Daily News Wrap | India to get its 15th President; Wipro records gross revenue of ₹215.3 bn

National

India logs 21,566 new COVID-19 cases

India recorded 21,566 fresh COVID-19 infections in the last 24 hours, the Ministry of Health and Family Welfare informed on Thursday.

With the new infections, India's active caseload currently stands at 1,48,881. The daily positivity rate was recorded at 4.25% while the weekly positivity rate was at 4.51%.

The Ministry further said that the current recovery rate from COVID-19 infection in the country is at 98.46% as India saw 18,294 recoveries in the last 24 hours, which took the total recoveries to 4,31,50,434.

Under the nationwide vaccination drive, India has administered a total of 200.91 crore vaccine doses.

India to get its 15th President; Ballot counting begins

The counting of votes to elect India's 15th President will take place today. The counting began today at the Parliament House at 11 am. The voting took place on July 18, and the contest is between BJP-led NDA candidate Droupadi Murmu and opposition candidate Yashwant Sinha.

Only counting officers, officials deployed to assist the Rajya Sabha Secretary General, candidates and one authorised representative of each candidate, observers appointed by the Election Commission and media persons with valid passes will be allowed entry into the counting hall.

Of the 736 electors, 728 of them cast their vote. This includes 719 MPs and nine MLAs. The total turnout at Parliament House was at 98.91%.

Business

Wipro records gross revenue of Rs 215.3 billion

Leading technology services and consulting company, Wipro, on Wednesday announced it registered gross revenue of ₹215.3 bn ($2.7 bn), an increase of 17.9% YoY, in Q1.

In its financial results, announced under International Financial Reporting Standards (IFRS) for the first quarter ended June 30, the IT services segment revenue was at $2,735.5 mn, an increase of 13.3%, while Non-GAAP2 constant currency IT Services segment revenue increased by 2.1% QoQ and 17.2% YoY.

Net Income for the quarter was ₹25.6 bn and earnings per share for the quarter was at ₹4.69 ($0.061).

Finance

Rupee stands at 80 against US dollar

The Indian rupee this week slipped below the psychologically important level of 80 against the US dollar for the first time even as high crude oil prices amid tighter global supplies boosted demands for the American currency.

Even though the falling rupee may not benefit the entire economy, a devalued currency certainly has its merits. It aids the domestic producers in boosting their exports, thereby leading to trade surplus. Several countries prefer the devaluation of their currencies, in order to boost the economic landscape. There have been some instances when countries reportedly pursued the devaluation strategy in order to gain a competitive advantage in international markets.

Even though weaker currencies are not favourable for foreign portfolio investments (FPI), they are relatively favourable for foreign direct investment (FDI) as depreciation makes host country assets less expensive.
This may be because FPI refers to investments made in financial assets of another country, while the FDI refers to investments made in businesses interests which are located in a host country. FDIs usually have a long-lasting commitment.

On the other hand, several demerits also accompany a weak currency. Since the cost of imports becomes higher, domestic inflation may be triggered, which in turn may reduce purchasing power in the economy. Rising costs of imports may also increase the Current Account Deficit (CAD).

International

Ranil Wickremesinghe sworn in as 8th President of Sri Lanka

Ranil Wickremesinghe was sworn in as the eighth President of Sri Lanka at the Parliament premises on Thursday. He was sworn in before Chief Justice Jayantha Jayasuriya, Daily Mirror reported.

In the election held in Parliament on Wednesday, 73-year-old Wickremesinghe secured 134 votes from parliamentarians. Out of 225 parliamentarians, 223 voted in the ballot of which four were invalid votes, while two MPs abstained from voting.

Technology

WhatsApp officially allows iOS, Android chat transfers

WhatsApp had been testing the entire feature of syncing conversation histories between Android and iOS and made it public on Thursday.

Only a few third-party data transfer technologies have been able to move conversation histories between ecosystems; however, these tools are typically expensive and difficult to use.

To get it done for free, you'll need to utilise the Move to iOS tool on Android to accomplish this, as only the Android to iPhone option is available on WhatsApp's help website as of now. On both the transmitting and receiving devices, WhatsApp must be updated to the most recent version.

Additionally, you must keep your current phone number or switch it before moving. Also required is a fresh or factory-reset iPhone for the recipient.

Sports

FIFA MA course for referees kicks off in Kochi

The FIFA MA Course 2022 for Referees, Assistant Referees, and Referee Assessors is being organised by the All India Football Federation kicked off in Kochi.

The courses have been divided into two parts with 35 Referee Assessors and 33 Women Referees undergoing a 5-day course starting on Wednesday till July 24, while the course for 32 Men Referees and 37 Assistant Referees will commence from July 25-July 29, 2022. Rodzali Bin Yacob, FIFA RDO (Malaysia), Subkhiddin Mohd Salleh, FIFA Technical Instructor (Malaysia), and Ganesan Maniam FIFA Fitness Instructor (Singapore) are the instructors for the course.