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Wipro Q3 revenues may rise up to 3% QoQ; flattish margins likely: Analysts

IT major Wipro is expected to register revenue growth up to 3 per cent quarter-on-quarter (QoQ) to Rs 23,497 crore in the December quarter of this fiscal year (Q3FY23), in-line with the management's guidance set in the range of 0.5-2 per cent. The company is due to announce its results on Friday, January 13.

Higher furloughs and two-month wage hike impact, however, is likely to keep margins flattish at 15.1 per cent in Q3FY23, cautioned analysts. Profitafter-tax (PAT), meanwhile, is expected to rise up to 10 per cent QoQ to Rs 3,057 crore from Rs 2,659 crore. However, a decline of up to 7 per cent is likely on a year-on-year (YoY) basis, suggested reports from five brokerage houses.

Tata Group planning to set up EV cell-manufacturing operations in Europe

India’s oldest conglomerate, Tata Group, is planning to set up electric vehicle cell-manufacturing operations in Europe as it tries to accelerate its British marque unit’s shift to battery-powered cars.

Jaguar Land Rover and Tata Motors will be the anchor customers for the facility, which will also sell battery cells to the wider market, Tata Motors Chief Financial Officer P.B. Balaji said in an interview at the India Auto Expo taking place this week on the outskirts of New Delhi.

Infosys Q3 result: IT major's revenue grows 20% YoY to Rs 38,318 cr

IT giant Infosys recorded a 20.2 per cent growth in revenue at Rs 38,318 crore in the third quarter of the current financial year (Q3FY23) as compared to Rs 31,867 crore year-on-year (YoY), according to the BSE filing of the company. The net profit of the company rose 13.4 per cent to Rs 6,586 crore during Q3FY23.

The IT services company said on Thursday it sees its FY23 revenue guidance in the range of 16 per cent to 16.5 per cent and maintained that its operating margin guidance will be at 21-22 per cent.

Alibaba Group sells Paytm stake worth $125 million through block deal

China's Alibaba Group sold a 3.1% stake in Indian digital payments firm Paytm worth $125 million through a block deal on Thursday, a source with direct knowledge of the matter told Reuters.

Alibaba, which held a 6.26% stake in Paytm as at end-September, sold the stake at 536.95 rupees apiece, the source said.

TCS announces 100% variable pay for 70% of its employees for third quarter

India’s largest IT service provider by revenue, Tata Consultancy Services (TCS), has rolled out 100 per cent variable pay for 70 per cent of its employees for the third quarter that ended on December 31, the Economic Times reported.

In emails sent to its employees, the TCS announced 100 per cent variable pay for its grade C2 employees, and the remaining 30 per cent of senior employees will get variable pay in line with their business performance.

The move comes a day after the results for the third quarter were announced.

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