Infosys Q3 results beat estimates, net profit up 23.5%. Infosys Audit Committee finds no evidence of financial impropriety, executive misconduct. China Mobile in tie-up talks with Vodafone Idea, Airtel.
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Standing Tall: IT giant Infosys today reported 23.5% Y-o-Y rise in net profit to ?4,457cr ($650m), beating estimates. Revenue was also up 7.9% at ?23,092cr ($3242m). The company also revised FY 20 revenue guidance to 10-10.5% in constant currency. Livemint
Clean and Clear: Infosys today reported that its Audit Committee has found no evidence of financial impropriety or executive misconduct following investigation into whistleblower allegations that accused its Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices in an attempt to boost revenues and profit in recent quarters. Moneycontrol
Stop Here: The Supreme Court today stayed an NCLAT order restoring Cyrus Mistry as Executive Chairman of the Tata Group, observing that there were "lacunae" in the orders passed by the Tribunal.
Hit Refresh: Tata Sons had challenged an National Company Law Appellate Tribunal (NCLAT) order that reinstated Cyrus Mistry as the Executive Chairman of Tata Sons and held the appointment of N Chandrasekaran, the current Chairman of Tata Sons, as Executive Chairman as "illegal".
FYI: Cyrus Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. ToI
Indi-Chini Bhai Bhai: Chinese telecom major China Mobile is reportedly in talks with Indian telecom players Vodafone Idea and Airtel to jointly develop a cloud network in India.
China Mobile could acquire a significant stake in a joint venture with the Indian telecom firms through a holding company structure, which would give China Mobile board seats and voting rights in the Indian telecom companies even as it would not need to get involved in the day-to-day operations.
Good to Know: China Mobile is the largest wireless carrier in China with 930m mobile customers and 170m wireline customers. CNBC TV18
Swipe Right: Bharti Airtel's $2bn qualified institutional placement (QIP), the largest such share sale by a private company in India has been subscribed more than three times, gathering pledges worth $9-10bn, as per sources.
Airtel had launched the QIP on Wednesday at a floor price of ?452 per share, and a separate foreign currency convertible bond (FCCB) issue of up to $1bn. ET Markets News
Do You Want to Build A Unicorn?: Education technology startup Byju's has reportedly raised $200m in a funding round from Tiger Global Management. This would value the firm at around $8bn, making it the third-largest unicorn in the country.
The top two unicorns in India are Paytm ($16bn) and OYO ($10bn) while Byju's recent fund raise enabled it to beat Ola Cabs ($5.7bn) to the third spot. Others on the list include Swiggy ($3.3bn), Udaan ($2.8bn), Zomato ($2.5bn) and Delhivery ($1.6bn). BS
Money Matters: Speaking of funding unicorns, Ant Financial, an affiliate of Chinese internet giant Alibaba, has placed $150m on the table for Zomato, increasing its investment in the food delivery company (it had picked up a 14.7% stake in Zomato in 2018). The newly raised capital will help Zomato in its bruising food delivery war against Swiggy, which last raised $1bn in a funding round led by Naspers. ET Tech
Crude Facts: As per the International Energy Agency (IEA), India's oil demand growth will overtake China's by the mid-2020s.
The country's oil demand is expected to reach 6m barrels per day (bpd) by 2024 from 4.4m bpd in 2017.
At the same time, its domestic production would increase only marginally. This would mean more investments in refineries but ever-more reliance on oil imports and susceptibility to supply chain disruptions - especially in the Middle-east. Reuters
Dead Deadlines: The Power Ministry has proposed a new deadline for coal-fired power plants around New Delhi to install emission-reducing equipment, extending the previous deadline by as much as two years.
Previously, the 11 plants around the capital were told to install the equipment by December 31st 2019; but only one of them completed the task. Now, the Ministry has suggested the deadline be pushed to between July 2020 and December 2021. If the proposal is accepted by the Environment Ministry, it would pose a further challenge for the National Capital Region, which routinely grapples with inhuman levels of air pollution. ET Power
Wake Me Up When November Ends: China's Vice Premier is expected to visit the US in the coming week to sign "Phase 1" of the long-awaited deal between the two trade-warring countries. Talks for Phase 2 will begin soon after - but don't expect it to be finalised anytime soon. US President Donald Trump recently said that talks for Phase 2 could "take a little time" and suggested that it could be signed only after the Presidential election in November. CNBC
Stream On: 2019 was the first year that music streams in the US crossed 1trn. Spotify, Apple Music and YouTube Music recorded a 30% rise in overall streams with Taylor Swift, Billie Eilish and Post Malone emerging as the most popular artists.
The streaming industry has now more than come of age. A staggering 82% of all music consumption in the US now comes from streaming while physical albums make up just 9%. MarketWatch
And Now, This: Internal communications released by Boeing reportedly show employees "displaying a cavalier attitude toward safety, ridiculing regulators and some airline officials". The 150 pages of documents - turned over to federal prosecutors months ago - reveal "how employees persuaded—and in some cases tried to trick—airline and government officials to conclude that flight-simulator training wasn’t necessary for the 737 MAX'. Click here to read more.
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