Cigniti Technologies Q2 Net Declines 28 Pc to Rs 35.7 Cr
Cigniti Technologies on Friday said its consolidated net profit declined by 27.8 per cent to Rs 35.72 crore for the September 2019 quarter over the previous year.
New Delhi, Nov 1 (PTI) Cigniti Technologies on Friday said its consolidated net profit declined by 27.8 per cent to Rs 35.72 crore for the September 2019 quarter over the previous year.
The company, which provides engineering and software testing services, had registered a net profit of Rs 49.52 crore during the July-September 2018 quarter, Cigniti said in a BSE filing.
Revenue from operations, however, grew by 4.7 per cent to Rs 214.60 crore in the quarter under review from Rs 204.95 crore in the year-ago period.
"Building on our last quarter, I am happy to announce that Cigniti Technologies has maintained a steady growth in second quarter, in an uncertain market scenario," Cigniti Technologies Chairman and MD C V Subramanyam said.
************* goStops raises funding from Nazara Games MD, others *
goStops, a chain of youth traveller hostels, on Friday said it has raised an undisclosed amount of funding from angel investors.
The round saw participation from investors like Nitish Mittersain (Nazara Games founder and MD), Sorabh Agarwal (Ex-MD at Copal Partners), Sameer Walia (Founder and ex-MD at The Smart Cube), Rohit Shankar (Co-Founder of Dimdim.com), Sunil Kumar Singhvi (South Handlooms owner) and others, a statement said.
The Delhi-based startup aims to double its capacity within the next 12 months, and intends to utilise these funds to enhance its product offerings through investments in technology and training, it added.
The funds will also be used to strengthen marketing and build a team to handle the next phase of growth, the statement said.
goStops has a presence in 13 cities with about 800 beds capacity.
************ VakilSearch, Dutch firm Inco sign pact *
Legal technology firm VakilSearch on Friday said it has signed a memorandum of understanding with Netherland-based peer firm Inco to support Dutch companies in setting up business in India.
Similarly, Inco will promote Indian incorporations in the Netherlands.
"Through this association, Vakilsearch is looking forward to adding more value to the startup ecosystem in India particularly, aiding Dutch companies which are looking to expand their business operations in India. Likewise, this partnership will also be offering Indian startups the global entrepreneurship and expansion advantage,” Vakilsearch Founder and CEO Hrishikesh Datar said.
The agreement will enable Vakilsearch to deliver legal, tax and compliance solutions for Dutch companies in India, and an easy gateway for Indian companies looking at expanding in the Netherlands.
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