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.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
At TCS, Chandrasekaran would be succeeded by Rajesh Gopinathan, currently the company's chief financial officer.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
The 30-share Sensex ended lower by 202 points at 21,064 and the 50-share Nifty fell 57 points at 6,262. The Sensex and Nifty touched an intra-day low of 20,016 mark and 6,246 levels, respectively.
The campus placements process usually starts in July-August, but is likely to start earlier this year.
Revenue rises 20.7% to Rs 36,854 crore.
In India, the company serves customers such as stock exchanges, brokers, non-banking financial companies, financial services and insurance, IT and IT-enabled services.
While the denial rate has dropped slightly to 21 per cent in 2019 from 24 per cent in 2018, the National Foundation for American Policy has said it is much higher for Indian IT companies like Tata Consultancy Services (TCS) and Wipro and very low for American companies like Amazon and Google. For instance, the denial rate for TCS and Infosys in 2019 was 31 per cent and 35 per cent respectively, whereas for Wipro it was 47 per cent and 37 per cent for Tech Mahindra. On the other hand, the denial rate for the new H-1B petitions in 2019 was just four per cent each for Amazon and Google. The denial rate for Microsoft during the same period was six per cent, and Facebook along with Walmart was just three per cent each.
Demand is driven by smaller deals in the US, larger ones in Europe.
Tata Consultancy Services (TCS) has emerged as the biggest wealth creator over the past five years.
In its report 'Global Top Picks', Barclays expects the current bull market in global equities to continue, generating a total return of 9 per cent in 2015.
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