Page 20 - Infosys

Gifting Infosys shares: Tax implications for Narayana Murthy and his grandson

Infosys co-founder Narayana Murthy's recent gift of shares worth Rs 240 crore to his four-month-old grandson, Ekagrah Rohan Murty, has sparked curiosity about the tax implication

Infosys founder Narayana Murthy gifts shares worth Rs 240 cr to grandson

4-month-old Ekagrah Rohan Murty, born to Rohan Murty and Aparna Krishnan, may be India's youngest millionaire

Took risk when I gave Narayana Rs 10,000 to start Infosys: Sudha Murty

Recently sworn-in Rajya Sabha MP Sudha Murty on Friday recalled how she gave her husband NR Narayana Murthy Rs 10,000 as seed capital to start IT company Infosys but chose to keep Rs 250 from her savings kitty as she thought she was taking a "risk" because of his previously failed venture. The 73-year old engineer-turned-philanthropist recounted that in 1981 when her husband told her that he wanted to start a software company, she had argued that both already had well-paying jobs. Murthy had assured her that he would not proceed without her approval, she said speaking at India Today conclave. I had Rs 10,250 in my savings. I saved Rs 250 for myself and gave him the rest because he failed in his earlier venture Softronics, so I took a risk, she said. Murthy told her to brace for a bumpy ride for the next three years, she said recounting the early days of the Indian IT services giant. My life drastically changed when he started Infosys, it was a responsibility, a commitment, she sai

RS nomination coming on Women's Day was a double surprise: Sudha Murty

The announcement of her nomination to the Rajya Sabha was a double surprise as it came on Women's Day, philanthropist and author Sudha Murty said on Friday. The former Chairperson of Infosys Foundation, the philanthropy and Corporate Social Responsibility (CSR) arm of Infosys, said that she has never sought the position and had "absolutely no idea" why the government chose to nominate her. "It came on Women's Day and that's a double surprise. I am very happy. I am grateful to our Prime Minister," Murty, who is currently on a visit to Thailand, told PTI over phone. On her role as a member of the Upper House, the wife of Infosys co-founder N R Narayana Murthy said, "I have to see what are the things...what I can do. This is a new area to me. So, I have to first sit and study and then I will be able to do it." She said she was pleasantly surprised by the announcement.

Sudha Murty holds about Rs 5,600 crore worth of stocks in Infosys

Sudha Murty, who was on Friday nominated to the Rajya Sabha by the President, holds a 0.83 per cent stake in IT bellwether Infosys which at current prices is worth close to Rs 5,600 crore. The 73-year-old philanthropist is the wife of Infosys co-founder Narayana Murthy. She is the chairperson of the Murty Trust and has authored several books. According to the latest shareholding filed by Infosys with the BSE, she holds 3.45 crore shares of the company. At the last closing price of Rs 1,616.95 on the BSE, Murty's holding in Infosys is currently worth Rs 5,586.66 crore. Her husband Narayana Murthy owns 1.66 crore equity shares that are worth Rs 2,691 crore. Sudha Murty, who was awarded the Padma Shri in 2006 and Padma Bhushan in January this year, is also the mother-in-law of UK Prime Minister Rishi Sunak. While Padma Shri is the country's fourth-highest civilian award, Padma Bhushan is the second-highest civilian honour. Prime Minister Narendra Modi on Friday morning took to the

Sudha Murty nominated to Rajya Sabha, PM says 'testament to Nari Shakti'

Rajya Sabha updates: Sudha Murty is an Indian educator, author, philanthropist, and former chairperson of the Infosys Foundation

Stocks to watch: Infosys, LIC, NLC India, Mukka Proteins, Zomato

Stocks to track on March 07, 2024: Mukka Proteins is set to make its stock market debut on Thursday at an issue price of Rs 28 per share

GenAI will impact headcount growth in next 3-5 years: Infosys executive

Infosys, which has stated it will be an AI-first company, is bracing itself for this disruption

Cost concerns could delay AI ramp up among IT clients: Infosys exec

While some companies may not be ready for AI scale-up due to reasons such as not being data-ready, the technology is being adopted rapidly by others for the higher opportunity it provides, he said

SBI becomes 5th most valuable firm in terms of mcap, surpasses Infosys

Public sector lender State Bank of India (SBI) has surpassed IT major Infosys to become the country's fifth most valued firm by market valuation on Wednesday. The scrip of the state-owned company gained 1.51 per cent to close at Rs 771.55 apiece on the BSE. During the intra-day trade, shares of SBI hit its 52-week high of Rs 777.50 per piece. At the end of trading session of Wednesday, the market capitalisation of SBI stood at Rs 6,88,578.43 crore, which is Rs 1,228.48 crore more than Infosys' Rs 6,87,349.95 crore valuation. Accordingly, SBI became the fifth most valued company on the BSE. In the ranking of top 10 most valued firms, Reliance Industries continued to rule the chart followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, SBI, Infosys, Life Insurance Corporation of India, Bharti Airtel, Hindustan Unilever and ITC.

