Joining the debate on working hours, IT services company Capgemini India's chief executive Ashwin Yardi on Tuesday advocated 47.5 hours work per week, and was against sending e-mails to employees on weekends. He was speaking at Nasscom Technology and Leadership Forum (NTLF) in Mumbai.
Consolidated net sales shot up by 6.87 per cent
From the Sensex pack, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Tata Motors, Bajaj Finance, Kotak Mahindra Bank, Mahindra & Mahindra, Bharti Airtel and Maruti Suzuki India, Tata Steel were the major laggards. PowerGrid, Sun Pharmaceuticals, UltraTech Cement, NTPC, Asian Paints, Nestle India, Titan, IndusInd Bank and Axis Bank were among the gainers.
India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
IT services major Infosys on Wednesday announced a new programme, wherein it will offer 500 job seekers the opportunity to complete a fully digital, online diploma course certified by Salesforce. The programme aims to prepare Americans for 21st century careers in the technology sector. Leveraging Trailhead, Salesforce's free online learning platform, the program will train these 500 American workers, free of cost, for roles at Infosys as Salesforce Certified Administrators and Salesforce Industries Developers, a statement said. The programme, targeting recent graduates from major universities, liberal arts colleges, and community colleges, will help Infosys to create a workforce prepared for the future, it added.
Crossing $1 billion in revenues, software major Infosys Technologies on Tuesday reported a net profit of Rs 1243.83 crore (Rs 12.44 billion) during the fiscal 2003-2004, a jump from Rs 954.77 crore (Rs 9.55 billion) in the previous fiscal.
Software major Infosys Technologies on Tuesday announced a consolidated net profit of Rs 4,659 crore (Rs 46.59 billion) for the year ended March 31, a 20.82 per cent growth over the corresponding period a year ago. Infosys had a consolidated net profit of Rs 3,856 crore (Rs 38.56 billion) for the year ended March 31, 2007, the second-largest exporter of software services said in a filing to the BSE.
'We will have to wait for at least two quarters of data to ascertain whether the recovery is real and sustainable.'
Infosys Technologies said on Tuesday that it will decide on issuing bonus shares or stock split during its board meeting in Bangalore on April 13.
Looking at the forthcoming year, while there will be macroeconomic challenges, industry in India is better off because we are still growing. If we manage the next 12-18 months, we should emerge stronger, says S Gopalakrishnan.
Even as the strong anti-outsourcing lobby in the US is forcing US lawmakers to take a relook at their H1-B visa strategy amid huge job losses, Infosys Technologies which holds the largest number of H1-B visas among all the Indian IT services companies has started reducing the number as a part of the company's policy to reduce its 'overseas bench' strength.
Infosys Technologies, India's second-largest IT services company, has revised upwards its hiring estimate for the current financial year to 40,000 up 11 per cent from the 36,000 projected earlier as the company ramps up capacity to capitalise on emerging opportunities.
Infosys Technologies has announced its first quarter results.
Infosys Technologies appears to have set out on a journey of generational change which will unravel over the next few years.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
'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.'
Software major Infosys Technologies on Tuesday announced a 33.31 per cent growth in consolidated net profit at Rs 1,641 crore (Rs 16.41 billion) for the third quarter ended December 31, 2008, over the corresponding period a year ago.
India's export-driven IT services industry would see erosion in margins due to the strengthening of the rupee, a top official of Infosys Technologies said on Friday.
The new move is expected to help boost employee morale.
Investors will take cues from the December quarter corporate earnings, with blue-chips like Infosys, Reliance Industries scheduled to report their results this week, in addition, inflation data and trading activity of foreign investors will also be crucial in dictating market trends, analysts said.
India's second-largest IT services exporter targets Australia, Japan, South Africa.
"It may not affect the industry, but there would be change in the perception and image of the industry if trade unions are introduced," Gopalakrishnan told a meet-the-press programme in Bangalore.
Dalal Street investors were a poorer lot on Monday as their wealth eroded sharply by Rs 14 lakh crore following a sharp decline in benchmark indices amid a global market meltdown due to recession fears. The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. Intra-day, the benchmark slumped 3,939.68 points or 5.22 per cent to 71,425.01.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent. Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards. Hindustan Unilever ended marginally higher.
India's second largest IT services company Infosys on Thursday made it clear that the company does not support moonlighting and said it has fired employees who were into dual employment over the last 12 months. Infosys, however, did not divulge the exact number of people who were "let go" on account of moonlighting. Last month, Wipro chairman Rishad Premji revealed that some 300 employees were fired as the IT services company had no place for any employee who chose to work directly with rivals while being on Wipro payrolls.
Infosys cautioned global IT corporations that replicating its 'global delivery model' of outsourcing from India would pose challenges to them due to difficulties faced in business model re-engineering and result in lower revenues.
Equity benchmarks Sensex and Nifty ended over 1 per cent higher on Friday, helped by heavy buying in Infosys and banking stocks amid a rally in global stock markets. The 30-share BSE Sensex jumped 684.64 points or 1.20 per cent to settle at 57,919.97. During the day, it rallied 1,199.79 points or 2.09 per cent to 58,435.12.
IT major Infosys Technologies, which has presence in 40 countries, will spend Rs 1,250 crore (Rs 12.50 billion) over the next ten years for its new facility at Pocharam, near Hyderabad, being constructed in a 450-acre special economic zone.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
At the end of Q1, Infosys had 1,79,523 employees.
