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☆ India's Wipro discusses its 'focus sectors'
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's Wipro discusses its 'focus sectors'Aparna Iyer of the Indian IT services firm discusses uncertainty in markets and the company's strategy and business outlook.

Persons: Aparna Iyer Organizations: Wipro Locations: Indian

☆ UK PM Sunak Paid More Than 500,000 Pounds in Tax Last Year
▼ + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Andrew MacAskill and Sachin RavikumarLONDON (Reuters) - British Prime Minister Rishi Sunak paid 508,000 pounds ($641,000) in tax in the last financial year after income from his investments dwarfed his official salary, a report by his accountants showed on Friday. The three-page published summary is the second time that Sunak has published details of his tax affairs since he became prime minister in 2022. The figures show that Sunak made 139,000 pounds from his salary as a member of parliament, finance minister and prime minister between April 2022 and March 2023, and 2.1 million pounds from investments. Of his income from investments, 1.8 million pounds came from capital gains, up from 1.6 million pounds a year earlier. About 70% of the total tax paid by Sunak was due to capital gains tax on the profit made from sales of investments such as stocks.

Persons: Andrew MacAskill, Sachin Ravikumar, Rishi Sunak, Sunak, Evelyn, Piers Morgan, David Milliken Organizations: Sachin Ravikumar LONDON, British, Indian IT, Infosys, Evelyn Partners Locations: Indian, Rwanda

☆ We've trained more than 200,000 employees on AI basics, says Indian IT services firm
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've trained more than 200,000 employees on AI basics, says Indian IT services firmThierry Delaporte, CEO of Wipro, discusses the company's efforts to reskill its staff.

Persons: We've, Thierry Delaporte Organizations: Wipro Locations: Indian

☆ HP, Dell and Lenovo among 27 firms granted approval to manufacture tech hardware in India under incentive scheme
▼ + stars: | 2023-11-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Chinas Realme closing in on market leaders Xiaomi, Samsung, yet hurdles loom in treacherous market where many stumbled. Under the PLI Scheme 2.0 for IT hardware, which was approved by the government in May, India will provide companies incentives for goods manufactured in the country. The Indian IT hardware market is expected to grow to $22.77 billion in 2027 from $15.52 billion in 2022. "The IT Hardware manufacturing sector faces the lack of a level playing field vis-à-vis competing nations ... There is need for a mechanism to compensate for the manufacturing disabilities vis-à-vis other major manufacturing economies," according to the ministry.

Persons: Chinas, Anindito Mukerjee, Vaishnaw Organizations: Xiaomi, Samsung, Bloomberg, Getty Images, Dell, HP, Lenovo, Asus, Ministry of Electronics, of Railways, Communications, Electronics Locations: Greater Noida, India, Indian

☆ India's Infosys says US unit hit by cyber security event
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: 1 min

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsBENGALURU, Nov 3 (Reuters) - Indian IT service provider Infosys (INFY.NS) said on Friday its U.S. unit, Infosys McCamish Systems, was impacted by a cyber security event, resulting in the non-availability of certain applications and systems. The company said it is working with a cyber security company to resolve the issue and that it had launched an investigation to identify the potential impact on systems and data. Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Savio D'Souza Organizations: Infosys, REUTERS, Rights, Indian IT, Infosys McCamish Systems, Sethuraman NR, Thomson Locations: Toronto , Ontario, Canada, Indian, Bengaluru

☆ Cognizant forecasts quarterly revenue below estimates on weak corporate spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

The Teaneck, New Jersey-based company expects current-quarter revenue between $4.69 billion and $4.82 billion, compared with market estimates of $4.86 billion, according to LSEG data. Indian IT services giants Infosys (INFY.NS) cut the upper end of its annual revenue forecast earlier in Oct, raising concerns about near-term demand, while Tata Consultancy Services (TCS.NS) reported weaker-than-expected quarterly revenue. The company expects annual adjusted profit per share in the range of $4.39 to $4.42, from its prior estimate of between $4.25 and $4.48. Revenue for the third quarter stood at $4.90 billion, slightly below estimates of $4.91 billion. The company reported a profit of $1.04 per share, compared with $1.22 per share a year earlier.

