BUSINESS
Infosys posts Rs 6,586 crore net for Q3
In a regulatory filing, it said it had closed quarter ended December 31, 2022 with a revenue of Rs 38,318 crore (Rs 31,867 crore in Q3FY22) and a net profit of Rs 6,586 crore (Rs 5,822 crore). The company also said it is closing down its Moscow branch.
ED arrests head of Karan Group Builders & Developers in Rs 500 cr fraud case
"Our investigation revealed that the complainant had invested a total of Rs 526 crore in different real estate projects undertaken by various groups and individuals. Subsequently, this amount was siphoned off by showing it as to be paid to various persons and collecting cash and commission in lieu of bank entry," an ED official said.
Bank staff to strike work on Jan 30, 31
The decision was taken at a meeting of UFBU held in Mumbai on Thursday. "UFBU meeting was held today in Mumbai. since there is no response from Indian Banks' Association (IBA) on our demands despite letters, it has been decided to revive our agitation and to give a call for strike on January 30 and 31
Maruti Suzuki unveils Jimny and Fronx, bookings open
The company also revealed the Fronx in India and the SUV will be sold through Nexa dealerships. "With these launches, the company aims to take leadership spot in the SUV segment in India by FY 23-24," said Hisashi Takeuchi, MD and CEO of Maruti Suzuki
Paytm will be key beneficiary of India's UPI incentive scheme: Morgan Stanley
The Union Cabinet on Wednesday approved the incentive scheme of Rs 26 billion for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for FY23, compared with Rs 15 billion in FY22. "Apart from banks, Paytm should be a key beneficiary of the above. On our estimates, Paytm would have received 5-7 per cent of the FY22 incentive
TCS revenue growth to slowdown in FY24: Fitch Ratings
TCS reported 19 per cent year-on-year (yoy) revenue growth in 3QFY23 and 50bp quarter-on-quarter (qoq) expansion in the EBITDA margin, reflecting continued growth and the company's ability to pass on higher costs to customers, Fitch said.
India's physical rehab market likely to touch $35 bn by FY2028
Physical rehab in India currently is a $17 billion market, comprising three major segments -- restorative care ($5 billion market), geriatric care ($5 billion market) and pain relief ($3-4 billion market). As per Redseer estimates, 35-40 per cent of the physical rehab spend in India is concentrated in the top 10 cities.
Piyush Goyal mocks 'mini' trade deal with US, concedes no FTA on offer
India and the US have decided to focus instead on greater market access, ease of doing business between the two countries and a larger footprint regarding trading, investment and business, the Minister said on Wednesday. Two specific targets for this elevated engagement were semiconductors and defence production.
Lower global growth could bode well for India which is better positioned
"Key trends to watch out for in 2023 are the sustainability of credit growth, equity inflows and solid corporate earnings momentum, which were the key drivers of India's outperformance in 2022. These trends should persist, in our view, and keep India's valuation elevated. We expect moderate returns in 2023 and would selectively buy on dips given our constructive view of the Indian market in the medium term," it said.
Over 59 products unveiled, launched on Day 1 of Auto Expo
The theme of this year's show is 'Explore the World of Mobility'. Day 1 of the expo concluded with some top unveils by some of the leading brands with Maruti Suzuki unveiling its Concept EVX and Tata Motors showcasing its Tata Harrier EV, Tata Seirra EV and Tata Curvv petrol version.
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