A mid-session turnaround has helped the ASX close slightly higher, while Premier Investments’ substantial earnings guidance upgrade gave cause for optimism.…
wayne
Infosys posts 16.6% net profit growth in Dec quarter, revises FY21 guidance
Information technology (IT) services major Infosys on Wednesday raised its full-year revenue and margin guidance after posting 16.6 per cent growth in net profit in the quarter ended December (Q3). The consolidated net profit of Rs 5,197 crore in Q3 is the highest ever for the firm, and beat analyst estimates, which had pegged it at just over Rs 5,000 crore.
The Bengaluru-headquartered company also guided for double-digit growth in the next financial year on the back of a ramp-up in large deals, acceleration in digital spends by clients, and a strong deal pipeline. The company revised its hiring target and indicated it would hire 24,000 freshers next year up from 15,000 planned earlier.
Infosys reported 12.3 per cent year-on-year revenue growth in Q3 at Rs 25,927 crore, as against an estimate of Rs 25,184 crore. The banking and financial services segment, which contributes over a third of its revenue and is its largest vertical, grew by over 13 per cent. Digital business continued its growth momentum, rising 33 per cent over the year-ago quarter. The business now contributes half of Infosys’ revenue compared to 40.6 per cent a year ago.
ALSO READ:
Trump Impeached For Unprecedented Second Time
Donald Trump became the first US president in history to be impeached twice when the House of Representatives voted Wednesday to charge him with inciting last week’s mob attack on Congress.
The Senate will not hold a trial before January 20, when Democrat Joe Biden assumes the presidency, meaning the real estate tycoon will escape the risk of being forced to leave early. He will, however, depart in disgrace — and likely due to face a Senate trial later.
The only question in the House had been how many Republicans would join the Democratic majority.
In the end, 10 Republicans broke ranks, including the party’s number three in the House, Representative Liz Cheney.
Holed up in the White House, Trump had no immediate reaction but he earlier issued a brief statement insisting that he opposed
RBI may not cut rates despite drop in retail inflation: Motilal Oswal
The Reserve Bank of India (RBI) is unlikely to further ease the interest rates in the next meeting of its Monetary Policy Committee even though retail inflation declined in December 2020, a report by Motilal Oswal Institutional Equities said.
The ‘Ecoscope’ report noted that the central bank is likely to continue with its calibrated approach towards the management of domestic liquidity.
“It is for the first time since the COVID-19 pandemic began that the CPI inflation has come within the RBI’s target inflation range of 2-6%. What remains to be seen is if the downward trajectory in food prices continues during CY21. In any case, we do not expect any further monetary easing and the RBI is likely to continue to manage domestic liquidity in a calibrated manner,” it said.
The Consumer Price Index-based retail inflation for December came in at a 14-month low of 4.59 per cent, down from 6.93 per cent in November, due to lower food inflation, showed official data released on Tuesday.
The Motilal Oswal report noted that the retail inflation data for last month was exactly in line with its expectation, but
$1.6m grant for WA recycling project
A construction and demolition waste recycling project led by Perth-based Sycamore Civil Group has been awarded $1.65 million as part a federal government initiative to promote collaborations.…
Former Reliance Infrastructure CEO Lalit Jalan to head VC firm in India
Lalit Jalan, former chief executive officer of Reliance Infrastructure and group director of Reliance, has joined 3Lines Venture Capital as its India chairman.
Jalan has a career spanning over four decades in diverse sectors like finance, infrastructure, power, telecom, healthcare, defence and entertainment.
3Lines Venture Capital is based out of Denver, Colorado.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content.
