At the end of the quarter Tech Mahindra had cash and cash equivalent of ₹6,566 crore. File.
| Photo Credit: Reuters

Tech Mahindra Ltd for the second quarter ended September 30, 2024 reported consolidated net profit of ₹1,250 crore which is a growth of 153% over the year ago period.

Revenues at ₹13,313 crore grew marginally by 3.5% Year on Year (YoY).

The company said its total headcount at the end of the quarter was 154,273, up 3,669 YoY. LTM (Last 12 Months) IT attrition rate was 10.6%.

At the end of the quarter the company had cash and cash equivalent of ₹6,566 crore.

The board has declared an interim dividend declared ₹15 per share.

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said in a statement said, “We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft.”

“We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter,” he added. 

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimization and steady free cashflow generation as we continue our journey towards FY27 stated targets.”

Bombay Stock Exchange (BSE). File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled lower for the sixth straight session on Monday (October 7, 2024) due to heavy selling in bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends in the global markets and outflow of foreign funds.

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78% to settle at 81,050. During the day, it plummeted 962.39 points or 1.17% to 80,726.06.

The NSE Nifty slumped 218.85 points or 0.87% to end at 24,795.75.

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

“The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers. This phase is marked by significant corrections in the broader market due to premium valuations. There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Global oil benchmark Brent crude surged 2.09% to $79.68 a barrel.

European markets were trading on a mixed note on Monday (October 7, 2024).

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Wall Street ended with gains on Friday (October 4, 2024).

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging oil prices pose a further challenge to the domestic economy in the short term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,896.95 crore on Friday (October 4, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹8,905.08 crore, according to exchange data.

On Friday (October 4, 2024), the BSE Sensex tumbled 808.65 points to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points or 4.44%.

According to exchange data, equities worth ₹9,791.93 crore were sold by FIIs on Monday, September 30, 2024, while Domestic Institutional Investors DIIs purchased equities valued at ₹6,645.80 crore. File
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty edged lower on Tuesday (October 1, 2024), extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04% to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05% to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday (October 1, 2024). Markets in mainland China will be closed for the rest of the week due to holiday.

European markets were trading on a mixed note. The U.S. markets ended in the positive territory on Monday (September 30, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday (September 30, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India’s manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday (October 1, 2024).

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66% to $ 70.51 barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49% to settle at 84,299.78 on Monday (September 30, 2024). During the day, it plunged 1,314.71 points or 1.53% to 84,257.14. The Nifty tanked 368.10 points or 1.41% to 25,810.85.

Exchange Data said that FIIs bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024). File
| Photo Credit: Reuters

Equity benchmark indices declined in early trade on Wednesday (September 11, 2024) after two days of gains amid selling in Tata Motors and weak trends in Asian markets.

The 30-share BSE Sensex fell 111.85 points to 81,809.44. The NSE Nifty dipped 39.2 points to 25,001.90.

Among the 30 Sensex firms, Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement and Axis Bank were the major laggards.

Asian Paints, Bharti Airtel, ITC and Hindustan Unilever were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended mostly with gains on Tuesday (September 10, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024), according to exchange data.

Global oil benchmark Brent crude climbed 0.59% to $69.60 a barrel.

The BSE benchmark climbed 361.75 points or 0.44% to settle at 81,921.29 on Tuesday (September 11, 2024). The NSE Nifty surged 104.70 points or 0.42% to 25,041.10.

Mumbai:

Researchers at the Indian Institute of Technology Bombay (IIT Bombay) have uncovered how animals find their way back home without getting lost or being late by using a robot that mimics their movements.

This robot is designed to move on its own, much like an animal finding food and then to use light as a guide to return home (homing), the IIT Bombay said in a statement on Tuesday.

In a new study, researchers from the department of physics have used this robot to study the underlying principles of homing by animals.

“The primary goal of our research group was to understand the physics of active and living systems. We achieve this by performing experiments on centimetres-sized self-propelled programmable robots. In simple words, we model these robots to mimic the dynamics of living organisms, both at the individual and collective levels,” Dr Nitin Kumar, an assistant professor at the department of physics, IIT Bombay, said.

