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<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> on Thursday announced the retirement of <keyword id="1440" type="General" weightage="80" keywordseo="kiran" source="Orion">Kiran</keyword> Mazumdar-Shaw as <keyword id="6390711" type="General" weightage="80" keywordseo="independent" source="Orion">Independent</keyword> Director from its Board, effective March 22, 2023, upon completion of her tenure. Accordingly, the Board has appointed D <keyword id="120337" type="General" weightage="80" keywordseo="sundaram" source="Orion">Sundaram</keyword> as the Lead Independent Director of the Company, effective Thursday based on the recommendation of the 'Nomination and Remuneration Committee'. Sundaram has been on the Board of Infosys since 2017. Sundaram serves on the Audit Committee, Risk Management Committee, <keyword id="16919243" type="General" weightage="50" keywordseo="stakeholders-relationship-committee" source="Orion">Stakeholders Relationship Committee</keyword>, Nomination and Remuneration Committee, and Cybersecurity Risk Sub-Committee. "We profusely thank Kiran for having been such an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I am personally very grateful to her as she has been a tremendous ally and amazing colleague on the Board, ever since I re-joined Infosys in August 2017," chairman of Infosys Nandan Nilekani, said. "We also congratulate Sundaram on being appointed as Lead Independent Director and look forward to his continued insight and steadfast support as Infosys continues its growth and transformation journey," Nilekadded. Kiran Mazumdar-Shaw was appointed to the Infosys' Board as an Independent Director in 2014, and as Lead Independent Director in 2018. She also served as the Chairperson of the 'Nomination &amp; Remuneration Committee' and 'CSR Committee', and as a member of the 'Risk Management and ESG Committees' of the Board. "The Board places on record its appreciation for Ms Shaw's invaluable contribution, guidance, and strategic vision, which has helped the Company build and execute a resilient growth strategy," Infosys said in a release. Kiran Mazumdar-Shaw is the Chairperson and Managing Director of Biocon Limited, a biotechnology company based in Bangalore, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/former-idbi-gm-conspired-with-vijay-mallya-over-short-term-loan-to-kingfisher-airlines-cbi/articleshow/98936880.cms">Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/fm-nirmala-sitharaman-likely-to-meet-psu-banks-heads-on-saturday/articleshow/98936889.cms">FM Nirmala Sitharaman likely to meet PSU banks heads on Saturday</a>

Kiran Mazumdar-Shaw to retire from Infosys board

<ul><li><keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword> reported a sequential decline in its net profit in the June quarter as high wage hikes weighed on it.</li><li>This caused Infosys’s EBIT margin to spiral down to the lowest point in the last two years.</li><li>Nomura has also lowered its earning per share (EPS) expectation by 1-3% for the next two fiscal years.</li></ul>India’s second largest IT services company Infosys reported a sequential decline in its net profit in the June quarter, as the high wage hikes weighed down on its margins. Infosys’s EBIT (or earning before interest and taxes) margin declined to 20.1%, the lowest in the last two years. The decline was due to multiple factors, including wage hikes, lower utilization and higher sub-contracting expenses, some of which will continue to impact the company in the ongoing September quarter as well. Brokerage firm ICICI Securities is of the view that the increase in travel costs, wage hikes for senior employees in Q2FY23 and supply-side cost pressures will weigh on Infosys margin. Nomura believes that the impact of wage hikes may be limited, while improvement of utilization and effects of price increases in contracts are likely to be gradual. The company has retained its EBIT margin at the lower end of 21-23% range, triggering brokerage firms like ICICI Securities and Nomura to cut their forecasts to 21% as well. “Recovery in FY24F will be driven by pyramid optimization, lower sub-con [subcontracts] as travel normalizes and some benefits from price hikes in renewals and new deals,” Nomura added. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Old EBIT Expectations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New EBIT Expectations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-24% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23F </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY24F </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY25F </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.1% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Company Data, Nomura Note: ‘F’ in the table stands for Forcast. Nomura has also lowered its earning per share (EPS) expectation by 1-3% for the next two fiscal years, factoring in lower margins, partly offset by better currency. Infosys’ competitor Tata Consultancy Service (TCS) is expected to outperform in this domain. Infosys’ revenue witnessed a sequential growth of 6.8% in the June quarter as its revenue stood at ₹34,470 crore. Meanwhile, the constant currency revenue growth stood at 5.5% sequentially and 21.4% year-on-year. The company has increased its revenue guidance for FY23 to 14-16% — up from the previous guidance of 13-15% — despore the supply side challenges and high travel costs. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> “We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition,” said Infosys CEO and MD Salil Parekh, sounding a bullish tone for the rest of FY23. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/rbi-governors-recipe-for-banks-of-the-future-oodles-of-social-media-new-tech-a-dash-of-human-touch/articleshow/93138812.cms">RBI governor’s recipe for banks of the future: Oodles of social media, new tech &amp; a dash of human touch</a> <a href="https://www.businessinsider.in/business/ecommerce/news/e-commerce-platform-shopify-lays-off-1000-employees/articleshow/93151446.cms">E-commerce platform Shopify lays off 1,000 employees</a> <a href="https://www.businessinsider.in/business/news/indias-newly-digitized-msmes-need-offline-marketing-as-much-as-online/articleshow/93138395.cms">India’s newly digitized MSMEs need offline marketing as much as online</a>

