Nasdaq-listed Cognizant Technology Solutions has forecast its revenue for FY24 to be in the range of $19.0 to $19.8 billion, reflecting a decline of 2 per cent to a growth of 2 per cent in constant currency terms. The firm, based in Teaneck, New Jersey, reported a 7 per cent increase in net profit at $558 million for the December...
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YES Bank, IndusInd Bank shares Rally as HDFC Bank gets RBI nod to buy stakes
Shares of YES Bank Ltd, Bandhan Bank Ltd and IndusInd Bank Ltd rallied up to 13 per cent in Tuesday’s trade after the Reserve Bank of India (RBI) gave nod to HDFC Bank Ltd to acquire up to 9.5 per cent stake each in the two private lenders. YES Bank shares jumped 12.63 per cent to hit a high of Rs...
Some Directors Took Drugs With Elon Musk As A “No” Could Upset Him
Elon Musk’s use of illegal drugs was common knowledge among several current and former Tesla Inc. and SpaceX directors, the Wall Street Journal reported on Saturday. There was concern about the volume of Elon Musk’s illegal drug use and that he consumed drugs with some of his board members, the newspaper reported, citing people who have witnessed the drug use...
US okays sale of 31 Predator drones to India in $4-bn deal
The Biden administration on Thursday notified the US Congress on its proposed supply of 31 MQ-9B Predator long endurance drones to India, in a significant forward movement to firm up the mega deal that was announced during Prime Minister Narendra Modi’s visit to Washington in June last year. The Defence Security Cooperation Agency of the US government delivered the required...
Adani Flagship’s Profit Jumps 130% As Strong Recovery Continues
Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by its portfolio of newer businesses. Shares jumped as much as 1.5%. The flagship firm of billionaire Gautam Adani’s empire posted net income of 18.9 billion rupees ($228 million) for the quarter through December, compared with 8.2 billion rupees in the year-ago quarter, according to an exchange filing Thursday. There weren’t...
No changes in tax rates for direct, indirect taxes: FM
Finance Minister Nirmala Sitharaman on Thursday said there are no changes in tax rates for direct and indirect taxes, including import duties. She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014. The processing time of tax returns has been reduced from 93 days in FY14 to 10 days;...
India’s manufacturing PMI rises to four-month high of 56.5 in Jan
On the back of fast growth in new orders and production, India’s manufacturing Purchasing Managers’ Index (PMI) rose to a four-month high in January, a report released on Thursday showed. According to HSBC Flash India PMI data, the manufacturing PMI rose to 56.5 in January. In December last year, it had fallen to an 18-month low of 54.9. The latest...
India can be $7 trillion economy by 2030
The Indian economy is likely to achieve a growth rate of 7% in fiscal year 2025 aftergrowing at or above 7% in 2023-24, driven by resilient domestic demand despite risksand uncertainties in the global economic landscape, according to a review of theeconomy unveiled on Monday. It also said India can aspire to become a $7 trillion economy in the next...
Mukesh’s Reliance Industries set for record as Red Sea crisis proves a boon
Billionaire Mukesh Ambani’s Reliance Industries Ltd. is heading for a record high as a confluence of bullish factors including the ongoing Red Sea crisis help the stock break out of a tight trading range that lasted well over two years. The shares climbed as much as 5.8%, the most since May 2022, putting India’s largest company by market value on...
Rural Welfare And Infra Push: What To Expect From Pre-Election Budget
Prime Minister Narendra Modi will likely use India’s last budget before the elections to woo voters with new spending measures, while avoiding a fiscal deficit increase. The economy’s rapid expansion has led to a tax windfall for the government, helping it meet its goals of curbing the deficit. That means Finance Minister Nirmala Sitharaman, who will deliver her sixth budget...
Proposed RBI framework set to give money-changing business a makeover
Last week, Gautam Ashra, head of Kanji Pitamber & Co, a 103-year-old forex brokerage, got a buyout offer from a private equity firm. “I told them to wait; will think and let them know.” Firms like Ashra’s are in the spotlight in the backdrop of Mint Road’s ‘Draft Licensing Framework for Authorised Persons (APs) under the Foreign Exchange Management Act, 1999’....
India’s stock market over takes Hong Kong’s as the 4th largest in the world
India’s stock market is booming, and its value has ballooned so much that it overtook Hong Kong’s on Monday, Bloomberg reported. The total value of shares on Indian exchanges hit $4.33 trillion at Monday’s close, compared to Hong Kong’s $4.29 trillion, according to data compiled by Bloomberg, making it the fourth largest stock market in the world. India passed the $4 trillion...