Considering Allowing Rupee For Local Transactions: Sri Lanka Minister

Sri Lanka is considering the possibility of allowing the usage of the Indian rupee for local transactions just like the dollar, euro and yen to facilitate Indian tourists and businessmen, Foreign Minister Ali Sabry said on Saturday.

Sabry was briefing the media here on President Ranil Wickremesinghe's visit to India on July 20-21, his first since assuming office last year. He held talks with Prime Minister Narendra Modi on Friday.

"We have considered the possibility of using the Indian rupees like we accept the dollar, euro and yen," he said.

Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen.

On Friday, the two countries noted that the decision to designate INR as currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages, and agreed to operationalise the Unified Payments Interface-based digital payments for further enhancing trade and transactions between businesses and common people.

The two countries signed the Network to Network Agreement between NIPL and Lanka Pay for UPI application acceptance in Sri Lanka after bilateral talks between Modi and Wickremesinghe.

On an MoU signed with India on the development of Trincomalee as a regional hub for industry, energy and bilateral cooperation, Sabry saw no objections coming from China.

"We are a non-aligned state, we have only signed an MoU to identify feasible projects through a joint committee. I don't think any country would object to such open and transparent dealings," Sabry said.

Sabry said both leaders agreed on the importance of port connectivity between the two countries.

"To reach the next level, we need investments. We discussed ways which would be mutually beneficial to both countries. The tie-ups between not only the two governments but between the private sector were emphasised," Sabry said.

He said the possibility of Sri Lanka benefiting from the vast economic development in the South Indian region was considered.

"The two leaders agreed for connectivity between the ports for this purpose", Sabry said.

The need for port connectivity between Colombo and Trincomalee and the South Indian region was agreed between the two leaders.

He said the necessary studies on building a bridge for land connectivity or continuing with the existing ferry services would be soon undertaken. Getting an Indian university on board to help in Sri Lanka's digitalisation was also discussed, he added.

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

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Considering Allowing Rupee For Local Transactions: Sri Lanka Minister

Sri Lanka is considering the possibility of allowing the usage of the Indian rupee for local transactions just like the dollar, euro and yen to facilitate Indian tourists and businessmen, Foreign Minister Ali Sabry said on Saturday.

Sabry was briefing the media here on President Ranil Wickremesinghe's visit to India on July 20-21, his first since assuming office last year. He held talks with Prime Minister Narendra Modi on Friday.

"We have considered the possibility of using the Indian rupees like we accept the dollar, euro and yen," he said.

Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen.

On Friday, the two countries noted that the decision to designate INR as currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages, and agreed to operationalise the Unified Payments Interface-based digital payments for further enhancing trade and transactions between businesses and common people.

The two countries signed the Network to Network Agreement between NIPL and Lanka Pay for UPI application acceptance in Sri Lanka after bilateral talks between Modi and Wickremesinghe.

On an MoU signed with India on the development of Trincomalee as a regional hub for industry, energy and bilateral cooperation, Sabry saw no objections coming from China.

"We are a non-aligned state, we have only signed an MoU to identify feasible projects through a joint committee. I don't think any country would object to such open and transparent dealings," Sabry said.

Sabry said both leaders agreed on the importance of port connectivity between the two countries.

"To reach the next level, we need investments. We discussed ways which would be mutually beneficial to both countries. The tie-ups between not only the two governments but between the private sector were emphasised," Sabry said.

He said the possibility of Sri Lanka benefiting from the vast economic development in the South Indian region was considered.

"The two leaders agreed for connectivity between the ports for this purpose", Sabry said.

The need for port connectivity between Colombo and Trincomalee and the South Indian region was agreed between the two leaders.

He said the necessary studies on building a bridge for land connectivity or continuing with the existing ferry services would be soon undertaken. Getting an Indian university on board to help in Sri Lanka's digitalisation was also discussed, he added.

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

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L&T Bags Mega Bullet Train Order In India Worth Nearly A Billion Dollars

Infrastructure major Larsen and Toubro's board will meet next week to consider a proposal to buy back shares and payment of a special dividend for FY2023-24, according to a regulatory filing.

The proposals will be taken up at the company's board meeting scheduled for July 25, Larsen & Toubro said in a filing.

The company in a separate filing on Friday announced that its construction unit, L&T Construction, has bagged a 'mega' contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct the 135.45 km stretch MAHSR – C3 package which is part of the prestigious Mumbai Ahmedabad High-Speed Rail Project.

The scope for the MAHSR – C3 package includes the construction of viaducts, stations, major river bridges, depots, tunnels, earth structures, stations, and other auxiliary works.

The approximately 508 km Mumbai-Ahmedabad High-Speed Rail project, also called the MAHSR Bullet Train project, will cover 155.76 km in the state of Maharashtra, 4.3 km in the Union Territory of Dadra & Nagar Haveli and 348.04 km in the State of Gujarat with 12 stations along the route.

