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The Mint Report for 13 April 2010

The Mint Report for 13 April 2010
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First Published: Tue, Apr 13 2010. 11 15 PM IST
Updated: Tue, Apr 13 2010. 11 15 PM IST
New Delhi: Infosys unveils quarterly numbers; ADB announces new projections for India’s economic growth; monsoons likely to be normal this year.
Web Text: Software company Infosys announced its quarterly results on Tuesday. Net profits inched up 2.6% to Rs1,600 crore for the quarter ending March. The company’s revenues climbed 3.5% to Rs5,944 crore compared to a year earlier.
Infosys says it expects business to pick up this year. The company announced its annual guidance Tuesday, forecasting a revenue growth of 16-18% for the fiscal. Those figures were higher than most analyst expectations.
India’s economy could get into high gear this year. A new report from the Asian Development Bank says the country will clock a growth of 8.2% in 2010-11. The report assumes stimulus packages will be withdrawn, monsoons will be normal, and oil prices will be moderate.
The outlook is cloudy, but farmers could soon be cheering. The India Meteorological Department says the country will see a normal monsoon this year. That’s likely to give a boost to the sunny economic projections. It’s also going to come as a relief for rural India. Last year’s poor rainfall reduced crop output and spiked up food inflation. Weather officials will announce a formal monsoon forecast later this month.
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First Published: Tue, Apr 13 2010. 11 15 PM IST