The Mint Report for 06 August 2012

India’s new finance minister seems to be pulling down some of the most controversial decisions of his predecessor. On Monday P. Chidambaram announced his ministry would review the new retrospective tax provisions. He added that this process would find reasonable solutions to any disputes that might arise. Chidambaram also said the government would bring clarity to tax laws.

Amid all the gloom around the IT industry, Cognizant Technology set the standards once again, with strong revenue growth and a sunny guidance. Its June quarter revenues climbed 5% sequentially to $1.8 billion. With its latest results, Cognizant has effectively overtaken Infosys in terms of quarterly revenue. And its forecast for the current quarter is equally strong. The company expects revenues to grow by 5% once again to $1.875 billion. Cognizant is a US-based company, but most of its employees are based out of India.

Loading Video

And finally, with the rupee rising and the finance minister making reassuring statements, Indian markets advanced into the green. The Sensex jumped 215 points to 17,413. And the Nifty gained 67 to 5,283.