Friday, November 29
Wipro, an Indian IT company, has reported a decline in revenue for the third consecutive quarter. In the September quarter, the company's revenue declined by 4.8% year-on-year and 2% sequentially. Wipro expects its revenue to decline further in the December quarter. The CEO, Thierry Delaporte, attributed the decline to an uncertain business environment and clients being more focused on efficiency. Despite the decline in revenue, Wipro's operating margin remained steady.
OpenAI, with a 49% ownership stake by Microsoft Corp, is headed by CEO Sam Altman and President Greg Brockman. Its valuation at $86 billion positions it among the world's most valuable private companies, surpassing companies like Stripe and Chinese online retailer Shein but trailing behind SpaceX by Elon Musk.
The share of health insurance in non-life insurance premium has risen to 38% in September, surpassing motor insurance which stands at 28%. The growth is driven by group policies, and the rising cost of healthcare is forcing employers to increase the sum insured. In the first half of FY24, the non-life insurance industry collected over Rs 1.4 lakh crore in premium, with health insurance accounting for a significant portion. Premium from group health insurance has increased by 26.7%. The insurance-backed universal health insurance scheme provided by state governments has also seen growth.
US district judge Lewis Kaplan overruled objections by Bankman-Fried's lawyers and allowed the jurors in Manhattan federal court to see a profane message he sent to a reporter for the news website Vox days after FTX collapsed in November 2022 complaining that regulators "make everything worse." Jurors also saw a profanity-laced message Bankman-Fried sent a journalist for crypto news site The Block on X, that made reference to US Securities and Exchange Commission chair Gary Gensler.
Manipal HealthMap, a Bengaluru-based diagnostic services provider, has acquired 100% stake in Hyderabad-based Medcis PathLabs. This comes after Manipal HealthMap acquired an 84% stake in Medcis PathLabs in April 2022. Manipal HealthMap CEO Dr (Capt) Sandeep Sharma said the acquisition is part of plans to emerge as the largest integrated diagnostics services brand within the Manipal Group.
On Wednesday, the government announced its approval for the export of 10,34,800 tonnes of non-basmati white rice to seven countries, which include Nepal, Cameroon, and Malaysia. The export will be facilitated through the National Cooperative Exports Limited (NCEL), as stated by the Directorate General of Foreign Trade (DGFT) in a notification.
