Bengaluru, July 17 (IANS) Leading IT consulting firm Mindtree on Wednesday reported Rs 93 crore net profit for the first quarter of fiscal 2019-20 against Rs 158 crore in the same period a year ago, which is a 41 per cent annual decline.
Sequentially too, the city-based software services firm, reported 53 per cent plunge in net profit from Rs 198 crore a quarter ago.
Though revenue grew 11.8 per cent annually for the quarter (Q1) under review to Rs 1,834 crore from Rs 1,640 crore in the like period year ago, it remained flat (0.3 per cent) sequentially from Rs 1,839 crore a quarter ago.
In a hostile take-over, Mumbai-based infrastructure construction major Larson and Toubro (L&T) recently acquired controlling stake (61 per cent) in Mindtree from its promoters after it bought about 20 per cent stake of The Coffee Day founder V.G. Siddhartha for Rs 3,300 crore on March 18.
Subsequently, L&T increased its holding with more shares from the open market and an open offer on May 14 for an additional 31 per cent stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value to have full control over it.
The company had 346 clients by the quarter-end, including 46 clients in the $5-million price band.A
With 15 per cent annual attrition, the headcount at the quarte-end was 20,935.
A"Bots are a software that acts autonomously, free from interference, human or otherwise, to perform a specific task which will otherwise be performed by a human," said the statement.
The company has 674 bots or robots, an automated programme, that runs on the internet.
"Automation is playing a major role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," said the company in a statement here.
The company's blue-chip scrip with Rs 10 face value per share gained Rs 2.60 at the end of day's trading to close at Rs 751.95 against Tuesday's closing rate of Rs 749.35 and opening price of Rs 755.85./Eom/335 words.
New Delhi, Jan 28 (IANS) Effectively seeking to end the tenure of Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi, the Finance Ministry has in a quiet move called for applications to fill up the post.
An order dated January 24 has been issued by the Economic Affairs Division of the Finance Ministry titled, "Filling up the Post of Chairman, Securities and Exchange Board of India".
The order invites applications for filling up the post of SEBI Chairman. The Chairman will receive a consolidated pay of Rs 4.5 lakh per annum as recommended by the Seventh Pay Commission, the recommendations of which were accepted by the government in 2016.
The Chairman shall hold office for not more than 5 years and shall not hold office beyond 65 years, whichever is earlier.
Applications are to reach by February 10 with annual confidential reports of five years, integrity certificates, vigilance certificates and no penalty certificates.
It may be pointed out that February 10, 2017 is the date when Tyagi was appointed SEBI Chairman by the Appointments Committee of the Cabinet (ACC) for a five year term. February 10 is also the date when new applications are being invited, exactly three years into Tyagi's term.
At that time, Tyagi was Additional Secretary, Finance Ministry. He is an IAS officer of the 1984 batch of the Himachal Pradesh cadre.
However, soon after his appointment, the government had curtailed his tenure by two years, barely a week after his name was cleared to succeed the incumbent UK Sinha with a five-year term.
Tyagi's term was fixed for an initial period of three years.