Page 41 - Info Edge News Today

Info Edge: "You cant write off Rs 288 crore; it was a mistake," he told analysts during a conference call after the parent of jobs portal Naukri reported its quarterly results.

Info Edge founder Sanjeev Bikhchandani says investing in Rahul Gandhis startup was a mistake after Q1 results.

ONGC Q1 results: ICICI Securities expects ONGC to report a 56 per cent YoY drop in profit at Rs 6,700 crore on a 27 per cent YoY drop in sales at Rs 30,700 crore.

Nifty futures on the Nifty International Exchange traded 16 points, or 0.08 per cent, higher at 19,556, hinting at a positive start for the domestic market on Friday.

Despite the challenging environment in IT recruitment, the growth in billings and rationalization of spending in 99acres, Shiksha and Jeevansathi businesses helped generate cash from operations in the quarter, said Chintan Thakkar, CFO and whole-time director.

Billing for the June quarter dropped marginally by 0.2% year on year and stood at Rs 523 crore

“Non-IT, in Q4 or even Q3 last year, was doing much better and that has taken care of the slowdown in IT hiring. Non-IT hiring even in this quarter is much better than what the IT hiring has been, but not enough to offset the entire degrowth on the IT hiring side. But that also seems to be slowing down. July JobSpeak index is showing a negative trend on IT as well as on non-IT.”

Online fashion retailer Nykaas parent firm posted a 8% jump in net profit to Rs 5.4 crore for the April-June quarter, while operating revenue rose 24% to Rs 1,422 crore. This and more in todays ETtech Top 5.

The consumer internet group has initiated arbitration proceedings against its portfolio company 4B Networks, founded by Housing.com cofounder Rahul Yadav, after the startup failed to provide crucial information about its operations and management for a forensic audit.

The Info Edge said they have had discussions internally and reviewed matters if something needs to be changed, to see if they need to tighten due diligence, etc