For their study, the researchers wanted to determine the time it took for the robot to return home, with increasing amounts of deviations from its homing path.

It was observed that the reorientation rate, the frequency at which the robot (or an animal) should adjust its direction for successful homing, originated from the degree of randomness in its path.

The researchers discovered an ‘optimal reorientation rate’ for a particular value of randomness beyond which the adverse effects of increased randomness are negated by more frequent reorientations, ultimately ensuring successful homing.

This suggested animals might have evolved to reorient themselves at an optimal rate to efficiently find their way home, regardless of the noise or unpredictability in their environment.

“The observation of a finite upper limit on return times indicates that the homing motion is inherently efficient. Our results demonstrated that if animals are always aware of the direction of their home and always correct their course whenever they deviate from the intended direction, they will surely get home within a finite time,” Kumar added.

Apart from physical experiments, the researchers also ran computer simulations where the robot’s movement mimicked animals.

This virtual robot combines active Brownian motion (the random motion of particles in a liquid or gas, caused by collisions with fast-moving atoms or molecules in the fluid) with occasional resets to its orientation to correct its course back towards home.

These simulations matched the experimental results, reinforcing the idea that randomness and reorientation work hand-in-hand to optimise homing.

“When we applied this model to the trajectories of a real biological system of a flock of homing pigeons, it showed a good agreement with our theory, validating our hypothesis of enhanced efficiency due to frequent course corrections,” Mr Kumar said.

He said in real and more complex systems, the homing cues might be more complicated than a simple uniform gradient towards home, as modelled in this experiment.

“In our future research, we aim to model these scenarios in our experiment by using a combination of spatiotemporal variations in light intensity and physical obstacles,” the assistant professor added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Jio’s arm Radisys and Tech Mahindra are working with Ghana’s Next-Gen Infrastructure Company (NGIC) to build the infrastructure needed to deliver affordable 5G mobile broadband services in the African country. Representational
| Photo Credit: KRISHNAN VV

Ghana has signed deals with a Reliance Jio subsidiary, Tech Mahindra, and other vendors to build 4G and 5G infrastructure as the African country aims to enhance its telecom capabilities.

Ghana’s state-backed Next-Gen Infrastructure Company (NGIC) has partnered with Jio’s arm Radisys, Tech Mahindra and Nokia to build the necessary infrastructure for delivering affordable 5G mobile broadband services.

India a ‘strategic choice’

Ursula Owusu-Ekuful, the West African country’s Minister for Communication and Digitalisation, told reporters in Mumbai that India was a “strategic choice” due to its similar demographics and Ghana wants to replicate the Indian story on telecom penetration.

“Your (India’s) demographics are just like us, the Jio model was rolled out just a few years ago, so the learnings are still fresh,” she added.

NGIC has been allocated 5G spectrum and local telcos will be utilising the shared infrastructure to roll out the services in the next six months. As per reports, the overall contract is over $200 million.

Ms. Owusu-Ekuful said Ghana is a part of the 33-nation Smart Africa alliance, and other countries in the continent will be closely watching the rollout to see whether they can also emulate the same locally.

When pointed out that Indian vendors have not executed such deals in the past and why Ghana chose them over the Chinese suppliers, she said, “It was a strategic choice for us. We don’t want to get caught up in any of the geopolitics that is currently going on. We want what is the best for our national interest.”

“Ghana wants to leverage India’s experience in the field,” she added.

Speaking on the deal, Radisys’ Chief Executive Arun Bhikshesvaran said, “Our communications platform and digital applications will help create new digital experiences that empower the Ghanaian community and foster sustainable and inclusive development.”

A statement said the lives of Ghanaians will be enhanced across various spheres including education, healthcare, and digital payments through the modern telecom network.

The Ghana’s minister said the country is looking at both the 4G and 5G networks, and also satellite connectivity to deepen its telecom penetration, and added that it is in talks with Elon Musk’s Starlink for the latter.

Jio’s rival in the local market Bharti Airtel is one of the most prominent mobile network operators in the African continent.