<ul><li>According to the Centre for Monitoring Indian Economy (CMIE), the <keyword id="93845" type="PERSON" weightage="20" keywordseo="unemployment-rate">unemployment rate</keyword> in India stood at 11.63% during the week ending June 14. </li><li>However, it does not indicate growth in the <keyword id="6474038" type="UNKNOWN" weightage="20" keywordseo="formal-sector-jobs">formal sector jobs</keyword>, yet.</li><li>The urban unemployment rate at 13.1% remained higher than the rural and <keyword id="9408545" type="UNKNOWN" weightage="20" keywordseo="overall-unemployment">overall unemployment</keyword> recorded during the same period. </li><li>According to Dun &amp; Bradstreet (D&amp;B), the job loss and salary cuts will slow down the recovery even after the pandemic. </li></ul>India’s unemployment rate shrunk significantly as the government eased lockdown norms — showing signs of revival. According to the<a href="https://unemploymentinindia.cmie.com/kommon/bin/sr.php?kall=wshowtab&amp;tabno=0002"> Centre for Monitoring Indian Economy (CMIE)</a>, the unemployment rate in India stood at 11.63% during the week ending June 14. This brings the unemployment rate closer to the pre-lockdown level. The rate of unemployment was recorded as 8.41% in the week ending March 22. <div type="image" title="unemployment declines new" msid="76398034" hostid="261"></div> After May 31, the centre and state governments allowed the private offices, commercial establishments and shops to reopen in most areas — leaving the containment zones. Urban unemployment rate higher than the overall unemployment However, the improvement is largely due to the casual activities and among self employed people. It does not indicate growth in the formal sector jobs, yet. The urban unemployment rate at 13.1% remained higher than the rural and overall unemployment recorded during the same period. Companies aggressively downsized employees and implemented salary cuts to keep up with the running costs. “If we analyse the available data points and the ground-level interactions with people and corporates, we can say non-wage work is coming back. At least 75% of people in the labour market are in non-wage work, earning a livelihood through self-employment, including agricultural work and casual jobs. The decent formal sector jobs will take over a year to recover from the Covid-19 pain,” Muralidharan Thyagarajan, chairman of TMI Group <a href="https://www.hindustantimes.com/business-news/india-s-job-loss-rate-falls-sharply-to-11-63/story-vpO9WqOWn7I1JiVETO1laM.html">told</a> Mint. But it has improved compared to that of the lockdown period. The urban unemployment rate stood at nearly 27% during the week ending May 17, implying that <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-19%2008:41:03&amp;msec=086">less than 25%</a> of the urban working age population was employed. This was after the government allowed the tech companies to work with 33% staff in offices — after which several IT majors like Infosys, SAP Labs, TCS and Wipro resumed operations across offices in a phased manner, sending a few employees to work from office locations. Slow recovery even after the pandemic The impact of the pandemic is such that experts believe that the economy is likely to slip into recession in the third quarter of 2020-21. According to Dun &amp; Bradstreet (D&amp;B), the job loss and salary cuts will slow down the recovery even after the pandemic. “The D&amp;B India Chief Economist Arun Singh stated that the multiplier effect of the stimulus measures on the economy will depend on three key aspects, the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced,” the<a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-25%2016:54:15&amp;msec=326"> CMIE report </a>said. See also: <a href="https://www.businessinsider.in/india/news/mumbai-local-trains-who-can-travel-timings-and-all-you-need-to-know/articleshow/76397615.cms">Mumbai local trains⁠— who can travel, timings, and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-8-pro-smartphone-software-design-battery-life-and-performance-review/articleshow/76397463.cms">OnePlus 8 Pro review – finally in the big leagues, but at a premium</a> <a href="https://www.businessinsider.in/india/news/karnataka-tweaks-entry-rules-as-domestic-returnees-swell-states-covid-tally/articleshow/76397156.cms">Karnataka tweaks entry rules as domestic returnees swell state's COVID tally</a>

India’s unemployment rate is improving but still a fair distance from pre-lockdown level

