Infosys, Wipro to react to their Q3 results

Infosys' net profit jumped 16.6% to Rs 5,197 crore on a 12.3% rise in revenues to Rs 25,927 crore in Q3 December 2020 (Q3FY21) over Q3 December 2019 (Q3FY20). Sequentially, net profit rose 7.3% and revenue increased 5.5% in Q3FY21 over Q2 September 2020 (Q2FY21).

Infosys has revised FY21 growth guidance upward to 4.5% to 5% in constant currency term. Operating margin for FY21 is revised upward in the range of 24% to 24.5%.

Wipro reported 20.37% rise in consolidated net profit to Rs 2,968 crore on a 3.68% increase in revenue to Rs 15,670 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21). The company's consolidated net profit has grown by 20.85% and revenue has risen by 1.29% in Q3 FY21 over Q3 FY20.

Wipro expects revenue from its IT services business to be in the range of $2,102 million to $2,143 million in Q4 March 2021, a sequential growth of 1.5% to 3.5%.

Tata Consultancy Services (TCS) has launched a curated version of its flagship cloud management and orchestration platform, TCS Cloud Exponence on Microsoft Azure.

Power Grid Corporation of India (POWERGRID) has signed the 'Termination Agreement' amongst Reliance Infrastructure (Rlnfra) and Parbati Koldam Transmission Company (PKTCL) terminating the Shareholders' Agreement (SHA) dated 23 November 2007, which was executed between POWERGRID, Rlnfra and PKTCL to form a JVC named PKTCL, wherein POWERGRID and Rlnfra hold 26% and 74% equity shares in PKTCL, respectively.

SAIL said the government will sell up to a 10% stake in the company through offer for sale on January 14-15 and the floor price has been fixed at Rs 64 per share.

Indian Bank has successfully raised Tier 2 Capital Fund through Private Placement of Basel III compliant Tier 2 Bonds aggregating to Rs 2000 crore at a coupon of 6.18% p.a. payable annually.

Powered by Capital Market - Live News