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Infosys Q1 net profit rises 23%, ups FY22 revenue guidance to 14-16%

Infosys may have missed Street’s net profit expectations for the quarter ended June 2021, but the country’s second-largest information technology (IT) services player on Wednesday raised its revenue growth guidance for financial year 2021-22 (FY22), buoyed by a robust deal pipeline. The company now expects its revenue to grow by 14-16 per cent in FY22, up from the earlier estimate of 12-14 per cent. This guidance is ahead of the one-percentage point increase analysts were estimating. Kotak Institutional Equities, for instance, had noted in its results preview: "We expect Infosys to raise FY2022 revenue growth guidance to 13-15 per cent in constant currency from 12-14 per cent earlier.”

L&T Tech Q1 net jumps 84%, upgrades revenue growth guidance for FY22

L&T Technology Services (LTTS) on Wednesday reported an 84 per cent jump in its June quarter net at Rs 216.2 crore, largely on widening margins. The city-based company, the engineering and research and development services arm of the infra major L&T, had posted a net profit of Rs 117.2 crore in the year-ago period. Its overall revenue increased by 19.42 per cent to Rs 1,562.6 crore for the reporting quarter, while the operating profit widened 5.20 per cent to 17.3 per cent, its highest ever.

Zomato IPO fully subscribed on Day 1, attracts bids worth Rs 5,700 cr

India’s first unicorn IPO saw more demand than the shares on offer on Wednesday, the first day of the issue. As per data provided by the stock exchanges, Zomato’s maiden offering has attracted bids for 756 million shares, worth Rs 5,700 crore, as against 719.2 million on offer in the IPO, which closes on Friday. Bulk of the bids on the first day have come from retail and institutional investors. The retail portion has seen oversubscription to the tune of 2.7 times, while the so-called qualified institutional buyer (QIB) segment was subscribed 98 per cent. The high networth individual (HNI) and employee portion were subscribed 13 per cent and 18 per cent respectively. To be sure, bulk of the bids in any IPO come on the last day of the issue.

TCS to expand operations in Arizona; to invest $300 million by 2026

Tata Consultancy Services (TCS) on Wednesday announced plans to expand its operations in Arizona in the US and invest more than USD 300 million (about Rs 2,236 crore) by 2026. The Mumbai-based company will also hire more than 220 employees by 2023, it said in a regulatory filing. "TCS will also continue to expand the reach of its STEM (Science, Technology, Engineering and Mathematics) and Computer Science education programmes in Arizona by increasing teacher training and online content for students over the next two years," it added.

Adani Transmission gets shareholders' approval to raise up to Rs 2,500 cr

Adani Transmission has got shareholders' nod to raise up to Rs 2,500 crore in one or more tranches through the issuance of equity shares, securities and debentures, according to a regulatory filing by the company. The proposal to raise up to Rs 2,500 crore by issuance of equity shares, securities, debentures, etc, was passed by requisite majority in the annual general meeting (AGM) held on Tuesday, according to the BSE filing. The company had proposed to have the flexibility to infuse additional capital, to tap the capital markets and to raise additional long-term resources, if necessary. This was aimed at sustaining rapid growth in the business, expanding business, and improving the financial leveraging strength of the company.

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