New Delhi, Apr 29 () IT firm Hexaware Technologies on Wednesday posted a 26.3 per cent rise in net profit at Rs 175 crore in the March 2020 quarter, and said it was suspending its guidance for FY20 amid uncertainty due to COVID-19 pandemic. The company had reported a net profit of Rs 138.4 crore in the January-March 2019 period, Hexaware Technologies said in a regulatory filing. Its revenue increased 22 per cent to Rs 1,541.7 crore in the quarter under review as compared with Rs 1,264 crore in the year-ago period. The company follows January-December as its fiscal year. "COVID-19 has led to significant uncertainty in the current environment. In view of this, we suspend the guidance that was provided earlier for FY'20," it said. In February, the company had said it expects its FY2020 revenue to grow 15-17 per cent. IT firms like Wipro and Infosys have also suspended their practice of offering revenue growth forecast, while Cognizant had retracted its annual outlook for 2020 amid uncertainties due to COVID-19 outbreak that has disrupted businesses globally. Hexaware's earnings per share (EPS) was at Rs 5.86 at the end of March quarter, up 26.1 per cent year-on-year. "Our focus on operational efficiencies helped us deliver an EPS expansion in the current quarter," Hexaware Technologies Chief Financial Officer Vikash Kumar Jain said. He added that future quarters would be a "period of uncertainties and opportunities". "We believe our strategic themes and strong balance sheet position us well to partner with our stakeholders to come out of this crisis stronger," he said. Hexaware said the company was early in transitioning to work from home (WFH) mode, much before the government-mandated lockdown. Currently, 99 per cent per cent of its IT work and 80 per cent of BPS in terms of revenue is WFH, it added. "Once the government mandated lockdown is lifted, we will be resuming services in our offices in a staggered and segmented approach starting with those delivering critical services for which onsite presence is required," Hexaware said. Atul Nishar, chairman of Hexaware Technologies, expressed confidence that the company's strategic focus and robust execution capabilities will drive growth going forward. In dollar terms, Hexaware's net profit rose by 18.3 per cent to USD 23.4 million, while revenue grew 17 per cent to USD 210.6 million in the said quarter on a year-on-year basis. The company said it won deals from new customers (NN) in the first quarter with TCV (total contract value) of USD 69 million, and this was one of the best quarters of NN signings. Its headcount stood at 19,998 people in the said quarter, with attrition at 15.1 per cent. The company said Meera Shankar has ceased to be an independent director with effect from April 10, 2020 pursuant to completion of second term as an independent director. The board of directors have approved the appointment of Milind Shripad Sarwate and Madhu Khatri as additional directors in the capacity of non-executive independent directors of the company with effect from April 25, 2020 for a period of three years, subject to the approval of shareholders. SR RVK

Hexaware Q1 net profit up 26.3 pc, suspends annual guidance amid COVID-19 pandemic

