TCS reports 35.64% rise in Q1 net profit
India's top software services provider, TCS has reported results for first quarter ended June 30, 2012.
The company has posted a rise of 35.64% in its net profit at Rs 2797.59 crore for the quarter ended June 30, 2012 as compared to Rs 2062.43 crore for the same quarter in the previous year. Company’s total income has increased by 33.15% at Rs 11579.91 crore for quarter under review as compared to Rs 8696.81 crore for the quarter ended June 30, 2011.
On the consolidated basis, the company has posted a rise of 37.39% in its net profit at Rs 3317.68 crore for the quarter ended June 30, 2012 as compared to Rs 2414.76 crore for the same quarter in the previous year. Total income has increased by 35.74% at Rs 15054.97 crore for quarter under review as compared to Rs 11091.16 crore for the quarter ended June 30, 2011.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
L&T expands capacity with new E&A facility in Vadodara
Larsen & Toubro has inaugurated its manufacturing facility for switchgear products at Vadodara, on an 18 acre plot adjacent to L&T Knowledge City. This is a capacity expansion initiative for the business of L&T's Electrical & Automation (E&A), leader in low voltage switchgear in India. E&A will manufacture Air Circuit Breakers (ACBs) and Moulded Case Circuit Breakers (MCCBs) at this facility.
In an area of close to 27000 sq metres under a single roof, the facility houses modules for the assembly lines for circuit breakers - ACBs and MCCBs - along with the shops for press working, moulding and tooling. A development centre to provide research, development and engineering for circuit breakers will also be located.
A smart mix of labour and automation has been deployed that would enhance productivity by 2.5 times. All critical-to-quality steps have error-free assembly. The lines are equipped to produce circuit breakers of different frames and several ratings from 16A to 6300A.
The manufacturing facility has applied for 'Green Factory' certification in line with the Indian Green Building Council (IGBC) norms and audited for the ISO 9001 certification. All material used in the construction are green-certified and eco-friendly. Environment management measures include tree plantation, rain water harvesting and zero discharge of water. The new facility makes optimum utilization of natural resources of energy with sun light being effectively used to avoid any electric lighting on the shop floor during the day. Wet FDCS system has been installed to maintain a friendly temperature inside the factory.
Infosys reports 33% jump in Q1 net profit; below estimates
Infosys, India’s second largest information technology company has reported lower than expected Q1 FY13 result for the quarter ended June 30, 2012. The company has posted a rise of 33.25% in its net profit after exceptional item at Rs 2,204 crore for the quarter under review as compared to Rs 1,654 crore for the same quarter in the previous year. Total income has increased by 27.98% at Rs 9,368 crore for Q1FY13 as compared Rs 7,320 crore for the corresponding quarter previous year.
On the consolidated basis, the group’s net profit rose 32.93% to Rs 2,289 crore for the Q1 FY13 as compared to Rs 1,722 crore in Q1 FY12. Moreover, the total income also surged 27.30% to Rs 10,092 crore in the quarter under review as compared to Rs 7,928 crore in the corresponding quarter previous year.
Reliance Power raises $1.1 billion from Chinese lenders
Reliance Power has raised loans worth $1.1 billion from three Chinese lenders for its upcoming 3,960 MW Sasan ultra mega power project in Madhya Pradesh. The State Council of Government of China has granted the final approval for Chinese banks to finance the Sasan project.
These loans would be provided by Bank of China, China Development Bank and The Export Import Bank of China, along with Standard Chartered Bank. The insurance cover would be from China Export & Credit Insurance Corp. The long term loans have duration of over 13 years. Reliance Power is part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally.
Cox & Kings inks pact with Abacus International
Cox & Kings has inked pact with Singapore-based travel solutions and services provider Abacus International for distribution of services. The deal will help Abacus to position as India's premium travel distribution platform and will facilitate Cox & Kings with solutions like Abacus WorkSpace, Abacus TicketingExpress and Abacus Mobile.
The company will also get benefits like full access to the Abacus business processes and strategy consulting practice, comprehensive training resources and day-to-day technology support.Cox & Kings is one of the oldest and recognized holiday brands that cater to the overall travel needs of an Indian and International traveller. It is one of the India’s largest tour and travel operator that serve as a ‘One Stop Shop’ for all travel and travel related products.
LKP Merchant Financing offloads Kingfisher’s 65 lakh shares for Rs 6.85 crore
LKP Merchant Financing has offloaded 65 lakh shares of debt-laden Kingfisher Airlines for Rs 10.54 apiece or Rs 6.85 crore in total in an open market transaction.Last week, LKP Merchant Financing sold 78.51 lakh shares of Kingfisher Airlines for Rs 9.57 crore. As of June 23, 2012, LKP Finance held 13,32,96,791 shares, or 16.48% stake of Kingfisher Airlines.
Recently, the promoter holding in Kingfisher Airlines slipped to a record low of 35.86 percent - the lowest since the carrier became a public listed company after acquiring Deccan Airways. Moreover, after excluding the shares they have pledged, the promoters hold a meager 3.55 percent in the crisis-ridden airline.Earlier in April this year, private sector lender ICICI Bank lowered its stake in the troubled air carrier to 2.9%, from more than 5% at the end of 2011. ICICI Bank now holds about 16.7 million shares, accounting for a 2.9% stake, in the airline.
SpiceJet to increase global operations
Low-cost airline, SpiceJet is planning to start flights to six new international destinations, which includes Kabul (Afghanistan), Riyadh (Saudi Arabia), China, Hong Kong, Bangkok and Male in Maldives. The company will be starting the services to these destinations by October-end.
At present, the company already operates its international flight services to Dubai, Kathmandu and Colombo.Earlier, the company had announced expansion of its services in northern region by connecting Chandigarh, Amritsar and Srinagar to Delhi. The carrier will also connect the cities of Dehradun and Indore to Delhi on its network in the coming days.SpiceJet operates 270 flights a day connecting 32 domestic cities and two global destinations -- Kathmandu and Colombo.
CMC reports 66.63% rise in Q1 net profit
CMC has reported results for the first quarter ended June 30, 2012.On standalone basis, the company has posted a rise of 66.63% in its net profit at Rs 43.59 crore for the quarter ended June 30, 2012 as compared to Rs 26.16 crore for the same quarter in the previous year. Total income has increased by 27.93% at Rs 266.31 crore for quarter under review as compared to Rs 208.16 crore for the quarter ended June 30, 2011.
On consolidated basis, the company has posted a rise of 67.52% in its net profit at Rs 58.43 crore for the quarter ended June 30, 2012 as compared to Rs 34.88 crore for the same quarter in the previous year. Total income has increased by 48.01% at Rs 452.28 crore for quarter under review as compared to Rs 305.58 crore for the quarter ended June 30, 2011.
CMC is a Tata group firm and subsidiary of the country's top software company TCS. The company operates in four strategic business units namely customer services (CS), Systems Integration (SI), IT enabled Services (ITES) and Education and Training (E&T). The company has pan-India presence that caters to various sectors such as the railways, banks, government entities and other organisations with countrywide operations.
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