Country’s third largest IT services company Wipro Ltd. has sacked about 500 employees. The company did not confirm the number of people it has asked to leave but said the move was part of an appraisal process. At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees. Wipro said that it undertakes a “rigorous performance appraisal process” on a regular basis.
India’s second largest two-wheeler maker, Honda Motorcycle and Scooter India Pvt. Ltd, said that it had set a new record last fiscal with sale of 5 million units & growing at 12% against industry rate of 5%. The company is now eyeing a 20% growth target at 6 million units for the fiscal 2018. To achieve the target Honda will launch two brand new scooters and two new bikes and invest Rs 1,000 crore in the new assembly line at the Karnataka plant, adding 0.6 million capacity by July this year.
Union minister of state for oil and natural gas Dharmendra Pradhan has said that India will augment its refining capacity to 600 million metric tonnes from the present 230 million metric tonnes to meet the fast-growing demand for energy. Stating that Prime Minster Modi wanted a 10% cut in the imports by 2022, the minister said three-fourth of the demand would be met by 2040 and the country would also meet the requirement of neighbours.
Labour Minister Bandaru Dattatreya has said that the Finance Ministry has approved 8.65% interest rate on EPF for 2016-17. The ratification of the 8.65% on EPF will enable the retirement fund body EPFO to credit this rate of return into the accounts of 4 crore subscribers. The Employees’ Provident Fund Organisation trustees had approved 8.65 per cent rate on EPF in December last year. Interest rate of 8.8 % was provided for the fiscal year 2015-16.
Media group Sky has announced a multi-year $250m co-production deal with US television network HBO. The partnership will see the two companies develop a slate of high-end drama geared towards U.S. and international markets. Sky also announced that its operating profits fell by 11% in the nine months to the end of March due to the rise in cost of screening live Premier League football.