Page 7 - Infosys

Infosys Q2 net profit rises 11%, announces Rs 9,300-cr share buyback

The company's consolidated revenue from operations rose 23% to Rs 36,538 crore in Q2FY23; floor price for share buyback set at Rs 1,850 per share

Top headlines: Infy announces Rs 9.3k-cr share buyback; Sep PV sales up 92%

Business Standard brings you top news of the evening

Sensex slips 391 pts, Nifty holds 17K ahead of US CPI data; Wipro cracks 7%

CLOSING BELL: The NSE Nifty 50 swung wildly in a range of 17,112 to 16,957 as the weekly F&O expiry was in focus. The index finally settled with a loss of 107 points at 17,017 .

Stocks to watch: Infosys, Mindtree, HCL Tech, Wipro, Adani Ports, PVR, SBI

Stocks to watch today: Infosys, MindTree will report September quarter (Q2FY23) results on Thursday, October 13; HCL Tech saw 7 per cent YoY rise in consolidated net profit to Rs 3,489 crore in Q2FY23

Infosys Q2 preview: Revenue could rise by up to 26% YoY; share buyback eyed

Infosys Q2 results preview: The company's margins are expected to improve by around 30 basis points (bps) on a quarterly basis (QoQ) to 20.3 per cent vs 20.1 per cent in Q1FY23 and 21.5 per cent in Q4

Ravi Kumar S resigns as president effective today, says Infosys

Kumar, worked with Infosys for almost 20 years, and led the Infosys Global Services Organisation across all industry segments.

Infosys says Ravi Kumar S resigns as President effective today

IT services major Infosys on Tuesday said its president Ravi Kumar S has resigned from his post. The company did not give any reason for the move which comes just days ahead of its second quarter earnings announcement. "The board of directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S. for his contributions to the company," Infosys said in a regulatory filing. In his role as president, Ravi Kumar S led the Infosys Global Services Organisation across all industry segments. He led the services lines and specialised digital sales across consulting, technology, infrastructure, engineering and process verticals. Starting his career as a nuclear scientist at the Bhabha Atomic Research Center, he joined Infosys in 2002 and was appointed as its president in 2016. In 2017, he was named as the Deputy COO and was widely tipped to be the company's COO, but Infosys later did away with the post of the COO after the retirement of incumbent UB Pra

Infosys gains nearly 1% as board to consider share buyback on Thursday

The company's board will consider a proposal for buyback of fully paid-up equity shares at its meeting on October 13, 2022 and also announce its September quarter earnings.

Infosys board to consider a proposal for buyback of equity shares on Oct 13

IT major Infosys Ltd on Monday said its board would decide on a proposal for share buyback in its meeting to be held on Thursday. The board of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, Infosys said in a regulatory filing. The board will finalise the company's second quarter results on October 13. Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders. Shares of Infosys closed at Rs 1,465 per unit, up 0.95 per cent on the BSE. Last year, the Infosys board had approved an up to Rs 9,200 crore buyback plan, which commenced on June 25, 2021.

Infy faces suit in US for allegedly opposing hiring Indians for jobs in US

A case against Infosys by a former recruiter alleging that the tech giant discriminated against Indians, can proceed, a federal judge in New York has ordered

IT firms seen logging steady sequential growth in Q2: Brokerages

Indian IT services companies are expected to log steady sequential revenue growth in September quarter but an overhang of weak global cues tinged with macro risks will put spotlight on management commentary around deal momentum and demand outlook, say analysts. Brokerage reports and analysts' notes on Q2 earnings preview anticipate reasonably strong growth quarter for Indian IT firms despite challenging macroeconomic scenario in the US and Europe, but there are fair bit of warnings around "incremental pockets of weakness" or "slowdown in coming quarters". The sunny, all-bullish demand narrative just a few quarters back has made way for more cautious and tempered expectations as storm clouds over global economy prompt economic commentators to flash warnings about recession risks and international market shocks. Reports suggest that the US-based companies, including many tech firms, have cumulatively laid off thousands of employees in 2022 alone, and slammed brakes on hirings. Back .

TCS, Infosys results, macro data to drive markets this week: Analysts

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. Last week, the 30-share BSE benchmark Sensex jumped 764.37 points or 1.33 per cent. The domestic equity markets were closed on Wednesday for Dussehra. Apurva Sheth, Head of Market Perspectiv

Infosys again faces legal action for age and gender discrimination in US

Infosys' motion to dismiss the claims made by the executive was rejected by a judge from the US District Court

Wipro, Infosys, TechM revoke offer letters given to freshers: Reports

Top IT and tech firms like Wipro, Infosys and Tech Mahindra have reportedly revoked offer letters given to students after delaying their joinings by nearly three-four months

Are IT stocks a good contrarian bet from a one-year perspective?

Despite the ongoing selloff and the global macroeconomic stress, analysts say that the IT sector still remains a preferred bet from a long-term perspective

Infosys could announce a buyback along with its Q2FY23 results: Jefferies

However, they have not specified the quantum of the buyback the company could announce. Infosys is scheduled to announce its Q2-FY23 numbers on October 12

Accenture's outsourcing guidance bodes well for big Indian IT cos: Analysts

Analysts underscored that Accenture's August quarter (Q4FY22) results reflected softening of demand for IT services, and thus remain 'cautious' on the sector

Infosys hits 52-week low, slips 14% in one month amid growth worries

The stock was tracking losses in global markets, as the US Fed raised interest rates an another 75 bps on Wednesday.

Working for 2 firms at same time goes against trust: Kris Gopalakrishnan

One has to be 'fully committed' to one organisation, says co-founder of Infosys

Mcap of 6 of top-10 most valued firms tumble Rs 2 trn; IT firms drag

Six of the top-10 most valued firms suffered a combined erosion of Rs 2,00,280.75 crore from market valuation last week, with IT majors Tata Consultancy Services (TCS) and Infosys taking the biggest hit, amid weak trend in equities. Last week, the Sensex fell 952.35 points or 1.59 per cent. While Reliance Industries, TCS, HDFC Bank, Hindustan Unilever, Infosys and HDFC suffered erosion from their valuation, ICICI Bank, State Bank of India, Adani Transmission and Bajaj Finance were the gainers. The market valuation of TCS tanked Rs 76,346.11 crore to Rs 11,00,880.49 crore. Infosys lost Rs 55,831.53 crore from its valuation which remained at Rs 5,80,312.32 crore. The market capitalisation (mcap) of Reliance Industries declined by Rs 46,852.27 crore to Rs 16,90,865.41 crore and that of Hindustan Unilever fell by Rs 14,015.31 crore to Rs 5,94,058.91 crore. HDFC's valuation dipped Rs 4,620.81 crore to Rs 4,36,880.78 crore and that of HDFC Bank went lower by Rs 2,614.72 crore to Rs ...