American brokerage BofA Securities on Friday said the Indian economy
continues to be weak, pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling. It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. Read more
Riding the digitisation wave, HCL Technologies
posted a strong set of numbers for the December quarter, with net profit up 31.1 per cent year-on-year (YoY) at Rs 3,982 crore as compared to the corresponding quarter a year ago. The net profit rose 26.7 per cent on a sequential basis. The Noida-headquartered company’s consolidated revenue rose 6.4 per cent to Rs 19,302 crore YoY and 3.8 per cent sequentially. The EBIT margin of the IT services provider expanded 265 basis points on a YoY basis to 22.9 per cent in the October-December period - a 24 quarter high. Read more
Co accused a Siemens
Energy AG subsidiary of using stolen trade secrets to rig bids for lucrative contracts supplying gas turbines to public utilities, and cover up improper business gains totaling more than $1 billion, according to a lawsuit filed on Thursday. GE sued the rival company, Siemens
Energy Inc, in a U.S. district court in Virginia, alleging the theft traces back to May 2019, when the industrial conglomerates bid to provide gas turbine equipment and servicing to Dominion Energy Inc. Dominion is a Virginia power utility that provides electricity to about 4 million customers on the east coast. Read more
The proposed changes in H-1B application selection process by US Citizenship and Immigration Services (USCIS) are prospective in nature but will have a minor adverse impact on the margins of Indian IT services companies, investment information agency ICRA has said. The H-1B application selection process will be based on wage levels compared to an earlier selection method based on lottery. Under the new rule, the USCIS will select applications offering the highest wages proffered vis-a-vis selected occupation level or position to attract the highest skilled labour. Read more
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