Wipro shares nosedived over 9 pc after missed earnings expectations
Shares of IT major Wipro nosedived on Monday by nearly 9.3 per cent over missed expectations in its April-June quarter results and a weak guidance for the next quarter.
Cabinet gives nod to land at Rajarhat Silicon Valley for 20 IT companies
The state Cabinet today approved land-related benefits to Wipro for setting up its unit in Kolkata as it had earlier given to Infosys, which too has assured the government to start constructing its second software development centre in July 2021.
“Wipro appealed to us for some benefits and so we have given the advantages that we gave to Infosys. This is a great opportunity for our state and it proves that Bengal means business,” said chief minister Mamata Banerjee after the Cabinet meeting in Nabanna.
In 2017, the state government had allowed Infosys to get land on a freehold basis for its first IT development centre in the state. The company was allowed to use 51 per cent of the 50 acre of land for IT and ITeS services besides giving freehold rights.
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This will be Wipro’s second centre. Its first centre is in Salt Lake Sector V, which is an SEZ. It was set up in 2005, during the Left regime. The IT major had demanded a similar status for the second, but that went against the current regime’s industrial policy. The issue has finally been resolved with the state government offering benefits of land to Wipro as it had earlier done to Infosys.
Miss Banerjee said the state government had written to Infosys to set up more development centres in the state. “In response, the IT major has written that they are committed to develop a software development centre. The final approval plan would be submitted to NKDA in December and the company would start construction by July 2021 with a target of completing it within 24 months,” she said.
Along with this, the Cabinet gave clearance to provide land at Silicon Valley in Rajarhat to 20 IT companies thereby increasing scope for direct and indirect employment. Initially, 100 acre was given to Silicon Valley and today approval was given for providing another 200 acre. Another plot was given to Star Cement for setting up a unit in Jalpaiguri, Miss Banerjee added.
State government has renamed the newly constructed Majerhat Bridge as ‘Jai Hind’ Bridge as a mark of respect to Netaji Subhas Chandra Bose and Miss Banerjee will inaugurate it at 5 pm on 3 December.
State will hold 617 melas, expos and exhibitions that will lead to Rs 156 cr sales and generate 3.64 lakh employment opportunities, she said after releasing ‘Banglar Gorbo’book that provides a districtwise and department-wise list of the melas. Any person can put up stalls in these melas, Miss Banerjee said adding the initiative will help folk artists to get scope of performance.
State government is in the process of setting up 40 POCSO courts, she said.
“We do all work meticulously and by maintaining transparency. West Bengal has become a model for development. Our state is ahead of others in merit, education and culture,” she added.
The Cabinet has also extended the time period for payment of non-agricultural land tax to June and waived the 6.25 per cent rate of interest as people could not pay taxes as government offices were closed due to Covid lockdown.
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