Persons: Dado Ruvic, Cognizant, Jan Siegmund, Jaspreet Singh, Anil D'Silva Organizations: REUTERS, Technology Solutions, Wall, Infosys, Tata Consultancy Services, Accenture, Thomson Locations: Teaneck , New Jersey, Bengaluru

☆ India's Tech Mahindra shares slide on biggest profit drop in 16 years
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: 1 min

Employees walk outside the cafeteria in the Tech Mahindra office building in Noida on the outskirts of New Delhi, India March 7, 2019. Picture taken March 7, 2019. REUTERS/Adnan Abidi/File photo Acquire Licensing RightsBENGALURU, Oct 26 (Reuters) - Shares of Indian IT services company Tech Mahindra (TEML.NS) fell as much as 3.7% in early trade on Thursday, a day after the company posted its biggest profit drop in 16 years. The company reported a 61.6% fall in its consolidated net profit for the September quarter, its worst performance since March 2007. Reporting by Kashish Tandon in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Adnan Abidi, Kashish Tandon, Sohini Goswami Organizations: Tech Mahindra, REUTERS, Rights, Indian IT, Thomson Locations: Noida, New Delhi, India, Bengaluru

☆ India's Coforge posts 16% jump in Q2 revenue, reiterates full-year forecast
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 19 (Reuters) - Indian IT services company Coforge (COFO.NS) on Thursday reported a 16.2% jump in second-quarter revenue and reiterated its revenue growth forecast for fiscal year 2024, aided by new deal wins amid a challenging macroeconomic environment. Consolidated revenue from operations rose to 22.76 billion rupees ($273.4 million) for the quarter ended Sept. 30. Coforge's order intake for the quarter rose to $313 million, from $304 million last year. The company's revenue growth beat peers Tata Consultancy Services (TCS.NS), which missed estimates and LTIMindtree, which posted a smaller 8.2% increase. It, however, lagged behind Persistent Systems (PERS.NS), which posted an 18% growth in revenue and a 20% growth in profit.

Persons: Nishit Navin, Varun Organizations: Indian IT, Indian, Tata Consultancy Services, Thomson Locations: BENGALURU, Indian, LSEG, Bengaluru

☆ India's Wipro reports surprise Q2 revenue drop
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBENGALURU, Oct 18 (Reuters) - India's fourth-largest IT services provider Wipro (WIPR.NS) reported a surprise drop in second-quarter revenue as clients curtailed spending amid global economic uncertainty and inflationary pressures. The Bengaluru-based company's consolidated revenue from operations declined 0.1% to 225.16 billion rupees ($2.70 billion) for the three months to Sept. 30, from a year earlier, against estimates of a rise to 228.10 billion rupees, according to LSEG data. Last week, industry leader TCS (TCS.NS) blamed an uncertain macro environment for its revenue miss, while India's No. Consolidated net profit at the company fell to 26.46 billion rupees in the quarter, from 26.59 billion rupees a year ago. Analysts had expected a profit of 31.02 billion rupees, as per LSEG data.

Persons: Dado Ruvic, Varun Vyas, Indranil Sarkar, Sonia Cheema Organizations: Wipro, REUTERS, Rights, TCS, Infosys, Consolidated, Thomson Locations: Bengaluru, Indian

☆ Waning demand for IT services hits hiring at Indian tech majors
▼ + stars: | 2023-10-13 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Tata Consultancy Services (TCS.NS), Infosys (INFY.NS) and HCLTech (HCLT.NS) have seen employee headcount reducing in the second quarter as they reported weak results. Infosys added over 83,000 employees in the last two fiscal years, while TCS' employee headcount surged by over 120,000 and HCL added about 57,000. In contrast, Infosys' net employee headcount has fallen by 14,470 in the first half of this year and HCLTech's by about 4,800. "In a way we hired ahead of demand predicted ... with that slowing down this year, our employee utilization fell. Infosys is targeting 84%-85% in employee utilization from the current 81.8%, Roy said.

