infosys – The News Desk

Mcap of 8 of top-10 most valued firms jump Rs 1.29 lakh crore; HDFC Bank biggest gainer

31Dec

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Business

Mcap of 8 of top-10 most valued firms jump Rs 1.29 lakh crore; HDFC Bank biggest gainer

NEW DELHI: The combined market valuation of eight of the top-10 most valued firms jumped Rs 1,29,899.22 crore in a holiday-shortened last week, where equity benchmark indices recorded a sharp rally.Last week, the BSE benchmark jumped 1,133.3 points or 1.59 per cent. The index reached its all-time high of 72,484.34 on December 28.Equity markets were closed on Monday for Christmas.While Reliance Industries, HDFC Bank, ICICI Bank, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS) and Infosys were the laggards.HDFC Bank, LIC, Bharti Airtel and Hindustan Unilever were the biggest winners from the top-10 pack.The market valuation of HDFC Bank jumped Rs 29,828.84 crore to Rs 12,97,972.04 cro...

IT major Infosys loses $1.5 billion contract from global customer

24Dec

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Business

IT major Infosys loses $1.5 billion contract from global customer

Infosys on Saturday announced that a global client has terminated a $1.5 billion deal. In September this year, India’s second-largest IT services company, Infosys had announced the signing of a $1.5 billion deal with a global company (which they had not named) to provide enhanced digital experience along with modernization and business operations services, leveraging Infosys platforms and AI solutions. The deal was for a 15-year duration. In a filing on the exchanges, Infosys said, “The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement.” “This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled “Company update” with respect to a Me...

Infosys Rolls Out Salary Hikes, Below 10% Likely This Time, Entry-Level Staff Not Covered: Report

22Dec

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Business

Infosys Rolls Out Salary Hikes, Below 10% Likely This Time, Entry-Level Staff Not Covered: Report

The salary revision at Infosys will come into effect from November 1, 2023.The latest salary hike at Infosys, which is for 2023-24, does not cover entry-level employees, and the average hike this time is likely to be below 10 per centIT major Infosys has started its delayed pay hike. A “large number of employees” received their salary revision letters on Friday, December 15, according to an Economic Times report. The salary revision will come into effect from November 1, 2023.“We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023. We also thank you for your unparalleled support and efforts to overcome the current challenges, and ensure success in all aspects,” said the letters, according to The Economic Times.The...

Digital public infrastructure fuelling innovation, says Nandan Nilekani

8Dec

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Business

Digital public infrastructure fuelling innovation, says Nandan Nilekani

India’s digital public infrastructure (DPI) ecosystem is fuelling market innovation and value creation, accelerating the emergence of new startups, and enabling them to challenge incumbents, said Nandan Nilekani, co-founder of Infosys who spearheaded the country’s unique identification project, on Thursday. “Now clearly all the pieces are there -- technology, the interfaces (DPI), and the venture money,” said Nilekani, during a fireside chat with Anil Kumar, chief executive officer, Redseer Strategy Consultants, during the consulting firm’s “Ground Zero 9.0, Resilience in Action” event here. “I think we’ll be seeing an acceleration of startups that use the various (DPI) infrastructures that we have to build (innovations).” He said DPI was becoming much more org...

Sensex off day’s high; Honasa up 20% on strong Q2 show

23Nov

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Business

Sensex off day’s high; Honasa up 20% on strong Q2 show

Stock Market Updates LIVE, November 23, 2023: Equity benchmark indices started Thursday's trading session on a cautious note, amid mixed global cues and the weekly Nifty options expiry later today. The S&P BSE Sensex quoted with a gain of 100-odd points around 66,110. The NSE Nifty50 was seen testing the 19,850 level. Asain Paints, up 1 per cent, was the top mover among the Sensex 30 shares followed by Wipro, Nestle India, JSW Steel and Bajaj Finserv. On the flip side, UltraTech Cement and Sun Pharma were marginally in red. In the broader market, the BSE MidCap index advanced 0.4 per cent, while the SmallCap added 0.6 per cent. Overnight, the US market ended higher on hopes that the Fed may be done with rate hikes after data data...