L&T did not reveal the financial value of the contract but as per its classification, a mega order is worth more than Rs 7,000 crore. Rs 8,100 crores makes a billion US dollars.

L&T shares soared by around 4 per cent to hit a 52-week high of Rs 2,594.40 on BSE following the mega order win. The stock closed 3.88 per cent higher at Rs 2,586.25 and was the lead gainer among Sensex shares.

The board of L&T will consider for approval its financial results for the first quarter of 2023-24 on July 25.
 

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

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Infosys Cuts Growth Outlook, Shares Fall 10%, M-Cap Falls Rs 43,776 Crore

Shares of Infosys tanked nearly 10 per cent this morning after the company reported a lower-than-expected 11 per cent rise in net profit for the June quarter and slashed its FY24 growth outlook.

The stock tumbled 9.47 per cent to Rs 1,311.60 on the BSE.

At the NSE, shares of the company cracked 9.96 per cent to Rs 1,305 apiece.

The company's market capitalisation (mcap) fell by Rs 43,776.29 crore to Rs 5,57,287.83 crore in morning trade.

It was the biggest laggard among both Sensex and Nifty firms.

The 30-share BSE Sensex quoted 633.76 points or 0.94 per cent lower at 66,938.14, while the NSE Nifty traded with a decline of 168.90 points or 0.85 per cent at 19,810.25.

Infosys on Thursday reported a lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties.

The net profit came in at Rs 5,945 crore for the quarter ended June 2023, compared to Rs 5,362 crore in the year-ago period. The company posted revenue growth of 10 per cent to Rs 37,933 crore during the just-ended quarter.

The country's second-largest IT services company -- which competes with the likes of TCS, Wipro and others -- drastically lowered its revenue guidance for the full year to 1-3.5 per cent in constant currency, down from 4-7 per cent it had projected earlier.

Seen sequentially, its net profit declined 3 per cent over the March quarter, while the revenue rose 1.31 per cent.

Shares of other IT firms -- TCS, HCL Tech, Wipro and Tech Mahindra -- were also trading lower during the morning trade.

Last week, TCS, HCL Tech, Wipro and LTIMindtree announced their first-quarter results.
 

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

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Infosys Cuts Growth Outlook, Shares Fall 10%, M-Cap Falls Rs 43,776 Crore

Shares of Infosys tanked nearly 10 per cent this morning after the company reported a lower-than-expected 11 per cent rise in net profit for the June quarter and slashed its FY24 growth outlook.

The stock tumbled 9.47 per cent to Rs 1,311.60 on the BSE.

At the NSE, shares of the company cracked 9.96 per cent to Rs 1,305 apiece.

The company's market capitalisation (mcap) fell by Rs 43,776.29 crore to Rs 5,57,287.83 crore in morning trade.

It was the biggest laggard among both Sensex and Nifty firms.

The 30-share BSE Sensex quoted 633.76 points or 0.94 per cent lower at 66,938.14, while the NSE Nifty traded with a decline of 168.90 points or 0.85 per cent at 19,810.25.

Infosys on Thursday reported a lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties.

The net profit came in at Rs 5,945 crore for the quarter ended June 2023, compared to Rs 5,362 crore in the year-ago period. The company posted revenue growth of 10 per cent to Rs 37,933 crore during the just-ended quarter.

The country's second-largest IT services company -- which competes with the likes of TCS, Wipro and others -- drastically lowered its revenue guidance for the full year to 1-3.5 per cent in constant currency, down from 4-7 per cent it had projected earlier.

Seen sequentially, its net profit declined 3 per cent over the March quarter, while the revenue rose 1.31 per cent.

Shares of other IT firms -- TCS, HCL Tech, Wipro and Tech Mahindra -- were also trading lower during the morning trade.

Last week, TCS, HCL Tech, Wipro and LTIMindtree announced their first-quarter results.
 

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

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Infosys' Q1 Profit Rises 11% To Rs 5,945 Crore

IT services firm Infosys today reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties.

The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.

The company posted a revenue growth of 10 per cent to Rs 37,933 crore, up from Rs 34,470 crore in the year ago period.

The country's second largest IT services company has lowered its revenue guidance for the full year to 1 to 3.5 per cent in constant currency, down from 4 to 7 per cent projected earlier.
 

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

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Infosys' Q1 Profit Rises 11% To Rs 5,945 Crore

IT services firm Infosys today reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties.

The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.

The company posted a revenue growth of 10 per cent to Rs 37,933 crore, up from Rs 34,470 crore in the year ago period.

The country's second largest IT services company has lowered its revenue guidance for the full year to 1 to 3.5 per cent in constant currency, down from 4 to 7 per cent projected earlier.
 

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

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