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☆ India's Tech Mahindra soars 10% as Infosys veteran to join as CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 13 (Reuters) - Shares of Tech Mahindra Ltd (TEML.NS) surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd (INFY.NS) veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. Shares of Tech Mahindra (TEML.NS) were up 8.2% at 1,148.80 rupees, Infosys (INFY.NS) fell 1.1% to 1,455.05 rupees. At least three brokerages indicated it is a welcome move for Tech Mahindra. The current average rating of 39 analysts covering Tech Mahindra is "buy" and the median price target is 1,143 rupees, according to data from Refinitiv.

☆ This India ETF is the only one among its peers that's risen this year — and pros see more upside
▼ + stars: | 2023-03-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The VanEck Digital India ETF is the only India-focused stock exchange-traded fund listed on Western exchanges to have posted gains this year. The emerging market fund tracks the MVIS Digital India Index. "We suspect this will remain the dominant theme setting the direction for Indian markets in the near term." However, the short-term turmoil in Indian markets hasn't upset long-term bulls on the Indian economy, according to Dutch bank ING. CNBC Pro did not include the Canada-listed iShares India Index ETF and BMO MSCI India ESG Leaders Index ETF and U.S.-listed VanEck India Growth Leaders ETF owing to a lack of price targets from FactSet.

☆ ChatGPT, other AI models to disrupt Indian IT firms - JPM
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Generative AI models such as ChatGPT will slow down market share gains and deflate pricing for Indian IT companies in the short term, analysts at J.P.Morgan said on Friday. As generative AI is implemented more broadly, consulting firms like Accenture and Deloitte and will gain market share over Indian IT firms like Infosys Ltd (INFY.NS) and Wipro Ltd (WIPR.NS) in the near term, analysts at the brokerage said in a note to clients. Generative AI can be a "deflation driver" in the near term on legacy services as they compete on pricing, necessitate staff retraining and drive loss of competitiveness, they added. Since then, other large tech companies like Alphabet Inc (GOOGL.O) and China's Baidu Inc (9888.HK) have rushed to announce their own in-house developments of generative AI. JPM said that among Indian IT companies, Infosys and Tata Consultancy Services (TCS.NS) might retrain staff faster than smaller peers due to their better graduate hiring and training infrastructure.

☆ Davos: India flexes its muscle as China's star fades
▼ + stars: | 2023-01-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

In 2023, as global recession fears persist, the country is expected to log the best performance of any major economy. An Invest India banner hanging from a building ahead of the World Economic Forum in Davos, Switzerland, on Monday, Jan. 16. India is also due to displace its powerful neighbor as the world’s most populous country this year. They’re a substantial asset — if India’s economy can create enough jobs. “The world needs resilience,” Tata Sons Chairman Natarajan Chandrasekaran told a Davos panel.

☆ Digital transition and cost efficiency in tech is increasing, says Infosys CEO
▼ + stars: | 2023-01-18 | 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 EmailDigital transition and cost efficiency in tech is increasing, says Infosys CEOSalil Parekh, CEO of Indian IT giant Infosys, discusses growth, digitization, and shares his outlook for the tech sector in 2023.

☆ Indian shares set to open higher; inflation slows
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 13 (Reuters) - Indian shares are set to open higher on Friday after data showed domestic and U.S. inflation eased last month, boosting expectations that central banks could slow the pace of interest rate hikes. In other Asian equities, the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.8% at a seven-month high. STOCKS TO WATCH** Wipro Ltd (WIPR.NS): Co set to report quarterly results later in the day. ** Infosys (INFY.NS): Co raises annual revenue outlook after reporting better-than-expected quarterly profit in third quarter. ($1 = 81.1100 Indian rupees)Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Cognizant, American Airlines, Logitech and more
▼ + stars: | 2023-01-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Cognizant — Shares of Cognizant rose 8% after the IT company raised its fourth-quarter revenue guidance. American Airlines — Shares rose more than 7% after the airline boosted its revenue and profit estimates for the fourth quarter. Caterpillar — Shares rose 2.4%, notching a 52-week high, after JPMorgan added the manufacturer to its focus list, saying its margin upside potential is currently underappreciated. Bed Bath & Beyond — Bed Bath & Beyond rallied 18%, building on gains after a handful of meme stocks surged Wednesday. The stock surged almost 69% in Wednesday's session.

