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Tag: Infosys

  • Infosys, Microsoft Expand Collaboration To Help Boost GenAI Adoption Globally |

    Bengaluru: Tech majors Infosys and Microsoft on Wednesday announced to expand their collaboration to help accelerate customer adoption of generative AI and Microsoft Azure globally.

    The move is aimed at helping Infosys’ and Microsoft’s joint customers realize the value of their technology investments and secure transformative outcomes. Infosys became an early adopter of GitHub Copilot. It currently has over 18,000 developers who have generated and used more than 7 million lines of code from Copilot.

    “This collaboration addresses various business problems by delivering heightened value to clients through a customer-centric approach, providing scalability, agility, and cost-efficiency across key sectors like finance, healthcare, supply chain and telecommunications,” said Anand Swaminathan, EVP and Global. Industry Leader – Communications, Media and Technology, Infosys.

    Infosys recently launched an industry-first, GitHub Center of Excellence (CoE). The company said that in conjunction with Microsoft’s technology and its own industry-leading AI and Cloud suite of offerings, Infosys Topaz and Infosys Cobalt, as well as its AI-powered marketing suite Infosys Aster, the collaboration will help enhance customer experiences and drive the global adoption of enterprise AI.

    Many of these solutions will be available on Azure Marketplace, allowing customers to utilize their Microsoft Azure Consumption Commitment (MACC), creating a mutually beneficial market proposition.

    Nicole Dezen, Chief Partner Officer at Microsoft, said that the expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver new value for customers.

    “Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable unprecedented innovation for customers,” said Dezen.

    AI developer productivity benefits could boost global GDP by over $1.5 trillion by 2030. A recent GitHub study revealed that users accept nearly 30 per cent of code suggestions from GitHub Copilot and report increased productivity from these acceptances within the first year in the market.

    GitHub Copilot has been activated by more than one million developers and adopted by over 20,000 organizations.

  • Why Cognizant Sues Indian Tech Giant Infosys in US Court; Know the Reason Here | Technology News

    Cognizant vs Infosys In US Court: US-based software company Cognizant TriZetto has filed a lawsuit against Indian tech giant Infosys in a Texas federal court, accusing Infosys of stealing confidential information related to its healthcare insurance software.

    This comes 8 months after Infosys sent a missive to Cognizant accusing the US-based IT firm of unfair employee poaching. However, Infosys has denied all allegations levelled by Teaneck-based rival Cognizant’s subsidiary Cognizant TriZetto in Texas federal court. 

    Cognizant, headquartered in New Jersey and with 70% of its employees in India, claims that Infosys unlawfully extracted data from its databases and used this information to develop and market competing software. 

    Cognizant’s software includes TriZetto’s Facets and QNXT, used by healthcare insurance companies to automate administrative tasks. According to the complaint by Cognizant, Infosys misused TriZetto’s software to create “Test Cases for Facets,” which improperly repackaged TriZetto’s data into an Infosys product. Notably, the companies are locked in a closed combat even in the market with both companies approaching $20 billion in revenue. 

    Cognizant has requested the court to award an unspecified amount in monetary damages and to issue an order directing Infosys to cease the misuse of its trade secrets. Moreover, you will be surprised to know that the Cognizant’s Chief Executive Officer Ravi Kumar S is an Infosys veteran, having served as its president and deputy Chief Operating Officer for over nine years, with the stint ending in October 2022. 
     
    Just two before this saga, Cognizant appointed Rajesh Varrier to replace former Cognizant India Chairman and Managing Director Rajesh Nambiar, who will assume the role from October 1, 2024.  

  • Market Valuation of Top 8 Firms Rises by Rs 2.10 Lakh Crore; TCS And LIC AT Forefront | Markets News

    New Delhi: The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers.

    Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday. Stock markets were closed on Wednesday on account of Muharram.

    From the top-10 group, the valuation of TCS zoomed Rs 42,639.16 crore to Rs 15,56,772.61 crore. The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) surged Rs 36,748.23 crore to Rs 7,01,695.24 crore.

    Infosys added Rs 33,569.16 crore, taking its valuation to Rs 7,44,396.43 crore, while State Bank of India’s mcap climbed Rs 26,372.23 crore to Rs 7,93,576.49 crore. Hindustan Unilever’s mcap soared Rs 24,494.49 crore to Rs 6,40,651.30 crore, and that of ITC jumped Rs 19,420.52 crore to Rs 5,92,679.30 crore.

    The market valuation of Bharti Airtel went up by Rs 16,223.03 crore to Rs 8,31,928.39 crore, and that of ICICI Bank climbed Rs 10,863.44 crore to Rs 8,78,531.60 crore. However, the market valuation of Reliance Industries diminished by Rs 56,799.01 crore to Rs 21,03,829.74 crore.

    The mcap of HDFC Bank declined by Rs 13,124.01 crore to Rs 12,22,701.34 crore. In the top-10 table, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

  • Infosys’ Full-year Employee Strength Drops For 1st Time In 23 Years | Companies News

    Bengaluru: The full-year headcount at IT major Infosys declined for the first time in nearly 23 years, by 25,994 in the financial year 2023-24.

    The full financial year headcount was 317,240 — a 7.5 per cent decrease from the previous fiscal year.

    “Our utilisation rate has improved from 77 per cent utilisation including trainees in the beginning of the year. The growth environment was also very different at that point so we had guided differently,” said Jayesh Sanghrajka, CFO, Infosys, as the company reported its fourth-quarter results on Thursday.

