Page 25 - Infosys

M-cap of 4 of top-10 firms decline by Rs 23,417 cr; TCS biggest laggard

The combined market valuation of four of the top-10 most valued firms fell by Rs 23,417.15 crore last week, with IT majors Infosys and Tata Consultancy Services (TCS) taking the biggest hit. Last week, the BSE benchmark advanced 540.9 points or 0.84 per cent. While Reliance Industries Ltd, TCS, Hindustan Unilever Ltd and Infosys faced erosion from their market capitalisation (mcap), HDFC Bank, ICICI Bank, ITC, Bharti Airtel, State Bank of India and Bajaj Finance witnessed a combined addition of Rs 17,386.45 crore. The market valuation of Infosys fell by Rs 8,465.09 crore to Rs 5,68,064.77 crore, the most among the top-10 firms. The mcap of TCS declined by Rs 6,604.59 crore to Rs 12,19,488.64 crore. Hindustan Unilever's mcap diminished by Rs 5,133.85 crore to Rs 5,84,284.61 crore and that of Reliance Industries dipped by Rs 3,213.62 crore to Rs 15,65,781.62 crore. However, the valuation of HDFC Bank jumped Rs 5,236.31 crore to Rs 11,31,079.20 crore. ICICI Bank added Rs 3,520.92 c

Infosys, AWS join hands to help financial clients accelerate cloud adoption

As part of the collaboration, Infosys and AWS aim to support financial organisations, like retail banking at NatWest Group, in accelerating their cloud adoption journeys

70-hr work raises compliance issues, violates labour laws: TeamLease VP

A 70-hour work week could raise compliance issues as it violates labour laws, a senior official of staffing company TeamLease said on Friday. "If somebody is spending 70 hours (in office), they are going beyond 9 hours. There is a fundamental disconnect, when you are an employee labour law allows you to work 9 hours," Vice President and Business Head for TeamLease Degree Apprenticeship Dhriti Prasanna Mahanta said. Former Infosys CEO N R Narayana Murthy had recently advocated for a 70-hour work week, drawing reactions from across the spectrum. The cost of employment, if a 70-hour work week is made possible, will also increase, and in a lot of places you are not allowed to pay overtime, he said. He pointed that this works for entrepreneurs and self-motivated individuals but cannot be accepted due to labour law compliance norms in place. Speaking to PTI on hiring trends, Mahanta said around 65 per cent of the demand is coming from non-tech sectors for job roles in AI, machine learni

Infosys US unit hit by cyber security event; probe on to identify impact

The company said it is working with a cyber security company to resolve the issue

Infosys opens new proximity centre in Bulgaria, to hire 500 in 4 years

Infosys believes Bulgaria's strategic location and reputation as an attractive market for IT development will help the company tap into its local talent pool

Infosys asks some staff back in office 10 days a month, bucks global trend

Since the pandemic, they had been allowed to work remotely full-time, and the company's other employees are still permitted to do so

No corporate has sought furniture to help employees in work: Godrej Interio

Leading office furniture brand Godrej Interio has "never" been approached by any corporate client asking for solutions to help an employee put in elongated work hours, a top official said on Tuesday. Corporate clients are more focused on making employees more productive, ensuring that they work as a team and also aspects like sustainability, its parent firm Godrej & Boyce chief executive Anil Verma said. "The short answer is... I never got a customer saying 'I want my people to work so many hours'," Verma told PTI, replying to a specific question if the company has seen corporates seeking such help. Infosys co-founder N R Narayana Murthy recently triggered a flutter by suggesting a 70-hour work week to help in faster growth of the economy. As companies get employees back to work ending the pandemic period practice of work from home, there is a sharp decline of over 70 per cent in the revenues from individuals, Godrej Interio's business head Swapneel Nagarkar said. However, the ...

BFSI, oil & gas sectors key drivers of India Inc earnings as IT slips

A slowdown in the IT services sector is expected to impact the growth of overall corporate earnings in the coming quarters

Tech talent embracing jobs in non-tech sectors amid IT hiring slowdown

While automobile, banking, and other sectors can absorb IT talent, they are unlikely to generate the same hiring volume as the tech sector

Infosys, Smart Europe ink 5-year pact to redefine e-mobility experience

Infosys said it will leverage its technical expertise and design thinking-led consulting approach to enable Smart Europe GmbH to derive "exceptional value" from software, data, and cloud investments

AI backlash may anger thousands of employees in UK, says Infosys Partner

The remarks ahead of Prime Minister Rishi Sunak's AI Summit next week underscore the stakes for policymakers facing a rapid shift in the nature of work

US businesses plan to invest 67% more in GenAI in 2024: Infosys Research

Companies are speedily ramping up investments in generative AI and realising rapid returns, according to research from Infosys Knowledge Institute (IKI), which forecast that companies will hike GenAI investments by 67 per cent in 2024. This translates to a conservative estimate of USD 6 billion to be invested by the US and Canadian companies in the next year, the findings of the research by IKI said. Infosys Knowledge Institute (IKI) is the research arm of Indian IT services company Infosys. "North American businesses plan to invest 67 per cent more in Generative AI in 2024 to drive efficiency, experience and growth," said the release citing Infosys Research. Enterprise leaders are taking a pragmatic view of GenAI, which may mitigate the reality check the broader GenAI market will likely face in the coming year, it added. The report found that Generative AI (GenAI) is not constrained by traditional innovation barriers, and that companies expect GenAI to deliver operational ...

TCS to revise rates for staffing cos to enhance transparency, better talent

The changes in rate cards are for contract staffing employees and not for permanent employees. TCS is revamping its hiring mechanism

RIL, HUL, ITC: Top 50 APAC firms lose over $185 billion in m-cap in Q3

Reliance Industries (8 per cent), Hindustan Unilever (7.9 per cent) and ITC (1.3 per cent) were the Indian companies that saw a drop in m-cap during the recently concluded quarter

Infosys to train 20,000 employees on Google Cloud's GenAI, aims expertise

The company is enhancing a wide range of its existing platforms and solutions with Infosys Topaz and Google Cloud GenAI features

IT sector job woes may pull down overall consumer demand in India

Historically, there is a strong positive correlation between the growth of compensation (salary, wages, etc) in the IT sector and the growth of PFCE in the economy

Weak outlook

Growth in the IT sector will remain muted

Infosys opens new development centre in Vizag to upskill employees with AI

Spanning 83,750 square feet, the facility is designed to accommodate approximately 1,000 employees and provide greater flexibility for hybrid working arrangements

Andhra CM to inaugurate Infosys, Pharma units in Visakhapatnam on Monday

He will also inaugurate the newly constructed Unit-2 Formulation Block at Laurus Labs, LSPL Unit-2. Reddy will also lay the foundation stone for Lawrence Lab Unit-11 and LSPL Unit-3

Weekend Bites: Another war, trouble in IT paradise, carmakers, 'those guys'

In which we munch over the week's platter of news and views