January 19: The day in pictures
January 19: The day in pictures
Employees at a call centre provide service support to international customers in Bangalore
Software services firm HCL Technologies posted a better-than-expected 34.2 per cent jump in consolidated net profit for October-December, aided by strong growth in non-core markets.
Shares in the company surged nearly 6 per cent after the results, reaching a 52-week high of Rs 517.50 even as the broader market traded flat and BSE IT index was 1 per cent lower.
The company reported a net profit of about Rs 400 crore for the period, while revenue rose 28 per cent to Rs 3,890 crore. Profit was expected to rise 24 per cent to Rs 368 crore, according to a Reuters poll of 15 analysts.
The firm also said its business outside the US and Europe, its biggest markets, rose more than 60 per cent.
Fifteen-year-old Saira cuts shirt threads inside a garment factory in Mumbai
The Reserve Bank of India said on Wednesday banks can classify restructured loans to microfinance companies as a 'special regulatory asset,' a move that the bank said will ease liquidity constraints in the sector.
These accounts will need to be standard at the time of restructuring even if they are not fully secured, it said in a notification on its website.
The central bank also noted that the current problems in the sector are mainly due to 'environmental factors,' and not due to 'credit weakness.'
Prime Minister Manmohan Singh attends the Indian labour conference in New Delhi
Prime Minister Manmohan Singh will reshuffle his cabinet on Wednesday in a mid-term effort to refresh a coalition government snared by corruption scandals and year-high food inflation as it faces key state elections.
The reshuffle, which could show the direction the government will take either to back reformist ministers or bow to political expediency and pressure from industry, is due to be announced at 1700 IST (1130 GMT), according to government sources.
Singh may make cosmetic changes to smaller ministries, bringing in younger politicians to invigorate the government's image. Or he could make major changes with some controversial reformists, such as Environment Minister Jairam Ramesh.
China's President Hu Jintao waves upon his arrival at Andrews Air Force Base near Washington for a state visit
President Barack Obama and his Chinese counterpart Hu Jintao confront stubborn rifts over North Korea and bilateral economic imbalances on Wednesday when they meet amid the pomp of a formal state visit.
Both presidents have vowed stronger cooperation between the world's two largest economies in an effort to bridge the strains of the past year over human rights, Taiwan, Tibet and the gaping US trade deficit with China.
Taking major strides toward narrowing these disagreements, however, will test the depth of their partnership.
A labourer works inside a steel factory in Kanpur
Tata Steel has raised Rs 508 crore ($111.8 million) from anchor investors at the upper end of an indicated price range ahead of a public share offering, reflecting investor optimism in the company's prospects in India's fast-expanding economy.
Major investors include the Abu Dhabi Investment Authority, Government of Singapore, and investment units of Fidelity, Morgan Stanley, Credit Suisse, Macquarie and ICICI Prudential, exchange data showed.
The world's seventh-largest steelmaker issued 8.325 million shares, or nearly 15 per cent of the total offer, at Rs 610 each to 33 anchor investors, according to the data issued late on Tuesday.
Tata Steel is in the market to raise a maximum of Rs 3,477 crore ($770 million) by issuing 57 million shares, or 5.9 per cent of equity, in the follow-on public offer at Rs 594 to Rs 610 each.
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