Rapido to pilot food delivery services in Bengaluru, starting July
As per National Restaurant Association of India (NRAI), the Bengaluru-headquartered company will charge a fixed fee of Rs 25 on orders under Rs 400 and Rs 50 on orders above that.
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Time of India
an hour ago
- Time of India
Wipro shares in focus after Rs 4,674 crore promoter stake reshuffle
This transaction follows another internal stake reshuffle executed on Monday, when Azim Premji Trust offloaded 20.23 crore equity shares, or a 1.93% stake in the Bengaluru-headquartered IT major. Wipro promoter group entities executed internal block deals worth Rs 4,674.77 crore on Wednesday. Around 18.05 crore shares changed hands among promoter arms such as Azim Premji Trust, Prazim Traders, and Zash Trader at ₹258.99 apiece. This marks the second internal reshuffle this week and follows similar moves in November 2024, reflecting ongoing stake realignments within the promoter group. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Stock performance and technical Strong Q4 earnings Shares of IT services major Wipro are likely to be in focus on Thursday, June 12, after promoter group entities carried out large block deals worth Rs 4,674.77 crore in the open market a day earlier, as per exchange to the block deal data on the National Stock Exchange (NSE), about 18.05 crore equity shares of Wipro, representing a 1.72% stake, were exchanged among the company's promoter entities on Wednesday. Azim Premji Trust sold the shares at an average price of Rs 258.99 per share, with Prazim Traders and Zash Trader, also part of the Wipro promoter group, picking up the stake at the same stock responded positively to the internal restructuring within the promoter group, rising 1.61% to close at Rs 258.95 on the BSE and ending 1.62% higher at Rs 259 on the transaction follows another internal stake reshuffle executed on Monday, when Azim Premji Trust offloaded 20.23 crore equity shares, or a 1.93% stake in the Bengaluru-headquartered IT major. The deal was valued at around Rs 5,057 crore. The shares were bought by Premji Invest through its arms—Prazim Trading and Investment Company, Hasham Traders, and Prazim Traders.A similar restructuring was seen in November 2024, when Premji Invest's Prazim Trading and Investment Company bought 8.49 crore shares, or a 1.6% stake, in Wipro for Rs 4,757 crore. Simultaneously, Prazim and Zash Traders sold an equivalent number of shares. Wipro shares have delivered mixed returns over different time frames. The stock is up 8.8% over the last year but has declined 16.2% in the past six months. In contrast, short-term sentiment appears to have turned positive: the stock has risen 7% over the past month and gained nearly 5% in the last the stock is trading above five of its eight key simple moving averages (SMA), including the 5-day, 10-day, 20-day, 30-day, and 50-day levels, indicating positive momentum in the near term. However, it remains below its 100-day, 150-day, and 200-day Relative Strength Index (RSI) stands at 63.2, suggesting the stock is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is at 0.9 and remains above both the centre and signal lines, reinforcing the ongoing bullish in April reported a 26% year-on-year rise in consolidated net profit to Rs 3,570 crore for the March 2025 quarter, beating Street estimates of Rs 3,290 crore. Revenue from operations stood at Rs 22,504 crore, up 1% YoY and 0.8% sequentially. Profit after tax rose 6% compared to the preceding December quarter.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
India.com
2 hours ago
- India.com
Azim Premji's Wipro relocates headquarter in this Muslim country from Al Khobar to…, appoints new MD in Middle East due to…
IT giant Wipro announced on Monday that it has shifted its Middle East regional headquarters from Al Khobar to Riyadh, Saudi Arabia. The Bengaluru-based company also revealed the appointment of Mohamed Mousa as Managing Director for the Middle East, operating from the newly established headquarters, as per a regulatory filing. The new office is the latest addition to Wipro's presence in the country, which includes offices in Riyadh, Al Khobar, Jeddah, and Jubail. Further, Wipro said it has signed a Memorandum of Understanding (MoU) with Prince Mohammad Bin Fahd University (PMU) to establish a Center of Excellence (CoE) in Riyadh. The CoE aims to train local talent through academic training in advanced technologies, hands-on-experience, and access to Wipro's resources. Wipro shares settled at Rs 259.00 apiece on the BSE on Wednesday, 1.62 per cent higher than the previous close. Wipro Promoter Entities Swap Stake About 18.05 crore shares of Wipro, amounting to a 1.72 per cent stake, were exchanged among promoter group entities through open market transactions on Wednesday, according to the exchange data. Following the share sale, Wipro shares appreciated by 1.61 per cent to close at Rs 258.95 apiece on the BSE. The stock settled 1.62 per cent higher at Rs 259 per piece on the National Stock Exchange (NSE). According to the block deal data on the NSE, promoter entity Azim Premji Trust sold a total of 18.05 crore equity shares or 1.72 per cent stake in Bengaluru-based Wipro. The transaction valued at around Rs 4,674.77 crore, was executed at an average price of Rs 258.99 per share. Meanwhile, Prazim Traders and Zash Trader (part of Wipro's promoter group) bought these shares at the same price. On Monday, Azim Premji Trust offloaded 20.23 crore equity shares or 1.93 per cent stake in Wipro. (With Inputs From PTI)
Time of India
3 hours ago
- Time of India
