Wednesday, 27 Oct 2021

Infosys Q2 profit up 11.9% to ₹5,421 crore, raises revenue forecast for FY22

Relay Therapeutics Down 4%; Sets Public Offering Of Shares

Shares of clinical-stage precision medicine company Relay Therapeutics, Inc. (RLAY) are down 4 percent on Tuesday’s trading after the company announced an underwritten public offering of $350 million of shares of its common stock.

The company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the share is of common stock offered in the public offering. All of the shares are to be sold by Relay Therapeutics itself.

Currently at $27.47, the stock has traded between $25.72 and $64.37 during the past 52 weeks.

Late Night Shames Moderna for Refusing to Share

“Imagine only making one thing and billions of people want it,” Jimmy Kimmel said. “This must be how the Baha Men felt after recording ‘Who Let the Dogs Out.’”

By Trish Bendix

Lindsey Graham: Border Patrol are abandoned by Biden administration

Graham: Border Patrol are being asked to do the impossible

Lindsey Graham reflects on visit to border on ‘Hannity’

Republican Senator Lindsey Graham, S.C., railed the Biden administration’s response to the border crisis and recounted his visit with Border Patrol agents on “Hannity” Tuesday. 

GRAHAM: The men and women of the Border Patrol are being asked to do the impossible. They’re American patriots and they deserve all of our appreciation and thanks, but they’ve been abandoned by the Biden administration. There were 5,000 people in this facility made for 500 until I came. When I got there, there were still a thousand. So between October 2020 and October of this year, 2021, in the Yuma sector alone, there’s been a 1,300% increase in illegal crossings. In all of 2020, 8,000 people were apprehended in the Yuma sector as of the week I went there, as of a couple of days ago, 114,000 people in the Yuma sector alone.

Opinion | The Moral Panic Engulfing Instagram

By Farhad Manjoo

Opinion Columnist

Pre-market Movers: ACER, CEI, GTE, MARPS, PLTR…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 5.35 A.M. EDT).

In the Green

Acer Therapeutics Inc. (ACER) is up over 26% at $3.14

Gran Tierra Energy Inc. (GTE) is up over 11% at $1.08

Palantir Technologies Inc. (PLTR) is up over 9% at $25.30

RedHill Biopharma Ltd. (RDHL) is up over 8% at $5.08

Calyxt, Inc. (CLXT) is up over 6% at $3.37

Professional Diversity Network, Inc. (IPDN) is up over 8% at $1.50

In the Red

Camber Energy, Inc. (CEI) is down over 12% at $1.34

Marine Petroleum Trust (MARPS) is down over 10% at $5.47

DatChat, Inc. (DATS) is down over 9% at $8.04

Paltalk, Inc. (PALT) is down over 9% at $7.39

Gogo Inc. (GOGO) is down over 6% at $16.11

LG Display Co., Ltd. (LPL) is down over 5% at $7.27

House Passes Debt Limit Extension To Avert U.S. Default

The House on Tuesday passed an extension of the debt ceiling, averting the threat of a default until at least Dec. 3.

The vote was 219-206, a party line vote for the $480 billion increase. The legislation now goes to President Joe Biden, who plans to sign it.

The Senate passed an extension last week, after a standoff between Democrats and Republicans. Senate Minority Leader Mitch McConnell has been insistent that Democrats bear responsibility as they look to pass massive new infrastructure and social policy legislation. But Senate Majority Leader Chuck Schumer noted that the raising of the debt ceiling, typically bipartisan, was for spending that already had been appropriated by Congress, including during the tenure of Donald Trump.

Treasury Secretary Janet Yellen had said that the U.S. risked being unable to meet its obligations after Oct. 18.

Still, even though a crisis was averted, the question is how the ceiling will be raised come December, with another showdown possible in the Senate.

McConnell is insisting that Democrats do it on their own via a process called reconciliation, requiring a simple majority vote. But Schumer and other Democrats say that Republicans refuse to go with the simplest path, a standalone bill. That also could pass by simple majority vote, but only if Republicans agree not to raise the threat of a filibuster.

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Infosys Q2 profit up 11.9% to ₹5,421 crore, raises revenue forecast for FY22

The Bengaluru-based company saw its revenues rising by 20.5% to ₹29,602 crore in the quarter under review (Q2FY22) from ₹ 24,570 crore in the year-ago period.

India’s second largest IT services company, Infosys, on Wednesday said its consolidated net profit grew by 11.9% to ₹5,421 crore for the September 2021 quarter.

Infosys had clocked a net profit of ₹4,845 crore in the same period last fiscal, according to a regulatory filing.

The Bengaluru-based company saw its revenues rising by 20.5% to ₹29,602 crore in the quarter under review (Q2FY22) from ₹ 24,570 crore in the year-ago period.

Infosys increased the FY22 revenue growth guidance to 16.5-17.5%.

Previously, the company had guided to 14-16% growth in constant currency terms for the fiscal ended March 2022.

"Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings," Salil Parekh, CEO and MD of Infosys said.

The Board has announced an interim dividend of ₹15 per share for FY22, the company said in a statement.

"Our operating margins for Q2 were resilient; the impact of enhanced employee value proposition initiatives was offset by strong operating parameters, cost optimisation and operating leverage," Nilanjan Roy, Chief Financial Officer of Infosys said.

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