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☆ Microsoft-backed AI4Bharat set to raise $12 million funding from Peak XV, Lightspeed
▼ + stars: | 2023-07-07 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

July 7 (Reuters) - AI4Bharat, a start-up backed by Microsoft (MSFT.O), is raising $12 million from venture capital firms Peak XV and Lightspeed Venture to develop artificial intelligence-powered chatbots for Indian languages, according to three people familiar with the matter. Most seed rounds are usually up to $1 million to $2 million. AI4Bharat, Peak XV and Lightspeed did not immediately respond to Reuters' requests for comment. The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its U.S.-based parent fund last month. Indian AI start-ups have raised $583 million this year, as of June, according to data from Venture Intelligence.

Persons: OpenAI's ChatGPT, Nandan Nilekani, Rudder, Yuvraj Malik Organizations: Microsoft, Lightspeed Venture, Indian Institute of Technology, Infosys, National Payments Corp, XV Partners, Sequoia Capital, SEA, Venture Intelligence, Thomson Locations: Madras, India, Sequoia Capital India, Bengaluru

☆ IT, auto stocks help Indian shares hit new highs
▼ + stars: | 2023-06-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, June 30 (Reuters) - Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Reuters GraphicsThe Nifty 50 (.NSEI) rose as much as 1.21% to hit an all-time high of 19,201.70, before closing at 19,189.05. The S&P BSE Sensex (.BSESN) also gained 1.26% to settle at a fresh record of 64,718.56. The Nifty 50 (.NSEI) has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021. Midcaps (.NIFMDCP100) also hit a fresh record while smallcaps (.NIFSMCP100) hovered around their 52-week high.

Persons: Deepak Jasani, MotoCorp, Maruti Suzuki, Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: Reuters, BSE, HDFC Securities, Auto, Mahindra, Maruti, Infosys, Thomson Locations: BENGALURU, United States, Bengaluru

☆ India's Infosys signs $454-mln deal with Danske Bank
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 26 (Reuters) - Infosys (INFY.NS), India's No.2 IT services provider, signed a $454-million contract with Denmark's Danske Bank on Monday, at a time when the broader sector is struggling with a slowdown in an uncertain global economy. The IT company will help digitize the lender's core business and add more cloud and data facilities to it, including Infosys acquiring Danske Bank's IT centre in India, it said in a regulatory filing. The contract is for five years, with an option to renew for one more year for a maximum of three times. Bengaluru-based Infosys' contract comes days after Mumbai-based bigger rival TCS signed a deal worth 840 million pounds with British pension scheme Nest, for an starting tenure of 10 years. "Despite a strengthened order pipeline, the effects of this deal might be offset by macro factors such as inflation and increased labour costs," Akshara Bassi, an analyst at Counterpoint Research, said on the Danske Bank deal.

Persons: Akshara Bassi, Navamya Ganesh Acharya, Varun, Sohini Goswami, Nivedita Organizations: Infosys, Denmark's Danske Bank, Danske Bank's, TCS, Counterpoint Research, Danske Bank, Varun Vyas, Thomson Locations: BENGALURU, India, Bengaluru, Mumbai

Indian citizens are by far the most active users of the U.S. H-1B program and made up 73% of the nearly 442,000 H-1B workers in fiscal year 2022. Plans for a pilot program were first reported by Bloomberg Law in February. Each year, the U.S. government makes 65,000 H-1B visas available to companies seeking skilled foreign workers, along with an additional 20,000 visas for workers with advanced degrees. The pilot program would also include some workers with L-1 visas, which are available to people transferring within a company to a position in the U.S., one of the sources said. India has long had concerns with the difficulty its citizens face in receiving visas to live in the United States, including technology industry workers.

Persons: Biden, Narendra Modi, Joe Biden, Trevor Hunnicutt, Ted Hesson, Heather Timmons, Lincoln Organizations: State Department, Bloomberg Law, Infosys, Tata Consultancy Services, Labor Department, Washington, Thomson Locations: United States, U.S, India, Washington, China . U.S

☆ India's growth is set to power ahead. Analyst names sectors with the 'best value'
▼ + stars: | 2023-06-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Birds flying over the corridor of the Jama Masjid at sunrise in New Delhi on October 27, 2016. India's growth is looking like a "bright spot" as the country's outsourcing sector remains robust on top of an increasing trend of tech companies moving their manufacturing lines to the country, according to the CEO of Destination Wealth Management. The International Monetary Fund recently released its forecast for India's economy to expand by 5.9% in 2023. A large part of this is driven by India's outsourcing sector being on pace to keep its momentum, said the CEO. Many companies are opting to outsource software development projects to India for quality at reasonable costs, according to Krina Mehta, a co-founder of U.S.-based offshore software development company Fortune Infosys.

