'We don't know which bus is coming next. I know for sure whatever bus comes next, it will miss that too.'
'The startup ecosystem, the government, and the owners of large pools of Indian capital need to actively support the creation of these local champions, not pull down the teams that are trying hard to get there.'
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The last time this happened was in 1996.
Indian IT services firm Infosys and Rolls-Royce, an aerospace and defence technology major, on Wednesday announced signing a strategic partnership for sourcing engineering and R&D Services for the latter's Civil Aerospace business. As part of the overall partnership, Rolls-Royce will "transition a significant part of its engineering centre capabilities for civil aerospace in Bengaluru to Infosys", a statement said. However, the number of people who will move to Infosys was not disclosed.
India's second largest IT firm Infosys on Tuesday said it will initiate an internal investigation into an insider trading matter after markets regulator Sebi barred two of its employees from the securities market in the case. Sebi has banned eight entities, including two employees of Infosys, for indulging in insider trading activities in the shares of the company. The entities have traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to Infosys' financial results for the quarter ended June 30, 2020, Sebi said in an interim order passed on Monday.
Tata Consultancy Services, India's largest software exporter, hired 100,000 freshers in the financial year 2021-22, more than in any other year. That means an average of 8,300 trainees joining the company every month. This is not merely a mathematical calculation: hiring of freshers at the top IT companies is no longer a compressed affair confined to the campus season.
Trading in the domestic equity market this week will be influenced by quarterly results from TCS and Infosys, besides inflation and industrial production data as well as global trends, analysts said. Movement of the rupee, which has slumped to record lows against the US dollar, will also be tracked by investors, they added. "This week, participants will be eyeing important macroeconomic data viz IIP, CPI and WPI... Besides, the week also marks the beginning of the earnings season with IT majors like TCS, Infosys, HCL Tech and Wipro announcing their numbers along with two other heavyweights Bajaj Auto and HDFC Bank," said Ajit Mishra, VP - Research, Religare Broking Ltd. Performance of the US markets, FIIs' trend, and movement in currency and crude will also remain on their radar, Mishra added.
From the 30-share Sensex pack, Tata Consultancy Services, Titan, Infosys, Bharti Airtel, Bajaj Finance, ICICI Bank, HCL Technologies, and Tech Mahindra were the biggest gainers. NTPC and Asian Paints were the laggards.
Infosys announced on Wednesday that it has been recognised as the fastest growing among the top ten IT services brands, by brand valuation firm 'Brand Finance', in its Global 500 2021 report.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
Extending their rally to a third straight day, benchmark indices Sensex and Nifty jumped nearly 2 per cent on Monday on heavy buying in Reliance Industries and Infosys amid a firm trend in global equities. The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. The broader NSE Nifty jumped 308.95 points or 1.89 per cent to settle at 16,661.40.
It designs microsurgical instruments, devices used in minimally invasive surgery, drug delivery devices for ophthalmic therapies and user-centric wearables.
Murty, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges.
The combined market valuation of eight of the top-10 most valued firms surged Rs 1,21,270.83 crore last week, with Reliance Industries becoming the biggest gainer, in line with an outstanding rally in benchmark equity indices. Last week, the BSE benchmark jumped 1,027.54 points or 1.21 per cent. The BSE Sensex hit its record high of 85,978.25 on Friday.
India's second-largest information technology (IT) firm Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23 (FY23), said people in the know. "The margin impact in the current quarter has reflected on the performance bonus for this cycle," the company told its employees over email. "While 70 per cent is the correct figure, an important point is we have been told that the company will not defer any variable payment. "It is being paid according to schedule," said a person.
From the 30-share blue-chip pack, Adani Ports jumped over 5 per cent. NTPC, Tata Steel, Bajaj Finserv, Zomato, Bajaj Finance, Tata Motors, State Bank of India, IndusInd Bank and Maruti were among the other big gainers. From the 30-share pack, Hindustan Unilever, Titan, Tata Consultancy Services, Infosys and UltraTech Cement were the other laggards.