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated Press/Evan VucciPresident Donald Trump reviews border wall prototypes, Tuesday, March 13, 2018, in San Diego.</div></div></div><ul class="summary-list"><li>The Trump administration has ramped up scrutiny of the H-1B visa program.</li><li>US Citizenship and Immigration Services data released Friday show the agency is rejecting more H-1B applications.</li><li>Over the last two years, the agency has more than doubled the instances in which it asks for additional supporting information.</li><li>Some companies are seeing a substantial portion of their applicants rejected, while tech giants like Facebook and Apple have a near-perfect approval rate. </li></ul>President Donald Trump's administration has ramped up scrutiny of visas for foreign skilled workers, rejecting more H-1B requests and requiring extra evidence to process thousands of applications, according to government data released Friday.In the fourth-quarter of 2018, US Citizenship and Immigration Services issued requests for evidence in 60% of H-1B applications submitted by companies on behalf of their employees, up from 46% in 2017 and 28% in 2016, according to <a href="https://www.uscis.gov/sites/default/files/USCIS/Resources/Reports%20and%20Studies/Immigration%20Forms%20Data/BAHA/non-immigrant-worker-rfe-h-1b-quarterly-data-fy2015-fy2019-q1.pdf">a report from the agency</a>. The agency has more than doubled the instances in which it asks for additional supporting information over the last two years - it made 26,799 such requests in the last quarter of 2016, compared with more than 60,000 in last quarter of 2018. The application-approval rate for H-1B visas has also plummeted, declining to 76% in the fourth quarter of 2018, compared with 83% in 2017 and 92% in 2016.The <a href="https://www.uscis.gov/working-united-states/temporary-workers/h-1b-specialty-occupations-dod-cooperative-research-and-development-project-workers-and-fashion-models">H-1B program</a>, which allots temporary visas to foreign workers with specialized skills, has frequently <a href="https://www.businessinsider.com/trump-signs-order-targeting-h-1b-visa-program-2017-4">come under fire from the Trump administration</a>, which has criticized companies of abusing it to hire cheap, foreign workers at the expense of Americans.The agency <a href="https://www.businessinsider.com/trump-signs-order-targeting-h-1b-visa-program-2017-4">hasn't hidden its intentions of overhauling the program</a> and applying more thorough scrutiny in an effort to ensure US workers aren't getting short-shrift from employers. "As part of our efforts to fulfill President Trump's 'Buy American and Hire American' executive order, USCIS has made a series of reforms designed to protect U.S. workers, increase our confidence in the eligibility of those who receive benefits, cut down on frivolous petitions and improve the integrity and efficiency of the immigration-petition process," USCIS spokeswoman Jessica Collins <a href="https://www.wsj.com/articles/approval-rate-declines-for-h-1b-visas-11550926800?mod=trending_now_1">told The Wall Street Journal</a>. The agency says the <a href="https://www.uscis.gov/sites/default/files/USCIS/Resources/Reports%20and%20Studies/Immigration%20Forms%20Data/BAHA/understanding-requests-for-evidence-h-1b-petitions-in-fiscal-year-2018.pdf">top reasons it requests additional evidence</a> for applications are:<ul><li>The application didn't establish the job qualifies as a "specialty occupation."</li><li>The employer didn't establish a valid relationship with the employee they'd applied on behalf of. </li><li>The application failed to show the employer had specific assignments for the specialty role for the employee that would last the duration of their tenure. </li></ul>Tech companies tend to be the most voracious consumers of H-1B visas, and that trend hasn't changed, <a href="https://www.uscis.gov/sites/default/files/USCIS/Resources/Reports%20and%20Studies/Immigration%20Forms%20Data/BAHA/h-1B-quarterly-requests-for-evidence-2015-2019-Q1-top-30-employers.pdf">according to USCIS data</a>.But some companies are having more success navigating the administration's reforms and enhanced vetting than others. IT-services companies Capgemini, Cognizant Technologies, and Infosys - three of the five most-active applicants - saw the lowest success rates, earning approvals on 60%, 68%, and 74% of their petitions during USCIS' 2018 fiscal year.Some companies had near-perfect approval rates: Microsoft, Apple, Google, Intel, and Facebook each scored 99% success rates.Michelle Mark contributed to this report.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/trump-signs-order-targeting-h-1b-visa-program-2017-4" data-read-more-link="" data-e2e-name="read-more-link">The Trump administration targeted H-1B visas again - here's why the program is so controversial</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/vitalik-buterin-created-ethereum-one-of-the-worlds-three-largest-cryptocurrencies-2019-1">Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why</a></h3> <div> </div> </div>

Rejections for standard work-visas have shot up under the Trump administration, but some companies have avoided the trend