Persons: Michael Yoshikami, he's, Krina Mehta, Yoshikami Organizations: Destination Wealth Management, Monetary Fund, U.S, Fortune Infosys Locations: Jama, New Delhi, India

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ OpenAI: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

Since launching ChatGPT in November, OpenAI has quickly become a household name. Microsoft came into the picture in 2019 with a $1 billion investment. The tech giant followed up with a multi-billion-dollar investment in 2023, with some reports putting the figure as high as $10 billion. Today, OpenAI is reportedly valued at $29 billion, though the company has not shared total funding or valuation data. Microsoft has been integrating the technology into Bing, its search engine, as well as its Microsoft 365 bundle and Dynamics 365 sales and marketing tools.

☆ 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.

☆ 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.

☆ Stocks making the biggest moves premarket: Activision Blizzard, Chipotle, First Republic Bank & more
▼ + stars: | 2023-04-26 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

The company said Tuesday its upcoming quarterly revenue will range from $700 million to $750 million, compared to the expected $765.2 million from analysts surveyed by StreetAccount. The company reported an adjusted loss of $1.27 per share and $17.92 billion in revenue. Activision Blizzard — Activision Blizzard shares dropped about 10.4% in the premarket after a UK regulator blocked Microsoft's purchase of the video game publisher. ServiceNow will be announcing its quarterly earnings Wednesday after the bell. The gain came after fellow tech-related giant Microsoft reported quarterly earnings that exceeded expectations, boosting sentiment for Amazon.

☆ India's Wipro to consider share buyback at board meeting this week
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 23 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Sunday it will consider a share buyback proposal at its board meeting on April 27. Wipro, which will report its fourth-quarter results on Thursday, last bought back shares in October 2020. That share buyback totalled 95 billion Indian rupees ($1.16 billion) worth of shares. Shares of Wipro are down 6.3% so far this year after falling more than 45% in 2022. ($1 = 82.0300 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ A U.S. downturn poses an opportunity for India: Infosys founder
▼ + stars: | 2023-04-21 | 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 EmailA U.S. downturn poses an opportunity for India: Infosys founderInfosys founder Narayana Murthy says that a U.S. downturn creates an opportunity for India and its IT industry because countries like India provides "better value for money."

☆ ChatGPT won't take over from humans for now, says founder of Indian tech giant
▼ + stars: | 2023-04-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

watch nowI am a great believer in the theory that the human mind is the most powerful imagination, machine. There is nothing that can beat the human mind. Narayana Murthy founder of InfosysMurthy was the CEO of Infosys from 1981 to 2002. The human mind is what differentiates one from the other, said Murthy. watch nowIn 1981, Murthy and six other engineers founded Infosys with an initial capital of only $250.

☆ How N.R. Narayana Murthy founded Infosys
▼ + stars: | 2023-04-20 | 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 EmailHow N.R. Narayana Murthy founded InfosysHe's been called the "father of India's IT sector." Narayana Murthy talks to CNBC's Tanvir Gill about the early days when he founded the IT giant, Infosys.

☆ India's HCLTech sees smaller-than expected FY revenue growth
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 20 (Reuters) - HCLTech (HCLT.NS), India's No.3 IT services exporter, on Thursday forecast lower-than-expected revenue growth for the current fiscal amid worries of recession in major markets like the United States and Europe and global banking turmoil. HCLTech said it expects revenue to increase 6%-8% in the financial year ending March 2024 on constant currency basis, missing average analysts' estimates of 10.42%, according to Refinitiv IBES data. HCLTech's weak outlook followed disappointing earnings from market leader Tata Consultancy Services (TCS.NS) and No.2 Infosys Ltd's (INFY.NS) forecast of single-digit revenue growth this financial year. European clients were delaying decisions, HCLTech had said back in January, well before the current turmoil. It expects EBIT margins of 18% and 19% for FY 2024.

☆ ChatGPT is not going to replace anybody: N.R. Narayana Murthy
▼ + stars: | 2023-04-20 | 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 EmailChatGPT is not going to replace anybody: N.R. Narayana MurthyInfosys founder N.R. Narayana Murthy explains to CNBC's Tanvir Gill why he is not worried about ChatGPT and AI.

☆ British government publishes PM Sunak and other ministers' interests
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 19 (Reuters) - Britain's government on Wednesday published an updated list of ministers' interests, including an outline of the affairs of Prime Minister Rishi Sunak, who is under investigation over whether he properly declared his wife's shareholdings. The prime minister's spokesperson said on Monday that Sunak's wife's shareholding in Koru Kids had been transparently declared, and opposition parties called for Sunak to publish an updated list of ministerial interests to improve transparency. The list of ministerial interests said that Sunak's own financial interests were handled through a "blind trust/blind management arrangement." Sunak and Murthy are the richest ever occupants of 10 Downing Street. She subsequently gave up the status and said she would pay British tax on her global income.

