The Indian IT sector witnessed a notable upswing today, with major players Infosys, Wipro, TCS, and Tech Mahindra leading the charge in market capitalization gains. Here’s a breakdown of how much each tech giant added to its market cap:

Infosys

Stock Price: ₹1,943.65 (+2.65%)

Market Cap Gain: ₹21,960 crore

Infosys’ shares surged by 2.65%, pushing its total market capitalization to ₹8,07,032.02 crore. The stock opened at ₹1,889.55 and climbed to a high of ₹1,944.85, reflecting strong investor sentiment.

Wipro

Stock Price: ₹540.50 (+1.95%)

Market Cap Gain: ₹5,495 crore

Wipro added ₹5,495 crore to its market capitalization, which now stands at ₹2,82,756.24 crore. The stock opened at ₹528.05, touched a high of ₹541.95, and maintained positive momentum throughout the session.

Tata Consultancy Services (TCS)

Stock Price: ₹4,291.40 (+1.39%)

Market Cap Gain: ₹20,190 crore

TCS saw a 1.39% rise in its stock price, bringing its market capitalization to ₹15,53,190.70 crore. The stock traded between ₹4,225.00 and ₹4,298.00, further bolstering the IT sector’s rally.

Tech Mahindra

Stock Price: ₹1,646.45 (+2.64%)

Market Cap Gain: ₹4,258 crore

Tech Mahindra’s stock surged by 2.64%, leading to a market cap increase of ₹4,258 crore, now totaling ₹1,61,158.63 crore. The stock opened at ₹1,591.00 and reached a high of ₹1,646.80 during the session.

These gains reflect a renewed optimism in the IT sector, as investors seem confident in the future growth prospects of these leading tech companies.

Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.

The post Infosys, Wipro, TCS, Tech Mahindra adds ₹51,900 crore to Market Cap appeared first on The Tech Outlook.

The Nifty IT index surged by 1.81% to reach 42,517.50 as of 12:19 PM, continuing its upward momentum in today’s session. This rise is driven by gains in major IT players, reflecting positive investor sentiment in the tech sector.

Tech Mahindra: The stock witnessed a notable rise of 2.53%, trading at ₹1,644.65. It opened at ₹1,576.85, touching a high of ₹1,643.10 during the session.

Infosys: Infosys gained 2.87% to trade at ₹1,947.75. The stock opened at ₹1,888.65, reaching a high of ₹1,950.55. The market cap for Infosys stands strong at ₹6,87,424.24 crore.

Coforge: Another top performer, Coforge surged by 1.88%, trading at ₹7,193.00. The stock’s high for the day was ₹7,193.00, adding to the bullish sentiment around IT.

Other stocks in the Nifty IT index such as Wipro, LTI Mindtree, and HCL Tech also contributed to the index’s growth.

Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.

The post Stock Market News: Nifty IT rises by 1.81% led by Tech Mahindra, Infosys, and Coforge appeared first on The Tech Outlook.

Infosys has seen a significant boost in its market capitalization today, adding approximately ₹21,960 crore as its stock surged by 2.65% to ₹1,943.65 as of 11:58 AM. The company’s total market cap now stands at ₹8,07,032.02 crore.

The stock opened at ₹1,889.55, slightly below its previous close of ₹1,893.40, but quickly gained momentum, hitting a high of ₹1,944.85 during the trading session. The lowest point observed today was ₹1,886.00.

Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.

The post Infosys adds ₹21,960 crore to market cap as stock rises by 2.65% appeared first on The Tech Outlook.

As the debate around working second jobs in the IT industry heats up, the Indian software company Infosys has issued a warning to its employees in an email from the HR department.
The email concludes with the words “Remember – NO TWO-TIMING – NO MOONLIGHTING,” highlighting clauses in the employment contract that forbid employees from taking on second jobs.

Dual employment is not permitted at Infosys, per the employee handbook and code of conduct. As stated explicitly in your offer letter, you undertake not to accept employment, whether full-time or part-time, as a director, partner, member, or employee of any other organization or entity engaged in any form of business activity without Infosys’ consent. According to the email, consent “may be given subject to any terms and restrictions that the Company may deem appropriate and may be canceled at any time at the Company’s discretion.

Business Today examined the employee contract and discovered that employees may only take on additional work or side jobs with the company’s agreement. By the employment contract, you agree not to accept employment, whether full-time or part-time, as a director, partner member, or employee of any other organization or entity engaged in any form of business activity without Infosys’ consent. This is an essential requirement for work. The firm may impose whatever terms and restrictions it sees fit, and the consent may be revoked at any time, at the company’s discretion.