Margin recovery likely an uphill task for Infosys after Q1 shock

Nine of the 10 most valued firms together added Rs 1.88 lakh crore in market valuation last week, with <keyword id="6357073" type="General" weightage="100" keywordseo="itc" source="Orion">ITC</keyword> emerging as the biggest gainer. The 30-share BSE benchmark Sensex jumped 1,510.98 points or 2.54 percent last week. Barring <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited, rest nine firms including Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> and ICICI Bank were the gainers from the top-10 list. The combined market valuation gain of the nine firms was at Rs 1,88,366.69 crore. The market valuation of ITC rallied Rs 43,321.81 crore to reach Rs 4,72,353.27 crore. Infosys added Rs 34,043.38 crore, taking its valuation to Rs 6,72,935.25 crore. ICICI Bank's market valuation jumped Rs 32,239.66 crore to Rs 6,02,749 crore and that of TCS zoomed Rs 26,143.92 crore to Rs 12,74,026.80 crore. The market capitalisation (mcap) of HDFC Bank advanced Rs 23,900.84 crore to Rs 9,25,188.45 crore and that of Bharti Airtel climbed Rs 10,432.23 crore to Rs 4,42,015.45 crore. The valuation of Hindustan Unilever went up by Rs 7,988.61 crore to Rs 6,21,678.35 crore and that of HDFC gained Rs 6,503.28 crore to Rs 4,92,313.07 crore. State Bank of India's mcap climbed Rs 3,792.96 crore to Rs 4,85,900.49 crore. However, the mcap of Reliance Industries declined by Rs 5,885.97 crore to Rs 15,75,715.14 crore. In the ranking of top-10 firms, Reliance Industries retained the title of the most valued domestic company, followed by TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, HDFC, State Bank of India, ITC and Bharti Airtel.

Nine of top-10 firms add Rs 1.88 lakh cr in m-cap; ITC biggest gainer

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> plans to hire 25,000 freshers over the next 12 months and only 1,000 will be from overseas.</li><li>The other 24,000 freshers will be picked up from engineering campuses within India.</li><li>Last year, the IT giant only picked up 19,000 freshers from within the country, while 2,000 fresher hires were overseas.</li><li>This is a jump of over 26% from the number of freshers onboarded in the last one year from Indian colleges.</li></ul>Infosys hired around 19,000 freshers in the last 12 months, and going forward it plans to ramp up its hiring activity by 20%. “This year we added close to 21,000 freshers from campuses… and in the coming year, we’re looking at over 25,000 — both India and overseas,” said the company’s chief operating officer (COO) UB Pravin Rao during the earnings call. Of 21,000 freshers that Infosys onboarded last year, only 19,000 were from India. This year they plan to pick up 24,000 freshers from engineering campuses within the country and only 1,000 from overseas — that’s a 26.3% jump in the number of freshers they’re looking for within the country. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5854601"></div>]]></cdata></div> However, the company saw a spike in voluntary attrition hitting 15.2% between the months of January to March, which is an increase of five percentage points over the previous quarter. "Attrition has picked up, largely reflecting a strong demand environment, but we remain confident of our employee engagement initiatives, vast talent pool and training capabilities to ensure seamless execution," said Rao. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/4012708"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Infosys’ need for social capital warrants people to come back to office" comment="subhead" text="Infosys’ need for social capital warrants people to come back to office">Infosys’ need for social capital warrants people to come back to office</cmsannotation> Infosys has been a <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-follows-tcs-and-infosys-lead-says-50-of-its-employees-will-work-from-home-even-after-the-lockdown-is-lifted/articleshow/75593968.cms">strong propagator </a>of work from home and the hybrid work model — which is a mix of working from home and working from the office — but has indicated that employees will need to be in the offices more once the COVID-19 pandemic eases up. “We still think there will be a need to build out some social capital, and some of that will be built with people coming back to the offices,” said <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/infosys-announces-buyback-worth-9200-crore-at-1750-per-share/articleshow/82066356.cms">Infosys will buy back shares at ₹1,750 in the open market</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-had-a-great-year-but-ceo-salil-parekh-expects-the-next-one-to-be-more-than-twice-as-good/articleshow/82066467.cms">Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a>

