Top headlines: Infosys Q2 profit soars 20.5% YoY, SC on loan moratorium

From InfosysQ2 net profit beating estimates, SC asking govt to prepare an action plan on compound interest waiver by Nov 2, Business Standard brings you top news of the evening

Infosys Q2 consolidated net up 20.5% YoY at Rs 4,845 cr; ups FY21 guidance

Infosys on Wednesday reported a 20.5 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 4,845 crore for the quarter ended September 30, 2020 (Q2FY21). The information technology (IT) services major had posted a profit of Rs 4,019 crore in the year-ago period. On a sequential basis, profit grew 14.45 per cent. The company's revenue came in at Rs 24,570 crore, up 8.5 per cent YoY and 3.8 per cent QoQ. In constant currency, revenues increased by 4 per cent on a sequential basis and 2.2 per cent YoY. In US dollar terms, revenues came in at $3,312 million, up 3.2 per cent YoY and 6.1 per cent QoQ. Read More...

Decision to waive off compound interest must be implemented by Nov 2: SC

The government decision's to waive off compound interest payment for small borrowers during the six-month moratorium period should be implemented by November 2, said the Supreme Court on Wednesday, according to multiple media reports. The government's decision is welcome, but we need to see concrete results on the ground, said the court as it set November 2 as the next date of hearing in the matter, according to CNBC-TV18. Read More...

US watchdog probes Jockey's India partner over rights abuse allegations

A top apparel industry watchdog has launched an investigation into underwear maker Jockey International's Indian partner Page Industries Ltd following allegations of human rights abuses at one of its factories, the watchdog told Reuters. The investigation by US-based Worldwide Responsible Accredited Production (WRAP) comes after Norway's $1 trillion sovereign wealth fund dropped Page from its investment portfolio due to concerns of human rights violations at "Unit-III" - one of Page's Jockey manufacturing sites in Bengaluru. Read More...

15% of start-ups have halted operations due to Covid-19 pandemic: Report

The impact of Covid-19 has been severe on the Indian start-up ecosystem during the lockdown as 15 per cent of start-ups have halted operations. According to a report by TIE Delhi-NCR and Zinnov, 44 per cent of start-ups have cash runway for less than 6 months, 41 per cent of startups have been impacted negatively while 52 per cent are struggling to raise capital. Read More...

iPhone 12: With a bigger and cheaper line up, Apple joins the 5G race

Apple Inc on Tuesday launched its next-generation iPhone 12, with faster 5G connectivity that the California company hopes will spur consumers to trade in their old phones and keep its sales booming through the end of the year. The core of the line-up, the iPhone 12 with a 6.1-inch display, will sell for $799, while a 'Mini' version with a 5.4-inch screen will be slightly cheaper at $699. A 'Pro' version with three cameras and a new 3-D 'lidar' sensor starts at $999, with the largest 'Pro Max' starting at $1,099 and going up to $1,399. Read More...