Infosys

Speaking to Moneycontrol, Ravi Kumar S, President, Infosys, said that metaverse is no longer a buzz word, and will play an important role as we enter post pandemic era where people probably want to live in the hybrid of physical and virtual worlds. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Bengaluru-based IT services major Infosys launched Metaverse Foundry that will help its clients with adaptation, creation and also help scale the new technology. The company has already developed 100 use cases and is actively working with clients on the same, said a top executive. The move comes at a time when companies around the world are putting a huge focus on the metaverse. From Meta, formerly Facebook, and Microsoft, to IT services providers, the companies are investing significantly in the space. Speaking to Moneycontrol , … [Read more...] about Infosys launches Metaverse Foundry, says has already developed 100 use cases

Buzzing Stocks (Representative) Six of the top-10 most valued firms suffered a combined erosion of ₹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 ₹76,346.11 crore to ₹11,00,880.49 crore. Infosys lost ₹55,831.53 crore from its valuation which remained at ₹5,80,312.32 crore. Close The market capitalisation (mcap) of Reliance Industries declined by ₹46,852.27 crore to ₹16,90,865.41 crore and that of Hindustan Unilever fell by ₹14,015.31 crore to ₹5,94,058.91 crore. HDFC's valuation dipped ₹4,620.81 crore to ₹4,36,880.78 crore and that of HDFC Bank … [Read more...] about Mcap of six of top-10 most valued firms tumble Rs 2 lakh crore; TCS, Infosys biggest laggards

People in Bengaluru seen travelling in the bucket of an excavator (Image credit: hey__goku/Twitter) Karnataka’s IT minister Ashwath Narayan has assured information technology firms and industry bodies that a solution would be found to Bengaluru’s rain woes by next year, as India’s tech hub has yet again been brought to its knees by heavy rainfall. The minister met representatives from companies located in the Mahadevapura zone, which has been among the worst affected areas, on September 7 as the city’s IT corridor saw one of its worst flooding in recent years. Narayan chaired the meeting along with Axilor Ventures head and Karnataka Vision Group for IT chairman Kris Gopalakrishnan. The industry representatives told the government that their primary concern was to bring the issues they were facing to the government’s notice. The meeting was attended by representatives of companies including Infosys, Mphasis, Goldman Sachs, Wells Fargo, Wipro, Intel and Accenture, along … [Read more...] about Bengaluru’s rain woes will be resolved by next year, Karnataka IT minister tells industry

Representational image(Metaverse). Since the beginning of 2022, Indian information technology companies have actively explored and expanded their metaverse offerings to help clients navigate this new and pathbreaking technology. The metaverse is touted as the successor to the mobile internet. It is a virtual, immersive environment where one can be present in a digital avatar and interact with the avatars of other people. Infosys started the Metaverse Foundry, where it developed over 100 use-cases. Tech Mahindra said during its Q1 earnings announcement that it had 60 active metaverse projects in the pipeline. Now, amid global uncertainties and fears of a recession in the US, client spending on futuristic technologies like the metaverse is likely to slow down and IT companies will need to tread this path cautiously, analysts and senior executives said. “Some industries are better-positioned to immediately benefit from the metaverse – gaming, media and entertainment, … [Read more...] about IT companies’ metaverse ambitions may slow as clients turn cautious

As employers look to bring employees back to the office, the floods in Bengaluru’s IT corridor have reignited the work-from-home (WFH) debate. Visuals of water-logged roads, citizens being rescued on boats and tractors , and employees stuck on a foot-over-bridge outside one of the city’s tech parks are feeding into this debate. Representatives of IT companies and industry bodies also met state IT minister Ashwath Narayan, who has promised to resolve issues by next year's monsoons. For now, Wipro and TCS , among others, have given employees the option of working from home. "All our associates at Bengaluru are safe. We are closely monitoring the situation and our delivery teams have been advised to exercise due caution," a TCS spokesperson said. Experts say that come rain or shine, hybrid work — a mix of WFH and office — will continue. Close Rituparna Chakraborty, founder, Teamlease Services, said the situation in Bengaluru is not likely to have any larger … [Read more...] about Bengaluru’s rain-related infra woes reignite WFH debate

