QBiz: TCS Logs Double-Digit Growth in Q3, Misses Estimates & More
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1. TCS Logs Double-Digit Growth in Q3, But Misses Estimates
Tata Consultancy Services Ltd (TCS) missed analysts’ estimates on earnings although the country’s largest information technology (IT) services provider posted a fourth straight quarter of year-on-year (y-o-y) double-digit revenue growth in constant currency terms.
The Mumbai-based company’s December quarter, or Q3, revenue rose 1.8% in constant currency terms from the preceding three months. Currency fluctuations took some sheen off the growth as dollar revenue grew at a slower pace of 0.67% to $5.25 billion in the quarter ended 31 December from the preceding three months.
(Source: Livemint)
2. Bandhan Bank Q3 Net Up 10% at ₹385 Crore
Private sector lender Bandhan Bank posted a 10.3 per cent increase in net profit in the third quarter of the fiscal despite making a provision of ₹385 crore for exposure to troubled IL&FS.
The bank’s net profit amounted to ₹331.26 crore for the quarter ended December 31, 2018, compared to ₹300.04 crore during the third quarter of 2017-18. However, on a sequential basis, the net profit was lower compared to ₹487.65 crore in the July to September 2018 quarter.
(Source: The Hindu Business Line)
3. IL&FS Urges Exim Bank to Release Funds to End Ethiopian Hostage Crisis
IL&FS has urged the Export-Import Bank of India (Exim Bank) to release funds to secure the release of four employees still held hostage in Ethiopia by local staff.
In a letter to the Exim Bank, Dilip Bhatia, CEO of IL&FS Transportation Networks Ltd (ITNL), said the company has sought 4.89 million Ethiopian birr (ETB) from the bank. The local employees of IL&FS’ joint venture in Ethiopia, ITNL-Elsamex JV Bure, have demanded an additional four months’ net salary for the release of the four Indian employees who have been held hostage since 24 November.
(Source: The Hindu Business Line)
4. With $5.7 Billion Valuation, Ola Displaces Oyo as No.2 Startup
Ola, run by ANI Technologies Pvt. Ltd, has regained its No.2 ranking in the pecking order of India’s most valuable startups, after securing $74 million in fresh funding from existing investor Steadview Capital in its latest funding round, which valued India’s leading cab-hailing service at roughly $5.7 billion.
Ola, which has been in talks to raise at least $1 billion over the past year, moved ahead of budget hotel chain Oyo Rooms (Oravel Stays Pvt. Ltd) in terms of valuation and is now only behind digital payments service firm Paytm (One97 Communications Pvt. Ltd).
(Source: Livemint)
5. Big Relief for Small Businesses Under GST
Small businesses can breathe easy now as the Goods and Services Tax Council has decided to double the basic threshold limit for goods suppliers.
However, the Council, which took a slew of decisions on Thursday, could not arrive at a consensus on lowering the levy on under-construction flats.
The 32 meeting of the Council chaired by Finance Minister Arun Jaitley decided to raise the basic threshold limit for suppliers of goods (for mandatory GST registration) to ₹40 lakh from the current ₹20 lakh. Also, some of the north-eastern and hilly states will have a new limit of ₹20 lakh from ₹10 lakh earlier.
(Source: The Hindu Business Line)
6. BSE Gets SEBI Nod to Introduce Weekly F&O Contracts on S&P BSE BANKEX
The BSE Thursday said it has received markets regulator Sebi's approval to introduce weekly futures and options contracts on the S&P BSE BANKEX.
The BSE will shortly introduce 7 weekly expiry futures and options contracts expiring on Thursday of the week, excluding the monthly expiry, the bourse said in a release.
"The lot size of the contracts on S&P BANKEX shall be fixed in accordance with the provisions of Sebi," it said, adding that the lot size/multiplier for the derivative contracts on the same underlying index shall remain the same.
(Source: PTI)
7. SEBI Specifies Panels for MIIs
SEBI has asked market infrastructure institutions (MIIs) such as stock exchanges, clearing corporations and depositories to constitute seven committees. Earlier, there were 12-14 committees, which has now been cut down. SEBI said the committees should include member selection committee; nomination and remuneration committee and oversight committee.
These should comprise standing committee on technology, advisory, regulatory oversight and risk management. The composition, quorum and functions of the panels should be as specified by the board from time to time. Our Bureau
(Source: The Hindu Business Line)
8. Hike to Launch Multiple Apps This Year
Mobile messaging platform Hike Thursday said it is looking at launching multiple apps in 2019 to meet a range of requirements of consumers.
"In 2019, we continue to double down on both social and content but we're going to do it with an evolved approach. We're going to do it across multiple apps. That means, in 2019, we're going to go from building a super app that encompasses everything, to multiple apps solving one thing really well," Hike Founder and Chief Executive Officer Kavin Bharti Mittal said in a statement.
(Source: PTI)
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