Infosys Q4 Results: Net profit falls 2.32% QoQ to Rs 5,078 crore
Infosys Limited reported a 2.32% quarter-on-quarter (QoQ) decline in net profit to Rs 5,078 crore for the quarter ended March (Q4). The IT company’s revenue rose 1.5% QoQ to Rs 26,311 crore during the same period. Infosys crossed a revenue milestone of Rs 1 lakh crore in FY21. Total deal wins during the financial year stood at a record $14.1 billion (~Rs 1.05 lakh crore). Infosys’ board has approved a dividend of Rs 15 per share.
The Board of Directors of Infosys Ltd has approved a proposal to buyback equity shares worth Rs 9,200 crore. The company will buy back 5.25 crore equity shares at Rs 1,750 per share through the open market. The maximum buyback price represents a 25.2% premium to Tuesday’s closing price.
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Maruti Suzuki sells record 1.57 lakh CNG vehicles in FY21
Maruti Suzuki India Ltd said it has achieved its highest-ever CNG vehicle sales for a financial year at 1,57,954 units in FY 2020-21. This is a 48.40% rise in CNG vehicle sales as compared to the previous financial year. The automaker had sold 1,06,444 CNG units in FY 2019-20. Maruti Suzuki sells a range of factory-fitted CNG cars, including Alto, Celerio, Wagon-R, S-PRESSO, Eeco, Ertiga, Tour S, and Super Carry.
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Happiest Minds partners with BeatRoute to offer revenue realisation solutions for CPG industry
Happiest Minds Technologies has entered into a strategic partnership with BeatRoute to solve typical revenue realization problems faced by the consumer packaged goods (CPG) industry. BeatRoute’s cloud SaaS CRM-SFA platform enables CPG enterprises to achieve high impact digital transformation across their retail and business-to-business (B2B) field sales operations. This partnership empowers CPG enterprises with a goal-oriented digital transformation journey, by leveraging new-age technologies such as machine learning (ML) and store analytics.
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Sterlite Tech partners with UK-based Openreach to build ‘Full Fibre’ network
Sterlite Technologies Ltd has announced a strategic collaboration with Openreach, the largest digital network business in the United Kingdom. Openreach has chosen Sterlite Tech as a key partner to provide optical cable solutions for its new, ultra-fast, ultra-reliable ‘Full Fibre’ broadband network. Under the partnership, Sterlite Tech will be responsible for delivering millions of kilometres of optical fibre cable to support the ‘Full Fibre’ build programme over the next three years.
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Bharti Airtel unveils new corporate structure
Bharti Airtel has introduced a new corporate structure to sharpen the company’s focus on driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The new structure involves Airtel Digital Limited folding into the listed entity— Bharti Airtel Limited. Bharti Airtel will now house all of the digital assets, including Wynk Music, Airtel Xstream, Airtel Thanks, Airtel Ads, Airtel IQ, Airtel Cloud, and all future digital products and services. Airtel Limited, a wholly-owned subsidiary of Bharti Airtel, will house all the telecom businesses.
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Amazon moves SC against Delhi High Court stay order restraining Future Retail deal with Reliance
Future Retail, on Wednesday, said Amazon.com, Inc. has approached the Supreme Court against a Delhi High Court order which stayed a single judge’s order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. FRL said it will “defend the matter/proceedings through its legal counsels”. Future Group and Amazon have been locked in a battle after the US-based e-commerce giant took FRL into emergency arbitration over an alleged breach of contract between them.
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JSW Steel completes acquisition of 31% stake in GSI Lucchini
JSW Steel Italy Srl, a subsidiary of JSW Steel Limited, has completed the acquisition of a 30.73% stake of Italy-based GSI Lucchini for €1 million (~Rs 8.98 crore). The balance share capital (69.63%) of GSI is already held by JSW Steel Italy Srl. GSI Lucchini is a leading producer of forged steel balls used in grinding mills. The manufacturing unit of GSI is located at the port city of Piombino in the Tuscany region, providing easy access to export markets.
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Aditya Birla Capital approves Aditya Birla Sun Life AMC IPO
The Board of Directors of Aditya Birla Capital Ltd (ABCL) has approved an initial public offering (IPO) of its subsidiary, Aditya Birla Sun Life AMC. The asset management company (AMC) is a joint venture between the Aditya Birla Group and Sun Life Financial. ABCL holds 51% in the JV, while the remaining 49% is held by Sun Life. Through the IPO, ABCL will sell upto 28.51 lakh equity shares held by it in Aditya Birla Sun Life AMC, while Sun Life will sell upto 3.6 crore shares.
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CIL’s coal allocation under spot e-auction rises 36% in April-Feb 2020-21
Coal India Limited (CIL) allocated 37.21 million tonnes (MT) of coal during the April-February period of the financial year 2020-21 under the spot e-auction scheme. This is a 36.3% increase as compared to the same period in FY20. Fuel allocation by CIL under the scheme also increased to 4.41 MT in February, from over 3.31 MT in the corresponding month of 2019-20.
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