A mid-session turnaround has helped the ASX close slightly higher, while Premier Investments’ substantial earnings guidance upgrade gave cause for optimism.…
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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.
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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.
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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.
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