    “We had to realign some of those factors as the growth environment changed. Our utilisation has changed to 82 per cent now. Our attrition has also come down significantly. That’s the reason you see a net headcount reduction,” he added.

    On a quarterly basis, the company added 5,423 fewer employees.

    “We have changed our hiring model significantly. We no longer hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus,” said Sanghrajka.

    The IT software giant declared a 30 per cent jump in net profit to Rs 7,969 crore for the January-March quarter, up from Rs 6,128 crore in the same quarter last year.

     

  • Infosys To Receive Rs 6,329 Cr Tax Refund From IT Dept | Companies News

    New Delhi: Infosys expects a refund of Rs 6,329 crore from the Income Tax Department, the country’s second-largest IT services company said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders.

    Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. “As per the orders, the company expects a refund of Rs 6,329 crore (including interest). 

    The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024,” Infosys said in a BSE filing.

    Infosys, which competes with TCS, Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18. (Also Read: Zomato Gets Tax Demand Order Of Rs 23.26 Crore)

    The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax demand of Rs 2,763 crore, including interest, and for assessment year 11-12 with a tax demand of Rs 4 crore, interest included.

    Infosys has received assessment orders for subsidiaries as well, totalling Rs 277 crore.

    These include assessment orders for assessment years 21-22 and 18-19, respectively, with a total tax demand of Rs 145 crore; orders for assessment years 22-23 with a tax demand of Rs 127 crore; and for assessment years 22-23 entailing tax demand of Rs 5 crore – all of them inclusive of interest.

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeals against these orders,” Infosys said.

    Further, a subsidiary of the company has received refund orders under Section 254 for assessment years 07-08 and 08-09 and under Section 154 for assessment years 16-17, it said, adding that the refund amount as per these orders is Rs 14 crore. (Also Read: TCS Achieves New Milestone; 3.5 lakh Employees Trained In Generative AI Skills)

    “The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024. As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys said.

  • Former Infosys President Ravi Kumar joins Cognizant

    BENGALURU: Former Infosys President Ravi Kumar, who lately give up the corporate after serving its president for six years, will likely be becoming a member of because the president for Cognizant Americas on January 16, 2023.

    Cognizant Americas accounts for over 70% of the corporate’s overall annual revenues.

    In an interior mail to workers, Cognizant CEO Brian Humphires stated, “Ravi will likely be accountable for the strategic path and operational efficiency of our trade in the USA, Latin The united states and Canada, together with our business groups, the Americas Consulting organisation, and the worldwide Huge Offers crew.”

    Ravi Kumar will even function an in depth spouse to Cognizant CEO. Primarily based in New York, he’ll additionally sign up for the Government Committee (EC). He has over two decades of enjoy within the consulting, procedure and era transformation area.

    Kumar, who’s a member of a number of forums, is predicted to force massive transformational programmes for Cognizant.

    Cognizant additionally introduced the appointment of Prasad Sankaran as the brand new head of the Tool & Platform Engineering observe space, efficient November 1, 2022.  He joins Cognizant from Bain & Corporate, the place he was once a senior vp and chief within the company’s Endeavor Generation world observe.

    Sankaran prior to now spent 25 years at Accenture together with his ultimate position as senior managing director.

    The Nasdaq-listed IT services and products corporate, which follows the calendar yr, had reported $4.9 billion income in the second one quarter ended June 2022.

    In the meantime, Surya Gummadi, who was once serving as meantime chief of Cognizant Americas, will go back to guide its $5 billion Well being Sciences trade. Gummadi is broadly thought to be one of the crucial corporate’s maximum gifted executives.

    “Over his two-decade Cognizant occupation, Surya has risen abruptly to senior ranges of management whilst construction a faithful shopper and affiliate following,” Humphires stated.

    BENGALURU: Former Infosys President Ravi Kumar, who lately give up the corporate after serving its president for six years, will likely be becoming a member of because the president for Cognizant Americas on January 16, 2023.

    Cognizant Americas accounts for over 70% of the corporate’s overall annual revenues.

    In an interior mail to workers, Cognizant CEO Brian Humphires stated, “Ravi will likely be accountable for the strategic path and operational efficiency of our trade in the USA, Latin The united states and Canada, together with our business groups, the Americas Consulting organisation, and the worldwide Huge Offers crew.”

    Ravi Kumar will even function an in depth spouse to Cognizant CEO. Primarily based in New York, he’ll additionally sign up for the Government Committee (EC). He has over two decades of enjoy within the consulting, procedure and era transformation area.

    Kumar, who’s a member of a number of forums, is predicted to force massive transformational programmes for Cognizant.

    Cognizant additionally introduced the appointment of Prasad Sankaran as the brand new head of the Tool & Platform Engineering observe space, efficient November 1, 2022.  He joins Cognizant from Bain & Corporate, the place he was once a senior vp and chief within the company’s Endeavor Generation world observe.

    Sankaran prior to now spent 25 years at Accenture together with his ultimate position as senior managing director.

    The Nasdaq-listed IT services and products corporate, which follows the calendar yr, had reported $4.9 billion income in the second one quarter ended June 2022.

    In the meantime, Surya Gummadi, who was once serving as meantime chief of Cognizant Americas, will go back to guide its $5 billion Well being Sciences trade. Gummadi is broadly thought to be one of the crucial corporate’s maximum gifted executives.

    “Over his two-decade Cognizant occupation, Surya has risen abruptly to senior ranges of management whilst construction a faithful shopper and affiliate following,” Humphires stated.