Representational image. (Source: Reuters) Recently moonlighting — the practice of taking on other jobs outside of working hours while one is already in a full-time job — has come under fire. Large Information Technology (IT) firms are staking their positions for or against the practice . But regardless of whether one is pro moonlighting or opposed to it, the raging debate over the issue signals a clash between traditional notions of employment, and an emerging world of work where flexibility reigns supreme. Ultimately enterprises, workers, and government will need to make clear choices about the kind of labour market, and employment relationships they want to foster. Enterprises, big and small, have long lobbied for deregulation and freedom from cumbersome compliances, and labour laws. The new labour codes oblige by doing away with government enforcement of provisions, and instead allowing companies to self-report compliance. This, on top of the fact that micro/small and … [Read more...] about Is moonlighting cheating, or is the world of work past monogamy?

India’s booming IT sector offers some of the country’s highest-paid jobs – so why have so many techies taken to ‘moonlighting’? That is the mystery Reddit is trying to decode after Infosys, one of India’s top tech firms, warned its employees against moonlighting in an email this week. Moonlighting – the practice of working an additional job alongside one’s primary source of income - appears to be the flavour of the season, and corporates are clearly not happy about it. Infosys warned employees that it “strictly discourages dual employment”, and defines moonlighting as a practice of working on a second job during or outside of regular business hours. These sentiments were earlier echoed by Wipro chairman Rishad Premji, who equated moonlighting with cheating. After details of Infosys’ warning made the news, a Reddit discussion sprung up on the need for moonlighting. “Why are lot of high-paid Indian techies moonlighting?” one Reddit user asked on the ‘India’ subreddit, … [Read more...] about Why are so many high-paid Indian techies moonlighting? Reddit decodes

The performance of IT stocks show that they have fallen out of favour. So far in 2022, the Nifty IT has fallen 27 percent while the sectoral gauge is down 22 percent in six months. IT stocks had taken a severe beating, factoring in the aggressive tone of United States Federal Reserve chairman Jerome Powell at the Jackson Hole Symposium in Wyoming. After a rebound, they resumed their fall on September 14, reacting to the hotter-than-expected inflation data released in the US, which many said signals a more hawkish Fed. With that, the Nifty IT index tumbled 4 percent. Surprisingly, JPMorgan has also recently downgraded its rating on all technology stocks in its portfolio citing continued margin pressure. Here’s what has been causing rout in IT stocks: What was Powell’s speech about at Jackson Hole? Powell said the US central bank would continue raising interest rates in a way that will cause “some pain” to the US economy. Close Despite four consecutive hikes … [Read more...] about MC Explains | How global recession may impact Indian IT companies

IBM India’s managing director Sandip Patel on September 14 echoed the sentiments of Wipro chairman Rishad Premji on moonlighting, calling the practice "not ethically right". This comes a day after Infosys issued a strongly worded email to its employees, stating that it “strictly discourages dual employment”, and defined moonlighting as the practice of having a second job during or outside of regular work hours. Speaking at IBM’s flagship event Think , Patel said, “You know Rishad’s position on this (moonlighting), I share his position. In IBM, all the employees when on boarded, they sign an agreement which says they are going to be working full time for IBM.” “So, not withstanding what people can do with the rest of their time, it’s not ethically right to do that. That’s my position and you have heard what the industry had to say,” he added. Premji had, last month, described moonlighting as "cheating" while commenting on the practice on social media. "There is a lot of … [Read more...] about Moonlighting ‘not ethically right’: IBM’s Sandip Patel backs Rishad Premji’s stance

Wipro chairman Rishad Premji Wipro Chairman Rishad Premji on Wednesday said the company had found 300 of its employees worked with one of its competitors at the same time, and added that action was taken in such cases by terminating their services. Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity "in its deepest form". "The reality is that there are people today working for Wipro and working directly for one of our competitors and we have actually discovered 300 people in the last few months who are doing exactly that," Rishad Premji said speaking at AIMA's (All India Management Association) National Management Convention. Asked about the action taken again employees who were found to be working in parallel for the company as well as for rivals, Premji, on the sidelines of the event, said that their employment had been terminated for "act of integrity violation". The definition of moonlighting itself is … [Read more...] about Wipro fires 300 employees found moonlighting with rival company