|Bid||0.00 x 29200|
|Ask||9.40 x 2900|
|Day's range||9.29 - 9.41|
|52-week range||6.76 - 12.08|
|Beta (5Y monthly)||0.28|
|PE ratio (TTM)||17.15|
|Forward dividend & yield||0.25 (2.73%)|
|1y target est||N/A|
Top technology services firms are offering payment deferrals, discounts of up to 20% and other sweeteners to some U.S. banks to keep their business as the pandemic forces Wall Street to cut tech budgets, according to executives involved in the talks. Large Wall Street banks are widely expected to reduce overall budgets and discretionary tech spending, which includes areas such as technology consulting services, business analytics, research and design and process management projects. Accenture, Tata Consultancy Services, Infosys and Cognizant Technology Solutions - among the world's largest tech services vendors - have offered to do more for them at lower rates, three executives who have taken part in the discussions told Reuters.
Infosys suspended its full-year 2021 revenue forecast on Monday, joining its software outsourcing rivals in flagging a hit to its business as the coronavirus pandemic freezes client activity in the United States and Europe. Infosys, Wipro Ltd, and Tata Consultancy Services Ltd offer a range of software services to some of the biggest companies globally that have lost business and working days due to lockdowns and production cuts. "There will be some sort of recessionary environment," Infosys Chief Executive Officer Salil Parekh told reporters in a post-earnings web conference.
Investors awaited retail inflation data for December, due later in the day. "Rising inflation after December has been priced in by the market because toward the end of the year (2019) we had seen upticks in inflation," said Anand James, chief market strategist at Geojit Financial Services. The Nifty 50 Index ended 0.59% higher at 12,329.55, while the benchmark S&P BSE Sensex Index jumped 0.62% to 41,859.69.
India's second-biggest IT company, Infosys Ltd , said it found no evidence of financial misconduct by its executives following a investigation into whistleblower complaints. Bengaluru-headquartered Infosys, which earlier on Friday raised its revenue forecasts due to upbeat demand from Western clients, said an audit committee report exonerated Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy of all allegations, including accusations that the duo prevented employees from presenting data on large deals. "I'm very happy that CEO Salil Parekh and CFO Nilanjan Roy have emerged from this stronger," Infosys Chairman Nandan Nilekani told reporters.
The Zacks Analyst Blog Highlights: Booking, Allergan, Honda Motor, Infosys and Activision Blizzard
Indian IT services major Infosys Ltd <INFY.NS> said on Monday it had not yet received any evidence to support the allegations in a whistleblower letter from last month, sending its shares up as much as 6.5% in early trading. A letter, claimed to have been written by some employees of the company in October, said Chief Executive Officer Salil Parekh asked them and others to bypass approvals for large deals, fearing a negative impact on shares from reduced profit. Infosys shares have lost 10% of their value since the letter surfaced.
Infosys Ltd <INFY.NS> <INFY.N> on Thursday said the U.S. Securities and Exchange Commission (SEC) has launched a probe into whistleblower claims that the Indian software services firm used 'unethical practices' to boost revenue and profit. The company said India's market regulator, the Securities and Exchange Board of India, has also asked it to submit information concerning the complaints. Infosys, India's second-biggest IT services firm by revenue after Tata Consultancy Services Ltd <TCS.NS>, on Tuesday said it was investigating claims including that Chief Executive Officer Salil Parekh bypassed reviews and approvals for large deals fearing the negative impact of reduced profit on Infosys' share price.
Infosys Ltd <INFY.NS> <INFY.N> on Thursday said the U.S. Securities and Exchange Commission (SEC) has launched a probe into whistleblower claims that the Indian software services firm used 'unethical practices' to boost revenue and profit. The company said India's market regulator, the Securities and Exchange Board of India (SEBI), has also asked it to submit information concerning the complaints. Infosys, India's second-biggest IT services firm by revenue after Tata Consultancy Services Ltd <TCS.NS>, on Tuesday said it was investigating claims including that Chief Executive Officer Salil Parekh bypassed reviews and approvals for large deals fearing the negative impact of reduced profit on Infosys' share price.
NEW DELHI/BENGALURU (Reuters) - India's No.2 software services exporter, Infosys Ltd <INFY.NS>, is probing whistleblower complaints that its top two executives engaged in "unethical practices" to boost short-term revenue and profit, sending its shares down 16% on Tuesday. Chief Executive Salil Parekh, who took charge in 2018, has bypassed reviews and approvals for large deals for fear of reduced profits having a negative impact on its shares, the letter signed by "ethical employees" said. "Several billion dollar deals of last few quarters have nil margin," said the Sept. 20 letter, a copy of which was reviewed by Reuters, which implies the company did not actually profit from the deals.
A group that calls itself 'Ethical Employees' alleged that CEO Salil Parekh "is bypassing reviews and approvals for large deals".
Infosys (INFY) shares have fallen 14% today. The pullback means that the company has risen 3.8% year-to-date. The stock has traded flat in the last 12 months.
U.S.-listed shares of Infosys Ltd fell nearly 16% in premarket trading on Monday after the Indian software services exporter said it had received whistleblower complaints alleging "unethical practices" by the company's executives. The company issued a statement after The Economic Times reported https://economictimes.indiatimes.com/tech/ites/whistleblower-complaint-placed-before-audit-committee-infosys/articleshow/71686001.cms that an anonymous group sent letters to Infosys' board and the U.S. Securities and Exchange Commission alleging that the company was taking "unethical" steps to boost short-term revenue and profit. The group alleged that Chief Executive Officer Salil Parekh was bypassing reviews and approvals for large deals, the ET report said.
BENGALURU/NEW DELHI (Reuters) - India's second-largest software services exporter, Infosys Ltd, on Friday raised the low end of its revenue forecast for the year on upbeat demand for its digital services from Western clients. Infosys and its Indian rivals first gained prominence by offering low-cost IT solutions to Western clients. "Digital is becoming more and more central in terms of clients," Chief Executive Salil Parekh told reporters in the tech hub of Bengaluru.
In an attempt to accelerate its digital transformation journey of enterprises, Infosys (INFY) collaborates with SAP to build a joint go-to-market engagement model.