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://pictures.reuters.com/Package/2C0BF1OA4ENQD?PBC=2CKRYD1D85D:2C04082VM4GXA:2C0BF1OA4ENQD#/SearchResult&amp;ALID=2C0BF1OA4ENQD&amp;PBC=2CKRYD1D85D:2C04082VM4GXA:2C0BF1OA4ENQD&amp;VBID=2C0BX4URDZF2&amp;POPUPPN=1&amp;POPUPIID=2C0BF1OAMY3ZJ">Reuters/Mike Hutchings</a>Cyclists outside Burundi's capital, Bujumbura.</div></div></div>Here is what you need to know.IBM posted a mixed quarter. The IT product and services provider announced <a href="http://www.businessinsider.com/ibm-reports-second-quarter-earnings-2015-7">earnings of $3.84 per share</a>, topping the $3.78 that Wall Street was expecting. Revenue slumped 13.4% to $20.8 billion, shy of the $20.95 billion that analysts were anticipating. According to The Wall Street Journal, IBM has seen declining revenue for 13 straight quarters. "Our results for the first half of 2015 demonstrate that we continue to transform our business to higher value and return value to shareholders," IBM chairman, president, and CEO Ginni Rometty said. "We expanded margins, continued to innovate across our portfolio, and delivered strong growth in our strategic imperatives of cloud, analytics, and engagement, which are becoming a significant part of our business."Infosys beats and ups its full-year sales forecast. The IT service provider reported <a href="http://timesofindia.indiatimes.com/tech/tech-news/Infosys-Q1-revenue-rises-4-5-highest-in-last-15-quarters/articleshow/48154032.cms?">earnings of $13.26 a share</a>, topping analyst estimates by $0.12. Revenue jumped 12.4% to $14.35 billion, easily beating the $14.09 billion that was expected. The company upped its dollar revenue guidance to 9.2% from 7.2% as a result of contract wins. "I am very pleased with our performance in the first quarter," CEO Vishal Sikka said. "Our efforts in redesigning our clients' experience and our widespread adoption of innovation, both in grassroots and breakthroughs, are starting to bear fruit in large deal wins and in the growth of large clients."Apple hired an auto executive. <a href="http://www.businessinsider.com/apple-hires-doug-betts-of-fiat-chrysler-2015-7?r=UK">Apple has hired Doug Betts, an auto manufacturing executive from Fiat Chrysler</a>, increasing speculation the company is looking to enter the auto industry. According to Betts' LinkedIn page, he has 30 years of experience in the auto industry. Betts' hiring follows reports from earlier this year suggesting Apple has hired hundreds of employees to work on a secret project called Titan, which is said to have the goal of giving electric-car maker Tesla "a run for its money."Qualcomm is laying off workers and may break up. The chipmaker is expected to announce plans to lay off more than 10% of its 30,000 employees, according to The Information. The expected layoffs are part of what is likely to be a <a href="http://www.businessinsider.com/r-qualcomm-may-consider-breakup-wsj-2015-7">strategic review of the company</a>, which could lead to the eventual spin-off of its chip business from the highly profitable patent-licensing business. According to Reuters, Qualcomm has been under pressure from hedge fund Jana Partners to spin-off its patent-licensing business.Toshiba's CEO is out after an accounting scandal. <a href="http://www.businessinsider.com/r-toshiba-ceo-resigns-over-massive-accounting-scandal-2015-7">Toshiba's president and CEO, Hisao Tanaka, has resigned</a> after an internal investigation found the company has been cooking its books for several years. The company overstated its profit by 151.8 billion yen ($1.22 billion) over several years, almost triple its initial profit. According to the investigation, the scandal dates back to the post-2009 period when Atsutoshi Nishida was at the helm. Bloomberg reports that Nishida, the company chairman, will serve as interim president until a replacement is found.SPONSORED BY EY The latest issue of EY's Capital Insights magazine includes an interview with Deutsche Telekom's CFO and a look at M&amp;A in the US. <a href="http://www.capitalinsights.info/">Read it now.</a>A Grexit is possible next year. A Bloomberg survey of 34 economists found that <a href="http://www.bloomberg.com/news/articles/2015-07-20/greece-said-to-make-ecb-debt-deadline-as-banks-reopen">71% of respondents thought Greece had a chance of exiting the euro next year</a>. The economists think there are still unresolved issues. Specifically, the unwillingness to provide Greece with any debt relief, questions as to the viability of the 50 billion euros Greece must raise through asset sales and the impact of further austerity on the Greek economy. Greece's two-year yield is higher by 87 basis points at 21.49%.Goldman Sachs likes European stocks over US stocks. Goldman Sachs says it's time to <a href="http://www.cnbc.com/2015/07/20/buy-europe-dump-us-stocks-goldman-sachs.html">increase exposure to Europe and cut back on US holdings</a> now that Greece and its creditors are making progress. The investment bank upgraded European stocks to "overweight" for the next three months while lowering US stocks to "underweight." "While performance potential might be limited in the near-term after the strong rebound, several supportive fundamental factors should help outperformance of European vs. US equities until year-end," Goldman said.Stock markets around the globe are higher. Japan's Nikkei (+0.9%) paced the gains overnight as it played catch-up after Monday's holiday. In Europe, France's CAC (+0.2%) leads a muted session higher. S&amp;P 500 futures are up 0.50 points at 2,122.50.There is no economic data. This week's data begins to flow Wednesday with FHFA Housing Price Index, existing home sales, and crude-oil inventories due out. The US 10-year yield is unchanged at 2.38%.Earnings season kicks into high gear. Apple, Chipotle Mexican Grill, Microsoft, and Yahoo highlight the names set to report following Tuesday's closing bell. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/clear-out-iphone-storage-space-2015-6">How to clear out a ton of space on your iPhone superfast</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5qcmxndToofREk2JFghn1wjMFTZOXP_E" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "infosys earnings review" and got 4 results

India’s unemployment rate is improving but still a fair distance from pre-lockdown level

Prerna Sindwani

Hexaware Q1 net profit up 26.3 pc, suspends annual guidance amid COVID-19 pandemic

PTI

Rejections for standard work-visas have shot up under the Trump administration, but some companies have avoided the trend

Alex Morrell

10 things you need to know before the opening bell

Jonathan Garber