Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore. Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
IT services giant Infosys will start construction of a proposed software development centre in the metropolis by July 2021, West Bengal Chief Minister Mamata Banerjee said on Tuesday. The project will generate massive employment in the IT sector, she said after a cabinet meeting at the state secretariat.
From the Sensex basket, PowerGrid, Bharti Airtel, Wipro, HDFC Bank, Kotak Mahindra Bank, UltraTech Cement, Asian Paints, Infosys and Reliance Industries were the major laggards. Bajaj Finance, NTPC, Larsen & Toubro, Axis Bank, Tata Motors, IndusInd Bank and Bajaj Finserv were among the gainers.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The early-bird results for the April-June quarter of 2024 (Q1FY25) hint at a slowdown in corporate revenues and profits in FY25. Corporate profits might face headwinds from a continued revenue growth slowdown and a reversal in margin gains from lower commodity and energy prices in FY24. The combined net profit (adjusted for exceptional gains and losses) of the 210 companies that have declared their Q1FY25 results so far is down 4.2 per cent from the year-ago period - their worst showing in seven quarters.
M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers. On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses. The NSE Nifty surged 121.75 points to 10,739.95.
The Infosys Foundation will provide a fund of Rs 16 crore, which will be spent for the next five years.
The Karnataka government on Wednesday put the reservation bill for Kannadigas in private firms on hold amid fierce criticism from business leaders and tech tycoons.
Trifacta's investors include Accel, Greylock Partners, Ignition and Cathay Innovation
The studio, covering 20,000 ft with capacity for 250 employees, has a wellness zone, a usability lab and a range of creative spaces.
Information technology major Infosys and Liberty Global, a London-based telecom firm, signed a 1.5 billion (about $1.64 billion) deal for five years to evolve and scale up the telco's digital entertainment and connectivity platforms, the companies said in a joint statement on Tuesday. As part of the expanded collaboration agreement, the size of the contract will touch 2.3 billion (about $2.5 billion) if extended to 8 years. The collaboration allows Liberty Global to realise run-rate savings of over 100 million (about $109 million) per annum, inclusive of other savings and technology investments, Infosys said in a statement.
India's second largest IT services company Infosys on Wednesday said its consolidated net profit grew by 11.9 per cent to Rs 5,421 crore for the September 2021 quarter. Infosys had clocked a net profit of Rs 4,845 crore in the same period last fiscal, according to a regulatory filing. The Bengaluru-based company saw its revenues rising by 20.5 per cent to Rs 29,602 crore in the quarter under review (Q2FY22) from Rs 24,570 crore in the year-ago period.
The company said it will target experienced technology professionals as well as recent graduates from major universities, liberal arts colleges, and community colleges to create the best workforce for the future.
Sanghrajka has spent 13 years in Infosys over two stints and has performed various leadership roles in the finance section.
While Infosys has increased the margin guidance for FY21 by 100 bps to 24-24.5 per cent, analysts believe there will pressure on near-term margins as discretionary cuts - promotions and travel, headcount addition, record utilisation, and wage hikes start to reflect on costs.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
Investors' wealth jumped Rs 13.78 lakh crore on Monday as the benchmark equity index Sensex hit its lifetime high after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls. The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The benchmark finally ended at 76,468.78, registering a sharp rally of 2,507.47 points or 3.39 per cent.
Benchmark equity indices ended marginally higher on Thursday, trimming most of their intra-day gains, as investors turned cautious ahead of the quarterly results of IT behemoths TCS and Infosys later in the day. Announcement of the US inflation data and domestic macroeconomic numbers also forced investors to remain on the sidelines. The 30-share BSE Sensex climbed 63.47 points or 0.09 per cent to settle at 71,721.18.
The country's second-largest IT services firm Infosys on Wednesday reported a 16.6 per cent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter. The company had posted a net profit (after minority interest) of Rs 4,457 crore in the year-ago period, Infosys said in a regulatory filing. Its revenue grew 12.3 per cent to Rs 25,927 crore in the quarter under review from Rs 23,092 crore in the corresponding period last fiscal.
Takes a knock after RBS changes plan on Williams & Glyn; contract loss to impact 3,000 Infy staffers
One possible way of accelerating National Education Policy's outcome is to invite 10,000 retired highly accomplished teachers from the developed world and from India in STEM areas to create 2,500 "Train the Teacher" colleges in the country's 28 states and eight union territories, Murthy said.
From the Sensex basket, Tata Steel jumped over 5 per cent. Mahindra & Mahindra, JSW Steel, Tata Motors, Axis Bank, Sun Pharma, Reliance Industries and Maruti were the other biggest gainers. Infosys, Tata Consultancy Services, Titan, Wipro, Hindustan Unilever and Nestle were among the laggards.
Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US district court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
TCS saw its headcount reduced by 6,333. Infosys' headcount decreased by almost 7,500, and HCLTech saw its employee numbers shrink by 2,299.
From the Sensex basket, Sun Pharma, Maruti, IndusInd Bank, Titan, ITC, Tata Motors, Larsen & Toubro and JSW Steel were the major gainers. On the other hand, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Tech Mahindra and Bajaj Finserv were among the laggards.
With the attrition rate continuing well above 20 per cent, one of the highest in the segment, Infosys is on a drive to reimagine the way it engages with employees starting from the time of recruitment itself. The company is using digital technologies in order to simplify recruitment, provide faster career track to employees, and incentivise people with top skills. The company is looking at doubling the number of recruits from tier-I engineering colleges such as IITs and NITs to enrich its talent base. These candidates who are offered twice the salary as compared to regular campus recruits, join as 'power programmers', a term that has been internally coined by the company to recognise the top coders.
India's second largest software services firm Infosys on Monday said it will announce its financial results for the September quarter on October 13. "A meeting of the Board of Directors of the company will be held on Tuesday and Wednesday, October 12 and 13, 2021...to approve and take on record the audited consolidated financial results of the company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter and half year ending September 30, 2021," a regulatory filing said.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
In a statement, Rosen Law Firm said it is investigating potential securities claims on behalf of shareholders of Infosys resulting from allegations that the company may have issued materially misleading business information to the investing public.
In January, Infosys had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore at a price not exceeding Rs 800 per equity share.
From the Sensex basket, Tata Consultancy Services, Nestle, Bajaj Finserv, Wipro, Maruti Suzuki India, Reliance Industries, Larsen & Toubro and NTPC were the major laggards. Tata Steel, Bajaj Finance, JSW Steel and Bharti Airtel were among the gainers.
From the Sensex basket, Titan, Reliance Industries, Asian Paints, Tech Mahindra, IndusInd Bank, UltraTech Cement, Wipro and ITC were the major laggards. ICICI Bank, Infosys, Bajaj Finserv, Tata Steel, Axis Bank, Bajaj Finance, Nestle and Mahindra & Mahindra were among the major gainers.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
Infosys said it is also "aware of a securities class action lawsuit" that has been filed against the company in a federal court in the US, based on the generalised allegations in the anonymous complaints. The company intends to defend itself vigorously in such a lawsuit.
Infosys will pay California $800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said. In 2017, Infosys had agreed to pay the State of New York $1 million to settle allegations of submitting wrong documents to federal authorities.
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