Persons: Vivek Prakash, Phil Fersht, headcount, Nilanjan Roy, Roy, Nivedita Organizations: Infosys, Electronics City IT, REUTERS, Rights, Tata Consultancy Services, HCL, Analysts, TCS, Sethuraman, Navamya, Thomson Locations: Bangalore, Indian, U.S, Bengaluru

☆ India's TCS to consider share buyback next week
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 6 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Friday said it will consider a share buyback when its board meets next Wednesday to approve second-quarter financial results. TCS, India's largest information technology (IT) services firm, did not disclose the quantum of the buyback it was considering. It had last bought back shares worth 160 billion rupees ($1.92 billion) in 2020. The buyback comes at a time Indian IT services companies are grappling with an uncertain demand environment, especially in the U.S., a key market for the sector. ($1 = 83.1740 Indian rupees)Reporting by Chris Thomas in Bengaluru; Editing by Savio D'Souza and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Thomas, Savio D'Souza, Varun Organizations: India's Tata Consultancy Services, TCS, Investors, Thomson Locations: BENGALURU, Indian, U.S, Bengaluru

☆ Indian IT firms set for "washout" year, focus now on 2025 - J.P.Morgan
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 5 (Reuters) - J.P.Morgan analysts expect investors to parse upcoming second-quarter results and commentary from Indian IT companies for signs of recovery in deal signings in fiscal 2025 following a "washout" year. The focus for this quarter's earnings reports will be on deal signings as well as the split of new deals versus renewals to assess fiscal 2025 growth, the analysts said. J.P.Morgan expects high single-digit earnings growth, in percentage terms, for large-cap IT companies in fiscal 2025, while market expectations are for double-digit growth. Nonetheless, J.P.Morgan upgraded Infosys (INFY.NS) to "neutral" from "underweight" saying lower expectations were baked in and its large deal wins give visibility into fiscal 2025.

Persons: Vivek Prakash, Ankur Rudra, Bhavik Mehta, Rudra, Mehta, Navamya Ganesh, Savio D'Souza, Janane Organizations: Indian, Infosys, REUTERS, Rights, TCS, Wipro, J.P.Morgan, Thomson Locations: Electronic, Bangalore, Indian, Bengaluru

☆ Accenture warns of weaker fiscal 2024 as IT spending remains under pressure
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The logo of Irish services and consulting company Accenture is seen at an temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. Accenture expects first-quarter revenue in the range of $15.85 billion to $16.45 billion, while analysts polled by LSEG forecast $16.43 billion. The company also forecast fiscal 2024 adjusted earnings per share to be in the range of $11.97 to $12.32, below estimates of $12.45. The mid-point of its revenue growth forecast of 2% to 5% in local currency also fell short of estimates. Accenture's revenue rose 4% to $16 billion in the fourth quarter ended Aug. 31, compared with estimates of $16.08 billion.

Persons: Arnd, Julie Sweet, Chavi Mehta, Shinjini Organizations: Accenture, REUTERS, U.S, Infosys, Tata Consultancy Services, LSEG, Thomson Locations: Davos, Switzerland, Federal, Indian, Bengaluru

☆ Cognizant appoints former Wipro finance chief Jatin Dalal as CFO
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 28 (Reuters) - Cognizant Technology Solutions (CTSH.O) on Thursday named former Wipro (WIPR.NS) chief financial officer Jatin Dalal as its CFO, a week after his resignation from the Indian information technology (IT) major. The pace of executive churn has picked up in the Indian tech industry in recent months. Dalal became Wipro's CFO in 2015, and with CEO Thierry Delaporte steered the company through the pandemic as demand for digital services boomed. "We are pleased to welcome Jatin to Cognizant and confident he will help us achieve our goals as we continue to focus on driving revenue growth," Cognizant CEO Ravi Kumar S said in the statement. Cognizant projected third-quarter revenue above estimates in August as more businesses turned to the IT services provider to digitize their operations.

Persons: Dado Ruvic, Jatin Dalal, Ravi Kumar S, Dalal, Jan Siegmund, Rajesh Gopinathan, Mohit Joshi, Wipro's, Thierry Delaporte, Jatin, Cognizant, Jaspreet Singh, Hritam Mukherjee, Varun Organizations: REUTERS, Technology Solutions, Wipro, Cognizant, Infosys, Indian, Tata Consultancy Services, Tech Mahindra, Thomson Locations: Bengaluru

