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Infosys net up in Q2 in dollar and rupee terms

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Bengaluru, Oct 24: Beating analysts’ estimates and despite posting robust quarterly and yearly growth in the second quarter (Q2), global software major Infosys Ltd on Tuesday projected lower annual revenue guidance for fiscal 2017-18 in dollar and rupee terms.

Consolidated revenue for the fiscal year ending March 31, 2018 is expected to grow 6.5-7.5 per cent in dollar terms and 3-4 per cent in rupee terms as on September 30 exchange rate of $1 equals Rs 65.29, the company said in a statement here.

The company posted consolidated revenue of $10.2 billion or Rs 68,484 crore for fiscal 2016-17.

The revised outlook for FY 2018 is less than 7.1-9.1 per cent growth in dollar and 3-5 per cent in rupee projected on July 14 and 6.1-8.1 per cent in dollar and 2.5-4.5 per cent in rupee estimated in April.

US dollar was Rs 64.58 on June 30 and Rs 64.85 on March 31, 2017.

In constant currency, revenue is projected to grow 5.5-6.5 per cent.

“Operating margin guidance for the fiscal is unchanged at 23-25 per cent,” the statement said.

Earlier, the company reported Rs 3,726 crore net profit for the quarter under review (Q2), registering 3.4 per cent yearly and 7 per cent quarterly growth in rupees.

In dollars, net income at $578 million is up 7.3 per cent yearly and 7 per cent quarterly.

Consolidated revenue at Rs 17,567 crore is up 1.5 per cent yearly and 2.9 per cent quarterly.

Under the International Financial Reporting Standard (IFRS), gross income at $2,728 million is up 5.4 per cent yearly and 2.9 per cent quarterly.

Operating profit at $659 million grew 2.4 per cent yearly and 3.4 per cent quarterly.

Operating margin was 24.2 per cent compared to 24.1 per cent quarter ago, while net margin improved to 21.2 per cent in Q2 from 20.4 per cent in Q1.

The blue-chip company declared in interim dividend of Rs 13 per share of Rs 5 face value as against Rs 11 per share a year ago.

Though the quarterly results were declared after the stock markets closed trading for the day, the company’s blue-chip scrip of Rs 5 face value ended at Rs 926.75 per share, which is Rs 12.90 lower than on Monday’s closing rate of Rs 930.75 and opening price of Rs 945.

The share went up to a high Rs 947.50 and hit a low of Rs 924 during the intra-day trading sessions.

IANS

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Petrol costs Rs 82.44/litre in Delhi, Rs 89.80 in Mumbai

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Petrol Price

Sep 22 : Fuel prices climbed to fresh highs across the metros cities on Saturday as in Mumbai, where the fuel cost is highest due to the highest VAT, petrol prices inched up to the psychological Rs 90 a litre-mark and sold at Rs 89.80 per litre.

In the national capital, petrol was sold at Rs 82.44 per litre, up from Rs 82.32 per litre on Friday, data on the Indian Oil Corp’s website showed.

As per rates released daily by state-run Indian Oil Corp, the depreciating rupee and expensive crude oil further pushed petrol and diesel to new record highs on Monday.

Fuel prices in the country have been rising almost daily since August 1. They fell only once on August 13 and have been on record levels for over two weeks now.

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices.

Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.91 against the US dollar.

Also, high global crude oil cost has become a major concern for the country, which imports over 80 per cent of its oil requirements. The UK Brent crude oil price hovers around $78 per barrel.

Since the start of the calendar year, the petrol price in Delhi has gone up by over 15 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even more steep. It has gone up by more than 22 per cent since January 1 when it cost Rs 59.70.

Last week, the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each.

The Karnataka government announced on Monday that petrol and diesel will be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels.

As per the country’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.

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Sensex swings 1,500 points, closes 280 points lower

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Sensex equity Nifty

Mumbai, Sep 21: High volatility, following a likely credit crisis in the infrastructure lending and development sector, dragged the market in the red, with the S&P BSE Sensex swinging in around 1,500-point range on Friday.

A plunge of over 1,100 points was witnessed on the BSE Sensex around 1 p.m, only to recover from the day’s low within few minutes. Similarly, the NSE Nifty50 also recovered after dropping below the 11,000-mark.

The sudden sell-off took place across the board with banking and financial stocks losing the most.

At 3.30 p.m, the wider NSE Nifty50 provisionally closed at 11,143.10 points, lower 91.25 points or 0.81 per cent from the previous close of 11,234.35 points.

The BSE Sensex, which had opened at 37,278.89 points, provisionally closed at 36,841.60 points, lower 279.62 points or 0.75 per cent from the previous close of 37,121.22 points.

The Sensex touched an intra-day high of 37,489.24 points and a low of 35,993.64 points.

The fourth consecutive session’s slide was triggered also by other factors, including lower possibility of the Reserve Bank of India cutting its key lending rates, analysts said.

IANS

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Man finds insect in cake at Ikea Hyderabad store, Tweets video

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IKEA Cake insect
The photo tweeted by the customer who bought a cake at IKEA's Hyderabad restaurant.

Hyderabad, Sep 21: Swedish furniture major IKEA’s first ever store in India in Hyderabad has again landed in controversy. Weeks after a customer had complained about finding a caterpillar in his biryani, ordered at Ikea’s store in Hyderabad, another customer has said that he found an insect in a chocolate cake that he ordered at the Ikea store.

The customer, Kishore, tweeted on September 12 that he found the insect inside a slice of chocolate cake while his daughter was eating the dessert at the IKEA store. He also posted a video in which an insect can be seen crawling over the chocolate cake.

The Greater Hyderabad Municipal Corporation has reportedly fined the Swedish furniture major Rs. 5,000 based on Kishore’s complaint.

IKEA on Thursday expressed regret over the incident. “In our Hyderabad restaurant when a customer was eating a chocolate cake which he bought, a fly was seen on the cake which eventually flew away. We regret this and apologise to our customer for the unfortunate experience. We are taking steps to avoid such occurrences,” an IKEA spokesperson said.

This is the second such incident that happened at the Ikea Hyderabad store that was opened on August 9. On September 2, a customer reported a caterpillar in the vegetable biryani supplied to him. Ikea India subsequently took vegetable biryani and samosa off its menu and apologised to the customer.

Read More: IKEA stops selling biryani, samosa after complaint

In the incident of the caterpillar in biryani, the furniture giant was fined Rs. 11,500 by the Hyderabad civic agency.

IKEA opened its first India store in Hyderabad on August 9. It has a 1,000-seater restaurant that serves a wide range of food, from Swedish to Indian snacks.

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