is expected to be completed in the quarter ending September.  

Income Tax dept to wait till September 7 for Walmart to pay tax on Flipkart deal
The Income Tax Department will wait till September 7 for settlement of withholding tax by Walmart on payments made to about 44 shareholders exiting e-commerce firm Flipkart before it proceeds in the case. As per the provisions of the I-T law, Walmart has to deduct withholding tax on payments made to sellers and deposit it with the Indian authorities on the seventh day of the subsequent month, which falls on September 7. Walmart has not yet approached the tax department to ascertain the withholding tax liability, although some shareholders of Flipkart who are exiting the e-commerce company have sought guidance on their tax liability

IKEA's Veg Biryani came with a worm, company fined
While the excitement around Ikea's first Indian store has not abated, the company seems to be having its first brush with trouble. Last week, a customer claimed he found a worm in the in-house restaurant of the Swedish furniture giant's first Indian store in Hyderabad. A customer named Abeed Mohammad took to Twitter to complain about finding a caterpillar in the vegetable biryani served to him. He also tagged the Hyderabad police, Telangana Minister for Municipal Administration and Urban Development. The Greater Hyderabad Municipal Corporation (GHMC) issued a notice to the firm and also imposed a fine of Rs. 11,500 for flouting norms related to waste segregation

Mauritius tops India's FDI charts again in FY 2018
Mauritius remained the top source of foreign direct investment into India in 2017-18 followed by Singapore, whereas total FDI stood at USD 37.36 billion in the financial year, a marginal rise over the USD 36.31 billion recorded in the previous fiscal, according to RBI data. The provisional data for the financial year ended March revealed that foreign direct investment (FDI) into the manufacturing sector witnessed a substantial decline, while FDI into communication services rose to USD 8.8 billion in 2017-18.

Govt plans exam for aspiring independent directors to bolster corporate governance
The government plans to have examinations for individuals who want to become independent directors as part of bolstering the corporate governance framework, according to Union Minister P P Chaudhary. At a time when the government is making efforts to make its role minimal in the affairs of corporates, the role of independent directors is more vital

Petrol price hits all-time high in Mumbai at Rs 86.56/litre, diesel hits Rs 75.54/litre
The price of petrol rose to a shocking new high of Rs 86.56 a litre in Mumbai today, September 3. The last all-time high witnessed by the city was Rs 86.06 on September 01. In Delhi, the petrol price touched Rs 79.15 per litre. Union Petroleum and Natural Gas Minister Dharmendra Pradhan has blamed "external factors" for the rise in domestic prices of petrol and diesel, but has said the increase is only temporary.

Suzuki to invest Rs 9000 cr in new car plant in Gujarat
Suzuki Motor Corp. plans to invest at least ? 9,000 crore to build a new car plant in Gujarat as reported by Mint. The investment will double Suzuki's annual capacity in Gujarat to 1.5 million vehicles. The Japanese auto maker has ambitious plans for India where its unit, Maruti Suzuki India Ltd, is the market leader.