Technology 

India’s Infosys raises revenue guidance, but third-quarter profit misses estimate

FILE PHOTO: The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo (Reuters) – Indian IT services company Infosys Ltd raised its full-year revenue growth forecast on Friday, but reported a larger-than-expected drop in third-quarter profit, due to higher expenses. The country’s second-biggest software services exporter by market capitalization reported a 29.6 percent fall in attributable profit for October-December to 36.09 billion rupees ($511.94 million). That compared with the 41.31 billion rupees average of 25 analyst estimates compiled by Refinitiv…

Read More
Technology 

Infosys to expand in SE Asia with Temasek joint venture

(Reuters) – India’s second-largest software services exporter Infosys Ltd said on Friday it formed a joint venture with Singapore state investor Temasek as it expands its presence in Southeast Asia. A woman passes a logo of state investor Temasek Holdings at their office in Singapore July 8, 2014. REUTERS/Edgar Su/File Photo Temasek looks to enhance its IT services through the venture in which Infosys will hold a 60 percent stake and Temasek 40 percent, Infosys said in a statement bit.ly/2NlWDEm. The Infosys logo is seen at the SIBOS banking and…

Read More
Technology 

India’s Infosys says CFO Ranganath has tendered resignation

MUMBAI (Reuters) – The Chief Financial Officer of Infosys Ltd has tendered his resignation just seven months after India’s second-biggest software services exporter appointed a new Chief Executive Officer. FILE PHOTO: The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa The board of Bengaluru-headquartered Infosys said in a stock exchange filing on Saturday it had accepted the resignation of CFO M.D. Ranganath, appointed to the post in 2015. Ranganath, also known as Ranga, will continue as CFO till Nov. 16…

Read More
Technology 

Infosys to build software development center in eastern India

(Reuters) – Indian information technology company Infosys Ltd said on Monday it would open a software development center in the eastern state of West Bengal, with an investment of about 1 billion rupees ($14.28 million). Employees walk along a corridor in the Infosys campus in the southern Indian city of Bangalore September 23, 2014. REUTERS/Abhishek Chinnappa The first phase of construction bit.ly/2B4yf57 on the 525,000-square feet facility will be able to accommodate 1,000 employees, the country’s second-biggest software services exporter said. The first phase is expected to be completed within…

Read More
Technology 

India’s Infosys retains revenue forecast as seeks recovery

MUMBAI/BENGALURU (Reuters) – India’s second-biggest IT firm Infosys Ltd retained its revenue outlook for the fiscal year to March, with its chief executive upbeat about demand for the company’s services in the key markets of United States and Europe. The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa But a 3.7 percent rise in quarterly net profit, the state of its key financial business and no upgrade to the guidance outweighed the announcement of a bonus issue of equity shares…

Read More
Technology 

India’s Infosys June-quarter profit rises about 4 percent, misses estimates

(Reuters) – Infosys Ltd, India’s No.2 software services exporter, posted a 3.7 percent rise in quarterly profit on Friday, below market expectations. The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa Profit for the quarter ended June bit.ly/2NaNKcY came in at 36.12 billion rupees ($527.49 million) versus 34.83 billion rupees a year ago. Analysts, on average, had expected a net profit of 37.40 billion rupees, according to Thomson Reuters data. The Bengaluru-headquartered company posted a 12 percent rise in revenue…

Read More