Infosys reaches $34-m settlement in US visa case
Infosys has agreed to pay $34 million in a civil settlement with US authorities investigating its use of visas, the company said on Wednesday. US authorities have been investigating Infosys’ use of visas since 2011.
“There were no criminal charges or court rulings against the company.
Furthermore, there are no limitations on the company’s eligibility for federal
contracts or access to US visa programmes as a result of the settlement,” Infosys said.
“As reflected in the settlement, Infosys denies and disputes any claims of systemic visa fraud, misuse of visas for competitive advantage, or immigration abuse. Those claims are untrue and are assertions that remain unproven,” it said.
Bharti Airtel reports sound set of numbers, signals sector gradually returning to health
Bharti Airtel on Wednesday posted a sound set of numbers for the July-September quarter, which broadly beat expectations, once again lending credence to the fact that with a stable tariff environment, health is gradually returning to the sector. Barring the net profit numbers, most of the other numbers were either in line with estimates or surpassed it in a quarter that is seen as weak for mobile operators. Net profit at R512 crore was down 25.6% on a sequential basis and 29% on a y-o-y basis. It was pulled down by a forex loss of R342 crore against a loss of R534 crore a year ago. Total revenues at R21,324 crore were up 5.23% on a sequential basis and 10% on a yearly basis.
Cement biz hits Grasim, net falls 27% to R450 cr
The cement business impacted Aditya Birla Group company Grasim Industries’ net profit, which fell by a sharp 27% to R450 crore in the quarter ended September against R620 crore a year ago. Revenues increased by a mere 3.5% to R6,849 crore against R6,615 crore, aided by the viscose staple fibre and chemical businesses. Ebitda fell by 27% to R986 crore while operating margins were lower by 610 basis points at 14.5% on a y-o-y basis. Grasim said: “Capacity expansions in VSF and cement will provide additional volumes, driving growth. This will enable the company to move forward rapidly, with the recovery in the market.”