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TCS Q3 net profit up 11 p.c. to Rs. 6,778 crore

Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period

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Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period

India’s biggest software services firm Tata Consultancy Services (TCS) on Thursday reported 10.9 per cent jump in profit to Rs. 6,778 crore for the third quarter of the current fiscal.

It had reported net profit of Rs. 6,110 crore in the October-December period of last fiscal. The operating profit was at Rs. 7,733 crore in the reported quarter.

Revenue of Tata Consultancy Services was up 8.7 per cent at Rs. 29,735 crore in the third quarter of 2016-17, from Rs. 27,364 crore in the year-ago period.

On quarter-on-quarter basis, net profit was up 2.9 per cent, while revenue grew 1.5 per cent in the said quarter.

“The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand,” TCS MD and Chief Executive N. Chandrasekaran said.

“Our strengths in Digital, Platforms and Cloud as well as our deep knowledge of the customers’ domain are driving our ability to play a strategic role and make a holistic impact on the business,” he said.

To support and sustain the company’s digital business that is growing at 30 per cent on an annual basis, TCS continues to build new capabilities in digital technologies, empower employees to enhance agility in the workplace and invest more to develop IP-based platforms and products, he added.

“Alongside a good growth performance, we have been able to keep profitability stable in our desired range and deliver over USD 1 billion in free cash flow during the quarter,” TCS Chief Financial Officer Rajesh Gopinathan said.

The company declared a dividend of Rs. 6.5 per share and its earnings per share (EPS) stood at Rs. 34.40.

#Business #TCS #TataConsultancyServices #FinancialResult #TCSfinancialResult

 

Business

Hike in petrol, diesel prices continues

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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Petrol

New Delhi, May 22 : The hike in Petrol and diesel prices continued for the ninth day on Tuesday amidst reports that the government was mulling steps to check it.

Petrol prices were hiked in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were lifted by 26-28 paise per litre, compared to the previous day.

On Tuesday, a litre of petrol was sold at Rs 76.87 in Delhi, Rs 79.53 in Kolkata, Rs 84.7 in Mumbai and Rs 79.79 in Chennai, according to Indian Oil.

Diesel was sold at Rs 68.08 per litre in Delhi, Rs 70.63 per litre in Kolkata, Rs 72.48 per litre in Mumbai and Rs 71.87 per litre in Chennai.

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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Equity indices close marginally higher; auto, metal stocks gain

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sensex

Mumbai, May 22: The key Indian equity indices provisionally closed in the green on Tuesday, although with marginal gains on the back of value buying by investors, after declining for five sessions in a row.

According to market analysts, healthy buying activity was witnessed in auto, metal and healthcare stocks.

However, weakness in global markets and rise in crude oil prices restricted further gains on the Indian indices.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,536.70 points — up by 20 points or 0.19 per cent — from its previous close of 10,516.70.

The barometer 30-scrip Sensitive Index (Sensex), which had opened at 34,601.49 points, closed at 34,651.24 points (3.30 p.m) — higher 35.11 points or 0.1 per cent — from its previous session’s close of 34,616.13 points.

The Sensex touched a high of 34,754.60 points and a low of 34,550.22 points during the intra-day trade. The BSE market breadth was tilted towards the bulls with 1,444 advances against 1,182 declines.

The major gainers on the BSE were Dr Reddy’s Lab, State Bank of India (SBI), Bajaj Auto, Tata Motors and Coal India, while Asian Paints, Axis Bank, Tata Consultancy Services, IndusInd Bank and Power Grid were among the major losers.

On the NSE, the top gainers were Dr Reddy’s Lab, SBI and Bajaj Finserv. The major losers were Indian Oil Corp, Ultratech Cement and Bharti Infratel.

IANS

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India’s Ola in 3 more Australian cities

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Ola

New Delhi, May 22: Indian ride-sharing major Ola on Tuesday expanded its services in Australia to three more cities — Brisbane, Gold Coast and Canberra.

To celebrate its launch in these cities, Ola is offering discounted rides from Tuesday. Customers can download the Ola app either from Google Play or iOS App Store, register for an Ola account and begin booking their rides.

“Customers in these cities can book discounted rides using Ola app starting Tuesday,” the city-based online cab aggregator said in a statement here. The online transportation network company has been operating in Perth, Sydney and Melbourne since it forayed into the island-nation early in 2018.

So far, over 30,000 driver-partners have registered themselves with the company since its launch in Australia on January 30, the statement said.

“Over the coming months, Ola is working on its rollout in other Australian cities Adelaide, Darwin and Hobart,” it added.

Founded in 2011, Ola has been competing against Uber in the Indian ride-hailing market. The seven-year-old Ola claims to have over 125 million users in 110 cities across India.

WeForNews

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