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TCS reports 48.2pc surge in Q4 profit MUMBAI: India's biggest outsourcing firm Tata Consultancy Services on Wednesday reported a 48.2 percent surge in quarterly net profit from a year ago, led by new European and emerging market contracts.The Mumbai-based company, known as TCS, also declared it was "upbeat" about its prospects for the coming year.TCS said net profit for the fourth financial quarter ended March 31 climbed to 53.57 billion rupees ($888 million) from 36.15 billion rupees a year earlier."We have delivered strong growth and strengthened our competitive positioning in the market," TCS chief executive N. Chandrasekaran said in a statement."We are upbeat that the next 12 months will bring many more opportunities for growth across multiple industries and markets," Chandrasekaran added.Reflecting the bullishness, TCS global human resources executive vice president Ajoy Mukherjee said: "With business demand continuing, we have made almost 25,000 fresh offers on engineering campuses for trainees."TCS already employs some 300,464 workers from 118 ...


GM to seek court protection against ignition lawsuits WASHINGTON: General Motors Co said it would ask a U.S. court to bar lawsuits related to actions before its 2009 bankruptcy, signaling a tougher stance toward legal claims stemming from its recent recall over faulty ignition switches.GM has said it is protected from liability for claims related to incidents that occurred before it exited bankruptcy in 2009, and has taken steps to raise those issues with the court by filing motions to stay recall-related lawsuits ...

Burberry bags rising quarterly sales LONDON: British fashion group Burberry on Wednesday reported a rise in second-quarter sales, boosted by its online division, but cautioned that currency fluctuations would hit profits this year.Revenues at the luxury retailer rallied 19 percent to £1.3 billion ($2.2 billion, 1.6 billion euros) in the six months to the end of March, compared with the same part of the prior financial year, Burberry said in a trading update."We are pleased with our second half performance ...

U.S. industry shows some vigor, but housing soft WASHINGTON: U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum.Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy."Several parts of the economy are warming up, but housing is the exception," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "We are still on track ...

AT&T may sit out auction if FCC spectrum plan is adopted WASHINGTON: AT&T Inc might sit out a major US auction of airwaves if regulators adopt rules that reserve some of the spectrum for smaller rivals, the No. 2 wireless company said in a filing released on Wednesday.The Federal Communications Commission recently drafted some of the rules for the highly complex auction scheduled for 2015. The auction would reshuffle the ownership of valuable frequencies between TV stations and wireless carriers clamoring for faster speeds and better ...

Deutsche Bank denies report its CEOs' jobs are at risk FRANKFURT: Deutsche Bank denied a media report that said its co-Chief Executives Anshu Jain and Juergen Fitschen could be replaced, possibly with former UBS finance chief John Cryan.Germany's Manager Magazin on Wednesday cited "insiders" saying Deutsche Bank supervisory board chairman Paul Achleitner was preparing to bring in a new chief executive.In a summary of its report, the magazine said Achleitner has met in recent weeks with potential candidates including Cryan, the European head of Singaporean ...

US industry shows some vigor, but housing soft WASHINGTON: US industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum.Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy.Output at the nation's factories, mines and utilities rose 0.7 percent last month after an upwardly revised gain of 1.2 percent in February, the Federal Reserve said on Wednesday.Economists had expected ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln