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Infosys net flat annually, down quarterly in Q1

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Infosys

Bengaluru, July 14: Software major Infosys Ltd on Friday reported Rs 3,483-crore consolidated net profit for the first quarter (Q1) of fiscal 2017-18, registering 1.4 per cent year-on-year (YoY) flat growth from Rs 3,436 crore in the same period year ago but declined 3.3 per cent sequentially from Rs 3,603 crore quarter ago in rupee terms.

In a regulatory filing on the BSE, the IT major said consolidated revenue for the quarter under review (Q1) was flat (1.8 per cent) YoY at Rs 17,078 crore as against Rs 16,782 crore in the like period year ago and subdued (0.2 per cent) sequentially from Rs 17,120 crore quarter ago in rupee terms.

Under the International Financial Reporting Standard (IFRS), Q1 net income was up 5.8 per cent YoY to $541 million from $511 million year ago and flat (0.4 per cent) sequentially from $543 million quarter ago in dollar terms.

Consolidated revenue for Q1, however, was up six per cent YoY to $2,651 million from $2,501 million and 3.2 per cent up from $2,569 million quarter ago in dollar terms.

Operating profit too, was flat (1.6 per cent) YoY at Rs 4,111 crore as against Rs 4,047 crore and down 2.4 per cent sequentially from Rs 4,212 crore quarter ago in rupee terms.

In dollar terms under the IFRS, operating profit grew six per cent YoY to $638 million for Q1 from $602 million year ago and was flat sequentially from $634 million quarter ago.

IANS

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Nepal, China to enhance cooperation under Belt & Road Initiative

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Belt and Road initiative

Beijing, June 22 (IANS) Nepal and China have agreed to execute projects under the Belt and Road Initiative (BRI) to enhance connectivity that encompasses ports, roads, railways, aviation and communications within the overarching framework of Trans-Himalayan Multi-Dimensional Connectivity Network.

In a joint statement issued during the visit of Nepali Prime Minister K.P. Sharma Oli, the two sides agreed to take practical measures to promote cooperation in all fields mentioned in the MOUs that included conducting a feasibility study of Kerung-Kathmandu railway, reconstruction of two friendship fridges, protocol on the utilization of Tibetan highways for cargo transport and investment and cooperation on production capacity.

On the railway pact that aims to extend the Chinese railway network to Kathmandu, the joint statement said: “Nepal and China underscored it as the most significant initiative in the history of bilateral cooperation and believed that it would herald a new era of cross-border connectivity.

Other pacts reached during Oli’s visit from June 19-24 were setting up of a mechanism for facilitation on the implementation of China-Nepal Cooperation Programmes and Projects in the Himalayan nation, MOUs on strengthening cooperation between their Foreign Ministries, cooperation in fields of energy and human resource development.

Beijing and Kathmandu also agreed to work together in areas of economy, trade, investment, industrial capacity, post-disaster reconstruction and other mutually beneficial areas, according to the statement.

Another takeaway of the visit was an early finalization of the joint feasibility study on the China-Nepal Free Trade Agreement (FTA), establishing cross-border economic cooperation zones and an agreement on completing the post disaster recovery of two frontier inspection stations on Nepal-China border.

Beijing agreed to support the Chinese-funded banks for opening their branches in Nepal. It said that it was ready to negotiate the financing modalities of the projects on road, railway connectivity, hydropower and transmission lines, among others, proposed by Nepal.

The two sides will also boost cooperation between the law enforcement agencies on information exchanges, capacity building and training. They will negotiate the Treaty on Mutual Legal Assistance in Criminal Matters and Treaty on Extradition to fight against illegal border crossing and transnational crimes.

There will be more exchanges and cooperation between China and Nepal in areas of education, culture, tourism, media, think tanks, youth and people-to-people relations.

China said it will provide more government scholarships every year to Nepal, whereas Kathmandu said it will facilitate the teaching programme of volunteer Chinese language teachers.

“The two sides agreed to strengthen cooperation in the UN and other multilateral forums and to safeguard common interests of developing, least developed and landlocked developing countries in particular,” the joint statement added.

The two countries will also view and support each other’s participation in the regional cooperation process and enhance coordination and cooperation within the SCO, SAARC and other regional cooperation mechanisms within the agreed frameworks and guidelines.

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Banking, healthcare stocks help equity indices end in green

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Sensex Nifty Equity

Mumbai, June 22: Last hour buying in banking, healthcare and auto stocks lifted the key equity indices after a largely choppy trade on Friday.

Broadly positive European markets also supported the Indian indices, analysts said.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,821.85 points, up 80.75 points or 0.75 per cent from the previous close of 10,741.10 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,428.42 points, closed (3.30 p.m.) at 35,689.60 points (3.30 p.m.) — up 257.21 points or 0.73 per cent — from its previous session’s close of 35,432.39 points.

The Sensex touched an intra-day high of 35,741.26 and a low of 35,344.49 points. The BSE market breadth, however, was bearish with 1,411 declines and 1,167 advances.

The top gainers on the Sensex were Sun Pharma, Mahindra and Mahindra (M&M), HDFC, Axis Bank and State Bank of India whereas Reliance Industries, Wipro, Coal India, Tata Consultancy Services and ONGC were the major losers.

On the NSE, Sun Pharma, Bajaj Pharma and M&M were the highest gainers while Reliance Industries, Hindustan Petroleum and UPL lost the most.

IANS

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Key Indian equity indices open in green

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SENSEX-

Mumbai, June 21: Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 35,547.33 points on Wednesday, opened higher at 35,644.05 points.

Minutes into trading, it was quoting at 35,631.42 points, up by 84.09 points, or 0.24 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,772.05 points on Wednesday, was quoting at 10,798.80 points, up by 26.75 points or 0.25 per cent.

Broadly positive global cues had lifted the key Indian equity indices on Wednesday and according to analysts, banking, metal and auto stocks witnessed healthy buying activity.

The Sensex was up by 260.59 points or 0.74 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 35,571.37 points and a low of 35,329.51 points. The Nifty, too, was up by 61.60 points or 0.58 per cent.

On Thursday, Asian indices were showing mixed trend. Japan’s Nikkei 225 was quoting in green, up by 0.79 per cent, while Hang Seng was down by 0.07 per cent, and South Korea’s Kospi was down by 0.29 per cent. China’s Shanghai Composite index was trading in green, up by 0.40 per cent.

Overnight, Nasdaq closed in green, up by 0.72 per cent while FTSE 100 was also up by 0.31 per cent at the closing on Wednesday.

IANS

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