Infosys plans to hire 25,000 freshers over the next 12 months — a 26% boost for campus hiring in India

<ul><li>Infosys has announced that it will be buying back shares for a maximum of ₹1,750 apiece, which is a 25.2% premium over the prevailing share price in the market. </li><li>The IT giant also announced a dividend of ₹15 per equity share.</li><li>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued.</li></ul>Shareholders of Infosys, one of India’s top five information technology (IT) companies, have a reason to rejoice today, even as markets remain closed. The tech behemoth announced a buyback of equity shares worth ₹9,200 crore and will be doling out a dividend of ₹15 per equity share. However, this time around, it's not a tender buyback but an open market buyback. This means ₹1,750 is the ceiling price, but that the shares could be bought back for a lesser price. The quantum of shares that are bought back will be determined accordingly. That’s over $2 billion in buyback and dividend for its shareholders this quarter. Analysts had predicted that the shares would go for anywhere between a 10% to 15% premium and it seems Infosys landed on the higher end of the estimate. . The buyback price of ₹1,750 per share is a 25.2% premium to the closing price on April 13. <div type="Article" hostid="261" msid="82049122" title="Analysts estimate that Infosys may offer buyback of shares at ₹1,600 to ₹1,650 apiece" mstype="2" mssubtype="0"></div> The plan is to buyback 52 million shares or 1.23% of the total paid up capital. <cmsannotation type="cmsannotation" annotationid="The company is rewarding shareholders after a good year" comment="subhead" text="The company is rewarding shareholders after a good year">The company is rewarding shareholders after a good year</cmsannotation> The company saw its revenue grow by 2% in January to March as compared to the previous quarter. And revenue from digital, now, officially accounts for more than half of the money that Infosys is bringing in. After a blockbuster second quarter, where the company brought in $7.13 billion in new deals, it was only able to $2.1 billion in the last three months. What’s the good news? The management expects the next 12 months to be even better. The annual growth guidance is for a 12-14% growth in revenue in dollar terms — without accounting for exchange rate fluctuations. That’s more than twice the 5% growth clocked in the year ending March 2021. <div type="Article" hostid="261" msid="82066467" title="Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good" mstype="2" mssubtype="0"></div> If the uptrend for the IT services industry continues, shareholders can expect an even better buyback price next year. <h2 style="line-height:1.56;background-color:#ffffff;margin-top:0pt;margin-bottom:0pt;padding:26pt 0pt 8pt 0pt;"><cmsannotation type="cmsannotation" annotationid="Here’s why Infosys is buying back shares" comment="subhead" text="Here’s why Infosys is buying back shares">Here’s why Infosys is buying back shares</cmsannotation></h2>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued. However, since the Indian government announced that dividends will be taxable as per the effective rates for corporate shareholders — more commonly known as promoters — in July 2020, some companies have opted for the buyback route to save tax. Dividends are subject to ordinary income tax whereas share buybacks are taxed at a capital gains tax rate, which is lower. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest income tax slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Short term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Long term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Correction: An earlier version of the story said that the buyback price was higher than expected. Changes have been made to clarify that the buyback price of Rs. 1750 is the maximum price. Since the company plans to buy its own shares from the open market, the price may even be lower at times. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-had-a-great-year-but-ceo-salil-parekh-expects-the-next-one-to-be-more-than-twice-as-good/articleshow/82066467.cms">Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a> <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a>

