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India Infoline Weekly Newsletter – January 11, 2013

India Infoline News Service | Mumbai |

Infosys Ltd has posted results for the third quarter ended 31st December, 2012. Its net profit stood at Rs23.69bn. Q3 other income at Rs5.03bn, while Q3 consolidated operating profit stood at Rs26.77bn.

Top Stories

Finally, Infosys springs a positive surprise

Infosys Ltd has posted results for the third quarter ended 31st December, 2012. Its net profit stood at Rs23.69bn. Q3 other income at Rs5.03bn, while Q3 consolidated operating profit stood at Rs26.77bn. Net income after tax was $434 mn for the quarter ended December 31, 2012 against $431 mn for the quarter ended September 30, 2012. Earnings per American Depositary Share (EPADS) was $0.76 for the quarter ended December 31, 2012 against $0.75 for the quarter ended September 30, 2012 Liquid assets including cash and cash equivalents, current available-for-sale financial assets, investment in certificates of deposits and government bonds were $4.1 bn versus $4.3 bn as on September 30, 2012.

Other highlights:

  • The company won 8 large outsourcing deals amounting to US$ 731 million of total contract value
  • 14 new wins for Infosys’ products and platforms
  • Infosys and its subsidiaries added 53 clients during the quarter
  • Gross addition of 7,499 employees (net addition of 977) for the quarter by Infosys and its subsidiaries.
  • 155,629 employees as on December 31, 2012 for Infosys and its subsidiaries
  • Completed the acquisition of Lodestone Holding AG, a leading management consultancy based in Switzerland
Infosys American Depositary Shares (ADS) have started trading on the New York Stock Exchange (NYSE) under the ticker symbol ‘INFY’. The company is in the process of listing its ADS on the Paris and London exchanges of NYSE Euronext...Read More

Infosys plans to hike on-site wages by 2-3%: reports,

Infosys able to maintain margins through efficiency improvements: Rajiv Bansal

IIP for November slips to -0.1%

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of November 2012 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board. The General Index for the month of November 2012 stands at 167.3, which is 0.1% lower as compared to the level in the month of November 2011. The cumulative growth for the period April-November 2012-13 over the corresponding period of the previous year stands at 1.0%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2012 stand at 121.7, 178.3 and 149.1 respectively, with the corresponding growth rates of (-) 5.5%, 0.3% and 2.4% as compared to November 2011 (Statement I). The cumulative growth in the three sectors during April-November 2012-13 over the corresponding period of 2011-12 has been (-) 1.5%, 1.0% and 4.4% respectively.

In terms of industries, thirteen (13) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown negative growth during the month of November 2012 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Publishing, printing and reproduction of recorded media’ has shown the highest negative growth of 22.1%, followed by 21.8% in ‘Office, accounting and computing machinery’ and 18.9% in ‘Wood and products of wood & cork except furniture; articles of straw & plating materials’. On the other hand, the industry group ‘Electrical machinery and apparatus n.e.c.’ has shown a positive growth of 25.1% followed by 15.7% in ‘Luggage, handbags, saddlery, harness and footwear; tanning and dressing of leather products’ and 15.3% in ‘Radio, TV and communication equipment and apparatus’...Read More

India is confident to return to higher growth path: PM

Prime Minister, Dr. Manmohan Singh inaugurated the 11th Pravasi Bharatiya Divas. In his inaugural address, he said that despite domestic constraints and challenges, India is confident that the strong economic fundamentals, backed by sound policies, will enable us to return to a higher growth path. This is an imperative for the country, because, India needs rapid growth and a healthy economy to meet the aspirations of an increasingly young India and make economic development more inclusive and more sustainable. The Governemnt has taken a number of steps to boost domestic and foreign investment, accelerate project implementation and reform capital markets and the tax system. He added that among the most positive stories out of India in recent years are the acceleration in the rate of poverty reduction, stronger growth in the poorest states and improved productivity and increased real wages in our agriculture sector. This is significant, given that 65% of our population still relies on agriculture. He further said that the Government took a small first step to deliver benefits through direct transfer to beneficiaries, using the digital Aadhaar platform, which is an example of efforts to make growth more inclusive and government programmes more efficient and less vulnerable to leakages of various sorts. The Prime Minister said that the relationship between Pravasis and Bharat has taken many forms. One of its most glorious manifestations has been their contribution to India’s independence movement. Nearly a hundred years ago, almost to this day, Mahatma Gandhi returned to lead a nation’s march to freedom. This year, the country is celebrating the centenary of the Gadar Movement, which was a luminous spark of support in distant California for the struggle for independence being waged at home in our country. Apart from commemorating it by the issue of a special postage stamp, India will also upgrade the Gadar Memorial in San Francisco into a functional museum and library with a sculpture to honour the Gadar Babas, the heroes of this great national movement...Read More

Railway Minister announces increase in passenger fares

Railway Minister Pawan Kumar Bansal has announced a fare hike with effect from January 21-22 midnight. Addressing a press conference Bansal reportedly said that having hiked the railway fares now, the government will not increase the tariff in the budget. The new fares imply a 2 paise per kilometre increase in second class ordinary suburban tariffs, report said. There were reports that fare for second class non sub-urban travel has gone up by 3 paise per kilometre and that of sleeper class has been hiked by 6 paise per kilometre. Travelling in Air conditioned (AC) chair car and sleeper class will now be costlier by 10 paise per kilometre.

We can transform country, eradicating poverty and unemployment: Anil Agarwal

The United States of the early to mid- 1900's has some striking parallels with the India of today. It was around this time that America began its journey towards becoming the world’s largest economy. The biggest factors that propelled the growth and transformation of the US were technology, natural resources, manufacturing and private enterprise; a few men who dreamt big helped create the modern America. Andrew Carnegie, John Rockefeller, Cornelius Vanderbilt, J P Morgan and Henry Ford with their entrepreneurial spirit and innovative approach built businesses that helped make the transition to the modern industrial era. They laid the foundations of the American steel industry, oil and gas, natural resources and mining, manufacturing, finance and infrastructure building including roads, rail and ports. All the five men were also great philanthropists who donated most of their wealth for the larger benefit of society. These were used to set up large universities, hospitals, museums, art and culture centres, libraries and charities. The universities also contributed as powerful research centres and acted as think tanks in areas of technology, material and space research, liberal arts and political science. Moreover, they helped develop political, business and other leaders. These created large employment opportunities and also spawned entrepreneurship. From a societal perspective, there were issues similar to India; poverty, environmental challenges, corruption and crime. It took a set of progressive presidents from Roosevelt to Eisenhower to put in place policies that encouraged private entrepreneurship, better governance, government spending and social security. This led to the gradual rise of the American superpower. America’s growth journey has some lessons for India. Both are large vibrant democracies with abundant natural resources. While America benefited from a large flow of immigrants in search of the American dream, India has a large population in the working age group. More importantly, like the US, India has people with entrepreneurial spirit who can visualize a new India and unleash its potential...Read More

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