The Ministry of Electronics and Information Technology on Friday constituted a committee under the chairmanship of Infosys co-founder Kris Gopalakrishnan (pictured) to study issues related to non-personal data and suggest how the government should look at regulating it.
“There is a growing trend towards platformisation of the digital economy, and in such a platform economy, data could play a critical role as a community or public resource,” the ministry said.
IT major Infosys has bought back 11.05 crore of its shares under its Rs 8,260-crore buyback offer that began in March this year.
"...The company bought back 11,05,19,266 equity shares at an average price of Rs 747.38 per equity share; and deployed an amount of Rs 82,59,99,99,430.03 deploying 99.999999 per cent of the maximum buyback size (excluding transaction costs)...till August 26," Infosys said in a regulatory filing on late Monday night.
Top information technology companies such as TCS, Wipro, Infosys, Tech Mahindra and HCL have told the government that China remains a difficult market to do business in, despite the fact that they have been present in the world’s third-largest IT services market for over a decade now.
In a meeting with commerce and industry minister Piyush Goyal late on Wednesday, the top executives of these companies said market access in China is a nagging issue, thanks to various non-tariff barriers employed by Beijing.
Shares of Infosys rose 7.2 per cent to end at Rs 780, an all-time high, after the firm raised revenue growth forecast for FY20.
Most analysts have raised their 12-month price target for the stock, hoping for increased payouts to shareholders. Analysts, however, say rising employee attrition remains a key risks, given the strong demand. Citibank said the valuation gap between Infosys and TCS would narrow further.
Shares of IT bellwether Infosys rallied as much as 5.48 per cent in the opening deals on Monday after it reported healthy set of numbers for the March quarter (April-June) of the financial year 2019-20 (FY20).
At 09:37 am, the stock was trading 4.29 per cent higher at Rs 758 apiece on the BSE. Other IT stocks, too, gained in the trade lifting the Nifty IT index 1.52 per cent higher at 15,459 levels.
Infosys on Friday altered its capital allocation policy to give back 85 per cent of its free cash flow to shareholders effective from FY20. Earlier, the company was distributing up to 70 per cent of its free cash flow to the shareholders.
“Effective from FY20, the company expects to return around 85 per cent of the free cash flow cumulatively over a period of five years through a combination of semi-annual dividends or buybacks," the firm said in a statement.
India’s second largest information technology services firm Infosys spends about Rs 14 lakh on the training of each student, after which it takes them 12 weeks to become productive, Ravi Kumar, President and Deputy COO, told CNBC TV18. Infosys, which hires students from schools and colleges, has picked some 3,000 students and is focussing on training, skilling and building talent locally, Ravi Kumar added.
India's second largest IT services firm Infosys on Monday said it has set up an experience design and innovation studio in Shoreditch, London.
The facility will provide space for Infosys and its clients to ideate, collaborate and innovate together by combining design and the latest technology offerings, including artificial intelligence, augmented reality/virtual reality, Internet of Things and 5G, Infosys said in a statement.
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