Top headlines: TCS beats street estimates, ED fines Amnesty India, and more

TCS beats street estimates with 16.2% Q1 revenue growth; margins disappoint

Tata Consultancy Services (TCS) Q1FY23 results beat street estimates on topline and continued to keep pace with the growth momentum it delivered in FY22.

TCS' net profit grew 5.2 per cent year on year, and 2.5 per cent sequentially to Rs 9,478 crore in Q1FY23, but missed estimate of Rs 9,850 crore, according to Bloomberg data. Revenue for the quarter came in at Rs 52,758 crore, up 16.2 per cent YoY and 4.28 per cent sequentially. Read more here

ED slaps Rs 51 cr penalty on Amnesty India, Rs 10 cr on ex-CEO Aakar Patel

Amnesty India International Pvt. Ltd and its former CEO Aakar Patel have been slapped with penalty of Rs 51.72 crore and Rs 10 crore respectively for contravention of the foreign exchange law, the ED said on Friday.

The federal agency said it initiated action against the two on the basis of information that Amnesty International, UK had been remitting "huge amount" of foreign contribution through its Indian entities (non-FCRA companies) following FDI route, in order to evade Foreign Contribution Regulation Act (FCRA) to expand its NGO activities in India. Read more here

Vivo's parent firm, BBK Electronics, owns 40% of India's smartphone market

In the three years till 2020-21, Chinese smartphone manufacturer Vivo’s India arm recorded a total revenue of Rs 66.985.7 crore.

Although income from operations had dipped in 2020-21 by a percentage, in 2019-20 the company had recorded an increase of over 45 per cent – from Rs 17,201.7 crore to Rs 25,060 crore. Read more here

World mourns as former Japan PM Shinzo Abe succumbs to bullet wounds

Japan's former prime minister Shinzo Abe died at the age of 67 on Friday after being shot in the city of Nara, local media reported.
 

Japan Chief Cabinet Secretary Hirokazu Matsuno said Abe was shot at around 11.30 am (local time). Earlier in the day, Abe was taken to a hospital bleeding as he collapsed after the attack while delivering a speech.

Reacting to his death, Prime Minister Narendra Modi declared one day of national mourning on Saturday on July 9. Read more here

State govts to get matching amounts from Centre to privatise SPSEs

To incentivise state governments for privatising state public sector enterprises (SPSEs), the Centre has promised to provide 100 per cent of the realised amount from such strategic disinvestments in FY23.

However, this will be on a first-come first-serve basis within a cap of Rs 1,000 crore for a state. The Centre has allocated Rs 5,000 crore for disinvestment of SPSEs and asset monetisation. Read more here