☆ India's Wipro slides after CFO Dalal resigns in latest high-profile exit
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Sept 22 (Reuters) - Shares of Wipro (WIPR.NS) slid almost 3% on Friday, a day after long-serving CFO Jatin Dalal resigned in a surprise move, the latest senior level exit at the fourth-largest Indian IT services provider. Dalal's exit follows those of Chief Operations Officer Sanjeev Singh and several senior vice presidents as Wipro wades through a years-long turnaround of its business. Wipro has already forecast revenue from IT services would remain largely flat for the current quarter as clients cut spending. Shares of the company hit a near three-week low after news of the CFO change announced Thursday. Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jatin Dalal, Sanjeev Singh, Dalal, Aparna Iyer, Rajesh Gopinathan, Mohit Joshi, Ravi Kumar, Chris Thomas, Nallur, Nivedita Organizations: Wipro, REUTERS, Rights, Indian, Wipro wades, Kotak, Tata Consultancy Services, Infosys, Tech Mahindra, Cognizant Technology Solutions, Thomson Locations: India, United States, Bengaluru

☆ India's Wipro says CFO Dalal resigns, replaced by 20-year veteran Iyer
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] Wipro Ltd logo is seen displayed in this illustration taken, April 10, 2023. Dalal will be replaced by Aparna Iyer, also a 20-year veteran who was most recently senior vice president and CFO of Wipro's cloud services unit, the company said. While Iyer will take over as CFO on Sept. 22, Dalal will stay on until Nov. 30, Wipro said. Dalal, who became CFO in 2015, and CEO Thierry Delaporte guided Wipro through the pandemic years as demand for digital services boomed. Delaporte said in a statement that Iyer has been integral to Wipro's finance transformation over the last few years.

Persons: Dado Ruvic, Jatin Dalal, Aparna Iyer, Iyer, Dalal, Thierry Delaporte, Goldman Sachs, Delaporte, Ashish Chandra, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Indian IT, Thomson Locations: Indian, Bengaluru

☆ You're more productive in the office, say elite CEOs. Data seems to back them up.
▼ + stars: | 2023-09-03 | by ( Tom Carter | Beatrice Nolan | ) www.businessinsider.com time to read: +7 min

The idea of permanent remote work is slipping away. After almost three years of relaxed work-from-home policies, CEOs are starting to drag their remote employees back to the office most days of the week. The remote work genie is out of the bottleInfluential remote work researchers, including Stanford researcher Nicholas Bloom, have been backing a flexible, hybrid approach as the way forward. Bloom previously told Insider that well-organized hybrid work is a "win-win" for companies and workers. AdvertisementAdvertisementEveryone else Insider spoke to agreed, though some said even hybrid was likely less productive than being fully in the office.

Persons: Goldman Sachs, Michael Gibbs, They've, Mark Zuckerberg, Andy Jassy, Gibbs, David Atkin, Raj Choudhury, Atkin, Ipsos, " Choudhury, Nicholas Bloom, Bloom, Choudhury, We'll, WFH, Jose Maria Barrero Organizations: Meta, Service, Companies, University of Chicago, Harvard Business School, National Bureau of Economic Research, MIT, Employees, The Washington Post, Stanford, WFH Locations: Wall, Silicon, Indian, Chennai

☆ India's Infosys shares slide after cutting full-year growth outlook
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 21 (Reuters) - Shares of Infosys (INFY.NS), India's second-largest software exporter, fell as much as 9% on Friday, after the company halved its full-year revenue growth outlook and posted a weaker-than-expected first-quarter profit. The company cut its revenue guidance to 1%-3.5% on a constant currency basis from the previous 4%-7%. Infosys Chief Executive Salil Parekh attributed the guidance cut to delays in decision-making by clients. Last week, market leader Tata Consultancy Services (TCS.NS) warned of an uncertain demand environment, while smaller peers HCLTech (HCLT.NS) and Wipro (WIPR.NS) reported and projected muted growth. ($1 = 82.0440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Salil Parekh, Varun Vyas, Sohini Goswami Organizations: Infosys, Tata Consultancy Services, Wipro, Thomson Locations: BENGALURU, Bengaluru

☆ India's Wipro commits $1 bln investment into AI
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Wednesday it planned to invest $1 billion into artificial intelligence (AI) over the next three years. The investments will focus on the expansion of AI, big data, and analytics solutions, as well as developing new research and development and platforms, it said in an exchange filing. This comes almost a week after rival Tata Consultancy Services (TCS.NS) said it planned to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. Companies across the world, from banks to big tech, have doubled down on investments in AI after ChatGPT, a generative AI chatbot by Microsoft-backed OpenAI took the world by storm in late 2022. "Especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries," Wipro CEO Thierry Delaporte said.

