BUSINESS
World Bank chief highlights 'tragic reversal' in development amid pandemic
"It's already pushed nearly 100 million people into extreme poverty. That's the added number in extreme poverty," Malpass said on Wednesday at a virtual press conference during the IMF-World Bank Annual Meetings, Xinhua news agency reported. "We're witnessing a tragic reversal in development. The progress in reducing extreme poverty has been set back by years - for some, by a decade," he continued.
Wipro's consolidated Q2FY22 YoY net profit up 18.9%
The net profit attributable to equity holders of the company rose to Rs 2,930.7 crore during the period under review from Rs 2,465.6 crore during the corresponding period of the last fiscal. Its revenue increased 30.12 per cent during Q2FY22 to Rs 19,667.4 crore from Rs 15,114.5 crore from the like quarter of FY21.
TCS to encourage employees to return to offices by CY21 end
"Towards the end of CY'21, we will encourage our associates to return to offices, at least initially, before we switch to the '25/25' model. This will be done in a phased and flexible manner and will depend on respective team leaders and the requirements of each team or project. "We are committed to the 25/25 model but before transition to the model, we need to start by getting people back to office and gradually evolve to 25/25," the TCS said.
World Steel Association elects JSW Steel's Sajjan Jindal as Chairman
With this, Jindal becomes the first representative from India to serve as Chairman of the WSA. Jindal addressed the board members of WSA thanking his predecessor Yu Yong for his capable chairmanship over the last two years and noting the challenges for the global industry going forward, particularly with respect of climate change
Infosys' Q2FY22 YoY consolidated net profit up 11.9%
The IT major's net profit during the corresponding period of the previous fiscal (FY2020-21) stood at Rs 4,845 crore. Besides, the company reported a revenue of Rs 29,602 crore during the period under review, higher by 20.5 per cent from Rs 24,570 crore earned during the second quarter of FY21. According to the company, operating margin for the quarter stood at 23.6 per cent.
Positive macros push equities higher; power stocks rise
In the day's trade, both the equity indices had a gap up opening before gradually rising through the session with minimal corrections. Accordingly, the two indices closed higher for the fifth consecutive session on Wednesday. In the process, the Sensex made a record intra-day high of 60,836.63 points, while Nifty touched 18,197.80 points. In fact, Nifty closed above the 18,000-point mark for the first time ever on Wednesday.
UK GDP grows 0.4% in August as Covid curbs continue to ease
However, the British economy is still 0.8 per cent below the pre-pandemic level in February 2020, the Xinhua news agency reported. In August, the services and production sector grew by 0.3 per cent and 0.8 per cent month-on-month respectively, whereas output in the construction sector fell by 0.2 per cent, the ONS said.
Franklin Templeton returns Rs 23,999 cr to investors of 6 shut schemes
"As of September 30, 2021, the Funds have already distributed approximately Rs 23,999 crores to the unit holders, representing 95 per cent of the aggregate reported AUM as of April 23, 2020, across the six funds. The total amount disbursed so far ranges between 84 per cent and 108 per cent of the respective reported AUM values of the six funds as of April 23, 2020," the letter said.
Court summons Netflix and its officials in a criminal case filed by Sahara
The accused will be tried under section 500, 501, and 502 of Indian Penal Code. Before issuing the process, the court took cognisance of the offences committed by the accused persons and recorded statements of complainant and their witnesses and after being satisfied with the evidence, proceeded further to issue summons for trial of the accused persons, for the offences allegedly committed by the accused.
Coal supplies to non-power sector plants may be kept suspended
Southern Eastern Coalfields, a subsidiary of Coal India has finalised the supply matrix of coal rakes to critical power plants after a meeting held by the Coal Ministry. The power plants where coal rakes will be provided are Rajpura, HRVUNL, Kawai, Akaltara, Binjkote, DSPM, Pathad, Sabarmati, GSECL, Uchpanda, Annupur, Seoni, MPPGCL, Amrawati, Warora, Dhariwal, Tirora, NTPC, and Mahagenco.
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