INFOSYS TO OPEN TECH HUB IN TEXAS, HIRE 500 AMERICANS BY ‘20
NEW DELHI: India’s second largest IT services major Infosys will set up a technology and innovation hub in Texas and hire 500 American workers in the state by 2020. The hub will be located in Richardson, Texas and have a special focus on telecommunications, retail and banking sectors, it said in a statement. Last year, Infosys had announced setting up of four such hubs and hiring about 10,000 locals in the US by 2019. Infosys has hired over 6,200 American workers since May 2017. “Infosys’ investment in Texas reinforces the company’s commitment to driving digital transformation for American enterprises by leveraging local talent alongside the best global talent,” the statement said.
IDBI Bank posts eighth straight quarterly loss
BENGALURU: IDBI Bank Ltd posted its eighth straight quarterly loss on Wednesday, as the state-run lender set aside more funds for bad loans. Net loss was ₹3,602 crore for the three months ended September 30, compared with a loss of ₹198 crore a year earlier. This is the bank’s longest streak of quarterly losses since at least 2005. Provisions for bad loans at IDBI Bank, which has the highest bad loan ratio in the sector, jumped 92.9% to ₹5,482 crore, leading to a doubling in total provisions. Gross bad loans as a percentage of total loans stood at 31.78% at end-september, compared with 30.78% at the end of the previous quarter.
M&M Q2 profit after tax rises 23.87% to ₹1,649 cr
NEW DELHI: Home-grown auto major Mahindra & Mahindra Ltd on Wednesday reported 23.87% jump in stand-alone profit after tax at ₹1,649.46 crore for the second quarter ended September 30. The company had posted standalone net profit of ₹1,331.57 crore in the same quarter last fiscal, M&M said in a regulatory filing. Total income during the period under review stood at ₹13,834.87 crore. It was at ₹12,745.49 crore in the year-ago quarter. Vehicle sales during the second quarter stood at 141,163 units as against 129,754 units in the same period last fiscal, a growth of 9%, the company said.
WPI inflation rises to fourmonth high of 5.28%
NEW DELHI: Inflation-based on wholesale prices spiked to a four-month high of 5.28% in October mainly due to rise in fuel prices, but the RBI is likely to maintain status quo in its next monetary policy review as crude prices and currency are stabilising. The Wholesale Price Index (Wpi)-based inflation stood at 5.13% in September and 3.68% in October last year. Food articles witnessed softening of prices with deflation at 1.49% in October, against 0.21% September.