TECH MAHINDRA POSTS ₹1,064 CR Q2 NET PROFIT

NEW DELHI: IT firm Tech Mahindra Tuesday said its consolidated net profit has increased 27.2% to ₹1,064.3 crore for the second quarter ended September 30. This is against a net profit of ₹836.2 crore in the July-september 2017 quarter, Tech Mahindra said in a statement. The company’s revenue from operations was up by 13.4% to ₹8,629.8 crore during the said quarter as compared to ₹7,606.4 crore in the year-ago period. In dollar terms, the net profit was up nearly 15.6% to $149.4 million, while revenue rose by 3.3% to the $1.21 billion in the second quarter. “It’s been a satisfying quarter where our focus on digital transformation has helped us deliver a robust performance. Our strong deal wins especially in the communication vertical coupled with our 10 per cent-plus sequential growth in digital revenues are a validation of our Run, Change and Grow strategy,” Tech Mahindra CEO and MD CP Gurnani said.

EU launches probe into Tatathyssenkrupp merger

LONDON: The European Union (EU) on Tuesday launched an “in-depth investigation” to assess if Tata Steel’s proposed joint venture with German steel giant Thyssenkrupp would breach the bloc’s merger regulations and reduce competition. Tata Steel and Thyssenkrupp are major integrated producers of flat carbon steel and electrical steel, with significant production facilities in the European Economic Area (EEA), in particular in Germany, the Netherlands and the UK. In June, India-headquartered Tata Steel had confirmed that it has agreed the terms of a 50-50 joint venture with Thyssenkrupp to create Europe’s secondlargest steel company after Lakshmi Mittal’s Arcelormittal.

Bank of Baroda Q2 profit rises 19.7% on lower NPAS

MUMBAI: Bank of Baroda Ltd posted a 19.7% rise in secondquarter net profit on Tuesday as the lender made lower provisions for bad loans amid strong growth in retail banking. Net profit rose to ₹425 crore in the quarter ended September 30 from ₹355 crore a year earlier, India’s second-largest state-run lender by market capitalisation said in a statement. Twelve analysts, on average, had expected a profit of ₹572 crore, according to Refinitiv data. Net non-performing asset (NPA) ratio declined to 4.86% as on September 30, 2018 from 5.40% as on June 30, 2018 and 5.05% in the year ago quarter.

Sony nearly doubles firsthalf net profits

TOKYO: Sony’s net profit nearly doubled to hit a record high in the six months to September, it announced Tuesday, as it upgraded its annual forecasts, with games such as “Spider-man” and “God of War” leading the way. The company said April-september net profit reached 399.4 billion yen ($3.5 billion), up 88.7% from a year ago.

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