☆ Morning Bid: Disinflation elation
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +5 min

Whether the Federal Reserve policymakers will publicly chime with the disinflation narrative or not, many acknowledge their policy stance is now 'data dependent' from here. And unless disavowed of it by hard evidence, markets already assume the inflation battle is as good as won. The dollar and U.S. Treasury yields were slightly lower. China's inflation rate crept back up last month too but it remains below 2% and annual producer price inflation is still in negative territory. Although UK bond yields and sterling skidded lower on Wednesday in mix of recession concerns and energy price disinflation hopes, there was better news on the retail front today.

☆ Important inflation data and big bank earnings could create volatility for markets in week ahead
▼ + stars: | 2023-01-06 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Other speakers include Atlanta Fed President Raphael Bostic Monday. On Thursday, Philadelphia Fed President Patrick Harker, Richmond Fed President Tom Barkin and St. Louis Fed President Bullard all speak at separate events. Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins have appearances Friday. The most important inflation report in the week ahead is the consumer price index, released Thursday. Import prices 10:00 a.m. Consumer sentiment 10:00 a.m. Minneapolis Fed President Neel Kashkari 10:20 a.m. Philadelphia Fed's Harker 9:00 a.m. Boston Fed President Susan Collins

☆ Indian shares flat in choppy trade as liquidity dries up
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 28 (Reuters) - Indian shares swung between small gains and losses on Wednesday in the absence of major triggers, with liquidity drying up ahead of the year-end and weaker global cues. Foreign institutional investors had sold net 43.2 billion rupees since Dec. 16, as per National Stock Exchange data. Adding to the worries for domestic equities were oil prices, which hovered around a three-week high on hopes of demand recovery in China. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. Twenty-six of the Nifty 50 stocks logged losses, with Bharti Airtel (BRTI.NS), Bajaj Finserv (BJFS.NS), ONGC (ONGC.NS), Infosys (INFY.NS) and Bajaj Auto (BAJA.NS) losing over 0.6%.

☆ Execs aren't convinced ESG investments deliver profits. The skepticism might undercut sustainability budgets.
▼ + stars: | 2022-12-09 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

More than 90% of executives said ESG spending delivered returns within a few years in a new survey. The skepticism and possible recession could undercut ESG spending in 2023. The benefits for a brand are the clearest path to a return on investment, Singh said. Further analysis by Infosys found that a 10-percentage-point increase in ESG spending correlated with a profit growth of 1 percentage point. Even so, there are changes a company can make that don't cost any money but deliver returns, Singh said.

BENGALURU, Dec 9 (Reuters) - Indian shares reversed early gains on Friday, dragged by information technology stocks, after HCL Technologies warned of a potential slowdown in client spending in the industry's key U.S. markets as recession fears weighed. read moreAll the top losers in the Nifty 50 index were information technology stocks, with HCL Tech, Infosys, Tech Mahindra, Wipro and TCS, leading the decline. Most of the other sectors, however, gained as an overnight slide in oil prices and the easing of China's COVID-19 curbs limited losses. The Nifty PSU (.NIFTYPSU) index rose over 1%, on course to advance for the seventh day in a row, if gains hold. Oil prices stabilised, but still hovered around 2022 lows, after slipping for the fifth day in a row on Thursday.

☆ Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley — but experts warn it may not last
▼ + stars: | 2022-11-30 | by ( Matthew Loh | Britney Toh | ) www.businessinsider.com time to read: +8 min

"Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs. In the same quarter, Infosys, which hires a 345,000-strong workforce, reported a $65.6 million net profit. Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. It suffered a $575 million net loss in the year ending March 2021, per Bloomberg.

☆ The company that pays Akshata Murthy, wife of British PM Rishi Sunak, £11.5 million a year is still operating in Russia, report says
▼ + stars: | 2022-11-05 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Infosys, founded by Rishi Sunak's father-in-law, is still operating in Russia, The Guardian reported. The IT firm still has staff in Moscow and is paying two subcontractors, per the report. Infosys, which pays the PM's wife £11.5 million in dividends, said it would leave Russia in March. A spokesperson told The Guardian that it was seeking to end the arrangement and had taken measures to "suspend its operations in Russia". A Downing Street spokesperson told The Guardian: "Neither Akshata Murty nor any members of her family have any involvement in the operational decisions of the company."