Stocks to Watch: Tata Steel, Honasa Consumer, IndiGo, Infosys, SBI, Welspun, and Others

23Nov

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Business

Stocks to Watch: Tata Steel, Honasa Consumer, IndiGo, Infosys, SBI, Welspun, and Others

Last Updated: November 23, 2023, 09:04 ISTStocks To Watch on November 23Stocks to watch: Shares of firms like Tata Steel, Honasa Consumer, IndiGo, Infosys, SBI, Welspun, and others will be in focus on Thursday's trade.Stocks To Watch On November 23: GIFT Nifty on the NSE IX traded 12.5 points, or 0.06 per cent, lower at 19,885.5, signaling that Dalal Street was headed for muted start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.Tata Steel: The Tata Steel board has approved the allotment of 7.58 crore shares to eligible shareholders of Tata Steel Long Products Limited.Welspun Corp: Welspun Corp announced investment worth Rs 479 crore in a manufacturing unit in Odisha.Honasa Consumer: The Mamaearth parent firm reported a in net profit to Rs 29.40 cror...

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

12Nov

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Business

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....

Wipro may skip salary hikes for top performers with higher compensation

9Nov

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Business

Wipro may skip salary hikes for top performers with higher compensation

Wipro may skip giving hikes to "top performers with higher compensation" in its largest business line in the upcoming round of salary revisions in December, news agency Reuters reported on Thursday citing an internal memo. The move comes at a time when the company is dealing with a plethora of problems ranging from weak client spending to tough competition from larger rivals. "We are doing a selective MSI (merit salary increases) rollout based on our business affordability," Nagendra Bandaru, the managing partner and president of the "Enterprise Futuring" business line told employees in an e-mail, according to Reuters. Wipro will prioritise employees with lower compensation among those eligible for a raise, Bandaru highlighted, adding that "top performers wit...

Harsh Goenka differs with Narayana Murthy; says it’s no longer about working 50-70 hours & 5-day office week is dead! | India Business News

31Oct

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Business

Harsh Goenka differs with Narayana Murthy; says it’s no longer about working 50-70 hours & 5-day office week is dead! | India Business News

Narayana Murthy's recent advocacy for a 70-hour workweek in India has triggered a range of reactions within the corporate sphere. The Infosys founder's remarks, made during a podcast with former Infosys CFO TV Mohandas Pai, have stirred virtual and real-world discussions - leaving corporate captains divided.Harsh Goenka, RPG Enterprises Chairman has expressed a divergent viewpoint from Murthy. In a tweet on X (formerly Twitter), Goenka asserted his endorsement of a hybrid work model, declaring the "5-day office week is dead."Goenka emphasized that flexibility in work arrangements is crucial, pointing out that people are already working remotely for approximately 33% of their office hours, a trend he considers transformative.He went on to underscore the value of workplace flexibility, comp...

Gift Nifty quotes near 19,850; Brent Crude dips to $85

12Oct

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Business

Gift Nifty quotes near 19,850; Brent Crude dips to $85

Stock market updates on October 12, 2023: IT stocks led by TCS and Infosys are likely to guide the market sentiment on Thursday. That apart, Nifty weekly options expiry could add to the day's volatility. Further, inflation rate for September; industrial production and manufacturing data for August are scheduled to be announced later in the day. After market hours on Wednesday, TCS reported its September quarter results wherein the IT major missed its Q2FY24 estimates and hinted towards slow growth prospects in the rest of the financial year. The company has announced Rs 17,000 crore share buyback, at Rs 4,150 per share. READ MORE At 07:00 AM, Gift Nifty futures quoted at 19,844, suggesting a likely flat start to the day's trade. Overnight, the US market recoupe...