Top headlines: Infosys profit rises 17%, US House asks for Trump's removal

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Infosys Q3 profit rises 17% YoY to Rs 5,197 cr; ups margin guidance to 5%

Infosys on Wednesday reported a 16.60 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 5,197 crore for the third quarter of the financial year 2021 (Q3FY21). The firm had posted a net profit of Rs 4,457 crore in the same period last year. On a sequential basis, the profit rose 7.3 per cent per cent from Rs 4,845 crore posted for the September 2020 quarter. Read more

Wipro Q3 profit grows 21% YoY to Rs 2,968 crore, margins expand 243 bps QoQ

Bengaluru-based IT firm Wipro on Wednesday clocked a 20.85 per cent year-on-year (YoY) growth in net profit at Rs 2,968 crore for the December quarter of FY21 (Q3FY21). It had reported a profit of Rs 2,455.9 crore in the same quarter last year. Sequentially, PAT rose 20.37 per cent relative to Rs 2,465.7 crore posted in Q2FY21. Its revenue came in at Rs 15,670 crore, up 1.28 per cent from Rs 15,470.5 crore logged in Q3FY20. On a quarterly basis, the income improved 3.67 per cent. Read more

M&M cuts over half of North America workforce over pandemic: Report

Indian automaker Mahindra & Mahindra Ltd has cut more than half of the workforce at its North American unit, two sources familiar with the matter told Reuters, due to the COVID-19 pandemic and an ongoing legal tussle. The sources did not give a figure for the number of jobs lost at the business, which had over 500 employees in early 2020, according to its website. However, one of the sources said “hundreds of workers” had been laid off since mid-2020 as part of a restructuring, and that the cuts were as high as two-thirds of Mahindra Automotive North America’s (MANA) total staffing. Read more

Amazon takes on edtech cos Byju's, Unacademy with launch of Amazon Academy

Amazon is launching Amazon Academy to cater to students preparing for the JEE (Joint Entrance Examination) for entrance to engineering colleges. The move would enable it to take on top edtech companies such as Byju’s, Unacademy, Vedantu and traditional education institutes and tap country’s $180-billion education sector which has gone online to adapt to the new reality. The online preparation offering will equip students with in-depth knowledge and practice routines required for the JEE, through curated learning material, live lectures and comprehensive assessments in Math, Physics and Chemistry. Read more

US House passes resolution asking Pence to remove Donald Trump from office

The Democratic-controlled US House of Representatives, which is rushing ahead towards impeaching Donald Trump over the unprecedented Capitol Hill attack, has passed a resolution urging Vice President Mike Pence to invoke 25th Amendment to remove the president from office. The resolution was voted by 223 to 205 votes on Tuesday night. The voting was mostly on party lines, with one Republican voting in favour of the resolution and another five abstaining. The resolution calls upon Pence to mobilise the Cabinet to activate the 25th Amendment to remove the president from office. Read more