News Wrap: Infosys Business In Russia; Prasol Chemicals IPO; India’s Goods Export; World Bank News
April 14, 2022
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Infosys To Stop Business In Russia
Infosys announced that it will be moving out of Russia by cutting all its business ties. "Seeing the situation we have started the transition of our business and all of our work from the centres from Russia to outside Russia," said Infosys CEO and MD Salil Parekh.
He also mentioned, "We don't have clients in Russia. The work we do in Russia is for the global clients, which we have started a transition. At this stage, we have no impact on our business from an Infosys perspective," Other than Infosys, several multinational IT businesses, including Oracle Corp and SAP SE, have either ceased or paused their activities and trade in Russia.
Prasol Chemicals Files IPO Draft Papers With SEBI
Prasol Chemicals has a 45-country distribution network in Asia, North America, and the European Union. Its products are also utilised as raw ingredients in sunscreens, shampoos, flavours, scents, and disinfectants, as well as in-home and personal care products.
Manufacturer of speciality chemicals, Prasol Chemicals has recently filed draft papers with SEBI for 800 Crore IPO. The company comprises an Offer For Sale by existing shareholders of up to 9,000,000 equity shares.
“The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders,” Prasol mentioned.
More To Know:
The World Bank (WB) has cautioned that in the South Asian area, Pakistan and Sri Lanka have the highest foreign debt repayment ratio to exports and remittances.
India's goods exports in March 2022 totalled $42.22 billion, up 19.76% year on year.
Infosys, India's leading IT services company, announced a net profit of Rs 5,686 crore for the quarter ended March 31.
Reliance Industries Ltd., owned by billionaire Mukesh Ambani, is considering a bid for Walgreens Boots Alliance Inc.'s worldwide pharmacy sector.