India’s Wipro Q1 profit beats estimates

MUMBAI: India’s Wipro Ltd beat first-quarter profit expectations on Friday buoyed by higher Banking, Financial Services and Insurance (BFSI) revenue.

Net profit for the three months to June 30 rose about 2 per cent to 21.21 billion rupees ($307.55 million), India’s third-largest software services exporter said in a statement.

That topped the 19.52bn rupee profit expected by analysts, Thomson Reuters data showed.

IT services revenue grew by about 5pc to 137bn rupees in the first quarter while the BFSI business grew 17.5pc to 41.1bn rupees. Wipro said it expected IT services revenue to grow 0.3-2.3pc quarter on quarter for the three months to Sept 30.—Reuters

Volpak to buy 29pc stake in ETPL

KARACHI: Engro Corporation and Royal Vopak of the Netherlands have signed a share purchase agreement in which the latter will acquire a 29pc stake in Elengy Terminal Pakistan Ltd (ETPL).

A statement released by the company to the stock exchange put the price of transaction at $38 million, subject to certain adjustment mechanisms. Engro said that after the closing, the shareholders in ETPL will be Engro Corporation, Vopak and the International Finance Corporation.

Published in Dawn, July 21st, 2018