Infosys’ visa troubles have now become legal troubles. America’s department of justice is investigating potential visa fraud by the company. And while it’s not sharing details of the case, the probe could mean charges against Infosys in the future. On Tuesday Infosys said it received a subpoena from a grand jury at a US district court. It will now have to provide information to the court on how it uses B-1 business visas. B-1 visas are short term permits that allow people to make business visits, but don’t allow for gainful employment. On Thursday, the US State Department announced it would review norms for issuing B-1 visas.
Moving on to corporate earnings, Tata Motors’ full-year profits have rocketed up 361%. Net profit zipped past forecasts to Rs9,274 crore during the last fiscal. And revenue rose 33% to Rs1.22 trillion. Tata Motors numbers were powered by its UK subsidiary Jaguar-Land Rover. JLR launched new models during the year and saw a revival in its key European and North American markets. Its operating margin increased to 16 % compared to 7% in the previous year.
Also in earnings, DLF is on slippery ground. India’s biggest real estate company posted its worst profit in two years. DLF said it made a one-time reset charge of Rs475 crore to account for higher costs of both raw material and labour. Fourth quarter profit fell 19% to Rs345 crore on a year on year basis. Sales on the other hand, climbed 35% to Rs2,680 crore.
Carmaker Renault is back in India with its latest offering the Fluence. It’s Renault first offering in the country since it ended a partnership with Mahindra and Mahindra in 2010. The diesel version of the Fluence comes with a price tag of Rs13 lakh.
And finally, onto cars that cost just a little bit more. Italian luxury car firm Ferrari is storming into the Indian market for the very first time. It opened a showroom in Delhi on Friday, showcasing models like the California and Italia. Prices will start at two crores per car.