Infosys will buy back shares at ₹1,750 in the open market

<div type="image" title="A &quot;Now Hiring&quot; sign is posted in the drive thru of a McDonald's restaurant on July 07, 2021 in San Rafael, California." height="3551" width="4735" msid="89976011" hostid="261"></div><ul class="summary-list"><li><keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">Inflation</keyword> will remain elevated this year, bolstered by low <keyword id="11910050" type="UNKNOWN" weightage="60" keywordseo="labor" source="Orion">labor</keyword> participation.</li><li>Corporate America needs to get creative with sustainable paths to upward mobility for Americans.</li></ul>US inflation has hit its highest point in decades as prices climb 7.5% from 2021. Economists blame supply-chain disruptions and exploding pent-up consumer demand — while predicting that the buying frenzy will abate. Spending on goods will likely slow, but demand for services, such as those around restaurants, travel, healthcare, and education, will grow by all estimations. And the cost of services is driven primarily by the cost of labor.Let's take a peek at labor. While unemployment is dropping, participation in the workforce remains sluggish. There are still just about <a href="https://twitter.com/BLS_gov/status/1489592278968582145?t=8ZK5U4NPMmfAvOtWCBsZ4w&amp;s=19">60 unemployed people for every 100 job openings</a>. Job openings cruise above pre-pandemic levels, and businesses struggle to find skilled workers. The pandemic-induced uncertainty continues. A <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fpulse%2Fgreat-reshuffle-2022-top-trends-watch-karin-kimbrough%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=fWYe9X4McGpjl1jpb5eAiSDmdAg%2FjapyfVqJ9jYZhlQ%3D&amp;reserved=0">LinkedIn survey</a> found just one in 67 paid jobs in the US offered remote work in 2020, and that number this year grew to one in six. But remote or hybrid work may not be viable for every business.The labor shortage is compelling companies to boost pay. That, in turn, is inflating prices of goods and services. And for those who see rising wages as an offset, the <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ffortune.com%2F2021%2F12%2F08%2Fworkers-biggest-raises-years-inflation%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=RzHaitjUP21bJzFyvmcx1hEjsd1RxQgzYMt9ZpdSJNA%3D&amp;reserved=0">3.9% wage bump</a> that most employers have budgeted for won't cover for inflation. With US consumer prices having jumped 6.2% last year, those who don't receive a wage increase of at least 6% will have less purchasing power than before.Employers, unsurprisingly, are accelerating their adoption of automation. In Chicago, for example, 10 McDonald's restaurants now use artificial intelligence to tackle drive-thru orders. This came after McDonald's made headlines last year for offering $50 to candidates who showed up for job interviews. It's not uncommon, either, to find grocery stores and pharmacies replacing cashiers with self-service kiosks. This is just the beginning.<h3>So what about the American worker who isn't ready to hand over their job to automation? </h3>The path with the most prospects for advancement is upskilling workers for higher-level roles as technology takes over simple, repeatable tasks. In addition, there's significant payoff for broadening someone's capabilities to include digital skills that allow the person to participate in the economy that creates and deploys technology.As environmental, social, and corporate-governance issues become salient, and corporations scrutinize their role in society, I believe corporate America is keen to adopt a more sustainable template to alleviate the labor shortage, with a mitigatory influence on inflation, while also empowering American workers.<div type="image" title="Ravi Kumar, President, Infosys" height="5616" width="3744" msid="89976013" hostid="261"></div>We need to chart disruptive paths to progress. When we hire for skills, not degrees, we can engage with a bigger workforce and help close the opportunity and employment gaps for the <a href="https://www.census.gov/content/dam/Census/library/publications/2021/acs/acsbr-009.pdf">almost 65% of US adults</a> who don't have a college degree. This also means transitioning to an always-on skills-based employment infrastructure that embraces not just credentials and certification but also fitness for a job and employability as outcomes. Employers can be instrumental in progressively moving people up with social mobility through smaller sprints of education delivered throughout their lives. The <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgrow.google%2Fcertificates%2F%23%3Fmodal_active%3Dnone&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=scE%2BVY1JpZM6kSGi2SFO4%2FMcfSEj4zGqlVu0XPl19xs%3D&amp;reserved=0">Google Career Certificates</a> program is a great example. This education can also bring college credits when executed in partnership with instructors, similar to the way <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgraduate.engineering.asu.edu%2Finfosys%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=C0dG2yFHvQI3DESz73lud%2Bunw%2BXYdnz8LBBoZ5rRyZg%3D&amp;reserved=0">one forged by</a> <keyword id="11901188" type="UNKNOWN" weightage="60" keywordseo="infosys" source="Orion">Infosys</keyword> and Arizona State University works.We need to embrace AI and automation fearlessly. Tasks that were once executed by people are now carried out by both humans and machines. Low-complexity jobs will inevitably be automated, given the acute labor shortage, and the real opportunity will be in training people to take on higher-order responsibilities, which will allow enterprises to scale business purposefully. More progressive organizations will also ensure they nurture a rich cognitive diversity of talent, from across various walks of life, to enrich their workforces' problem-finding quotient as AI takes over the problem-solving. We need to transform more places into workplaces. Remote work means more people otherwise limited by their circumstances — like caregiving adults, students, and people with disabilities or in rural areas — can now be included in the nontraditional American workforce and gig economy. Remote hiring can also blunt the edge of workplace bias influenced by social norms, race, academics, and more.Smart American corporations will reset human capital to run their businesses at full throttle but equally and purposefully let human and ESG considerations lead the way.Ravi Kumar is president of Infosys

