Tag: announcement

Infosys shares fall nearly 15 pc post earnings announcement

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New Delhi: Shares of Infosys on Monday tanked nearly 15 per cent in morning trade, wiping out Rs 73,060.65 crore from its market valuation, after the company reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24.
The stock tumbled 12.21 per cent to Rs 1,219 — its 52-week low mark — on the BSE.
At the NSE, it fell 14.67 per cent to its 52-week low of Rs 1,185.30.

Infosys was the biggest drag on both the benchmark indices Sensex and Nifty.
The company’s market valuation also declined by Rs 73,060.65 crore to Rs 5,08,219.35 crore.
The 30-share BSE Sensex quoted 891.04 points or 1.47 per cent lower at 59,539.96 in morning trade, pulled down by Infosys and weak trends in other IT counters.
Other IT firms also faced heavy drubbing, with Tech Mahindra, HCL Technologies, Tata Consultancy Services and Wipro falling in the range of 3-6 per cent.
“The worse-than-expected Q4 results from Infosys with only 4-7 per cent revenue growth for FY24 will drag down IT stocks impacting the Nifty,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Infosys on Thursday reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24 amid the tightening of IT budgets by clients following a turmoil in the US banking sector.
Infosys’ latest report card was a disappointment on several fronts – the company missed revenue guidance for FY23 hit by “unplanned project ramp downs and decision-making delays by some clients”, the company said.
With global macroeconomic uncertainties looming, it has given a subdued 4-7 per cent revenue growth forecast for FY24, with top management cautioning that “the environment remains uncertain”.
Infosys had last given single-digit revenue guidance in FY19.
India’s second-biggest software services firm posted 7.8 per cent year-on-year growth in consolidated net profit at Rs 6,128 crore for March quarter. But the profit fell 7 per cent when compared to the preceding December quarter.
The revenue growth in constant currency for FY23 came in at 15.4 per cent, lower than the guidance. Notably, during the Q3 earnings announcement in January this year, Infosys — which competes in the market with Tata Consultancy Services (TCS), Wipro and other IT firms — had raised FY23 revenue guidance to 16-16.5 per cent (against the previously projected band of 15-16 per cent).
Infosys’ Q4 year-on-year-growth was 8.8 per cent and the sequential decline was 3.2 per cent in constant currency terms.
Revenue rose 16 per cent year-on-year in the fourth quarter of FY23 to Rs 37,441 crore but represented a decline of 2.3 per cent when compared to December 2022 quarter.
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#Infosys #shares #fall #post #earnings #announcement
( With inputs from www.siasat.com )

April 17, 2023
Karnataka: Election related seizure touches close to Rs 100 cr in 10 days of poll announcement

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Bengaluru: The election related seizure in Karnataka on Sunday touched close to Rs 100 crore, the office of the Chief Electoral Officer said.
According to the daily bulletin, the CEO said Rs 99.18 crore worth seizure were made ever since the Model Code of Conduct (MCC) came into effect in the State from March 29.
In just 10 days of MCC coming into effect, Rs 36.8 crore cash, Rs 15.46 crore worth freebies, 5.2 lakh litres of liquor valued at Rs 30 crore, Rs 15 crore worth gold and Rs 2.5 crore worth silver ornaments have been seized, the bulletin said.

On Sunday, the Static Surveillance Team seized Rs 34 lakh cash in Yadgir district and 56 televisions worth Rs 21 lakh in Nelamangala constituency in Bengaluru Rural district. The Excise department has seized 54,282 litres of liquor worth Rs 1.62 crore.
The elections to the 224-member Karnataka Assembly will be held on May 10 and results will be declared on May 13.
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#Karnataka #Election #related #seizure #touches #close #days #poll #announcement

( With inputs from www.siasat.com )

April 9, 2023
7th Pay Commission: Salary Of Govt Employees To Increase Soon, Announcement Likely- Details Here – Kashmir News

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7th Pay Commission: Salary Of Govt Employees To Increase Soon, Announcement Likely- Details Here
7th Pay Commission: The Central government employees who are waiting for their salary hike, here’s a big update for you. They are likely to get a hike in salary, Dearness Allowance (DA), and Dearness Relief (DR) under the 7th Central Pay Commission (CPC). In this regard, the Centre is expected to make the announcement after Holi as it would revise the fitment factor in March 2023, according to a report by Economic Times. J&K Bank Issues Important Notice For Costumers – Check Here
The ET report suggested that the Centre is planning to revise the DA and fitment factor after March 8. Currently, the common fitment factor is at 2.57%, which means an employee who receives Rs 15,500 in 4200 Grade Pay, would get a total pay of Rs 39, 835, by multiplying (Rs 15,500 x 2.57) as per 6th Central Pay Commission.
Earlier, the 6th pay commission had recommended the fitment ratio at 1.86 %, while the 7th CPC recommended 2.57%, at which the Central government employees are being paid at present. The central government employees, however, now demand that the fitment factor should be hiked to 3.68. If their demand is accepted, then this would lead to a minimum wage of Rs 18,000 being increased to Rs 26,000. Govt Increased LPG Cooking & Commercial Gas Cylinders Price – Check New Rates In Your City
7th Pay Commission: Karnataka Govt Employees Withdraw Protest After CM Bommai Announces 17% Salary Hike
The government employees of Karnataka on Wednesday withdrew their protest on Wednesday after the state government announced a 17% hike in salary. Chief Minister Bommai announced the pay hike from April 1. CM Bommai said that his government will constitute a committee to submit a report on the possibilities of reintroducing the Old Pension Scheme(OPS).
(Agencies)
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#7th #Pay #Commission #Salary #Govt #Employees #Increase #Announcement #Details #Kashmir #News
( With inputs from : kashmirnews.in )

