TCS net at Rs 6,586 cr beats estimates in ‘unusual Q2’ on margin boost

Tata Consultancy Services (TCS), the country’s largest software exporter, on Thursday reported a 4.3 percent on quarter growth in net profit to Rs 6,586 crore boosted by an improvement in margins but said uncertainties in environment had resulted in holdbacks in discretionary spend by customers. The company’s revenue stood at Rs 29,284 crore, almost the same as the previous quarter. A CNBC-TV18 poll of analysts had estimated the technology major’s net profit to fall 0.9 percent to Rs 6,260 crore. Reuters In the year-ago period, the company had posted a net profit of about Rs 6,073 crore and a revenue of Rs 27,165 crore. Despite the higher-than-estimated net profit, the company’s dollar revenue disappointed with just a marginal 0.3 percent increase to $4,374 million. In constant currency terms, revenue rose just 1 …

Shollei and seven others charged afresh with graft By MAUREEN KAKAH Former Judiciary Chief Registrar Gladys Boss Shollei was Monday charged afresh with seven others for abuse of office and wilful failure to comply with procurement laws while tendering for pre-fabricated court buildings. The decision was made after Senior Principal Magistrate Liz Gicheha ruled in favour of the prosecution’s request to have the names of all the eight accused persons in one charge sheet so that they face the accusations jointly. However, the defence led by Ms Shollei’s lawyer, Paul Ng’arua, strongly opposed the request arguing that the accused persons will be prejudiced, an argument that the magistrate dismissed. “It is unfortunate that the prosecution is coming 10 months later after the accused were first charged and is now seeking to change the charge sheet. ...

Rupee tumbles 42 paise against US dollar Continued demand for the American unit from importers and the greenback's persistent gains against other Asian currencies put pressure on the rupee The rupee was trading lower by 42 paise at 67.67 against the US dollar in early trade, on Tuesday, as the American currency strengthened overseas amid a lower opening of the domestic equity market. Forex dealers said continued demand for the American unit from importers and the greenback's persistent gains against other Asian currencies since Donald Trump's unexpected win in the US presidential election on November 8, putting pressure on the rupee. On Friday, the rupee had lost 62 paise to end at over three-month low level of 67.25 against the American currency on fears of capital outflows amid resurgent dollar overseas. Forex market remained closed yesterday on account ...

Demonetisation impact: The last hurrah of King Cash in real estate Contrary to expectations that demonetisation will blot out the use of black money, there are reports that it is still in use in real estate transactions. A sting conducted by a real estate channel in Mumbai indicated three things: developers were willing to stagger payments over several months if the cash portion was paid in new notes; those who wanted to pay with old notes had to pay a premium over the face value of these notes; property dealers were eager to sell at discounts and for cash. Does this indicate that black is still beautiful in real estate? Representational image. Reuters Actually, no. It probably represents the last hurrah of King Cash in real estate, and one can expect future deals to be less and less ...

India to get details of Swiss bank accounts from Sept 2018 Switzerland will not share details about accounts held prior to September 2018. In a big step towards fighting black money stashed overseas, Switzerland on Tuesday agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards. They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019. The ‘Joint Declaration’ for implementation of Automatic Exchange of Information signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards. While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to ...

United Airlines limits full-size carry-ons for new low-cost fares CHICAGO, Nov. 16 (UPI) -- In an effort to compete with low-cost airlines offering cheap, no frills flights, United Airlines announced it will offer a new, cheaper fare next year that eliminates any carry-on luggage that does not fit under a seat. Hoping to compete better with low-cost airlines such as Spirit Airlines and Frontier Airlines, United said Tuesday it would start offering a "basic economy" level in 2017 that offers cheaper seats on flights but takes away perks associated with "economy" seats. In addition to the carry-on restriction, customers who opt for basic economy will no longer be able to choose their seat ahead of time, cannot change a flight or receive a refund and frequent flier points earned from the fares won't count toward...

Iran’s Rouhani proposes budget rise as Trump election threatens growth Dubai: Iranian President Hassan Rouhani proposed on Sunday a state budget of about $100 billion (Dh367 billion) for next year, loosening the purse strings to support economic growth as Donald Trump’s election threatens to put renewed pressure on Tehran. The US president-elect said during his campaign that he would scrap last year’s nuclear agreement between Iran and world powers, in what would be a big blow to the Iranian economy just as it emerges from years of sanctions. Rouhani announced a draft budget for the Iranian year that will start on March 21 of 3,200 trillion rials ($99.7 billion at the official exchange rate), excluding state enterprises. That is up 9 per cent from the plan for the current year. “Maintaining the growth rate that was launched in the...

Howard Schultz to step down as Starbucks CEO, focus on innovation NEW YORK (AP) — Starbucks says CEO Howard Schultz, who transformed the chain into a global coffee brand, is stepping down from that role at the coffee chain that he joined more than 30 years ago. The Seattle-based company announced Thursday that Kevin Johnson, who was named president and chief operating officer last year, will become chief executive as of April 3. Schultz, currently chairman and CEO, will become executive chairman on that date to focus on innovation and social impact activities, among other things. Schultz, 63, is credited with turning around the coffee chain’s fortunes since returning as its CEO in 2008. He has overseen the expansion of the company’s popular loyalty program and mobile app and worked to expand food and beverage offerings. The company’s sales have grown...