India's second-largest IT services company Infosys on Wednesday said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, and it has raised revenue forecast to 2-3 per cent for FY21. Infosys had clocked a net profit of Rs 4,019 crore in the same period last fiscal, Infosys said in a regulatory filing.
India's second-largest software services firm expects its topline to grow 7.5 - 9.5 per cent in FY2019-20 in constant currency terms.
Despite headwinds, it remains "structurally bullish" on India and expects the Sensex to scale up to the 70,000-mark by December 2022; 80,000 level in a bull-case scenario and hover around the 50,000-mark as a bear-case, the brokerage house said in a report.
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The culture of these firms is alien to the Indian financial system. Distressed assets funds are known for their ruthless recovery ethics. Slicing and dicing a company and selling it on a piecemeal basis is their usual practice. This is something Indian banks are finding a little uncomfortable.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
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Infosys will focus on stabilisation in FY19 followed by building momentum the following year, and acceleration thereafter.
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Infosys is on a much stronger wicket today than where it was a few years ago, despite the impact of the Covid-19 pandemic on the business, says its CEO & MD Salil Parekh. In an interview to Bibhu Ranjan Mishra & Sai Ishwar, Parekh talks about the company's plans with regard to salary hike deferment, fresher hiring, acquisitions, and much more.
The banking regulator is seeking an early exit mechanism for private banks under Prompt Corrective Action.
Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US district court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
Nandan Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled 'Disturbing unethical practices' and an undated note with the title, 'Whistleblower Complaint'.
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FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
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While other states are becoming competitive, Gujarat, say experts is not paying enough attention to maintaining its own position in terms of business reforms.
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He said cheap valuations, improving sentiment and the ongoing reform momentum coupled with increased transparency due to the internet are driving investors to the Dalal Street.
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IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
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E-commerce companies are seeing an increase in demand for products such as fresh fruits and vegetables, milk, flour, rice, and lentils, and personal hygiene items like sanitisers and soaps and household cleaning products. Other products include instant noodles, baby food and Ayurvedic items. "There is even a huge spike in pet food," said a person.
Infosys raised the lower-end of its FY20 revenue guidance and the revised forecast now stands at 9-10 per cent growth in constant currency terms.
Mumbai's property markets, where prices earlier crossed Rs 1 lakh per sq. ft in South Mumbai, are seeing a 20-25 per cent markdown from last year's levels.
