Top News on April 18: Infosys results, Lok Sabha polls, Tesla job cuts and more
Political parties and lawmakers make headlines as Lok Sabha elections approach. Polling to begin with 1.4 billion Indians voting in coming weeks. Infosys and Bajaj Auto release final quarter results for FY24.
Political parties and lawmakers continued to make headlines on Thursday as Lok Sabha elections drew increasingly nearer. Polling will commence from Friday with more than 1.4 billion Indians casting their ballots in the ensuing weeks. Major companies — including Infosys and Bajaj Auto — released their final quarter results for the recently concluded financial year while Elon Musk apologised to staffers facing 'incorrect' several packages mere days ahead of a visit to India. The company has eliminated 14,000 global positions amid slowdown in EV demand.
Infosys Q4FY24 results: Net profit rises to ₹7,969 crore
India's second-largest IT services company announced its Q4 results on Thursday. Infosys reported a net profit of ₹7,975 crore in the March quarter, while total revenues came in at ₹37,923 crore. The company said its revenues in constant currency (CC) terms remained flat year-on-year (YoY) and declined by 2.2% sequentially.
The company also saw its American Depository Receipt shares plummet on the New York Stock Exchange on Thursday evening. Infosys ADR crashed 8% to $15.95 on the American stock exchange after the IT major slashed its FY25 revenue guidance to 1-3 per cent from the previous 1.5 -2 per cent in the December quarter.
ALSO READ: Infosys ADR crashes 8% on NYSE after IT major slashes FY25 revenue growth guidance to 1-3%
Elon Musk says Tesla sent ‘incorrectly low’ severance packages
Elon Musk apologised this week after Tesla sent ‘incorrect, low’ severance packages to some laid-off employees — days after eliminating around 14,000 global positions. An internal memo viewed by Bloomberg saw the CEO insist that the error was “being corrected immediately”.
The development also comes mere days ahead of a probable visit to India. Reports indicate that the billionaire businessman is scouting for factory locations for Tesla as the electric carmaker suffers a sales downturn in the US. A government source told AFP that his Starlink satellite internet service is also set to receive initial approvals for India operations. Musk is also likely to discuss X and the many content takedown orders imposed by the Narendra Modi-led government since he took over the company in 2022.
"Looking forward to meeting with Prime Minister Narendra Modi in India!" Musk wrote on X last week without giving a date for the visit.
Poll prep ends ahead of Lok Sabha elections
Elections prep concluded in 102 constituencies across 21 states on Thursday. The Lok Sabha polls will commence from tomorrow with 1625 candidates in the fray during the first phase. Data released by the Election Commission indicates that 16.63 crore voters are eligible to cast their ballots from 7 am on Friday. 1.87 lakh polling stations have been set up with 18 lakh personnel deployed at key locations.
Threat of Israel-Iran clash looms as Gaza war continues
The Israeli offensive in Gaza continued on Thursday with fresh strikes hitting the southern city Rafah. UN Secretary-General Antonio Guterres warned of a “full-scale regional conflict” as Tel Aviv continues to mull retaliatory action against Iran.
(With inputs from agencies)
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