BUSINESS
WhatsApp gets NPCI nod to extend payments service to 100 mn Indian users
With this approval, WhatsApp will now be able to expand the service to 100 million users out of more than 400 million in the country. In November last year, the NPCI approved increasing the user cap for WhatsApp's payment service from the current 20 million to 40 million users.
India may see less MSP procurement as wheat exports could increase: US report
The US Department of Agriculture's 'Grain and Feed Annual - 2022' report for India, released late on Tuesday night (India time) dwells on market possibilities, sowing area, and record productions. Pointing out that India is heading for a record wheat harvest this marketing year (MY), it said the Foreign Agricultural Service, New Delhi forecasts MY 2022/2023 wheat production at a record 110 from 30.9 million hectares, and up from last year's record 109.6 MMT from 31.1 million hectares.
Q4 Results: Infosys reports highest annual growth in last decade
An official communication stated on Wednesday that the growth was broad-based, supported by continued momentum in large deal wins with a TCV of $9.5 billion. Infosys had reported a profit of Rs 5,076 crore in the corresponding quarter of the previous year. The company delivered $16.3 billion in revenues with the highest annual growth in the last decade of 19.7 per cent in constant currency with a robust operating margin of 23 per cent.
India's March merchandise exports rise over 19%, imports 24%
Exports during March 2021 stood at $35.26 billion. "Non-petroleum and non-gems & jewellery exports in March 2022 were $30.67 billion, registering a positive growth of 9.4 per cent over non-petroleum and non-gems & jewellery exports of $28.03 billion in March 2021 and a positive growth of 80.90 per cent over non-petroleum and non-gems & jewellery exports of $16.95 billion in March 2020," the Union Ministry of Commerce and Industry said.
Govt should purchase only indigenous products: NITI Aayog Member
He also said Prime Minister Narendra Modi's push for indigenous products is going to change the electronics manufacturing scenario in the country. During an interaction with IANS, Saraswat said that the government should create a market for Indian manufacturers by making a policy that it will only purchase indigenous products.
Economic crisis: India may help Sri Lanka with $2bn more
Last week, Ministry of External Affairs spokesperson Arindam Bagchi said: "We are neighbours and a close friend. There has been an evolving economic situation as well as other developments. To help mitigate the economic situation there, we have extended assistance -- $2.5 billion, in the past two to three months, including credit facilities for fuel and food which are most required."
Bharat Dynamics, NDTV, Adani Green among outperformers in Q12022, Kaiser Corp top mover
Bharat Dynamics, NDTV, Kiran Syntex, Adani Green Energy, Adani Wilmar, Kaiser Corporation, BLS Infotech, Khoobsurat, and Madhusudhan Securities are some of the stocks that helped their respective investors accumulate hefty returns. Out of these mentioned stocks, Kaiser Corporation rose a whopping 2,651 per cent so far in 2022.
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.
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