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Bentley Systems to buy Seequent for around $1.05B deal

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Infrastructure engineering software maker Bentley Systems Inc has said that it entered into an agreement to acquire Seequent, a global leader in 3D modeling software for geosciences for about $1.05 billion.

Software produced by Seequent is used for large-scale projects, including groundwater detection, road and rail tunnel construction, subterranean storage of spent nuclear fuel and geothermal exploration.

The acquisition of Seequent is expected to initially add approximately 10 per cent to each of Bentley Systems’ key financial metrics and is expected to be measurably accretive to Bentley’s organic growth rate, the company said on Thursday.

Upon closing, Seequent will operate as a stand-alone Bentley subsidiary, with Seequent’s current Chief Operating Officer Graham Grant, succeeding its retiring CEO Shaun Maloney, reporting to Bentley’s Chief Product Officer Nicholas Cumins.

Bentley’s established presence in China, and its mainstay reach across civil engineering sectors, is expected to accelerate Seequent’s expansion in new markets.

“We can be very confident about Seequent’s contribution to our shared future not only because of our product synergies but because we recognize in Seequent’s trajectory an echo of the playbook that made Bentley Systems successful – except they have grown faster,” Bentley’s CEO Greg Bentley said in a statement.

Its established presence in mineral-intensive geographies such as South America and southern Africa is expected to accelerate Bentley’s overall opportunities in these regions with significant infrastructure requirements.

Seequent, founded and headquartered in Christchurch, New Zealand, has more than 430 employees in 16 office locations, serving geologists, hydrogeologists, geophysicists, geotechnical engineers, and civil engineers in over 100 countries, and the world’s top mining companies.

source: The Statesman

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Infosys to buy back shares again soon

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Global software major Infosys announced on Sunday that it is planning to buy back more shares again with a proposal in this regard on the agenda at its board meeting on April 14.

“The board will consider a proposal for buyback of fully paid-up equity shares at its meeting on April 14, 2021, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” said the city-based company in a regulatory filing on the BSE.

The board meets on April 13-14 here to approve its financial results for the fourth quarter and fiscal year 2020-21.

The last time (the second) when the IT major bought back shares was in March 2019, buying 2.36 per cent of the paid-up capital (103.25 million shares) worth Rs 8,260 crore at Rs 800 per share through the open market route.

It made a maiden buyback of 11.3 crore equity shares in December 2017 for Rs 13,000 crore at Rs 1,150 per share.

The company’s blue-chip scrip of Rs 5 face value touched a 52-week high of Rs 1,454 on April 9 before closing at Rs 1,440.75 at the end of trading on Friday.

source: The Statesman

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Bulls drive markets for second day in row; Sensex rallies 1,128 points, Nifty tops 14,845

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Indian stock markets continued their bullish trend for second day in a row on Tuesday on the back of profits in index majors HDFC twins, Infosys and Reliance Industries amid a positive trend in global markets.

The S&P BSE Sensex ended 1,128.08 points or 2.30 per cent higher at 50,136.58 with HCL Tech being the top gainer as it rose over 4 per cent.

Similarly, Nifty50 surged 337.80 points or 2.33 per cent to 14,845.10.

In the Sensex pack, other gainers included HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL.

On the other hand, M&M, Bharti Airtel and Axis Bank were the laggards.

Except for today’s depreciation, the INR has remained quite steady even though the dollar index rose. Also when the US 10-year bond yields has spiked sharply India’s 10-year bond yield has remained quite stable.

These two factors could act in India’s favour and help Indian equities outperform its peers in the emerging markets, said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

The recent correction could be due to rising COVID-19 cases and year-end phenomenon wherein retail and HNI investors would have avoided taking any fresh positions, he said, adding that the start of new settlement for FY22 and forthcoming Q4 earnings seasons could be the reasons for fresh investor interest in stocks.

US markets, especially the Dow Jones and S&P 500 are showing firm uptrend due to the ongoing stimulus and faster vaccination drive which could also be one of the reasons for our markets to inch upwards, Oza noted.

In the broader markets, the BSE MidCap and SmallCap ended marginally higher at 0.98 per cent and 1.3 per cent respectively.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with significant gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.49 per cent lower at USD 64.60 per barrel.

source: The Statesman

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TDS upto 5% to be deducted on cash withdrawals from post office schemes

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The Department of Posts has issued new rules for deduction of tax deducted at source (TDS) if the aggregate withdrawal from all post office schemes is more than Rs 20 lakh. The provision includes withdrawals from PPF as well.

As per the new provisions under Section 194N of Income Tax Act 1961, if an investor has not filed income tax returns (ITR) for the previous three assessment years then TDS will be deducted from the withdrawal amount.

This new rule is applicable from July 1, 2020.

Here are the details of the TDS rules:

  1. If aggregate cash withdrawal by an investor exceeds Rs 20 lakh but does not exceed Rs 1 crore during a financial year and he is a non-ITR filer, then TDS at the rate of 2 per cent will be deducted from the amount exceeding Rs 20 lakh. In case total cash withdrawal from all post office accounts exceeds Rs 1 crore in one financial year then TDS at 5 per cent will be payable on the amount exceeding Rs 1 crore.
  2. The rule is different for ITR filers. If cash withdrawal exceeds Rs 1 crore by an ITR filer in a financial year the income tax payable will 2 per cent of the amount above Rs 1 crore.
  3. The changes have not yet been incorporated. In order to facilitate Post Offices to deduct TDS, the Center for Excellence in Postal Technology (CEPT), the technology solution provider to post offices, has identified and extracted the details of such depositors for the period from April 1, 2020, to December 31, 2020.
  4. CEPT will provide the required details to the concerned circles. Details such as account, PAN number of the depositor and the TDS amount to be deducted will be provided by the CEPT.
  5. The respective Post Office of the depositor will deduct TDS and the account holder will be informed about the deduction in writing.
  6. A voucher for the TDS amount will be prepared by the concerned Postmaster following which it is forwarded to HO/SBCO along with other SB vouchers. As per the requirements, the postmaster is responsible for the deduction of TDS as per rules.

Source: The Statesman

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