NBA fan moments: Heat coach Erik Spoelstra enjoyed assistants joining ‘Fire Spo’ chants

Infosys net profit rises 17.5% to ₹5,076 crore in March quarter

Infosys expects FY22 revenue to grow 12-14% in constant currency

IT services major Infosys on April 14 posted a 17.5% rise in net profit to ₹5,076 crore for the March quarter, and announced up to ₹9,200 crore buyback offer at a maximum price of ₹1,750 per share.

The Bengaluru-based company’s net profit (after minority interest) was ₹4,321 crore in the January-March 2020 quarter.

Its revenue grew 13.1% to ₹26,311 crore in the March 2021 quarter from ₹23,267 crore in the year-ago period, Infosys said in a regulatory filing.

The company’s FY21 net profit was up 16.6% to ₹19,351 crore, while revenue was higher by 10.7% to ₹1,00,472 crore compared to the previous fiscal.

Infosys expects FY22 revenue to grow 12-14% in constant currency.

The Board has recommended a capital return of ₹15,600 crore, including a final dividend of ₹6,400 crore and open market buyback of shares of ₹9,200 crore, it said.

“Large deal TCV for FY21 peaked to an all-time high of USD 14.1 billion, with 66% being net new. Operating margin for the year expanded by 3.2% and Free Cash Flows increased by 44.4%,” Infosys added.

The Board has recommended a final dividend of ₹15 per equity share for the financial year ended March 31, 2021.

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New Zealand Central Bank Keeps Policy Unchanged

New Zealand’s central bank left its monetary policy unchanged on Wednesday, as widely expected, and agreed to cut its interest rates further if required as the economic outlook remains highly uncertain.

The Monetary Policy Committee of the Reserve Bank of New Zealand decided to keep the Official Cash Rate at 0.25 percent and the Large Scale Asset Purchase at NZ$100 billion. The Funding for Lending programmes were also kept unchanged.

The committee agreed to retain its current expansionary monetary setting until consumer price inflation will be sustained at the 2 percent target, and that employment is at or above its maximum sustainable level.

The MPC said it is prepared to lower the benchmark rate if required.

The committee observed that short-term data continues to be highly variable as a result of the economic impacts of COVID-19.

Over the medium-term, the outlook remains highly uncertain, determined in large part by both health-related restrictions, and business and consumer confidence, the MPC said.

Although disruptions to global supply chains and higher oil prices are leading to specific near-term price pressures, the medium-term inflation and employment would likely remain below its target in the absence of prolonged monetary stimulus.

“If the economy continues to improve as we anticipate, we suspect the Bank may end its purchases altogether around the end of this year” Ben Udy, an economist at Capital Economics, said. The economist expects the central bank to raise rates towards the end of next year.

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SpaceX raises $1.16 billion in equity financing

FILE PHOTO: SpaceX headquarters is shown in Hawthorne, California, U.S. September 19, 2018. REUTERS/Mike Blake

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NBA fan moments: Heat coach Erik Spoelstra enjoyed assistants joining ‘Fire Spo’ chants

As he spent his first month coaching LeBron James, Dwyane Wade and Chris Bosh, Miami Heat coach Erik Spoelstra heard the intense scrutiny over his job security.

When the Heat’s “Big Three” labored through the start of the 2010-11 season with an 8-6 record, former Los Angeles Lakers coach Phil Jackson speculated that Heat president Pat Riley would replace Spoelstra soon. So did various published reports. No wonder Spoelstra hardly found it surprising when he heard fans call for his dismissal. What did surprise Spoelstra: how his assistants David Fizdale and Ron Rothstein responded to the chants during one game.

“They were there cheering with them, ‘Fire Spo!’” Spoelstra recalled. “It was a way of making fun of it and letting them know they were with me, as funny as that sounds. We all got a good laugh.”

Spoelstra recalled that incidents with nostalgia. Ever since the NBA suspended last season season because of the coronavirus pandemic outbreak in March 2019, the league has lacked the fan presence that has made such interactions possible.