BANGALORE/MUMBAI, April 15 (Reuters) – Staff left India’s
second largest IT services exporter Infosys Ltd at an
unprecedented pace in the last quarter, worrying its management
and raising investors’ concerns about its ability to win
lucrative contracts even as it posted a higher-than-expected net
profit for the period.
Retaining staff is a challenge for all Indian IT services
firms, which rely on armies of young, mainly low-paid workers to
remain competitive in an industry worth more than $100 billion.
MUMBAI, April 11 (Reuters) – An exodus of senior executives
and staff at India’s second largest IT outsourcing firm, Infosys
Ltd, could hamper efforts to win lucrative contracts
in the United States and Europe, and weigh on its profit growth
outlook for this year.
Nearly a fifth of the workforce had left the company in the
quarter ended December following the return from retirement of
founder N.R. Narayana Murthy in June to turn around the company
after a string of disappointing results. So far, nine senior
executives have left.
MUMBAI/NEW DELHI (Reuters) – Three men were sentenced to death on Friday for two gang-rapes last year in Mumbai, including an attack on a photojournalist that sparked protests in the city and raised fresh questions about attitudes to women in the world’s largest democracy.
A Mumbai court on Friday sentenced Vijay Jadhav, Kasim Bengali and Mohammed Salim Ansari to death, the first time capital punishment has been given for rape not involving the death of the victim.
April 3 (Reuters) – India’s two newest would-be banks,
Infrastructure Development Finance Co (IDFC) and Bandhan
Financial Services Ltd, are planning divergent paths in an
industry that is crowded with lenders but still fails to reach
roughly half the population.
Mumbai-based infrastructure lender IDFC and
Bandhan, a Kolkata-based specialist in small-value loans, on
Wednesday beat larger Indian corporate houses to win licences to
set up India’s first new banks in a decade, meaning they can
expand into a broader range of banking areas such as deposits.
(Reuters) – FedEx Corp (FDX.N: Quote, Profile, Research) on Wednesday said severe winter conditions had hurt quarterly earnings and revenue, prompting the world’s No. 2 package delivery company to cut its fiscal-year profit forecast.
The unusual weather disrupted operations, reduced shipping volumes and increased costs, decreasing operating income by about $125 million in the third quarter ended on February 28, FedEx said.
(Reuters) – FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) on Wednesday reported lower-than-expected results for the holiday quarter and gave a fiscal-year profit forecast below Wall Street estimates, the latest in a line of companies saying they were hurt by winter storms.
The world’s No. 2 package delivery company said the unusual weather had disrupted operations, reduced shipping volumes and increased costs, decreasing operating income by about $125 million in the third quarter ended on February 28.
CHICAGO (Reuters) – Sick of hearing Americans complain about the winter weather? Too bad. Because the corporate kvetching has only just begun.
While meteorologists say warmer temperatures finally are on the way, savvy investors know a cold front could still be looming when it comes to the profits of publicly traded U.S. companies.
(Reuters) – United Parcel Service Inc (UPS.N: Quote, Profile, Research, Stock Buzz) has vowed to avoid a repeat of last year’s Christmas holiday season when unexpectedly high volume and huge delays frustrated customers who wanted their packages delivered on time.
The No. 1 U.S. courier company is investing in new technology and expanded capacity so that the 2014 holiday season should go smoothly, Chief Financial Officer Kurt Kuehn said on Thursday.
(Reuters) – United Parcel Service Inc (UPS.N: Quote, Profile, Research, Stock Buzz) said on Friday its fourth-quarter earnings will fall well short of market estimates due to a surge in online shopping just before Christmas that caught the company off guard and led to late deliveries and higher costs.
Typically, a rise in online sales is good news for companies such as UPS and competitor FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) because it translates into brisker demand. But UPS said it had been overwhelmed by the volume of holiday packages, delaying the arrival of Christmas presents around the globe and spurring angry customers to take to social websites to complain.
(Reuters) – FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) posted a 14 percent rise in quarterly profit on Wednesday on stronger margins and cost cuts, but results missed Wall Street estimates, which overshadowed the company’s confident forecast for the holiday shopping season.
Wall Street analysts expressed disappointment at the slight dip in revenue at the express delivery business, FedEx’s biggest unit. They also noted softening volume growth for ground deliveries.