☆ Britain's new PM is almost a billionaire — with a net worth twice that of King Charles
▼ + stars: | 2022-10-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Rishi Sunak and his wife Akshata Murty have an estimated combined wealth of £730 million ($800 million). Dan Kitwood | Getty Images News | Getty ImagesLONDON — Britain's new Prime Minister Rishi Sunak made history as the country's first leader of color and its youngest in recent centuries, taking office aged just 42. He also breaks the record for being the wealthiest-ever occupant of Downing Street — with a fortune estimated to exceed that of King Charles III. A net worth of $844 millionTogether, the couple has an estimated fortune of £730 million ($844 million), according to the Sunday Times Rich List. King Charles III welcomes Rishi Sunak during an audience at Buckingham Palace, London, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government.

☆ Indians revel in Rishi Sunak’s rise to the U.K.’s top job
▼ + stars: | 2022-10-25 | by ( Mithil Aggarwal | ) www.nbcnews.com time to read: +4 min

Narendra Modi, the prime minister of majority Hindu India, quickly congratulated Sunak. “Special Diwali wishes to the ‘living bridge’ of UK Indians, as we transform our historic ties into a modern partnership,” he tweeted. “The reaction is of admiration, aspiration that they could get to a similar position and happiness that one of their own has got the position,” Dogra said of the worldwide reaction among Hindus. Pedestrians walk past paintings of Britain's Prime Minister Rishi Sunak in Mumbai on Tuesday. Sunak visited different temples in London and was seen participating in a cow ritual during his losing campaign for prime minister against Liz Truss in August.

☆ Sunak will do his best for Britain, billionaire father-in-law says
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Rishi Sunak, his wife Akshata Murthy and his daughters Anoushka and Krishna attend a Conservative Party leadership campaign event in Grantham, Britain, July 23, 2022. REUTERS/Peter Nicholls/File PhotoNEW DELHI, Oct 25 (Reuters) - Rishi Sunak will do his best for Britain when he takes over as prime minister on Tuesday, said his father-in-law, Indian billionaire N.R. The 42-year-old, a practising Hindu who traces his roots to India, will be Britain's first prime minister of colour and its youngest leader in modern times. Sunak's rise to the position on Diwali, the Hindu festival of lights, has delighted Indians, and Prime Minister Narendra Modi said he hoped the two countries' ties would improve further. Register now for FREE unlimited access to Reuters.com Register"Congratulations to Rishi," Murthy, valued by Forbes at $4.5 billion, said in a statement.

☆ Akshata Murty: Rishi Sunak’s wife is a software heiress who’s richer than royalty
▼ + stars: | 2022-10-25 | by ( Tara John | ) edition.cnn.com time to read: +6 min

And thanks largely to his wife Murty, Sunak will be one of the richest people to reach the top of the political establishment. Murty has a 0.93% stake in her father’s Indian software company, Infosys, worth approximately $715 million. Even Queen Elizabeth wasn’t as rich – the Sunday Times put the late monarch’s net worth at £370 million (about $420 million) before she died. In April, it was reported that Murty enjoyed a tax status in the UK that meant she could legally avoid to pay taxes on her foreign earnings. “I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family.

☆ New UK PM Rishi Sunak is a child of privilege, married into almost $1 billion in tech money, and takes over a country struggling to afford heating
▼ + stars: | 2022-10-25 | by ( Mia Jankowicz | Yoonji Han | ) www.businessinsider.com time to read: +8 min

Rishi Sunak will soon become the new prime minister of the UK. It's a union that made Sunak the first frontline UK politician to enter The Sunday Times' annual wealth listing. Sunak and his wife, Akshata Murthy, celebrating the British Asian Trust at the British Museum on February 2022. But despite his attempts to portray a down-to-earth image, the British public has had numerous reminders that Sunak has a very different experience with money than most people. His supporters, including British chancellor Jeremy Hunt, argue that Sunak's experience in finance and at the treasury make him the right man for the job.

