On Friday, India’s largest software exporter, Tata Consultancy Services, or TCS, posted a 19% gain in its first quarter profit for the fiscal 2010. Net profits for the quarter rose to Rs1,534 crore, up from Rs1,290 crore in the same period a year ago. Most analysts had predicted TCS would make less than Rs1,300 crore in the quarter. Last week profits of another IT giant Infosys also surprised analysts.
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HDFC Bank paid more than Rs130 crore to the service tax department last month for violating tax rules. Officials have told Mint the payment is connected to the Central Value Added Tax, or Cenvat, credit that HDFC availed of in the fiscal year 2006-08. Banks can claim Cenvat credit for the services they buy in order to provide services to their customers. HDFC says it followed all the rules, but that auditors took a different view.
After a flat Thursday, markets shot up on Friday. The Sensex surged 495 points to end at 14,75, while the Nifty jumped 157 points, closing at 4,375.
The Delhi Metro Rail Corporation, or DMRC, is under scrutiny again. Just days after an accident that killed 6 people. India’s top audit body, the Comptroller and Auditor General, or CAG, says the metro company loosened testing requirements in 4 different metro contracts because they were behind schedule. In February, the CAG found many irregularities in DMRC’s quality control processes.
Forty years ago this month, the first humans landed on the moon. But India’s first giant leap to the moon may see an early end, as the unmanned craft Chandrayaan-1 launched by the Indian Space Research Organisation into lunar orbit last October, has lost a major sensor. In January lunar heat forced it to delay turning on some instruments, and last month sensors that help guide the spacecraft failed. Chandrayaan-1 is now burning more fuel and transmitting lower resolution images.
What do deodorants have to do with sex? Everything, if you believe the ads. Commercials for many deodorants for men show women being irresistibly attracted to the users. And that’s upsetting some people. The Advertising Standards Council of India says it has received complaints from viewers and is now examining the ads.