Infosys’ net profit rises 20.5% year-on-year
Infosys Limited has reported a 20.5% year-on-year (YoY) rise in net profit at Rs 4,845 crore, for the quarter ended September 30 (Q2). The company has declared an interim dividend of Rs 12 per share. Infosys also announced that it will roll out salary increases and promotions across all levels, with effect from 1st January 2020.
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Supreme Court asks Govt to implement interest waiver scheme by Nov 2nd
The Supreme Court of India, on Wednesday, refused to give the Central Government a month’s time to implement the interest waiver scheme on loans. The court has instructed the government to implement the waiver by 2nd November. On 3rd October, the government had announced that ‘interest-on-interest’ for loans up to Rs 2 crore would be waived off, as a relief for borrowers.
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Tata Elxsi reports 58% year-on-year increase in net profits
Technology consultants Tata Elxsi has reported a 58% year-on-year (YoY) rise in net profits to Rs 79 crore, for the quarter ended September (Q2). The company has also secured a revenue growth of 11.4% YoY at Rs 430 crore.
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India’s WPI inflation rises to 1.32% in September
The Wholesale Price Index (WPI) inflation has increased to 1.32% in September, as compared to 0.16% in August. WPI measures the changes in the price of goods sold and traded in bulk by wholesalers to other businesses. This has been the highest rise in WPI inflation since February.
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India’s public debt ratio to jump to 90% due to Covid-19: IMF
The International Monetary Fund (IMF) said that India’s public debt ratio is projected to increase to 90% of the GDP, due to the increase in public spending due to Covid-19. Since 1991, India has maintained a stable public debt ratio of around 70% of the GDP. IMF has reported that the fall in tax revenues and economic activity will cause the public debt ratio to jump by 17 percentage points.
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Tata Power to develop 100 MW solar project in Gujarat
Tata Power has received a Letter of Award from the Gujarat Urja Vikas Nigam (GUVNL) to develop a 100 MW (megawatt) solar project in Dholera Solar Park in Gujarat. The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA), which is valid for a period of 25 years from the scheduled date of commercial operation. A solar PPA is a financial agreement by which a developer designs and installs a solar energy system on a customer’s property, at a very low cost.
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Bharat Biotech cuts Covaxin Phase-2 trial size by half
Biotechnology firm Bharat Biotech has cut the size of the Phase-2 clinical trial of its Covid-19 vaccine Covaxin by half. As per the initial plan, 750 volunteers were to be tested with the vaccine. However, the company will now provide the dose to only 380 healthy volunteers. Covaxin had completed Phase-1 trials in August, and had shown positive results.
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Future Group lost Rs 7,000 crore revenue due to Covid-19: Biyani
Founder of Future Group Kishore Biyani said that his company had lost nearly Rs 7,000 crore in the first 3-4 months of the Covid-19 pandemic. This is what led him to sell his business to Mukesh Ambani’s Reliance Industries Limited (RIL). In August, RIL had announced the acquisition of Future Group’s retail, wholesale, and warehousing business for Rs 24,713 crore.
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CLP Wind Farms raises Rs 297 crore through non-convertible debentures
CLP Wind Farms (India) Private Ltd, a subsidiary of CLP India, has raised Rs 296.9 crore through the issue of rated, secured, unlisted, redeemable, and non-convertible debentures. CLP India is one of the largest foreign investors in the Indian power sector, and has the aim of expanding its renewable energy portfolio. The company has also secured deals to develop wind projects of 1000 MW (megawatts) across six states in India.
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