Indian information technology companies like HCL Technologies, Tech Mahindra and Infosys could register a growth in single digit in the near-term as Brexit will have an impact on the earnings vis-a-vis UK growth rates, according to a brokerage house Kotak Institutional Equities.

The brokerage house believes that on the organisation level, Brexit will impact revenue growth by 40-90 bps in constant currency terms and revenue growth by 60-120 bps in dollar terms across IT companies, with the highest impact on TCS, HCL Technologies and Tech Mahindra.

The $150-billion Indian IT industry may have to experience short-term pains like delays in getting new contracts or dealing with a fluctuating currency but in the long term it stands to benefit from UK’s decision to exit from European Union. In the medium to long term, as UK tries to find its economic feet, its firms will have to continue to find ways to remain competitive and hence seek additional outsourcing expertise.

Nearly a dozen leading IT companies on Friday declined to confirm or acknowledge employees right to form labour unions to redress their grievances invoking the provisions of Industrial Disputes Act 1947.

Some of the tightlipped IT companies are Infosys, Wipro, TCS, Flipkart, Microsoft, Mphasis, Juniper and Amazon India.

Citing examples of various foreign companies, including at least one from India, a top American Senator has sought federal investigation into the alleged misuse of tourist visa to bring in foreign workers into the US.

"Given the problem such fraud and abuse in the B visa programme poses for American workers as well as the foreign workers who are mistreated and underpaid, I request that the departments respond to the concerns," Senate Judiciary Committee Chairman Chuck Grassley asked in a letter to the US Attorney General Loretta E Lynch.

Infosys has dipped nearly 4% to Rs 1,193 on the BSE after the stock turned ex-dividend for Rs 14.25 per share on Thursday.

In past three trading sessions, it has slipped 6% from Rs 1,267 on June 6, as compared to 0.21% rise in the S&P BSE Sensex. The stock hit a record high of Rs 1,278 on June 3, during intra-day trade.

Infosys, Asian Paints, Bajaj Auto, Hero MotoCorp, IndusInd Bank, Yes Bank, Kotak Mahindra Bank and Zee Entertainment Enterprises are eight stocks from the Nifty 50 index touching their respective 52-week highs on the National Stock Exchange (NSE) in intra-day trade today.

Of these, five stocks - Infosys, Asian Paints, IndusInd Bank, Kotak Mahindra Bank and Yes Bank are quoting at their lifetime highs on the NSE.

BENGALURU: It's not just the 194,000-odd employees at India's second largest software exporter who are being put through the paces.

In what would mark the first such instance in India's $160-billion IT industry, board members at Infosys are now being trained and brought up to speed with "design thinking" -an industry parlance that refers to the practice of solving traditional tech problems using newer, different and innovative methods.

The sharp pickup in Infosys Ltd’s revenue growth shows clearly that it has momentum on its side. Another performance metric that has got tongues wagging is the amount of large deals it has won.

The company said last month that the total contract value of the large deals it signed last year stood at $2.79 billion, or 45% higher compared with fiscal year 2014-15.

The number of crorepati Infosys employees - those earning Rs 1 crore or more annually - residing in India came down to 48 in FY16 from 111 in the previous financial year.

This could be, said sources, because many of them have moved to the client sites in the US this year, and their remuneration is not reflected in Infosys India's books. A lower bonus paid to senior employees could also be another reason.

BENGALURU | NEW DELHI: Software exporter Infosys has undertaken a large-scale reboot of existing internal systems and processes, including across functions such as finance, travel and human resources, as part of a broader strategy to improve productivity across the company and also save costs, a top company executive said.

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