Moneycontrol Selects: Top stories this evening

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Here is a collection of the most important stories this evening:

Infosys Q2 result: Net profit rises 11% YoY to Rs 6,021 cr; Rs 9,300 crore share buyback announced

India's second-largest IT services company Infosys, on October 13 reported a consolidated net profit of Rs 6,021 for the quarter ended September 30, 2022, up 11.1 percent from Rs 5,421 core reported in the same quarter of the previous year.

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Infosys board approves its fourth buyback program worth Rs 9,300 crore

The Board of IT services bellwether, Infosys Limited on October 13, approved a share buyback program amounting to Rs 9,300 crore through the open market route. This is the fourth buyback announced by the company since its listing in 1993. The maximum price set for this buyback is Rs 1,850 per equity share having face value of Rs 5 each and is subject to the approval of the members of the company by way of a special resolution and all other applicable statutory/ regulatory approvals.

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US annual inflation edges down to 8.2%, but accelerated in September

US inflation jumped more than expected in September with price increases for food, shelter, and medical care weighing on consumers, according to data out Thursday, the final consumer inflation report before midterm elections. Prices rose 0.4 percent in September compared to August, twice the 0.2 percent projected by analysts even as the annual rate slowed slightly to 8.2 percent from 8.3 percent.

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Singapore Airlines, Tata Group in talks over integration of Vistara and Air India

Singapore Airlines Ltd said on Thursday it was in confidential discussions with India’s Tata Group regarding a potential deal which may involve the integration of Vistara and Air India. "The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India," Singapore Airlines said in a statement. However, it added the discussions were ongoing and no definitive terms were agreed upon yet.

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Mindtree Q2 Result | Net profit jumps 27% to Rs 509 cr, revenue spikes 31%

Midcap IT firm Mindtree on October 13 said its consolidated net profit for the quarter ended September 2022 came in at Rs 508.7 crore, growing 27.5 percent over Rs 398.9 crore in the same quarter last year. Revenue from operations stood at Rs 3,400.4 crore, up 31.5 percent over Rs 2,586.2 crore in the corresponding quarter of the previous fiscal, the company said in an exchange filing.

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As auto sales vroom, minicars and bikes hit reverse gear over pre-Covid period

Even as overall car sales cruise, entry-level cars, and bikes have seen a massive decline over the pre-Covid period due to rising input costs, the stress in rural markets, and fuel price surge. Minicar sales fell 44 percent to 77,000 units in the July-September 2022 quarter as against 138,000 units during Q2 of FY2018-19, which was pre-Covid, as per the data released by the Society of Indian Automobile Manufacturers (SIAM). The entry-level bikes (up to 110cc) saw a 35 percent drop from 23,05,000 units in FY2018-19 to 14,97,000 units.

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Post-Gambia deaths, CDSCO and state regulators start testing cough syrups sold in market

Central and state drug regulators have initiated the process of assessing the quality of commercially available cough syrups sold in India after the World Health Organization issued a medical product alert for four such India-made medicines in connection with children’s deaths in The Gambia. The Central Drug Standard Control Organisation zonal office in Hyderabad, in a letter marked top priority, has asked cough syrup manufacturers to test samples of the raw materials used in their medicines. They were asked to provide the CDSCO with the method of analysis and the specifications of diphenhydramine hydrochloride, ammonium chloride, sodium citrate and menthol – medicines used to relieve cough – in their products.

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