BUSINESS
Wipro registers net income of Rs 29.7 bn for Q3 FY22, up 1.3% QoQ
Wipro registered net income of Rs 29.7 billion ($399.1 million) for the third quarter, marking an increase of 1.3 per cent QoQ. Its IT services segment revenue stood at $2,639.7 million, an increase of 2.3 per cent QoQ and 27.5 per cent YoY. Non-GAAP2 constant currency IT services segment revenue increased by 3 per cent QoQ and 28.5 per cent YoY. Its IT services operating margin for the quarter was 17.6 per cent, a decrease of 19 bps QoQ. Earnings per share for the quarter was at Rs 5.43, an increase of 4.2 per cent YoY.
Infosys Q3 results: Net profit up by 11.8% YoY to Rs 5,809 cr
Accordingly, the IT firm increased its revenue growth guidance for FY22 to 19.5-20 per cent. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 22,927 crore a year ago. Infosys delivered a strong Q3 performance with sequential growth of 7 per cent in a seasonally weak quarter and a year-on-year (YoY) growth of 21.5 per cent in constant currency.
India's industrial production eases sequentially in Nov
The Index of Industrial Production (IIP) for November 2021 rose by only 1.4 per cent from a rise of over 4 per cent reported for October 2021. However, the production rate was higher on a year-on-year basis. In November 2020, the IIP had declined by (-)1.6 per cent.
US inflation rose at fastest pace in past 12 months since 1982
The consumer price index -- a measure of the prices Americans pay for a market basket of everyday goods and services -- jumped 7 per cent over the last 12 months, the Labor Department (DOL) said on Wednesday. This marks the largest one-year increase since the period ending in June 1982, the DOL noted, as per the report. The index climbed 0.5 per cent in December, a slight reprieve from the 0.8 per cent seen in November.
High food prices lift India's Dec retail inflation rate
Data furnished by the National Statistical Office showed that the Consumer Price Index rose by 5.59 per cent last month from 4.91 per cent in November 2021. Similarly, on YoY basis, the rise in last month's retail inflation was faster than the 4.59 per cent rise recorded for December 2020. The macro-economic data assumes significance as retail inflation has almost reached the range limit of the Reserve Bank of India's set target of 2-6 per cent.
Fintech platform Refyne raises $82 mn to simplify personal finance
The platform enables employees to withdraw their earned salary in real time before the payment is due, thus reducing debt traps by providing instant access to earned salary. The Earned Wage Access (EWA) solution provider said the since its inception (December 2020), it has raised a total of $106 million.
Bifurcating satellite bands for 5G may cost India $184 bn: SIA-India
It will result in Indian citizens being denied the benefits of high-demand, advanced satellite broadband services and risk lost GDP increases per annum to India's economy of up to $184.6 billion by 2030 and associated FDI and employment generation benefits, said SIA-India, the apex body representing satellite operators, satellite systems, launch vehicles and ground and terminal equipment manufacturers.
Crypto prices moving in sync with stocks, posing systemic risks
Given their relatively high volatility and valuations, cryptocurrencies' increased co-movement could soon pose risks to financial stability especially in countries with widespread crypto adoption, according to IMF research.
Fintech platform Refyne raises $82 mn to simplify personal finance
The platform enables employees to withdraw their earned salary in real time before the payment is due, thus reducing debt traps by providing instant access to earned salary.
Equities extend gains, Q3FY22 earnings in focus for fresh cues
At 10.13 a.m., Sensex traded at 60,972 points, up 0.6 per cent from its previous close of 60,616 points. It opened at 61,014 points. Similarly, Nifty traded at 18,156 points, up 0.6 per cent from the previous close of 18,055 points. It opened at 18,170 points.
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