March 1, 2023
Gavin Newsom and Elon Musk recharge bromance at Tesla announcement

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The appearance was meant to promote California’s commitment to electric vehicle initiatives and its robust economy, but it also highlighted Newsom’s long-standing relationship with the polarizing billionaire, which appears to be alive and well despite Tesla relocating some of its operations to Texas, ignoring the state’s pandemic orders, and Musk nearly running another Silicon Valley giant, Twitter, into the ground.
Newsom says his relationship with Musk goes back “decades,” but the two have engaged in some light public sparring in recent years. Musk in 2021 derided California as “the land of sort of overregulation, overlitigation, overtaxation.” The governor in September suggested Tesla wouldn’t even exist without California’s incentives.
But none of that was brought up on Wednesday. Musk cheerfully noted that Newsom was “one of the first to buy a Tesla Roadster back in the day” — noting he would have had to put down $100,000 to reserve one in 2007. That also means Newsom would have been one of the first Californians to buy an electric vehicle. According to data from the state’s energy commission, only 112 zero-emission vehicles had been sold by 2010.
“That was a healthy deposit you had to make,” Newsom said, joking he made the purchase “back when I had money.”
“That was a lot of money in 2007,” Musk said.
“It’s still a lot of money,” Newsom replied. “Trust me, brother, you haven’t looked at my salary … We had about the same net worth back then, 20 years ago.”
The governor, who receives a state salary of $224,020, reported at least $1.6 million in income, assets and investments for 2021. Newsom founded a lucrative wine and hospitality business in 1992, but moved the Plumpjack Group assets to a blind trust upon taking office in 2018.
His office didn’t respond to a question about how many Tesla vehicles he owns, but a 2018 profile in The New Yorker makes mention of three Teslas in his driveway.

By the end of 2022, a total of about 1.4 million ZEVs had been sold in the state, including 346,000 sold last year for nearly 19 percent of the new vehicle market. California has a goal of propelling electric vehicle sales to 100 percent of the new car market by 2035.
Jeremy B. White contributed to this report.
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#Gavin #Newsom #Elon #Musk #recharge #bromance #Tesla #announcement
( With inputs from : www.politico.com )

February 23, 2023
Marianne Williamson planning ‘important announcement’ in March

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Williamson said Biden’s apparent message to 2024 voters that the economy is getting stronger “speaks to the disconnect between the analysis of party elites versus the struggle of everyday Americans.”
“The majority of Americans are still struggling to survive,” Williamson said.
Williamson, who has never held a public office, said she plans on visiting New Hampshire this weekend.
Williamson went viral during the 2020 Democratic primary for her debate performances before dropping out before the Iowa caucuses. Williamson also frequently expressed skepticism of vaccine mandates, though she said Friday that she is not “anti-vax.”
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#Marianne #Williamson #planning #important #announcement #March
( With inputs from : www.politico.com )

February 18, 2023
How Google’s layoff announcement different from other companies

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Google’s parent company Alphabet recently announced layoffs of 12,000 employees, or about 6 percent of its workforce, globally. After the announcement, it joined the Big Tech league of Amazon, Meta, and Microsoft which had also gone for layoffs.
However, the announcement made by Google CEO Sundar Pichai is different from other companies.
To understand the difference, the layoff announcements by various companies need to be analysed.
Google: I have some difficult news to share. We’ve decided to reduce our workforce by approximately 12,000 roles. We’ve already sent a separate email to employees in the US who are affected.
Microsoft: Today, we are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3. This represents less than 5 percent of our total employee base, with some notifications happening today.
Amazon: On January 4, the company CEO Andy Jassy said in a statement that they were not done with the annual planning process as earlier mentioned, and “I expected there would be more role reductions in early 2023”.
“We typically wait to communicate about these outcomes until we can speak with the people who are directly impacted. However, because one of our teammates leaked this information externally, we decided it was better to share this news earlier so you can hear the details directly from me,” said Jassy.
Meta: Mark Zukerberg’s message to all Meta employees mentioned, “There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.

Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.”
The one thing which is different in Google’s way of layoffs is letting affected employees know before the announcement of the collective fate.
In the layoff, it is always better to clearly communicate about it with the affected employees before the general announcement instead of making them wait to know their fate.
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#Googles #layoff #announcement #companies
( With inputs from www.siasat.com )

January 23, 2023