Other Indian IT businesses, besides Infosys, have also expressed objection to side work. Due to their employment contracts, other Indian IT behemoths like TCS, Wipro, Tech Mahindra, and HCL Technologies make it difficult for employees to take on side projects.

Even the executives of these IT-related companies have openly stated how they feel about moonlighting. The Chief Operating Officer (COO) and Executive Director of Tata Consultancy Services (TCS), N Ganapathy Subramaniam, told Business Today at the India@100 Summit last month that employees would suffer long-term consequences if they pursued short-term benefits through moonlighting. Last month, Rishad Premji, the executive chairman of Wipro, tweeted, “There is a lot of talk about people moonlighting in the tech business.

The post Infosys warns its employees against taking up secondary employment via email appeared first on The Tech Outlook.

According to sources, Infosys, India’s second-largest IT services company, has reduced the average variable compensation of employees to around 70% for the June quarter due to margin pressure and rising labor expenditures.

Wipro recently delayed variable pay for employees due to margin pressure, inefficiency in its personnel supply chain, and investment in technology. Tata Consultancy Services a larger rival, has reportedly delayed quarterly variable compensation payouts for some employees by a month.

According to reports, Infosys has lowered variable pay for the June quarter, or Q1FY23, to around 70%, and staff has been told.

Infosys reported a lower-than-expected 3.2 percent increase in June’s quarterly net profit due to rising costs last month. However, citing solid demand and a robust deal pipeline, the company boosted its full-year revenue growth forecast to 14-16%.

The company maintained its margin forecast of 21-23 percent but stated that due to the rise in costs, it will be at the lower end of the margin outlook. In Q1 FY23, Infosys’ operating margins were over 20%.

In the Q1 earnings report, Infosys’ Chief Financial Officer, Nilanjan Roy, stated that the company is fueling the strong growth momentum with smart investments in personnel through recruiting and competitive compensation revisions.

“While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth,” Roy had said.

Wipro has also reduced variable pay for employees due to margin pressure. Managers at the C-suite level of the company will not receive any variable pay, while employee grades ranging from freshers to team leaders would receive 70% of total variable pay, according to sources familiar with the situation.

The post Infosys decreases average variable pay to 70% in Q1 due to margin pressure appeared first on The Tech Outlook.

India’s Infosys Ltd. reported that they missed the June quarter profit due to employee expenses while the IT services raised its annual revenue outlook. Infosys has a growth of 3.1% on-year growth in the net profit within the fiscal first quarter touching down on Rs. 5,362 crores.

However, the overall revenue generated by Information Technology has grown to 23.6% while Infosys was expected to reach a growth of 8-10% in terms of net profit in the April-June quarter of the current financial year. The Infosys stock closed down to 1.73% at 1,505 per share on June 23.

Experts say that Infosys has faced a decline of 3.6% in the operating margin of the company on yearly basis and a decline of 1.4% on-quarter basis. Infosys added 106 clients at the same time the total employee increased to 3.35 lakh from 3.14 lakh in the last quarter.

Infosys recently commented explaining, “We are investing in rapid talent expansion while ensuring rewarding careers for our employees, to better serve evolving market opportunities.” The Chief Financial Officer of Infosys added, “We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations.”

According to the major IT company they have earned a strong performance in Q1 and eventually increased FY23 revenue guidance to 14%-16% while the margin guidance has been at 21%-23%. However, the Infosys segment of Infosys business saw a growth of 32.8% to $2,710 million.

The company officials further stated, “Infosys reported a subdued 1QFY23 performance. Margins were below our expectations. However, management raised its FY23 revenue growth guidance from 13-15% to now 14-16% and maintain its EBIT margin guidance at 21-23%, indicating better performance during balance of 9M of FY23,” said Mitul Shah – Head of Research at Reliance Securities.”

The post India’s Infosys Ltd. reported not meeting their expectation in the June quarter’s profit margin appeared first on The Tech Outlook.

Netizens are facing issues with the Income Tax portal. Several users have tweeted that they are facing huge trouble with Income Tax India’s portal. The government’s portal isn’t working properly and people are facing discrepancies from last year.

