Mumbai, July 11 (IANS) Leading IT software services exporter Tata Consultancy Services (TCS) posted a net profit of Rs 12,040 crore for the April-June quarter of the current financial year (2024-25) which represents a 9 per cent increase over the same quarter of 2022-23.

The TCS board also approved an interim dividend of Rs 10 per share for the quarter. The record date for dividend payment is July 20, 2024, and dividends will be paid out on 5 August 2024.

The company won some large deals during the first quarter pushing its order book to $10.2 billion from $8.2 billion in the same quarter of the previous year.

“We are continuing to expand our client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, IoT (Internet of Things) lab in the US and expanding our delivery centres in Latin America, Canada and Europe,” TCS CEO K Krithivasan said in a statement.

Samir Seksaria, Chief Financial Officer, said: “In spite of the usual impact of the annual wage increments in this quarter, we have delivered strong operating margin performance, validating our efforts towards operational excellence.”

“We remain focused on making the right investments in R&I and talent, strengthening our superior return ratios and creating long-term value for our stakeholders,” he added.

TCS added 5,452 employees in Q1 taking the total workforce to 6.07 lakh. The company’s attrition rate stood at 12.1 per cent on the last twelve-month basis.

–IANS

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Srinagar, July 11 (IANS) Jammu and Kashmir Police in north Kashmir’s Baramulla district attached property of a “notorious” drug peddler, police said on Thursday.

Police said the property which is a residential house worth around Rs 23 lacs belongs to a notorious drug peddler Mohd Sabir Barwal, resident of Jabda Kamalkote at present Laghama Uri.

“The property was identified as illegally acquired property during the course of the investigation conducted by Police,” an official said.

He said that the community members are requested to come forward with any information regarding drug peddling in their neighbourhood.

Police said persons found indulging in drug peddling will be dealt with as per law.

“Our consistent actions against drug peddlers should reassure the community members that we are making efforts to keep our society free from the scourge of drug menace,” police said.

–IANS

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Bengaluru, July 11 (IANS) The ED continued its raids on Thursday, in connection with the tribal welfare Board case, at the residences of former minister B Nagendra and Board Chairman, Basanagouda Daddal.

The raids, which began on Wednesday, involve ED sleuths searching homes, offices, computers and laptops.

Currently, the raids are underway at the flat of Nagendra, who is facing the threat of arrest, in the upscale locality of Dollars Colony in Bengaluru.

The sleuths have summoned four associates of Nagendra for questioning.

Raids are also ongoing in Bellary city at the residence and properties belonging to Nagendra, sources stated.

Sources added that Nagendra is continuously being grilled by the ED sleuths.

The investigation has revealed that money was transferred to Andhra Pradesh’s reputed finance company through a fake bank account. Funds from the finance company were transferred to over 200 accounts.

Money was moved to accounts of bars, jewellery shops, and IT companies.

Each account received transfers ranging from Rs 10 lakh to Rs 20 lakh.

ED officials have intensively interrogated Nagendra regarding the opening of the fake accounts and getting the money to Bellary after withdrawing it from fake accounts in Andhra Pradesh and Telangana, sources stated.

The ED sleuths have also continued raids on the house and properties of Congress MLA Basanagouda Daddal.

Daddal’s family members are also being questioned in connection with the case in Bengaluru and Raichur cities.

Daddal is also facing the threat of arrest.

Meanwhile, ED officials have seized the mobile phones of 19 Valmiki Corporation officers and have also taken possession of property documents.

The officials have confiscated the corporation’s CCTV camera’s DVR, fake seals, the corporation’s ledger book, bank account statements, and records signed by senior officials of the Board Padmanabha and Parashuram.

Besides, the evidence already collected by the SIT conducting the ongoing investigation has been seized.

There is a suspicion that property was purchased with funds from the Valmiki Corporation, and the property documents have been seized from the accused.

ED officials have taken possession of all related records to investigate who received money from the Valmiki Corporation account.

There is suspicion that funds were transferred from Hyderabad to Bellary accounts. The ED officials are also investigating transfer of funds to jewellery shops, liquor stores, and other places, explain sources.

The Special Investigation Team (SIT) formed by the state government has arrested 11 people in connection with the case, including senior officers of the Union Bank of India, Board officials, middlemen and associates of Nagendra and Daddal. The arrests were also made from Hyderabad city.

The ED took Nagendra’s personal assistant Harish into custody on Wednesday. Sources reveal that Nagendra and Daddal could be arrested anytime.

The authorities have seized cash and gold amounting to over Rs 35 crore till now.

–IANS

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Mumbai, July 11 (IANS) Maharashtra Leader of the Opposition (LoP) Vijay Wadettiwar on Thursday demanded a complete loan waiver for farmers who are in distress due to damage caused by natural calamities and dip in the prices for agricultural produce.

In his speech at the resolution moved by the Treasury Bench members on agriculture and related issues, LoP Wadettiwar slammed the state government over rising cases of farmer suicides, saying that it won’t be enough to provide free electricity up to 7.5 horse-power to agriculture pumps.

“The government must waive off the electricity bill arrears payable by the farmers,” the LoP said.

He said that the farmers have been devastated due to the lack of guarantee from the Central and state governments.

“Due to the cruel nature and government fraud, farmers have been crushed leading to rapidly increase in farmers suicides. Farmers are also affected by export ban lack of minimum support price, increasing debt burden, fraud by crop insurance companies, increased rates of fertilisers, seeds, agricultural implements, and inflation,” said LoP Wadettiwar.

He asked that the government to get out of the election campaign drive and publicity mode and make decisions to help the farmers on a priority basis.

LoP Wadettiwar claimed that despite the government’s announcement of paying minimum support price to the farmers, it was not procuring the agricultural produce by paying MSP.

He said that 18 per cent GST on agricultural inputs created further hardships for the farming community.

He alleged that bogus seeds are being widely sold in the state and demanded that the government should immediately take action.

–IANS

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Rampur (UP), July 11 (IANS) Former MP from Rampur and Bollywood actress Jaya Prada has been acquitted by the Rampur MP/MLA court in a case of violation of model code of conduct.

Jaya Prada was booked in 2019 at Kamri police station for code of conduct violation.

The final hearing in this case was completed on Monday but the verdict was announced on Thursday.

A case was registered against Jaya Prada under section 171-G of IPC in Kamri police station in April 2019 for making personal statements against Azam Khan and Mayawati and violating the model code of conduct.

In the 2019 Lok Sabha elections, Jaya Prada was given a ticket from the Rampur Lok Sabha seat by the BJP. She was in a direct contest with SP’s leader Azam Khan. Jaya Prada lost this election, while Azam Khan won from SP.

Two cases were registered against her during the election campaign itself.

–IANS

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