New leader of the Britain's Conservative Party Rishi Sunak walks outside the Conservative Campaign Headquarters, in London, Britain October 24, 2022. The 42-year-old former finance minister becomes Britain's third prime minister in less than two months, after infighting and feuding at Westminster that has horrified investors and alarmed international allies. Sunak, Britain's youngest prime minister for more than 200 years and its first leader of colour, will replace Liz Truss who resigned after 44 days following a "mini budget" that sparked turmoil in financial markets. Sunak was blamed by many in the party when he quit as finance minister in the summer, triggering a wider rebellion that brought down the-then leader Boris Johnson. His appointment also marks a first in Britain as Sunak, a Hindu, becomes its first prime minister of Indian origin.

☆ Rishi Sunak set to become UK PM after meeting King Charles
▼ + stars: | 2022-10-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Rishi Sunak has been named as the U.K.'s new prime minister and the country's first leader of color. Jeff J Mitchell | Getty Images News | Getty ImagesLONDON — Rishi Sunak will become the U.K.'s third prime minister of the year Tuesday following a meeting with King Charles III. Sunak was elected party leader by fellow Conservative lawmakers on Monday following the resignation of Liz Truss on Thursday. watch nowThe 42-year-old will be the youngest U.K. prime minister since 1812, and the first person of color to lead the country, which U.S. President Joe Biden said Monday was "a groundbreaking milestone." Sunak's parents are of Indian descent and in the 1960s moved from East Africa to the U.K. Sunak also has the greatest personal wealth of any of his predecessors.

☆ UK's Rishi Sunak becomes richest ever occupant of Number 10
▼ + stars: | 2022-10-25 | by ( Alistair Smout | ) www.reuters.com time to read: +5 min

The wealth of Sunak's family puts him above the previous richest prime minister, who according to the Guineas Book of World Records was Edward Stanley. "Rishi Sunak's words will do nothing to reassure struggling people worried sick about the winter ahead," leader of the pro-EU Liberal Democrats Ed Davey said, calling Sunak "out-of touch". The couple faced criticism and public anger in April over Murthy's "non-domiciled" tax status which meant she did not pay tax in Britain on her earnings abroad. "This is the same Rishi Sunak who as Chancellor failed to grow the economy, failed to get a grip on inflation, and failed to help families with the Tory cost of living crisis," Labour deputy leader Angela Rayner said in statement on Monday. "And it's the same Rishi Sunak whose family avoided paying tax in this country before he put up taxes on everyone else."

☆ Indians pinning their hopes on Rishi Sunak on Diwali
▼ + stars: | 2022-10-24 | by ( Krishna N. Das | ) www.reuters.com time to read: +3 min

NEW DELHI, Oct 24 (Reuters) - Many Indians are delighted at the prospect of Rishi Sunak becoming the first person of Indian origin to become British prime minister on Monday, just as Hindus across the world celebrate Diwali. "Rishi Sunak took oath as an MP on (Hindu holy book) Bhagavad Gita. Former British finance minister Sunak, 42, is a practising Hindu and is known to celebrate the festival of lights. Some Indians are hoping for closer British-Indian ties if Sunak does become prime minister. "@RishiSunak becoming the British PM will be a great Diwali gift for UK, & a reason for celebration in India," former Indian diplomat Rajiv Dogra wrote on Twitter.

Out on Southall High Street, pensioner Asma Choudry said she had been living in Britain for 42 years. YOUTH, WEALTH AND RACE1/2 New leader of Britain's Conservative Party Rishi Sunak walks outside the party's headquarters in London, Britain, October 24, 2022. Whatever the driving forces, Sunak will climb even further on Tuesday to take the top job in the land. Rishi Trivedi, 50, a chartered accountant and Conservative Party member from West Drayton in west London, said he was "happy beyond belief", though worried that wealthy Sunak might lack the common touch. Jignesh Patel, a 49-year-old mural painter and another Conservative Party member from nearby Hounslow, just saw "a proud moment" and a potential turning point.

Sunak, the 42-year-old former finance minister, could be named leader as soon as Monday to replace Liz Truss, becoming Britain's third prime minister in less than two months. "The United Kingdom is a great country but we face a profound economic crisis," Sunak said in a statement declaring his candidacy on Sunday. Should she fail to hit the threshold, Sunak would become prime minister. "He's not taking anything for granted at all," interior minister Grant Shapps, a supporter of Sunak, told BBC television. If chosen, the former Goldman Sachs analyst would be the United Kingdom's first prime minister of Indian origin.

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