Page 23 - Infosys

NITES seeks probe from Labour Ministry as Infosys delays new hires

IT sector employee union NITES has urged the Ministry of Labour and Employment to probe repeated delays in the onboarding of over 2,000 campus recruits by tech major Infosys. Nascent Information Technology Employees Senate (NITES) alleged that the delays have persisted for more than two years, and caused significant hardship for the affected professionals, leaving them 'in a limbo'. Infosys did not comment on the matter. Harpreet Singh Saluja, President of Nascent Information Technology Employees Senate (NITES), In a statement, alleged that Infosys' actions constitute a "serious breach of trust" with these young professionals. "Many had turned down other job offers in good faith, relying on Infosys's offer letters. Now, they face financial hardship and uncertainty due to the lack of income and a clear onboarding timeline," he said. The union has written to the Ministry of Labour and Employment seeking an investigation into the matter, to ensure that Infosys fulfills its obligation

Wipro public shareholders object to outgoing CEO Delaporte's severance pay

Resolution to pay him $4.33 mn in cash compensation is accepted due to promoter shareholding

Infosys partners with Germany's Commerzbank to transform trading ecosystem

Indian IT major Infosys on Tuesday said it has collaborated with Commerzbank, a German bank, and Murex, which is into trading, risk management and processing solutions for capital markets, on a successful "go-live" or operationalisation of a consolidated, unified trading platform. The joint project has enabled Commerzbank to consolidate FX, FX derivatives, equity, and commodities onto Murex's integrated MX.3 platform, simplifying its operations, cutting costs, speeding up time to market, and preparing for future challenges. "Infosys today announced that it collaborated with Commerzbank... and Murex... on a successful go-live of a consolidated, unified trading platform that streamlines the bank's business processes and IT landscape," according to a release. In effect, the consolidation on a unified Murex platform enables the bank to accelerate its digital transformation journey by driving system efficiency and cost-effectiveness. Within the project, Infosys supported Commerzbank in

Infy, Sumitomo Chemical, MTAR Tech; top picks from Anand Rathi for May 27

Over the past few months, Infosys' stock has been consolidating within a narrow trading range, approximately between Rs 1,400 and Rs 1,450

Infosys CEO Salil Parekh says GenAI adoption won't lead to job losses

Infosys sees technological advancements as avenues for expansion and growth, rather than as tools for reducing its workforce, said Parekh

Sensex rises 267 pts, Nifty gains for 5th day on buying in RIL, Infosys

Benchmark Sensex advanced 267 points while Nifty closed higher for the fifth day in a row on Wednesday amid buying in bluechips Reliance Industries and Infosys amid mixed cues from global markets. The 30-share BSE Sensex climbed 267.75 points or 0.36 per cent to settle at 74,221.06. During the day, it jumped 354.48 points or 0.47 per cent to 74,307.79. Extending gains to the fifth day in a row, the NSE Nifty rose by 68.75 points or 0.31 per cent to finish at 22,597.80. FMCG and realty shares supported the uptrend while banking and metal shares declined. "Despite mixed global market sentiments ahead of the US Fed minutes, Indian markets exhibited a subtle positive trend. Investors are optimistic about stable Q4 earnings and easing election jitters that had previously increased volatility. "Interest in the FMCG sector has risen due to the potential for an early onset of monsoon. Nevertheless, markets may underperform in the short term as they wait for the election outcome, with FIIs

From Infosys to HCLTech, majority of IT firms support hybrid work model

But a large chunk of firms representing the $200 billion industry says that the nature of work in future is going to be 'hybrid'

UK PM Rishi Sunak, wife Akshata Murty's fortunes rise in 2024 Rich List

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday thanks to the Murty's lucrative Infosys shareholding. The couple, both 44, have risen from 275th last year to 245th with an estimated wealth of GBP 651 million, making them the wealthiest people to call 10 Downing Street home. Murty's earnings are said to far exceed that of her husband as financial statements published in February are quoted to say Sunak made GBP 2.2 million in 2022-23 compared to Murty's estimated GBP 13 million in dividends over the past year. The couple's most valued asset is Murty's shareholding in Infosys, a Bangalore-based IT company co-founded by Murty's father [Narayan Murthy], reads the newspaper's analysis. Over the past year, the shares have grown in value by GBP 108.8 million to nearly GBP 590 million. The latest annual report suggests that Murty received about

