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The Mint Report for 2 August 2011

The Mint Report for 2 August 2011
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First Published: Tue, Aug 02 2011. 10 33 PM IST
Updated: Tue, Aug 02 2011. 10 33 PM IST
Cognizant Technology has posted better than expected profits. What’s more Cognizant’s revenue has beaten Wipro’s for the first time. The company made a profit of $208 million in the April to June quarter compared to $172.2 million in the year-ago period. Revenue climbed 34.4% to $1.485 billion. In contrast, Wipro’s revenue during the same period was about $1.4 billion.
Also in earnings, one of the world’s biggest banks, HSBC, has reported its half-year numbers—and once again, India figures prominently. The bank said pre-tax profit from the country jumped 33% to $451 million during the period from January to June. This is despite a loan book that has remained at $6.1 billion. HSBC’s Indian profits have largely been driven by fee income. The bank said it would careful about expanding its retail operations after a slew of bad loans over the last few years. HSBC is also still waiting for RBI approval so it can take over Royal Bank of Scotland’s banking business in India.
Here’s a look at how Indian markets fared on Tuesday. Both indices lost more than one percent during the day’s trade to finish at their lowest in some six weeks. The Sensex dropped 204 points to 18,110. And the Nifty went down 60 to 5,457.
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First Published: Tue, Aug 02 2011. 10 33 PM IST
More Topics: The Mint Report | Cognizant | HSBC | Sensex | India |