Wipro has deepened its inorganic growth strategy with the acquisition of Rizing
Wipro has deepened its inorganic growth strategy with the acquisition of Rizing Intermediate Holdings for $540 million. Rizing is a global SAP consulting firm and will help Wipro expand its capability matrix for intelligent enterprises. It may be recollected that last year, Wipro acquired Capco in a $1.5 billion deal. Rizing has 1,300 employees spread across 20 offices in North America, Europe, Asia, and Australia. Rising had reported revenues of $193.8 million for CY21. This expands Wipro’s leadership in oil & gas and utilities.
Reliance Industries signed a formal shareholder agreement for the $2 billion TA’ZIZ chemical
Reliance Industries signed a formal shareholder agreement for the $2 billion TA’ZIZ chemical joint venture in UAE. Reliance will also cooperate with ADNOC for conventional and unconventional resources. TA’ZIZ is joint venture between Abu Dhabi National Oil Co (ADNOC) and the sovereign wealth fund ADQ. RIL will build capacity for 940,000 TPA Chlor-alkali, 1.1 million TPA of ethylene dichloride and 360,000 TPA of polyvinyl chloride at the TA’ZIZ Industrial Chemicals Zone. These chemicals will be produced in the UAE.
Bajaj Finance posted 80% yoy growth in net profit at a record level of Rs.2,420 crore
Bajaj Finance posted 80% yoy growth in net profit at a record level of Rs.2,420 crore for Mar-22 quarter. FY22 net profits were up 59% at Rs.7,028 crore. Board has recommended dividend of Rs.20 per share. NII was up 30% at Rs.6,068 crore in the fourth quarter. AUM rose 29% at Rs.197,452 crore as of Mar-22 end. The loan loss provisions were down by over 40% yoy at Rs.702 crore in Q4. Bajaj Finance has provision coverage ratio of 58% with gross NPAs falling by 19 bps to 1.60%, while net NPAs tapered 7 bps to 0.68%.
Adani Wilmar touched a new high of Rs.80-2.80 as it has already gained 250%
A day after Adani Power crossed the Rs.1 trillion market cap landmark, the seventh listed Adani group company, Adani Wilmar Ltd, also joined the club. Adani Wilmar touched a new high of Rs.80-2.80 as it has already gained 250% since its recent IPO. Among all the Adani group companies, Adani Green Energy is the market cap leader at Rs.4.52 trillion. The 7 listed companies of the Adani Group account for total market cap of $221 billion, and has largely helped Gautam Adani cross Warren Buffett in personal wealth.
IMF, high oil prices due to the Ukraine war will weigh heavily on India’s growth
According to the IMF, high oil prices due to the Ukraine war will weigh heavily on India’s growth. The higher current account deficit will also push up inflation, according to the IMF. India currently finds itself in a policy quandary as it is likely to face irrespective problems irrespective of whether there is monetary policy tightening or status quo. IMF has already India’s GDP for FY23 by 80 bps to 8.2%. IMF has also scaled down GDP growth projection for FY24 by 30 bps to 6.9%. CPI and WPI inflation have been at new highs.