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans Want this newsletter delivered to your inbox? Also in the letter: RBI keeping a close watch on newly-licensed payment firms What's happening: Driving the news: KY-See: The other side: Also Read: Pine Labs gears up for Rs 5,000-6,000 crore IPO Why it matters: The details: IPO size: Rs 5,000-6,000 crore Rs 5,000-6,000 crore Target valuation: $4–5 billion (flat to last private round) $4–5 billion (flat to last private round) Bankers: Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies FY24 revenue: Rs 1,743 crore (up around 10% YoY) Rs 1,743 crore (up around 10% YoY) FY24 loss before tax: Rs 339 crore (up around 50% YoY) Founding history: Adding context: Between the lines: Meesho flip back likely this week, IPO filing to follow Details The Bengaluru-based company is targeting a $700-800 million IPO. The company converted into a 'public limited' entity from a 'private limited' one, ET had reported on June 10. Meesho is also in the process of redomiciling to India from the US. Also Read: Indian SaaS startups eye Cayman Islands route Global factor: From US to here: Flipping back: Also Read: Other Top Stories By Our Reporters Credgenics' profit triples to Rs 25 crore in FY25; revenue up 40% | Early investors await Meta-Scale deal windfall: Report | Zetwerk kicks off work on manufacturing facility in Bengaluru: Global Picks We Are Reading Happy Thursday! After approving about 54 companies to become payment aggregators, the central bank is tightening its reins in the sector. This and more in today's ETtech Morning Dispatch.■ Startups' Cayman Islands route■ Credgenics FY25 report■ Scale AI investors' paydayThe Reserve Bank of India (RBI) has intensified its oversight of newly licensed payment aggregators (PAs), conducting regular audits and closely scrutinising their operational central bank has granted licences to 54 companies to operate as online payment aggregators. It is now focused on ensuring these new players fully comply with established sector its regulatory lens now widened to cover digital payments, the RBI is actively working to plug potential gaps that fraudsters could exploit to access the broader banking ecosystem, sources told executive said the aim is to eliminate fraudulent merchants from the your customer (KYC) compliance is under particular scrutiny. The RBI had earlier issued a draft proposal requiring full KYC for every merchant onboarded by payment aggregators. While this has not yet been fully rolled out, the regulator has begun checking whether companies' on-ground agents are following KYC executive at a PA firm said bank audits are routine, but RBI inspections are more rigorous.'We have added professional independent directors to the board now and have changed many approval systems in a way that abides by regulatory protocol. There is more hygiene that the RBI is trying to bring in,' said another chief executive officer at a Mumbai-based digital payments Rau, CEO, Pine LabsPine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe . The planned offering follows its recent shift of domicile back to Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Initially a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market by Peak XV Partners, Alpha Wave PayPal , and Vitruvian Partners , the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu Mosambee , and Qwikcilver to fuel this Barnwal and Vidit Aatrey, founders, MeeshoMeanwhile, ecommerce marketplace Meesho could see the process of its redomiciling from the US to India conclude as early as this week, paving the way to file draft papers for its IPO this month, sources told Cayman Islands are emerging as a preferred destination for Indian software startups chasing global markets, offering greater flexibility in raising capital, whether from India or self-governing British Overseas Territory is a 'region of interest' for software-as-a-service (SaaS) companies scaling up their international ambitions. Venture capitalists are also nudging startups in this direction. Accel, a key investor in Freshworks, is among those encouraging firms to register in the tax-neutral destination, sources told recently, most SaaS firms opted to register in the United States, driven by the fact that much of their revenue came from American clients. Freshworks became the first Indian SaaS company to list on the US markets . Others like Chargebee, Icertis, and Innovaccer followed suit, incorporating in the with India becoming a more attractive market and a US listing increasingly out of reach, companies are exploring alternatives. 'You need to be at least $500 million ARR and still need to be growing 30-40%. It has just become nearly impossible currently,' Alok Goyal, partner at Stellaris Venture Partners, told several firms are considering relocating their domicile to India, despite the associated costs. InMobi, MoEngage, and CleverTap are among those in the process of Goel, CEO, CredgenicsDebt collection platform Credgenics reported a nearly three-fold increase in net profit to Rs 25 crore for the financial year 2024-25, thanks to lenders seeking more efficient mechanisms for recovery amid stress on unsecured loans and rising default is planning to invest $15 billion in Scale AI, bolstering its artificial intelligence (AI) talent pool and securing substantial returns for some early investors in both companies, according to The Information. Investors poised to benefit from the deal include Peter Thiel's Founders Fund, Chase Coleman's Tiger Global and venture capital firm manufacturing services company Zetwerk Electronics on Wednesday officially started work on setting up its manufacturing facility in Devanahalli, Bengaluru.■ WhatsApp joins legal challenge against UK demand for Apple 'back door' ( FT ■ AI is making health care safer in the remote Amazon ( Rest of World ■ Sam Altman thinks AI will have 'novel insights' next year ( TechCrunch