Global investors' preference for AI hits India IT stocks' heft as tech bets

Traditional software companies' earnings and valuations are at risk because their business models are not evolving with the times, said Deven Choksey, managing director of DRChoksey FinServ Pvt

Infosys Prize gets age limit, now only for researchers up to 40 yrs old

The existing prize categories will remain largely unchanged, except for Economics, which will now be a separate category instead of being under Social Sciences

After Wipro, Infosys orders 400,000 litres treated waste water from BWSSB

After Wipro, now Infosys has also taken a plunge into greywater. The tech giant will soon be supplied with four lakh litres of zero-bacteria water, according to sources in the Bangalore Water Supply and Sewerage Board (BWSSB). Starting this month, Wipro is being supplied with three lakh litres of treated water every day via tankers. "We already have Arvind Mills committing to two lakh litres a day and Channabasappa Construction one lakh litres. I just had a meeting with Ecospace Tech Park and IMZ Ecoworld, they too have expressed interest. The movement is slowly picking pace," said BWSSB chairman V Ram Prasath Manohar to PTI. Promoting reuse of greywater is important, said Manohar, as water demand in Bengaluru is projected to cross 5,340 million litres per day (MLD) by 2030. Right now, the demand exceeds 2,100 MLD of which BWSSB supplies 1,470 MLD from the Cauvery River and the rest is met through borewells and water tank deliveries. "But treated water is always available. Promotin

Canada imposes Rs 82 lakh penalty on Infosys for underpayment of tax

Infosys has stated that it anticipates no significant impact on its financials, operations, or other commitments due to the imposition of the fine

Over 250,000 Infosys employees are trained in GenAI: CTO Tarafdar

Tarafdar spoke how the company has built three million lines of codes using the technology and what is the purpose of its AI-first strategy

India aiming for AI accessibility to all, says Infosys' Nandan Nilekani

Taking a swipe at AI alarmists and monopolistic tendencies, the co-founder and chairman of Infosys, Nandan Nilekani dismissed doomsday predictions as 'protectionist rhetoric'

Nilekani-backed people+ai unveils Adbhut India, a vision for AI in India

The people+ai initiative focuses on discovering, demonstrating, and disseminating population-scale AI use cases for India

To cut costs, Indian tech companies expanding into smaller cities

The change also comes as state governments offer stamp duty concessions, land benefits, subsidised power and other incentives to bring jobs to smaller cities

What makes engineering R&D space a target for mergers and acquisitions?

Infosys' acquisition of Germany-based in-tech is the 15th top deal so far

IT sector to see second consecutive year of muted revenue growth: CRISIL

The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at USD 250 billion and it creates over 50 lakh direct jobs. "The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers," said Aditya Jhaver, director at Crisil. The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of employee costs. Crisil said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24. High interest rates and economic slowdown in client mark

TCS, Infosys, Wipro see salary bills surge even as revenue growth slows

Lateral hiring in high-demand sectors like artificial intelligence (AI), machine learning (ML), cloud, and engineering services are the reason behind the surge

Mcap of 6 of top 10 valued firms at Rs 1.40 trillion; TCS, Infosys lag

The combined market valuation of six of the top 10 valued firms eroded by Rs 1,40,478.38 crore in a holiday-shortened week, with IT majors Tata Consultancy Services (TCS) and Infosys taking the maximum hit. Last week, the BSE benchmark declined 1,156.57 points or 1.55 per cent. Stock markets were closed on Wednesday on account of Ram Navami. While Reliance Industries, HDFC Bank, Bharti Airtel and Life Insurance Corporation of India (LIC) were the gainers from the top-10 pack, TCS, ICICI Bank, State Bank of India, Infosys, ITC and Hindustan Unilever suffered erosion in their valuation. The market valuation of TCS tanked by Rs 62,538.64 crore to Rs 13,84,804.91 crore, the most among the top 10 firms. Infosys faced an erosion of Rs 30,488.12 crore from its valuation which stood at Rs 5,85,936.45 crore. Shares of Infosys on Friday ended nearly 1 per cent lower after the company's revenue growth guidance for FY25 failed to meet market expectations. The market capitalisation (mcap) of