Bangalore, May 17 : Leading Turkish private bank Turkland Bank has deployed Finacle software product of Indian IT bellwether Infosys for its core banking, customer relationship management and treasury operations.
"Implementation of our core banking software (Finacle) at Turkland Bank is the first of its kind in Turkey, blending local practices with global best practices as the product meets the needs of retail and corporate customer segments," Infosys said in a statement here Friday.
According to a regulatory filing, the Chief Executive Officer of Indian IT sector giant, Infosys saw his compensation fall 26.5 per cent to US$ 119,774 during the financial year 2012-2013.
Shibulal has received an annual compensation of US$ 162,990 in the previous year. The fall in the compensation is mainly due fall in reduction in bonus component. His bonus in the financial year 2013 recorded a fall of 70.14 per cent to US$ 15,918compared to US$
Bangalore, April 16 : Indian IT bellwether Infosys Ltd has tied up with Queen's University in Belfast, Ireland, to combat the global cyber security threat.
Invest Northern Ireland, the Irish government's regional business development agency, will also collaborate in the project.
"The partners will set up a research, education and commercialisation model, develop solutions and intellectual property for combating cyber security threats arising out of digital and cloud-based business models," the global software major said in a statement here Tuesday.
Infosys shares on Friday slipped more than 21 per cent, dragging the tech blue chip firm's market value down by a whopping Rs 34,848 crore, after the company posted disappointing results along with a weak guidance for the current fiscal.
For the three months ended March 31, 2012, Infosys announced a quarter-on-quarter revenue growth of just 0.3 per cent, while net profit grew by merely 1.1 per cent.
Bangalore, April 12 - Infosys Friday reported net profit of Rs. 9,421 crore (Rs. 94 billion) for fiscal 2012-13, registering 13.3 percent year-on-year (YoY) growth over previous fiscal (2011-12) at Rs. 8,316 crore (Rs. 83 billion), as per the Indian accounting standard.
In a regulatory filing, the IT bellwether said consolidated revenue, however, increased 19.6 percent YoY to Rs. 40,352 crore (Rs. 404 billion) from Rs. 33,734 crore (Rs. 337 billion) in the same period of previous fiscal (FY 2012).
Indian software giant Infosys' performance in the last quarter prompted analysts to say that the results signal a turn in trajectory of the company's revenue growth.
Infosys recently reported a consolidated net profit of Rs 2,369 crore for the October to December quarter. The net profit remained unchanged quarter-on-quarter, but it was better than expected.
Revenue jumped nearly 6 per cent quarter-on-quarter and 12 per cent year-on-year to Rs 10,424 crore in the three months under review.
Indian information technology services firms are expected to report muted quarter on quarter growth of just 1-3 per cent in the three months to December due to delays in new outsourcing projects in the US and Europe.
Super storm Sandy that ravaged the US in October 2012 is also expected to have a considerable impact on the revenues of the Indian outsourcing firms.
Indian IT solutions provider Infosys will now focus more on deals from corporations rather than government, which currently contributes around 90 per cent to the company's revenue in its home market.
Infosys co-founder Kris Gopalakrishnan has said that the fast growth of the country's first telecom incubator, Startup Village will help in enhancing Kerala's investment and industrial environment.
He was speaking to the media after announcing 20 outstanding start-ups today. He said that the emergence of the Startup Village in such a short time has helped changed the image of the state as some of these are entrepreneurs and job-creators.
Eyeing better Europe links, Indian IT services provider Infosys has decided to transfer the listing of its American Depository Shares (ADS) from the NASDAQ Global Select Market to the New York Stock Exchange (NYSE).
Infosys CFO Rajiv Bansal said that the company's decision to shift from NASDAQ to NYSE was in response to European investors who had long been requesting for the change. He added that the move would give the company more visibility in the local markets.
Nasdaq-listed Cognizant Technology Solutions Corp once again surpassed Infosys by reporting a growth of 18.2 per cent in revenue for the July-September 2012 quarter.
Cognizant on Wednesday said that its revenue grew to US$ 1.892 billion in the three months through September 30, while net profit climbed 22 per cent from US$ 227.1 million to US$276.9 million year-on-year.
In comparison, software exporter Infosys has reported revenue of US$ 1.79 billion for the July-September quarter of current fiscal, while its net profit stood at US$ 431 million.
Indian IT have shut their offices situated in the hurricane Sandy-hit areas in the US, and have issued advisories to their employees working in the affected areas, advising them to stay indoors.
Hurricane Sandy wreaked havoc along the US' East Coast, forcing tech firms to close offices in a number of areas including New York, New Jersey, Boston and Connecticut as a precautionary measure.
India's Information technology (IT) firms, Infosys Ltd and Wipro Ltd are facing another challenge besides maintaining revenues, retaining their employees in the competitive market.
The company's are not only struggling to maintain the growth rate in revenues but are also facing problems in retaining their staff, indicating that the software engineers are noe making their decisions based on financial results.
India's second-largest IT-services company, Infosys has reported a lower than expected net profit during the second quarter of the year.
Infosys decided to keep its yearly guidance unchanged as it indicated that the global economic uncertainties were continuing to trouble the company. The weak performance in the second quarter is also being seen as a reason to keep the outlook unchanged.
Indian software giant Infosys on Thursday reported a jump of nearly 24 per cent in quarterly profit, largely in-line with expectations.
Infosys, India's second leading software services exporter, announced that its net profit jumped to Rs 23.7 billion in the July-September quarter of this year, from Rs 19.06 billion in the corresponding period of previous year.
Analysts had projected Rs 23.8 billion net profit Infosys' second quarter. In the April-June quarter, the firm had posted 33 per cent year-on-year jump in quarterly profit.
Brokerage firm CLSA on Wednesday slashed its price target for Infosys shares to Rs 1,566, predicting that the stock price could drop by 40 per cent from current levels.
CLSA said that the recent appreciation in the currency of India might prove negative for the country's software exporters, including Infosys, and its share prices could slip.
The internal note, which was in the form of an e-mail, added that price of Infosys' stock could drop by 40 per cent in a year.
The announcement of two acquisitions by Infosys is expected to help the Indian software firm reverse some of the negative perceptions that erupted on account of the firm's dull performance over the last year.
India It service sector major, Infosys Ltd is planning to acquire a Swiss business-consulting company called, Lodestone Holding AG under a deal valued at about $350 million or 330 million Swiss francs.
The acquisition of Lodestone will be the Indian company’s biggest acquisition ever. It is a part of the company’s efforts to boost its consulting-services business as rivals reduce margins in the outsourcing sector. Infosys had announced plans in the previous year to transform itself into a business consultancy firm from a technology service provider.
The "Infosys 3.0" strategy that the software company says will help it come out of difficulties and better position it for the future will take longer than expected time to produce results, CEO S. D. Shibulal said.
The Bangalore-based $7 billion software company has missed its own sales targets, which led to decline in market vale of its shares. Tough market conditions even forced it to defer an annual pay increase.
The company adopted a new strategy dubbed the "Infosys 3.0," which will make the company to shift its focus from labour-intensive plain vanilla outsourcing services to higher-value software.
Indian software giant Wipro has once again demonstrated its knack to allure top talent from rival companies. This time Wipro has hired senior Infosys executive Shaji Farooq as the global head for its new technology areas.
Ten-year Infosys veteran Mr. Farooq has accepted the role of the Senior Vice-President at Wipro. He will lead the company’s newly created ‘advanced technology’ services and ‘go-to-market transformation’ businesses. He will report directly to Wipro chief executive T. K. Kurien.
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