Profit Top 10: Market up, Wipro down on muted Q1 forecast

• Did Akhilesh contradict Mulayam on FDI in multi-brand retail?
• After Ratan Tata, Premji offers support for PM
• Wipro Q1 net at Rs 1580 crore, stock falls on muted growth forecast
• HUL helps Sensex close 41 points higher; Wipro drops 3%
• Maruti riot was not planned, says Haryana police: Top 10 facts
• Tata Steel European operations under ‘enormous’ stress: Ratan Tata
• Oil Ministry to recommend diesel price hike
• Renault to ramp up production to meet soaring Duster demand
• How Apple's phantom taxes hide billions in profit
• Income Tax Returns: Dummy’s guide to Form 16

1) Did Akhilesh contradict Mulayam on FDI in multi-brand retail?

Two days after father Mulayam Singh Yadav wrote to the Prime Minister against allowing foreign direct investment in multi-brand retail, son Akhilesh Yadav has said he is not against FDI, if the interest of farmers is protected. (Watch Video)

2) After Ratan Tata, Premji offers support for PM

After Tata Group chairman Ratan Tata, Wipro chairman Azim Premji came out in defense of Prime Minister Manmohan Singh on Tuesday. (Know more)

3) Wipro Q1 net at Rs 1580 crore, stock falls on muted growth forecast

Wipro, India's third largest software services exporter, met Street expectations in the June quarter as customers outsourced more work to the company to cut their operational expenses. Net profit rose 6.7 per cent sequentially to Rs 1,580 crore in the June quarter against Rs 1,481 crore in the March quarter. Rupee depreciation boosted profit.  (Read full copy here)

4) HUL helps Sensex close 41 points higher; Wipro drops 3%

A strong performance by FMCG major HUL helped the Sensex close in the green Tuesday. The Sensex advanced 41 points or 0.24 per cent, while the Nifty gained 10 points to 5,128. The rupee, however, traded above the 56 mark to the dollar, tracking the weakness in the euro. (Market report)

5) Maruti riot was not planned, says Haryana police: Top 10 facts

Gurgaon police investigations do not show riots at Maruti Suzuki’s Manesar plant were planned, according to K K Sindhu, police commissioner. He said that the police has formed a lot of teams for investigation and arrested the main accused organizing secretary. (Top 10 developments)

6) Tata Steel European operations under ‘enormous’ stress: Ratan Tata

Ratan Tata, chairman, Tata Steel, the biggest Indian steel company, predicts a challenging year for profit growth ahead. (Know why)

7) Oil Ministry to recommend diesel price hike

The Petroleum Ministry is planning to push for a diesel price hike before the monsoon session of Parliament starts on August 8, sources said on Tuesday. (Reasons)

8) Renault to ramp up production to meet soaring Duster demand

French car maker Renault, after receiving overwhelming response to the Duster, plans to ramp up production of the vehicle to meet demand, a company official told NDTV. (Details)

9) How Apple's phantom taxes hide billions in profit

Apple is set to report financial results for the second quarter. Analysts are expecting net income of $9.8 billion. But whatever figure Apple reports won't reflect its true profit, because the company hides some of it with an unusual tax manoeuvre. (Know why)

10) Income Tax Returns: Dummy’s guide to Form 16

The first step is getting a Form 16 from your employer, if you are salaried, or a Form 16(A) if you are on contract or if you are a vendor. These two documents are a map to your income, taxes and exemptions. Here’s a dummy’s guide on what to look out for in the Form 16 and Form 16(A).