Shares of NII Holdings, Inc. (NASDAQ:NIHD) ended Friday session in red amid volatile trading. The shares closed down -0.03 points or -0.90% at $3.30 with 6.01 million shares getting traded. Post opening the session at $3.28, the shares hit an intraday low of $3.22 and an intraday high of $3.45 and the price vacillated in this range throughout the day. The company has a market cap of $335.75 million and the numbers of outstanding shares have been calculated to be 100.83 million shares.
NII Holdings, Inc. (NIHD) on Aug. 11, 2016 announced its financial results for the second quarter of 2016. For the quarter, the Company generated consolidated operating revenues of $249 million, consolidated adjusted operating income before depreciation and amortization (adjusted OIBDA) of $14 million and a consolidated operating loss of $29 million. The Company’s consolidated adjusted OIBDA excludes the impact of non-cash asset impairments, restructuring charges and other unusual items. Capital expenditures were $4 million for the quarter. The Company ended the quarter with $429 million in consolidated cash and short-term investments and $208 million of cash held in escrow. The Company reported net subscriber losses of 179,000 in the quarter, which were primarily driven by continued subscriber losses on the Company’s iDEN network.
“We continued to make progress this quarter toward improving our operating results,” said Steve Shindler, Chief Executive Officer. “Our team in Brazil has maintained a steady focus on managing our cost structure to align with our revenue stream, resulting in improved adjusted OIBDA and lower cash burn. Our subscriber results reflect both our strategy to selectively load subscribers with attractive ARPU and profitability profiles and the challenging economic and competitive environment in Brazil that continues to put pressure on our churn.”
Shares of Infosys Ltd ADR (NYSE:INFY) ended Friday session in green amid volatile trading. The shares closed up +0.03 points or 0.19% at $16.07 with 5.97 million shares getting traded. Post opening the session at $16.07, the shares hit an intraday low of $16.00 and an intraday high of $16.25 and the price vacillated in this range throughout the day. The company has a market cap of $35.42 billion and the numbers of outstanding shares have been calculated to be 2.29 billion shares.
Infosys Ltd ADR (INFY) on September 14, 2016 announced an agreement to provide engineering services to Ansaldo Energia, a producer of thermoelectric power plants. To support Ansaldo Energia, Infosys will expand its global service delivery network into Eastern Europe and Russia’s established heavy engineering sector by creating two development centers – in Karlovac in Croatia and Moscow in Russia.
Ansaldo Energia supports public and private sector power producers with a range of plant engineering, manufacturing and service activities.
Infosys will deliver research and development service delivery and capabilities, along with engineering services to the enlarged Ansaldo Energia business.
The new Infosys facilities in the two countries will have an initial combined capacity of up to 180 seats and operate as centers of excellence for engineering skills in turbo machinery, aerospace and automotive. As well as supporting Ansaldo Energia, the centers will support a wide roster of engineering clients. The new centers will initially be staffed by engineers that bring to Infosys extensive experience previously gained while they were part of Alstom.
Croatia and Russia possess a wealth of heavy engineering skills, enabling the delivery of essential support services to sectors including energy generation, transportation and exploration.
Juerg Schmidli, President, Ansaldo Energia, Switzerland
“The combination of the former Alstom team with the global footprint of Infosys engineering services will help us meet our growth targets in the gas turbine industry. The existing teams have deep and longstanding expertise in power turbine design which will be important in our process of extending our technology capabilities and product portfolio in the advanced heavy duty gas turbine business.”