Infosys rose 1.47% to Rs 1,046.20 on the BSE after the company said it has entered into a joint venture pact with Saudi Prerogative Company in the Kingdom of Saudi Arabia to conduct IT services for customers in the Kingdom of Saudi Arabia.

The announcement was made after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Bengaluru: Vishal Sikka’s attempt to change the decades-long perception of Infosys Ltd as a company that merely offers engineers to perform mundane technology work for large conglomerates to that of a true innovator is going to take a while longer.

The first non-founder boss of the country’s second largest software services company is unhappy with the pace of taking on work in disruptive areas such as artificial intelligence (AI) and open-source technologies.

Shares of information technology (IT) companies are under pressure with Wipro, NIIT Technologies, Hexaware Technologies and Tata Elxsi, hitting their respective 52-week lows on the BSE.

At 12:36 pm, the S&P BSE IT index, the largest loser among sectoral indices, was down 1.1% or 123 points at 10,267, as compared to 0.02% decline in the benchmark S&P BSE Sensex. The IT index hit an intra-day low of 10,230, its lowest level since February 29, 2016.

Infosys on Friday said it would provide a clearer revenue growth guidance after September.

The management also said in an analyst meet the company’s performance in the second quarter would be better than in the first.

Seeking to assure the company’s employees, Infosys CEO Vishal Sikka has said that the IT major is “not doing any layoffs”. Speaking at the Infosys’ analysts meet, Sikka said he hopes to see a decrease in attrition in the high-performance segment. “Every employee at Infosys is valuable. There is no involuntary attrition.” Sikka’s comments come in the backdrop of buzz that mute Q1 results and the loss of RBS contract has led to around 500 people suffering job losses at the IT major.

Bengaluru: Infosys Ltd can expect about $60 million (Rs.400 crore) in incremental revenue over the third and fourth quarters as part of the Rs.1,380 crore Goods Services and Tax Network (GSTN) project, as the Bengaluru-based company readies to buy and install the hardware required for the project.

This new or incremental business should cheer Infosys as the company’s revised lower growth target for this year has been put to test after the management disclosed earlier this month that it had lost a large order from Royal Bank of Scotland Plc.

The Centre has rejected a proposal of software major Infosys to set up an IT special economic zone (SEZ) in West Bengal due to lack of state's recommendation.

The decision was taken in a meeting of the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on August 12.

Infosys has fallen to its 52-week low of Rs 1,009, down 1% on the BSE in intra-day trade, extending its 4% decline past four trading sessions, after the Royal Bank of Scotland (RBS) shelved plans to set up a separate bank in the United Kingdom (UK), for which IT major was a key technology partner.

On August 13, Infosys in a media statement said the Royal Bank of Scotland announced that it will no longer pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), and instead will pursue other options for the divestment of this business.

In a big blow to IT giant Infosys following the Brexit, Royal Bank of Scotland, one of its major clients, announced cancellation of the contract with the company as it plans to open a separate bank in the United Kingdom. The cancellation of the deal is likely to affect about 3,000 jobs at the company.

The contract was for a period of five years valued at Euro 300 million. While it said on Saturday, the company would ramp down about 3,000 employees, it clarified later on Tuesday that there would be no layoffs and the employees will be redeployed in other projects.

Software major Infosys has sought the Union government's approval to set up an IT special economic zone (SEZ) in West Bengal.

The company's application will be considered by the inter-ministerial body, Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, in its meeting on August 12.

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