Citizens' Issues
Phailin to land near Gopalpur, wind speed may reach over 205 kmph

Phailin would make a landfall on Saturday close to Gopalpur in Odisha with an increased intensity and a maximum sustained speed of 205-215 kmph

The severe cyclonic storm Phailin over east central Bay of Bengal on Friday further intensified and is all set to make a landfall close to Gopalpur in Odisha at a wind speed of at least 205 kmph on Saturday, says India Meteorological Department (IMD).

In its latest bulletin, the IMD, said, “The very severe cyclonic storm, Phailin over east central Bay of Bengal moved west-northwestwards with a speed of 15 kmph and lay centred about 520 km south-southeast of Paradip, 530 from Gopalpur and 530 km east-southeast of Kalingapatnam”.


“It would move northwestwards and cross north Andhra Pradesh and the Odisha coast between Kalingapatnam and Paradip, close to Gopalpur (Odisha), by the evening of 12th October,” the bulletin said.


IMD, which till last night expected that the wind speed would remain limited within 185 kmph during landfall on Saturday, said in its latest bulletin that Phailin would hit with increased intensity with a maximum sustained speed of 205-215 kmph.


Click here to track Cyclone Phailin online

Similarly, though IMD forecast a storm surge of 1.5 meter to 2 meter in Ganjam, Khurda, Puri and Jagatsinghpur districts in the coast yesterday, today it said the storm surge height would be around 2 meter to 2.5 meter above the astronomical tide.


This would inundate low lying areas of Ganjam, Khurda, Puri and Jagatsinghpur in Odisha.


Squally wind speeds reaching 45-55 kmph, gusting to 65 kmph, have already started along the Odisha coast this morning under the influence of Phailin. “It would increase in intensity with gale wind speed reaching 205-215 kmph along and off the coastal districts of south Odisha at the time of landfall,” the IMD said.


Meanwhile, a worried State Government held several meetings and took stock of the situation in the changed circumstances. The State Government has already asked the district authorities to start evacuation of people living in low lying areas close to the sea.


“We have ordered that nobody should be allowed to stay in thatched and weak houses,” Special Relief Commissioner (SRC) PK Mohapatra said.


Personnel of the Odisha State Disaster Rapid Action Force (ODRAF) and fire men have already been deployed.


Shutdown continues as Obama-Republicans meeting yields no decision

Obama and Republican leaders failed to reach any specific decision on how to end the partial government shutdown

US President Barack Obama and Republican leaders reached no specific decision on how to end the partial government shutdown after a meeting at the White House following a move to increase the nation’s debt ceiling by six weeks.


The White House, however, described the meeting as good and said Obama looked forward to progress. Obama met 20 House Republicans, including Speaker John Boehner, in the White House yesterday.


It said, “After a discussion about potential paths forward, no specific determination was made. The President’s goal remains to ensure we pay the bills we’ve incurred, reopen the government and get back to the business of growing the economy, creating jobs and strengthening the middle class”.


Earlier in the day, the White House said Obama is ready to sign a bill approving a short-term debt ceiling, even without an agreement to government shutdown.


“The President is happy that cooler heads at least seem to be prevailing in the House, that there at least seems to be recognition that default is not an option,” White House Press Secretary Jay Carney said about the Republican move to increase the debt ceiling by six weeks.


Following the meeting, House Majority Leader Eric Cantor said that they had a “very useful” meeting with Obama and that they will continue to discuss the issue of debt ceiling and the government shutdown, which is now into its second week.


“The President said that he would go and consult with the administration folks and hopefully we can see a way forward after that,” the House Majority Leader said.


According to a Congressional aid, Obama neither said yes nor no to their proposal of a six-week debt ceiling hike.


Congressman, Dave Camp, one of 20 Republicans attending the White House meeting, also called the meeting “constructive’’.


Infosys Q2 net profit up just 1.6%; expects revenues to grow over 21% by March 2014

Infosys’s September quarter results were mixed. Its rupee-denominated revenues grew 31.5% but it was undone by net profits which grew just 1.6% in rupee terms. Its net profit in dollar terms declined 11.1%. Yet, the company expects revenues to grow 22% by March 2014

Infosys reported consolidated revenues, in rupee terms, is Rs12,965 crore for the September quarter, a growth of 31.5%, over the same period last quarter. This was helped by a weaker rupee. On the other hand, its consolidated revenues in dollar terms grew 15% to $2,066 million.

However, its consolidated net profits remained stagnant. Net profit, in rupee terms, is reported to be Rs2,407 crore for the quarter ended 30 September 2013, a growth of just 1.6% over the same quarter a year ago. On the other hand, its dollar-denominated net profit actually declined 11.1% to $383 million.

The company expects its rupee denominated revenues to grow 21%-22% while its dollar-denominated revenues to grow just 9%-10%.

"During the quarter, we witnessed broad-based volume growth, robust client additions, five large deal wins and increased sales momentum of our big data and cloud offerings.
This growth is a result of our focus on execution, which helps our clients achieve their objectives," said SD Shibulal, managing director and chief executive.

 “The global currency market remains volatile with the Indian rupee depreciating by 11% during the quarter. We have an active hedging program to minimise its impact on our margins. We will continue our focus on optimising costs and enhancing the efficiency of our operations,” said Rajiv Bansal, chief financial officer.

Some of the highlights of the quarter are:

# Infosys and its subsidiaries added 68 clients during the quarter.

# Entered into a four-year engagement with Toyota Motor Europe to manage its Pan-European application support. This contract covers key operational areas including core automotive processes and corporate functions, under a managed service model.

# Its products and platforms business added 15 clients (excluding Finacle™).

# Finacle™ division added 18 new clients across South Asia, South East Asia, the Middle East, Europe, and Australia-New Zealand.

Apart from this, the company’s liquid assets including cash and cash equivalents, available-for-sale financial assets, and government bonds were Rs26,907 crore as on September 2013 versus Rs24,078 crore as on June 30, 2013.

The company has declared an interim dividend of Rs20 per share.

At 11.10am on Friday, Infosys was trading 5.2% up at Rs3,285 on the BSE, while the benchmark Sensex was up 1% at 20,473.



Suiketu Shah

4 years ago

Very disappointing news for brokers (some of whom are unable to earn a living) and make money by misguiding investors to get out of Infosys(who doesnot need any broker backing) and put into Z grade midcap punter IT company where the broker gets 10% commission.

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