For Krish Shankar, executive vice-president & group head of human resource (HR) development at Infosys, the defining moment of the pandemic on the HR department has been the importance that reskilling and learning have managed to get. For Infosys, the focus on reskilling started three to four years back as business saw a shift towards digital, and the pandemic has really brought the importance of reskilling to the fore. "In the past, certification courses or taking up an e-learning course was just a way towards promotion, and was not taken too seriously.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
Trump's tariff threats spooks markets; Sensex down 106 points
Amid a debate over 70-90-hour work week, the pre-Budget Economic Survey on Friday cited studies to state that spending over 60 hours a week on work could have adverse health effects. The survey noted that spending long hours at one's desk is detrimental to mental well-being and individuals who spend 12 or more hours (per day) at a desk have distressed or struggling levels of mental well-being.
From the 30-share Sensex pack, Mahindra & Mahindra, Tech Mahindra, HDFC Bank, Titan, Tata Motors, UltraTech Cement, Power Grid and Infosys were the biggest gainers. In contrast, Reliance Industries, State Bank of India, Bajaj Finserv, Maruti, Tata Steel and Bharti Airtel were among the laggards.
Finance, ICICI Bank, Mahindra &h Mahindra, Kotak Mahindra Bank and Titan were among the gainers. Bharti Airtel, Adani Ports, Tech Mahindra, Reliance Industries, Axis Bank, Larsen & Toubro were the laggards.
The take by the Economic Survey 2024-25 on work hour week had come weeks after Larsen & Toubro Ltd Chairman and Managing Director SN Subrahmanyan sparked off a raging debate on social media when he said employees should work 90-hour a week, including on Sundays rather than sit at home.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
IT major Infosys on Tuesday said it has seen no major impact on client deliverables due to the ongoing pandemic, and has been working proactively with clients to mitigate any potential impact. The Bengaluru-based company has also enabled vaccination for 14,150 employees and their family members through its centres, and is in the process of setting up additional facilities across its campuses in India. Besides, Infosys is providing financial support, exploring training and job opportunities for the next of kin and offering necessary assistance to support dependents of deceased staff members.
Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue-chip stocks Reliance Industries, ICICI Bank and State Bank of India. Benchmark BSE Sensex declined by 55.47 points or 0.07 per cent to settle at 79,486.32. During the day, it tanked 424.42 points or 0.53 per cent to 79,117.37.
From the 30-share Sensex pack, UltraTech Cement, JSW Steel, Adani Ports, Tech Mahindra, Titan, Maruti, Mahindra & Mahindra, Tata Steel and Reliance Industries were the biggest gainers. NTPC, Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank and Larsen & Toubro were among the laggards.
From the 30-share Sensex pack, Mahindra & Mahindra, Tata Steel, Adani Ports, JSW Steel, IndusInd Bank, Reliance Industries, HDFC Bank and Kotak Mahindra Bank were the biggest laggards. Tata Motors, NTPC, Hindustan Unilever, Asian Paints and Infosys were the gainers.
US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major. In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
Unlike AI uses for consumers, the next generation technology for enterprises will unfold over several years and the biggest challenge is to unleash AI for next wave of productivity for businesses, Infosys chairman Nandan M Nilekani said on Wednesday. While speaking at 43rd annual general meeting (AGM) of Infosys, Nilekani said the initial AI doomerism has quietened down and people have accepted that, like any other general-purpose technology -- electricity, nuclear energy, the internet etc, gen AI (generative artificial intelligence) has enormous potential for good when advanced within the guardrails of responsibility.
Hectic buying in blue chip counters like Reliance Industries, IT and teck shares boosted market sentiment. State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen & Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
A video post on Reddit, which has since gone viral, shows the L&T chief saying, 'I regret that I am not able to make you work on Sundays, to be honest. If I can make you work on Sundays, I will be more happy because I work on Sundays also.'
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
From the 30-share Sensex pack, NTPC, Asian Paints, HDFC Bank, State Bank of India, Tata Motors, JSW Steel, Maruti and Power Grid were among the major laggards. On the other hand, Sun Pharma, Infosys and ICICI Bank were the gainers.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
Numeros Motors is also planning to come up with a passenger vehicle four-wheeler or a three-wheeler by 2027.
Revenue secretary Tarun Bajaj along with senior finance ministry officials on Thursday held a meeting with Infosys managing director Salil Parekh to review the performance of the new income tax portal. More than 3.5 crore Income Tax Returns (ITR) have been filed so far for the financial year 2020-21 through the portal, which had faced glitches following which the ministry had directed Infosys to urgently address the issues. Infosys has developed the new income tax e-filing portal 'www.incometax.gov.in'.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
