Here is a collection of the most important stories this evening:
TCS Q1 Results: Net profit up 16.8% at Rs 11,074 crore, revenue at Rs 59,381 crore
Tata Consultancy Services (TCS) reported 16.8 percent increase in net profit on a year-on-year (YoY) basis in the quarter ended June 30, 2023, driven by a strong growth in total contract value (TCV) deal wins despite a tough business environment. Consolidated revenue for the quarter came in at Rs 59,381 crore, marking an on-year surge of 13 percent. In constant currency terms, the revenue grew by 7 percent YoY. In dollar terms, the revenue grew by 4 percent as against the previous quarter to $7,226 million, the company said in a release. Read more here.
HCLTech Q1 Results: Net profit rises 8% YoY to Rs 3,534 crore; revenue up 12%
India’s third largest IT services firm HCLTech on July 12 reported 7.6 percent year-on-year (YoY) growth in net profit in the first quarter of fiscal 2024 ended on June 30, 2023. Sequentially, however, net profit was down by 11.2 percent due to ramp downs in deals and verticals like Hi-tech and telecom. Read more here.
Reliance Retail among prospective buyers for Future Enterprises
Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list. Read more here.
Retail inflation snaps falling streak, rises to 4.81% in June
India's headline retail inflation rate snapped its four-month falling streak and rose to 4.81 percent in June from 4.31 percent in May, pushed up by a rise in vegetable prices and the fading away of the favourable base effect, data released by the Ministry of Statistics and Programme Implementation on July 12 showed. Read more here.
Exclusive: Commercial mining of lithium, 5 more minerals get Cabinet nod
The Union Cabinet on July 12 approved amendments to the Mines and Minerals (Development and Regulation) Act to allow commercial mining of lithium and five more minerals, said sources aware of the development. These minerals - lithium, beryllium, titanium, niobium, tantalum and zirconium - have uses in the spacetech industry, electronics, communications and will also help in India's energy transition. Read more here.
SpiceJet promoter Ajay Singh to infuse Rs 500 crore into the loss-making airline
SpiceJet promoter Ajay Singh has decided to infuse Rs 500 crore into the loss-making airline by way of "subscribing fresh equity shares and/or convertible instruments", a release stated. Read more here.
28% GST levy will make Indian real-money gaming sector an 'unviable business model': IAMAI
Internet and Mobile Association of India (IAMAI), an industry body that represents India's top tech companies, said on July 12 that it is "deeply concerned" by the GST Council’s decision to levy 28% tax on the real-money gaming sector. The decision will have "many ramifications" on the country’s digital economy and online gaming industry, it said. Read more here.
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