Dear @Infosys, the world class site of @IncomeTaxIndia prepared by you, is NOT WORKING. not able to login for the past 45 minutes and counting. kudos to you!#IncomeTax

— Amit Sharma (@amitca) June 16, 2022

I have filed our income tax return AY 21-22 Intimation order received but refund not received and not any response in grievance
Screenshot attached #IncomeTax #NirmalaSitharaman pic.twitter.com/KKLrbEfk7O

— Adv Surjeet Vishwakarma (@SurjeetAdv) June 16, 2022

not able to download ITR V Acknowledgement anyone else facing problem? #incometax #india #incometaxportal #infosys @IncomeTaxIndia @Infosys @nsitharamanoffc @nsitharaman this site is a crap deal from @NandanNilekani just waste of public money pic.twitter.com/s5lJAjksdz

— Himanshu Kishor Dubey & Co. (@himanshudubeyco) June 16, 2022

According to the sources Finance Minister Nirmala Sitharaman has talked about the technical glitches in the new income tax-e filing portal last year. She said that the portal will be fixed as soon as possible within a couple of weeks.

“I have been reminding Infosys (the vendor which developed the new portal) constantly, and (Infosys head) Nandan Nilekani has been messaging me with assurance that they will sort it out,” she said last year in August.

It’s been a year and yet the portal is creating problems for many users due to technical issues. Some Twiter users are even asking Infosys to fix the issue.

Netizens have decided to bring this matter on Twitter to attract the government’s attention.

Income Tax Portal Not Hacked, Says Government, Asks Infosys To Fix Glitch#incometax #infosys #incometaxportal pic.twitter.com/wHB7ZfiKKN

— Vinod K Agrawal & Associates, CA (@caindurg) June 7, 2022

New IT portal is all abt error. "Error : Due to some technical error not able to process your request. If error persists quote error number ITD-EXEC2002 when you contact customer care for quick resolution."@nsitharamanoffc @FinMinIndia @IncomeTaxIndia #incometax #incometaxindia

— CA Riya thawani (@riyathawani51) June 13, 2022

Not able to generate OTP in income tax portal, is it down again #itr #incometax pic.twitter.com/zCS5AkY1py

— Ashutosh Tiwari (@AshuAv2010) June 15, 2022

The post Netizens reported issues in the new Income Tax Portal, haven’t been resolved yet appeared first on The Tech Outlook.

In the latest reports of the company, Infosys LTD Chief executive officer Salil Parekh’s Income has increased by 88% to 79.75cr per annum.

Increase of salary

Although, only ₹11 crore is fixed while ₹68.75 crore is performance-based remuneration.

Besides, the chief executive of Tata Consultancy Services Ltd (TCS), Rajesh Gopinath received a total compensation ₹25.8 crore during FY22.

Though Salil Parekh has been reappointed as CEO & MD of the company.

He will commence on July 1, 2022 as CEO and MD again and will end on 31st March, 2027.

Development:

Moreover, the mean hikes at Indian IT service companies range between 4-8%.

Infosys total shareholder return was up 314% under the leadership of Salil Parekh.

The TSR marked benchmark indices of Nifty at 77% and S&P 500 at 117%.

Even the market’s capitalisation increased under his leadership by above Rs 5,77,000 crore (about $69 billion).

In addition, before the appointment of Salil as a CEO and Md, the company’s TSR was 30% but the tenure increased to 47% under his leadership.

The company’s revenue developed to Rs 1,21,641 crore (fiscal 2022), a CAGR of 15% and the profit also increased from ₹16,029 crore to ₹22,110 crore.

Under Salil’s leadership, Infosys beheaded its market-differentiation strategy.

However, it doubled the share of digital revenue from 25.5% (fiscal 2018) to 57.0% (fiscal 2022).

CEO’s strategy

Salil Parekh wrote to shareholders that, We are starting to see inflation across several markets in the world.

The interest rate increases, with the European conflict and continuing covid-19 impact in some geographies creating supply chain constraints.

While our demand outlook is strong, we remain vigilant to ensure we are agile and evolve our approach with the changing dynamics’.

‘As I look ahead, nonetheless, I remain more optimistic than ever,

We are especially well-positioned to be the provider of choice with the set of capabilities that are most relevant to our clients,’ Parekh added.

The post Infosys CEO’s salary increases to 77cr per Year appeared first on The Tech Outlook.

In the midst of the ongoing crisis with Ukraine, IT services firm Infosys is planning to suspend operations in Russia and relocate its operations to another country.
With this, Infosys has joined a number of major global competitors, such as Oracle Corp and SAP SE, in exiting Russia.
In a press conference following the company’s Q4 results, Infosys CEO Salil Parekh stated that the company is not currently doing business with Russian clients and has no plans to do so in the future.

