TCS reported a 7.05% decline in consolidated net profit to Rs 7,475 crore on a 2.97% increase in revenue to Rs 40,135 crore in Q2 September 2020 over Q2 September 2019. Sequentially, the consolidated net profit grew 6.6% and revenue increased 4.73% in Q2 September 2020 over Q1 June 2020.
The company set aside Rs 1,218 crore under exceptional items related to a US lawsuit. The exceptional item relates to the compensatory damages TCS has to pay with regard to the intellectual property lawsuit filed by Epic Systems. In October 2014, EPIC had filed a legal claim against TCS in the court of Western District Madison, Wisconsin alleging infringement of Epic's proprietary information.
Meanwhile, the IT major's board approved a proposal to buyback up to 5.33 crore equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 1.42% of the total paid-up equity share capital, at Rs 3,000 per equity share.
Wipro informed that the board of directors of the company will be considering a proposal of buyback of equity shares of the company at its meeting scheduled to be held on 13 October 2020.
Infosys Public Services, a US-based subsidiary of Infosys, unveiled the Infosys Health Insights Platform (IHIP) - an automated data science platform for public health agencies developed in collaboration with Amazon Web Services (AWS), Couchbase, and Knowi. The new platform is part of the Infosys Cobalt's growing portfolio of 14,000 cloud assets. Built on AWS, this new platform will help agencies scale their analytics capabilities and turn massive amounts of data into valuable insights and actionable recommendations.
Hero MotoCorp yesterday introduced the new Maestro Edge 125 Stealth scooter. The new Maestro Edge 125 Stealth has a fast and ferocious stance, further enhanced by the fresh contemporary design aesthetics.
CARE Ratings has reviewed credit ratings of the Nilkamal and re-affirmed for long term bank facilities at AA/Stable and short term bank facilities at A1+.
CARE Ratings has reaffirmed its ratings in respect of Commercial Papers of Shriram City Union Finance, revised its ratings for fixed deposits and Non-Convertible Debentures and outlook on the fixed deposits and Non-Convertible Debentures of the company to 'Stable' from 'Negative'.
RBL Bank said total deposits rose 3% to Rs 64,529 crore in Q2 September 2020 over Q2 September 2019.
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