TCS has delivered a broad-based performance, signalling a fast-track recovery in its growth as clients increasingly rely on technology to overcome economic stress created by the ongoing pandemic. India’s largest software exporter posted a net profit of ₹7,504 crore for the September-ended quarter, a 6.45 per cent growth compared to the ₹7,049 crore posted in the June-ended quarter.

However, on a year-on-year basis, profits dipped 6.8 per cent compared to ₹8,058 crore in the corresponding period last year.

“We are not out of the woods as yet due to the economy and Covid-19, but the underlying demand recovery seen in our clients can be sustained,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS.

 

Revenues on a sequential basis came in at ₹40,135 crore, a 4.7 per cent growth over the ₹38,322 crore posted in the June-ended quarter. Year-on-year, revenues grew almost 3 per cent on revenues of ₹38,977

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By Philip George



a man standing in front of a blue box: A shareholder arrives for the TCS annual general meeting in Mumbai


© Reuters/Vivek Prakash
A shareholder arrives for the TCS annual general meeting in Mumbai


BENGALURU (Reuters) – Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a fall in quarterly profit as it set aside 12.18 billion rupees to cover legal fees related to a U.S. lawsuit.

The company also named Samir Seksaria as its chief financial officer, choosing the over two-decade veteran of India’s top software exporter to replace V. Ramakrishnan who will retire in April next year.

TCS said it would buy back up to 53.3 million shares at 3,000 rupees per share, a 9.7% premium to its stock’s closing price on Wednesday.

“The timing of

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Apogee  (APOG) – Get Report Enterprises, a provider of glass and metal products and services for construction and art framing, resumed its share buyback, five months after it was interrupted by covid-19. 

The Minneapolis company had halted the buyback on April 30 to manage its cost structure and economic uncertainty due to the pandemic.

About 2.1 million shares are authorized for buyback, Apogee said. At Aug. 29, Apogee had 26.5 million shares outstanding.

At last check Apogee shares were trading 8.8% higher at $23.21.

The suspension was one of a number of steps it took to conserve cash, including reducing salaries for the CEO and staff, fee reductions for the board, furloughing manufacturing staff and reducing hours worked for salaried employees.

In an Oct. 5 Securities and Exchange Commission filing, Apogee also said it planned to reduce selling, general, and administrative expense to improve productivity across the company. 

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Real estate research firm CoreLogic  (CLGX) – Get Report on Tuesday raised its outlook for this year and 2021, citing increases in mortgage market volumes.

Shares of the Irvine, Calif., company at last check were up 1.1% to $68.23.

CoreLogic said in a statement that it was raising its revenue-guidance range for the third quarter to $525 million to $535 million from between $485 million and $515 million.

In addition, the company boosted its revenue outlook for 2020 to $1.92 billion to $1.95 billion from $1.86 billion to $1.9 billion. 

For 2021 it expects revenue of $1.97 billion to $2.01 billion, compared with a previous estimate of $1.91 billion to $1.95 billion. 

The 2020 guidance reflects U.S. mortgage-market volumes roughly 35% higher than they were a year earlier and includes CoreLogic’s reseller operations, the company said. 

The company also confirmed its commitment to repurchase at least $500 million

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