Persons: OpenAI, Thierry Delaporte, Navamya Ganesh, Rashmi Organizations: Indian IT, Wipro, Tata Consultancy Services, Companies, Microsoft, Wipro ai360, Thomson Locations: BENGALURU, Indian, Bengaluru

☆ India's TCS signs $1.1 bln contract with UK's Nest
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 21 (Reuters) - India's top IT services provider Tata Consultancy Services (TCS.NS) said on Wednesday that it has signed a new contract worth 840 million pounds ($1.1 billion) with British pension scheme Nest for an initial tenure of 10 years. The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement. The deal comes at a time when Indian IT services companies are facing demand challenges in their key markets, the United States and Europe, where clients have cut spends amid worries about recession. TCS and Nest have been working together since 2011. Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.

Persons: Shailesh Organizations: Tata Consultancy Services, TCS, Indian, Investors, Sethuraman NR, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

☆ India's TCS, Transamerica end $2 bln contract due to macro environment
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 16 (Reuters) - Indian information technology (IT) company Tata Consultancy Services (TCS.NS) said on Friday it has mutually agreed with insurance provider Transamerica to end a $2 billion contract, citing reasons including a challenging macro environment. The 10-year contract, signed in early 2018, involved TCS working with U.S.-based Transameria to enable the digitization of more than 10 million policies into a single integrated platform. Administration of those policies, including life insurance and retirement and investment solutions, will be moved to a new servicing model, which will take about 30 months, TCS said. "It's more of a sentimental negative rather than a big impact on the financials of TCS," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services. "We don't see a big impact because of this.

Persons: Siddhartha Khemka, Khemka, Navamya Ganesh, Rashmi Aich, Sonia Cheema Organizations: Tata Consultancy Services, U.S, Administration, TCS, Motilal Oswal Financial Services, Indian, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

The judge had ruled that Williams failed to claim that he would not have been fired but for his race. Tech Mahindra's U.S. subsidiary has more than 5,000 employees and 90% of them are South Asian, according to filings in the case. The case is Williams v. Tech Mahindra Americans Inc, 3rd U.S. Circuit Court of Appeals, No. For Williams: Mark Hammervold of Kotchen & LowFor Tech Mahindra: Kenneth Gage of Paul HastingsOur Standards: The Thomson Reuters Trust Principles.

Persons: Lee Williams, Williams, Brian Martinotti, Martinotti, Peter Phipps, Joseph Greenaway, Cheryl Krause, Mark Hammervold, Kenneth Gage, Paul Hastings Organizations: South, IT, Tech Mahindra Ltd's, U.S, Circuit, Appeals, Tech Mahindra, Lawyers, Civil, Tech Mahindra's, District, . Tech Mahindra Americans Inc, Low, Paul Hastings Our, Thomson Locations: New Jersey, North Dakota, Newark

☆ We're making 'significant' investments in artificial intelligence, says Indian IT services firm
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're making 'significant' investments in artificial intelligence, says Indian IT services firmThierry Delaporte, CEO of Wipro, says he's very bullish about artificial intelligence.

☆ India's Wipro forecasts weak Q1 IT services rev
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 27 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Thursday revenue from its mainstay IT Services unit would fall in the current quarter, after posting a marginal dip in profit for the three months ended March. The Bengaluru-based company forecast revenue from IT Services business to fall between 1% and 3% on constant currency terms, in the range of $2,753 million to $2,811 million for the first quarter. Bigger rivals Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have also reported lower than expected quarterly earnings and gave weak forecasts. Net profit for Wipro fell for fell 0.4% to 30.75 billion rupees for the quarter ending March, while revenue rose 11.2%. Reporting by Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ A U.S. tech downturn offers India 'a bigger opportunity,' says Infosys founder
▼ + stars: | 2023-04-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Infosys founder Narayana Murthy sees tech layoffs in the U.S. as an opportunity for India. "I look at these things [such as tech layoffs] as part of a business cycle. So I would not be that much worried," Murthy told The CNBC Conversation. "Whenever there is a downturn in the U.S. or in the developed world, there is a bigger opportunity for countries like India, particularly in my sector, which provide better value for money," Murthy told CNBC's Tanvir Gill. "In a downturn, the market shrinks a little bit and our charter is very clear.

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