Infosys: India's second-largest IT services company Infosys has scaled back the average variable payout of employees to about 70% for the June quarter amid margin squeeze and high employee costs, according to sources. The company has reduced variable payout for the June quarter or Q1 FY23 to about 70% and the employees have been informed about the same. Recently, Wipro and TCS held back the variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology.
TVS Electronics: TVS Electronics on Monday executed a business transfer agreement with GTID Solutions Development to enter into the mobile POS software solutions and authentication solutions space, offering hardware along with required applications, digital payment solutions, cloud computing software solutions, etc. to segments like Retail, Banks, and Government. TVS Electronics will acquire the business and IP rights of GTID Solutions. TVS Electronics expects the transaction to be complete on or before October 31, 2022.
TCS: Tata Consultancy Services (TCS), on Monday said that South Africa’s Absa Corporate and Investment Bank (CIB) has appointed the Indian IT giant to digitally transform its investment banking services. TCS will offer its ‘BaNCS’ platform to enable on-cloud trading and investment services for Absa CIB’s clients. The companies, in a joint statement, said that as part of the agreement, TCS will power Absa CIB’s front- and mid-end operational services, which include trade management, clearing and settlement of trades, and other “operational and administrative" services.
Gillette India: Shaving product maker Gillette India Ltd on Monday reported over two-fold increase in its net profit at ₹67.59 crore during the fourth quarter ended June 30, 2022, led by a strong sales growth. The company, which follows July-June financial year, had reported a profit of ₹27.53 crore in the corresponding quarter of the previous fiscal. Its revenue from operations increased 26.81% to ₹552.89 crore during the quarter under review as against ₹435.98 crore in the corresponding quarter.
NTPC: The public sector enterprise NTPC Limited has commissioned the first part of the 20 MW Gandhar Solar PV Project at Gandhar in Gujarat. The company announced in a regulatory filing to the stock exchanges on Monday. NTPC successfully commissioned the first part of the 20 MW Gandhar Solar PV Project making it the fourth successful Renewable Energy project commissioned this month.
Bank of Baroda: State-owned Bank of Baroda on Monday said it will raise ₹2,500 crore from bonds to fund business growth. The Capital Raising Committee of the bank in its meeting held on Monday has approved the issuance of Basel III compliant Additional Tier 1 (AT1) bonds for an aggregate total issue size of ₹2,500 crore in single or multiple tranches, the lender said in a regulatory filing.
Sobha Ltd: Markets regulator Sebi has disposed of the adjudication proceedings against realty firm Sobha Ltd and four individuals following settlement in a case pertaining to alleged fraudulent trading and disclosure lapses. A settlement amount of ₹2,92,50,000 has been paid by the four individuals. Among others, it was alleged that Sobha Ltd had misrepresented the receivables for the construction of residence of one D K Shivakumar (DKS) and misreported service tax/GST dues of the individual in three financial years -- 2016-17, 2017-18 and 2018-19.
RBL Bank: RBL Bank on Monday said its board has approved raising up to ₹3,000 crore to fund the lender's business growth. The fundraising will be subject to the approval of the shareholders, the bank said in a regulatory filing. Besides, the board has approved the issuance of 1.75 crore additional equity stock options exercisable into an equivalent number of equity shares fully paid up of ₹10 each, in addition to residual/remaining options which remain ungranted under ESOP 2018.
Godrej Agrovet: Leading diversified agribusiness company Godrej Agrovet on Monday announced it has signed MoUs with Assam, Manipur and Tripura governments for the development and promotion of oil palm cultivation in the three states under the National Mission on Edible Oils-Oil Palm scheme. India is a net importer of palm oil.
IIFL Finance: IIFL said the board of directors of its subsidiary IIFL Home Finance approved the allotment of 53,76,457 of its equity shares to the subsidiary of Abu Dhabi Investment Authority, according to reports. The investor will hold a 20% shareholding in IIFL Home Finance after the said transaction. The company received ₹2,200 crore from the investor for the transaction.
