Top headlines: FRL to go under insolvency at NCLT; Wipro Q1 net falls 21%

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NCLT admits Bank of India's insolvency petition against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India’s petition under Section 7 of Insolvency and Bankruptcy Code (IBC) to start insolvency proceedings against Future Retail and appointed an interim resolution professional (IRP) in the matter. 

In an oral order, the two-judge bench, presided over by Justice Pradeep Narhari Deshmukh and Shyam Babu Gautam, said, “The company petition is admitted and Vijay Kumar Iyer is appointed as IRP. The intervention application is dismissed.” Read more...

Wipro Q1 results: Net profit falls 21% to Rs 2,564 cr as expenses rise

IT major Wipro Ltd reported a 21% fall in June-quarter profit on Wednesday as higher employee-related costs pushed up the information technology services firm's overall expenses.

June-quarter consolidated net profit came in at Rs 2,564 crore, compared with Rs 3,243 crore a year ago. Read more...

IndusInd Bank net profit jumps 61% to Rs 1,631 cr in June quarter

IndusInd Bank on Wednesday reported a 60.5% jump in net profit at Rs 1,631.02 crore for the quarter ended June, mainly due to a fall in bad loans.

The private sector lender had posted a net profit of Rs 1,016.11 crore in the year-ago period.

In the first quarter of the current fiscal, the bank's total income increased to Rs 10,113.29 crore as against Rs 9,298.07 crore in the same period a year ago. Read more...

Rupee closes below 80 mark for first time against dollar

The rupee declined 13 paise to close below the 80 mark for the first time against the US currency on Wednesday due to strong dollar demand from importers amid high crude oil prices.

At the interbank foreign exchange market, the local currency opened at 79.91 and later slid to a low of 80.05 to a dollar. Read more...