 "Top headlines: TCS Q1 net rises 28.5%; Rs 23k-cr Covid package announced")
TCS Q1 net profit misses estimates
Tata Consultancy Services (TCS), India’s largest IT services players, saw net profit increase by 28.5 per cent on an annual basis at Rs 9,008 crore in the first quarter of FY22, but was down 2.5 per cent sequentially. Revenue for the quarter grew 18.5 per cent year-on-year at Rs 45,411, and was up 3.9 per cent sequentially. Despite a miss on the dollar revenue, the company reported total contract value of $8.1 billion for the quarter. Read here
Newly-formed Cabinet approves Rs 23,123-cr Covid package
The Union cabinet Thursday approved a Rs 23,123-crore financial package for improving health infrastructure in the country to fight the Covid pandemic.
Addressing a press conference here after the first meeting of the Union cabinet following its reshuffle on Wednesday, Health Minister Mansukh Mandaviya said the package will be implemented over the next nine months till March 2022. Read here
Centre makes mandis eligible for loans
The union cabinet today approved a host of changes into the Rs one trillion Agriculture Infrastructure Fund (AIF), including bringing Agriculture Produce Market Committees (APMCs) or regulated mandis within its ambit, a move which the government showcased as its commitment to keep them functioning.
One key apprehension of the protesting farmers against the three reform acts brought last year has been that once the laws come into effect, the mandis will be dismantled, as lured by low taxes, trading will shift outside their ambit. Read here
Growth worries, Chinese tech rout drag Wall Street lower
Wall Street's main indexes fell sharply on Thursday as the spread of the Covid-19 Delta variant cast doubts over an economic recovery, while a rout in Chinese tech stocks appeared to have spilled across markets.
Investors globally turned wary of risk. Equities fell and bond prices rallied on worries about Beijing's crackdown on foreign-listed Chinese firms and a sustained global economic recovery. Read here
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