Will IT sector be the dark horse of 2024 on rate cuts? What analysts say

Most global traders now expect the first Fed rate cut to be announced in June against early bets of March

Nifty IT slides for second day with 1% fall: What's weighing on IT stocks?

The latest inflation data in the US for January, which showed a surprise increase, has kept domestic IT stocks listless from last week

IT services provider LTIMindtree grooming two insiders for CEO job

Chief Operating Officer Nachiket Deshpande and President Sudhir Chaturvedi are the front-runners for the role

UK PM Rishi Sunak paid over half a million pounds in personal tax

British Prime Minister Rishi Sunak paid over half a million pounds in personal tax for the financial year 2022-23, Downing Street revealed on Friday as part of its transparency data release. The 43-year-old Indian-origin leader had indicated his plans to publish his tax returns. His tax assessment document shows he paid a tax bill of GBP 508,308, around GBP 75,000 more than what he paid in the previous financial year (2021-22). The tax documents show that Sunak made nearly GBP 1.8 million through capital gains up from GBP 1.6 million in 2021-22 as well as GBP 293,407 in other interest and dividends. All of the investment income and capital gains came from a US-based investment fund listed as a blind trust, according to the summary. He also earned GBP 139,477 during the year from his roles as a member of Parliament and Prime Minister including allowances for the use of 10 Downing Street. Prepared by accountancy service Evelyn Partners, the tax summary follows the publication of h

Wipro on job cuts: Aligning business, talent to changing market environment

After startups and Big Tech, layoff season may have begun at the $245 billion Indian IT industry

Apac biz to triple spends on GenAI to $3.4 bn in 2024: Infosys Research

Asia Pacific businesses are sprucing up investments in generative AI (GenAI) and projected to nearly triple spends on this technology to USD 3.4 billion in 2024 across Australia, New Zealand, China, Japan, India, and Singapore, according to Infosys Research. While the spending trails North America, APAC's adoption, effectiveness, and growth are among the highest globally, it said. "Companies across Asia-Pacific are quickly ramping up investments in generative AI and entering a higher stage of maturity," the IT major's research arm, Infosys Knowledge Institute (IKI), said in the research. While APAC companies currently lag behind their North American counterparts in GenAI spending, the research forecasts a bigger increase than in any other region, that is 140 per cent. "This translates to an estimated USD 3.4 billion to be invested across Australia, New Zealand, China, Japan, India, and Singapore," it said. Infosys' Generative AI Radar APAC report includes insights from interviews

Bofa Securities offloads shares of 6 cos, including Infosys, for Rs 377 cr

Bofa Securities on Wednesday offloaded shares of six companies, including HDFC Bank and Infosys, for Rs 377 crore through open market transactions. Bofa Securities through its affiliate Bofa Securities Europe SA sold the shares of these companies through six separate block deals on the BSE. As per the block deal data available with the BSE, Bofa Securities Europe SA offloaded 7.21 lakh shares of Jio Financial Services, disposed of 7.22 lakh shares of Infosys and sold 7.72 lakh shares of private sector lender HDFC Bank. Bofa Securities Europe SA also disposed of shares in TVS Motor Company, Dabur India, and Page Industries. The shares were sold in the price range of Rs 36,398-238.75 apiece. The combined deal size stood at Rs 377.29 crore. Meanwhile, Hong Kong-based Kadensa Capital through its affiliate Kadensa Master Fund acquired the shares of these six companies. On Wednesday, shares of HDFC Bank gained 1.98 per cent to settle at Rs 1,455.85 apiece on the BSE. The scrip of Info

Lack of domestic capital a hurdle for startups: Infosys co-founder Murthy

Murthy added that entrepreneurs can garner respect via good corporate governance practices, adhering to fairness, transparency and accountability with every stakeholder

Leopardess with two cubs roaming Indore Infosys campus: Forest officials

Forest department personnel searching for a leopardess around IT giant Infosys' campus in Indore widened their rescue operation after getting information on Wednesday about the presence of two cubs of the wild cat in a nearby agriculture field, an official said. The wild cat was first spotted on Tuesday between 11 am and 12 pm in the Super Corridor area, where the Infosys' campus is located, prompting the forest department to launch a rescue operation. Later, a local farmer told the forest department he had spotted two leopard cubs in an agriculture field located adjacent to the premises. Indore Forest Divisional Officer (DFO) MS Solanki told PTI, "We have been searching for the leopard since Tuesday in and around the Infosys campus. We were told by a farmer on Wednesday morning that he spotted two leopard cubs in a wheat field adjacent to the compound." According to the DFO, this indicates a female leopard is roaming in the Infosys premises and has kept her cubs in a wheat field .

Accenture, TCS, Infosys, HCLTech continue to rule the IT brand list

Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion