Infosys announced better than expected results for the September quarter and was the bright spot in a market that was trading down by around a percent
Infosys, India's second biggest IT company, reported a second quarter net profit of Rs3,096 crore, which was 7.27% higher than the previous quarter. The results were being watched keenly as a signal for the new CEO Vishal Sikka's leadership performance.
Infosys shares shot up by 6% to Rs3,865 on the BSE soon after the result announcement. The results were better than the market's expectations and it showed in the rise in the stock price. Net sales were reported at Rs13,342 crore. The Infosys board also approved a bonus share issue in 1:1 ratio, while also declaring an interim dividend of Rs30 per share.
Sikka said, “The renewal plan for Infosys has just begun and will start showing meaningful returns over nest two to three years.”
Talking about his vision for the company's business, the new non-founder CEO said, “There is the old way of doing the services business, which focusses on labour arbitration, workforce management etc... but my view is that this no longer works, we are looking to focus on innovation in products to drive growth in the future.”
Analysts pointed out that not much in the nature of specific roadmap was laid out by the CEO, but that the good results would give more leeway for Sikka to exercise his vision for the company.
An Indian and a Pakistani share the Nobel Peace Prize for 2014. The citation said the award was for their struggle against the suppression of children and young people and for the right of all children to education
The Nobel Foundation announced the Nobel Peace Prize for 2014 today. The prize was awarded to Malala Yousufzai and Kailash Satyarthi. The Norwegian Nobel Committee, which awards the Nobel Peace Prize in Oslo cited that the prize was awarded to the two activists “for their struggle against the suppression of children and young people and for the right of all children to education.”
In lauding Kailash Satyarthi's work, the Committee said, “Showing great personal courage, Kailash Satyarthi, maintaining Gandhi’s tradition, has headed various forms of protests and demonstrations, all peaceful, focusing on the grave exploitation of children for financial gain. He has also contributed to the development of important international conventions on children’s rights.”
“Despite her youth, Malala Yousafzay has already fought for several years for the right of girls to education, and has shown by example that children and young people, too, can contribute to improving their own situations. This she has done under the most dangerous circumstances. Through her heroic struggle she has become a leading spokesperson for girls’ rights to education,” said the committee regarding Malala Yousufzai's work in Pakistan.
In commenting on the unique cross-border nature of this year's awardees, The Nobel Committee said that, “it regards it as an important point for a Hindu and a Muslim, an Indian and a Pakistani, to join in a common struggle for education and against extremism.”
Indian Kailash Satyarthi became the first Indian since Mother Teresa to be conferred the award. Satyarthi was an engineer who gave up his career to start the Bachpan Bachao Andolan over 30 years ago. In these 30 years, his work and his organisation has helped an estimated 80,000 children free themselves from slavery, child labour and other such circumstances in favour of going to school.
Cyclone Hudhud is expected to hit India's Eastern coast by 12th October in the morning and may intensify into a “Very Severe” cyclone by the time it makes landfall
Cyclone Hudhud, which is developing in the Bay of Bengal is expected to make landfall on Sunday, 12th October. Home Minister Rajnath Singh has reportedly spoken to Chief Ministers of the three states that are likely to bear the brunt of the cyclone. The National Disaster Relief Force (NDRF) has been put on high alert and is on the ready to deal with the aftermath of the cyclone.
The Indian Meteorological Department (IMD) said that the cyclone may turn to 'very severe' over the coming 12 hours. On the cyclone severity scale 'very severe' refers to a cyclone with wind speeds approaching 120 kms/hour and above upto 220 kms/hour. As of now the cyclone is still being labelled a 'severe' level cyclone (image: http://www.nasa.gov/sites/default/files/hudhud.a2014282.0745.2km_0.jpg) which indicates wind speeds between 88 kms/hour to 117 kms/hour. The official release of the IMD said “The system would move west-northwestwards, intensify further into a very severe cyclonic storm during next 12 hours. Thereafter, it would cross north Andhra Pradesh coast around Visakhapatnam by the forenoon of 12th October 2014.”
Last year's cyclone Phailin had taken 44 lives even with a laudable and massive evacuation and relief effort by the government. This year the government is working towards minimising casualties and have promised a zero casualty effort.