“As a result of the situation, we have begun to shift our business and all of our work from Russian centres to centres outside Russia,” Parekh added.

The announcement comes just days after UK finance minister Rishi Sunak was accused of having a conflict of interest because his wife Akshata Murty owns a roughly $1 billion investment in the IT firm. N R Narayana Murthy, the founder of Infosys, has a daughter named Akshata.

Sunak was accused of profiting financially from Infosys’ operations in Russia through his wife’s interest, despite the fact that Britain had imposed heavy sanctions on Moscow in reaction to the invasion of Ukraine.

Following Sunak’s demand for corporations to boycott Russia, Infosys’ Russia operations came under scrutiny.

Parekh also stated during the conference that the company has less than 100 employees in Russia and will assist them with the transition.

“In Russia, we don’t have any clients. We work for a handful of our international clients with operations in Russia. Working with our clients, we’re in the process of figuring out how to move some of that work, if not all of it, outside of Russia ” Says Parekh,” says.

He went on to say that the corporation is concerned about the region’s development and that it will assist its Russian employees in relocating and working in other parts of the world, particularly in East Europe.

The Bengaluru-based firm earned Rs 5,686 crore in net profit (after minority interest) in the most recent quarter, compared to Rs 5,076 crore in Q4 FY21.

While the Q4 results scorecard shows a 12% increase in net profit year over year, the numbers are 2% lower than the December quarter.

The post Infosys finally packs it bag from Russia amid protest over Russia Ukraine War appeared first on The Tech Outlook.

Infosys, the Indian computer firm in which UK Chancellor Rishi Sunak’s wife holds shares worth more than £400 million, is closing its Russian headquarters.

According to the BBC, the corporation was looking for substitute opportunities abroad for Moscow-based employees.

Following the invasion of Ukraine, Infosys has been under pressure to shut down its Russian business.

Mr Sunak has also been questioned about his wife Akshata Murty’s ownership of the corporation formed by her father.

Following the invasion of Ukraine, Labour leader Sir Keir Starmer told Sky News that it was critical for the chancellor to reveal whether his family had been “benefiting from money produced in Russia when the [UK] government has imposed sanctions” on corporations and individuals.

Mr Sunak told the BBC’s Newscast podcast this week that criticism of his wife was “extremely hurtful,” and that he understood how Hollywood star Will Smith felt when comedian Chris Rock attacked his wife’s physical condition at the Oscars.

“At least I didn’t get up and slap anybody, which is nice,” he laughed.

Sunak replies, “I know how Will Smith felt at the Oscars.”
Sunak is being questioned about a company that operates in Russia.
On the same day as Lavrov, Truss travels to India.
In 2016, Infosys, one of India’s largest corporations with a presence in more than 50 countries, opened an engineering centre in Moscow, where it is estimated that up to 100 people work.

Many multinational IT corporations shut down operations in Ukraine after Russia invaded the country, but Infosys has kept “a tiny staff… based out of Russia that services some of our worldwide clients” till now.

In a subsequent statement, it said, “We do not have any active business partnerships with local Russian firms.”

Infosys’ spokeswoman declined to comment on the decision to close the Moscow office or on the company’s future cooperation with Russian firms.

Ms Murty’s 0.9 percent stake in Infosys is estimated to be worth more than £400 million.

Mr Sunak’s spokeswoman previously stated that neither she nor other members of her family “have any influence in the company’s operational decisions.”

However, Labour and the Liberal Democrats have argued that the chancellor must address questions about whether the shareholding benefits his family at a time when he is urging UK businesses to divest from Russia.

Sir Keir Starmer, Labour’s leader, told Sky News that it was “in the public interest” to do so.

“I’m not targeting their family,” he said, “but I do want to know if the chancellor’s household is benefiting from money from a corporation that is investing in Russia at a time when the government is clearly saying that no one should be doing that.”

The chancellor told Newscast that he was “fair game” for criticism since he was in public life, but it was “extremely upsetting and, I believe, wrong” for individuals to try to attack his wife.

Last year, Infosys, which has operations in London, Edinburgh, and Nottinghamshire, announced 1,000 new jobs in the UK.

Unlike the United Kingdom, India’s government has not criticised Russia’s invasion of Ukraine and has not voted against it in the UN Security Council.

The post Infosys, a technology corporation partly owned by Chancellor Rishi Sunak’s wife, is closing its office in Russia appeared first on The Tech Outlook.