What is it? The rate at which Infosys revenues grew in the fiscal year 2016-17. It closed the year with $10.21 billion in revenue.
Why is it important? The growth rate disappointed the market and its stock price fell by over 3% in trading on Thursday. Volume growth for the quarter was 7.7%, down from 15.39% in the same period last year, essentially bringing it closer to the growth rates when Vishal Sikka took over as CEO.
Tell me more: Infosys, which was in the news recently after the company founder NR Narayana Murthy publicly expressed his displeasure over compensation given to top managers, has also appointed Ravi Venkatesan as co-chairman along with R Seshasayee. The company also said it will payout Rs 13,000 crore via share buyback or as dividends.
What is it? The increase in the number of corruption complaints against government departments by the Central Vigilance Commission (CVC).
Why is it important? The bulk of the complaints, 11,200 out of a total of 49,847, were against the Railways, one of the largest-consumer facing government institutions. Other departments which attracted large number of corruption complaints were mostly consumer-facing such as banking and the IT department, or overseeing highly-regulated sectors such as the Ministry of Petroleum, Telecommunications. But data shows the CVC has been passing on less cases against senior government officials to the CBI or Central Vigilance Officers for investigation, referring only 0.16% in 2014 and 0.001% in 2017 of all such cases, down from 1.88% in 2014.
Tell me more: In the year 2015, complaints had declined by 50% than in 2014, at 29,838. The news about the rise in complaints comes after just a few weeks of the CVC’s portal’s crash when data against corrupt officials were reportedly deleted.
What is it? The weight of the GBU-43 bomb dropped by US on a cave and tunnel complex used by Islamic State in Afghanistan.
Why is it important? It is one of the largest non-nuclear bombs in the US military arsenal, officially called Massive Ordnance Air Blast, or Moab, and unofficially referred to as “the mother of all bombs”. US President Donald Trump, who had vowed to wipe out Isis in his election campaign, called it “a very successful mission”. The US didn’t didn’t disclose the number of deaths caused by the bomb – militants or civilian. Some experts have said the bombing was symbolic, rather than tactical, and might not alter the course of the war, now in its 16th year.
Tell me more: Originally developed for the invasion of Iraq in 2003, Moab is 30-feet long, and was dropped from a cargo plane. This is the first time the bomb was used.
What is it? The foreign trade deficit of India in March, 2017.
Why is it important? The trade deficit, after decreasing, to less than $10 billion, for two consecutive months in Jan-Feb, on strong exports, sprang back to a wider gap than Oct-Dec, in March. Even though exports continued to strengthen, growing at 27.59% year-on-year, the rise in crude oil (101.43% rise) and gold imports widened the deficit.
Tell me more: The trade deficit for the whole of FY17, however, narrowed by 11% from a year ago, to $105.7 billion.
Rs 1,675 crore
What is it? The latest funding raised by Ola, the Indian cab-booking app, from SoftBank, the Japanese telecom and Internet company.
Why is it important? While all eyes are on Softbank’s next move with its other major Indian investment, Snapdeal, its fresh funds worth $250 million for Ola, closed last year, has now been made public. However, Ola, like other Indian unicorns, reportedly raised the money at a valuation lower than the last round of funding, from $4.5 billion to $3 billion.
Tell me more: SoftBank’s subsidiary SIMI Pacific made the investment in Ola’s parent company ANI Technologies, before it had floated its new investment vehicle in India, Vision Fund.