☆ India's Infosys tumbles 15% on downbeat revenue outlook
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 17 (Reuters) - Infosys Ltd (INFY.NS) shares slumped nearly 15% on Monday and dragged stocks of peers, after the IT services exporter's dismal revenue outlook highlighted the impact of banking turmoil in major markets, the United States and Europe. Infosys' outlook followed a disappointing quarterly report from larger rival Tata Consultancy Services (TCS.NS), highlighting worries for the sector which earns more than 25% of its revenue from just the U.S. and European banking, financial, services and insurance sector. Infosys saw its biggest intraday percentage drop since October 2019, and dragged other IT stocks, with the Nifty IT index (.NIFTYIT) dropping as much as 7.6%. "Given the uncertain environment in the near term, growth can be back ended for Infosys, in our view," PhillipCapital said in a note. ($1 = 81.9020 Indian rupees)Reporting by Nishit Navin; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Infosys drags down Indian shares
▼ + stars: | 2023-04-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, April 17 (Reuters) - Indian shares sank more than 1% on Monday after Infosys tumbled 15% and sparked a selloff in IT stocks following the country's No. 2 IT services exporter's weak results and forecast. The slide comes after the two indexes logged a winning steak for the past nine sessions in a row. The IT index (.NIFTYIT) sank 6.5% and was on track for its biggest one-day loss since March 2020. The Nifty midcap 100 index (.NIFMDCP100) and Nifty smallcap 100 (.NIFSMCP100) were both off about 0.2%.

☆ India's Infosys forecasts slower FY24 revenue growth of 4%-7%
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 13 (Reuters) - Infosys Ltd (INFY.NS) on Thursday forecast slower revenue growth for the current fiscal year compared with analysts' expectations, amid a turmoil in the U.S. banking sector that has prompted clients to tighten spending. India's second-largest IT services firm expects revenue growth of 4%-7% for the fiscal year ending March 2024. Analysts expected growth of 10.73% for the period, according to Refinitiv IBES data. Infosys won large deals worth $2.1 billion in the fourth quarter, down from $2.3 billion in the same period the previous year. Infosys' consolidated net profit rose 7.77% to 61.28 billion rupees ($749.10 million) in the three months ended March 31, while revenue rose 16% to 374.41 billion rupees.

☆ 3 reasons big bank earnings are super important to the stock market in the week ahead
▼ + stars: | 2023-04-08 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

There are two big watchers on our list for the week ahead, and one of them — believe it or not — is not an inflation reading. The consumer price report (CPI), which calculates the average change over time in prices shoppers pay for goods and services, comes out Wednesday before the opening bell. Other data next week includes the producer price index report on Thursday and the retail sales report on Friday. ET: Consumer Price Index 2:00 p.m. The most important macroeconomic update of the week came on Friday while the market was closed for Good Friday.

☆ Key inflation data and earnings reports loom as labor market signals a slowing U.S. economy
▼ + stars: | 2023-04-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

Fed officials have been pointing to the tight labor market as an area of concern for inflation, using it as evidence that it hasn't tightened rates enough. After months of strategists and investors complaining that earnings estimates are too high, they've started to fall — but with a catch. If the trough in earnings is close, then the stock market could be in for a big year. ET - Producer price index Friday: Earnings: UnitedHealth, JPMorgan Chase, Wells Fargo, BlackRock, Citigroup, PNC Financial 8:30 a.m. ET - Fed H.8 data on assets and liabilities of U.S. commercial banks

☆ J.P.Morgan puts India's HCL on 'negative catalyst watch' ahead of Q4 results
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 4 (Reuters) - J.P.Morgan on Tuesday placed Indian IT services provider HCL Technologies Ltd (HCLT.NS) on "negative catalyst watch" ahead of the earnings season, citing the highest near-term risks for the company. The brokerage also expected Infosys to give "soft" guidance due to the uncertain macro environment and the departure of Mohit Joshi, its president and head of banking, financial services and insurance. TCS Chief Executive Officer Rajesh Gopinathan resigned last month, while Joshi was named CEO of Tech Mahindra (TEML.NS). Earlier, J.P.Morgan had said TCS and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil. Reporting by Nallur Sethuraman in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ India's TCS, Infosys have highest exposure to U.S. regional banks - J.P.Morgan
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenMarch 17 (Reuters) - Top Indian information technology firms Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday. All three companies might need to set aside provisions in the fourth quarter due to their exposure to SVB, J.P. Morgan said in a note. Indian IT firms draw the bulk of their revenue from the banking, financial services and insurance (BFSI) sector. Within BFSI, their exposure to the U.S. banks is on average 62% and Europe 23%, J.P. Morgan said.

☆ India's TCS CEO Gopinathan to step down, veteran Krithivasan to take over
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 16 (Reuters) - India's largest IT services provider Tata Consultancy Services (TCS) (TCS.NS) said on Thursday Rajesh Gopinathan will resign as chief executive officer, just a year into his second five-year term at the helm of the company. The company said Gopinathan — who was re-appointed last year as the Indian IT behemoth's CEO till 2027 — will leave TCS to pursue other interests. Gopinathan has been with TCS since 2001 and has held multiple leadership positions, including that of chief financial officer. Under his leadership, TCS shares have nearly tripled, revenue has almost doubled and profit has risen about 60%, as of last quarter. TCS shares, which have lost about 2.2% so far this year, closed down 0.4% on Thursday.

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