In Brief: Wipro shares zoom over share buyback news; New appointment at Akamai

In Brief: Wipro shares zoom over share buyback news; New appointment at Akamai
Photo Credit: VCCircle
8 Oct, 2020

Shares of Bengaluru-based Wipro rose over 7.2% on Thursday as the IT major Wipro said it would consider a proposal to buy back equity shares and make a decision on October 13. The stock, which closed at Rs 245 on December 31, rallied nearly 45% to Rs 359 earlier in the day. 

Akamai elevates Pandya as managing director for APJ region

Cambridge, Massachusetts-based technology giant Akamai Technologies has announced the appointment of veteran Parimal Pandya as the managing director of Asia Pacific and Japan (APJ) region. He will also continue to serve as the vice president of media and carrier sales for the APJ region, a role he assumed on October 1. Pandya has been with Akamai since 2003, when he joined the firm as a senior product manager.

Amazon sends legal notice to Future Group 

Ecommerce major Amazon has reportedly sent a legal notice to Future Group over its alleged breach of contract with respect to its deal with Reliance Retail. The US retail giant, which has an indirect stake in Future Group via Future Coupons, said that its contract stipulated that Future could not sell shares to any competitor and that Amazon had the right of first refusal, an ETtech report showed.

Read: CCI approaches Supreme Court to revive investigation against Amazon, Flipkart 

Google, Netflix pay 2% added equalisation levy 

Technology company Google, along with Netflix and Adobe, have reportedly paid an additional 2% equalisation levy on digital transactions. The move, ETtech said in a report, is expected to put pressure on Uber, Facebook, LinkedIn and Ebay, who have held the payment, citing lack of clarity on the terms. The government had imposed a 2% tax in the budget for FY21 on the sale of goods or delivery of services through a non-resident ecommerce operator. 

Google faces fourth antitrust case in India 

Google is facing a new antitrust case in India for allegedly abusing its Android operating system's position in the smart TV market, Reuters reported, citing a source and two lawyers involved in the case. This is the Alphabet-owned firm’s fourth major antitrust challenge in the country, one of its key markets, where it is also facing backlash from local startups for stifling their growth. The Competition Commission of India, the report said, has been looking into allegations against Google for its anti-competitive practices since June.