BUSINESS
IT major Infosys says it won't work with Russian clients
"We work with no Russian clients and the work we do is with a small number of global clients in Russia, and we have started transitioning," Parekh stated. "We have no impact on our business from an Infosys perspective given what is going on. We are providing reskilling for individuals that are displaced and see as they move to other locations in Eastern Europe.
Infosys' Q4FY22 net profit up 12% YoY to Rs 5,686 crore
In the same period last year, the net profit was Rs 5,076 crore. Besides, the company's revenue rose nearly 23 per cent to Rs 32,276 crore from Rs 26,311 crore reported in the same quarter last fiscal. On Wednesday, the company recommended a final dividend for FY22 of Rs 16 per share. The record date for the payment of the final dividend is June 1, and and will be paid to the share holders on June 28.
Ukraine war will slow down post-Covid recovery in South Asia: World Bank
The World Bank said that the Indian economy will grow at 8 per cent, which is slightly less than 2021, dding that the lingering impact of the investment programmes will keep the economy growing in the first half of 2022-23. "The negative impact of the war in Ukraine on FY2022/23 growth is expected to be moderate, so growth will begin to taper off in the second half of 2022," the report said.
Hyundai to invest $300 mn in US plant for eco-friendly cars
Hyundai Motor will upgrade the existing assembly lines of its Alabama plant for the production of the Santa Fe gasoline hybrid model and the all-electric Genesis GV70 sport utility vehicle in October and December, respectively, the company said in a statement.
Erasing opening session gains, indices close truncated week in red
Equity markets will be closed on Thursday and Friday on account of Dr Baba Saheb Ambedkar Jayanti/Mahavir Jayanti and Good Friday, respectively. On Wednesday, Sensex closed at 58,339 points, down 237 points or 0.4 per cent, whereas Nifty at 17,476 points, down 55 points or 0.3 per cent.
Hariom Pipes makes strong listing, shares up 51% above issue price
At 2.13 p.m., the shares of the company traded 51 per cent higher at Rs 231 on the National Stock Exchange (NSE), against its issue price of Rs 153. Reportedly, the firm's initial public offering issues were subscribed 7.93 times and it saw strong response from the retail investors.
Sundar Pichai announces $9.5 bn for new offices, data centres in US
Pichai said that Google helped provide $617 billion in economic activity for millions of American businesses, nonprofits, creators, developers and publishers last year. "In addition, the Android app economy helped create nearly two million jobs last year, and YouTube's creative ecosystem supported 394,000 jobs in 2020," he informed.
India stares at power shortage in summer demand due to coal supply crisis
Global thermal coal prices have remained elevated as a fallout of the Russia-Ukraine conflict, which disrupted trade flows and crippled supply amid additional demand from Europe, which has now sanctioned Russian coal. As a result, imported coal has largely remained out of bounds for price-sensitive markets like India, S&P Global Commodity Insights said.
India's Nov-March edible oil imports up 8% YoY
Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.
DGCA bars 90 SpiceJet pilots from operating 737 Max
Accordingly, these pilots would need to undergo retraining on 737 Max simulators. In a statement, DGCA Director General Arun Kumar said: "For the moment, we have barred these pilots from flying Max and they have to retrain successfully for flying Max." "Also, we will take strict action against those found responsible for the lapse."
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