Infosys posts 16.6% net profit growth in Dec quarter, revises FY21 guidance

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Information technology (IT) services major 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.


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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Trump Impeached For Unprecedented Second Time

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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.





US Speaker of the House, Nancy Pelosi, is unlikely to agree to stand alone aid bills that President Trump has called for, since that would surrender leverage to win support for state and local governments
 AFP / Nicholas Kamm

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.



US Speaker of the House Nancy Pelosi will preside over the second vote in just 13 months to impeach President Donald Trump


US Speaker of the House Nancy Pelosi will preside over the second vote in just 13 months to impeach President Donald Trump
 AFP / ANDREW CABALLERO-REYNOLDS

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

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The (RBI) is unlikely to further ease the interest rates in the next meeting of its Monetary Policy Committee even though retail 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 has come within the RBI’s target 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

Former Reliance Infrastructure CEO Lalit Jalan to head VC firm in India

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Lalit Jalan, former chief executive officer of 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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