Companies need to embrace an innovative path to create new employment opportunities

<ul><li><keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> has the capacity to significantly enhance the power of <keyword id="6354839" type="General" weightage="20" keywordseo="marketing" source="Orion">marketing</keyword> and marketers across the world are opening up to the possibilities AI presents to them in engaging better with consumers, while also improving customer experience.</li><li>Sarin Menoky, Lead - Thought Leadership Marketing, <keyword id="6079860" type="General" weightage="20" keywordseo="infosys-bpm" source="Orion">Infosys BPM</keyword> writes about the opportunities that AI presents for marketers and what the future looks like.</li></ul>Marketing is a sector that has among the most to gain from artificial intelligence (AI). At its core, the purpose of marketing is to understand customer requirements, map them to relevant products and services, and persuade people to buy. AI has the capacity to significantly enhance the power of marketing. A 2018 McKinsey study of over 400 use cases involving advanced AI techniques, found that marketing was the function where AI had the most significant potential. And as per a Salesforce report, from 2018 to 2020, adoption of AI by marketers saw a whopping 186% increase. What can AI do for marketing? AI-driven marketing uses technology to improve customer experience. AI collects large and diverse amounts of data on customer sentiment, transactions, journeys, and everything in between, and uses that to build machine learning and predictive algorithms on customer behaviour. The goal is to develop customer acquisition and retention strategies, and to generate personalized content, recommendations, and communications. AI promises accurate, rapid, adaptive, and human-like decisions that will help save costs, increase revenue, and improve customer satisfaction and experience. Channelizing AI for the marketing spectrum While machines haven’t yet mastered compassion and empathy, AI can still take care of many other things. It can eliminate human errors in digital marketing, streamline and optimize marketing campaigns, and generate data-based reports. For instance, the personalized email marketing that most of us are familiar with, is largely driven by AI. <keyword id="35666" type="General" weightage="20" keywordseo="advertising" source="Orion">Advertising</keyword> has increasingly become more about specific and targeted messages. Digital advertising can be driven by AI. Google Ads is an example. AI is continuing to totally revamp the way businesses advertise. Programmatic advertising uses complex algorithms and big data to deliver the right kind of ads to the right audience. Studies have shown that click-through rates on AI-generated ads is substantially higher than ads written by humans, with the increase in some cases being even over 400%. Of course, AI-powered ads will only be as good as the data provided. Content marketing rules the modern business world, and AI can be quite useful in this area. The success of AI lies in its ability to curate and generate the right content for different audiences. Businesses are using AI to recommend personalized services and products to its customers. Natural language processing (NLP) is an AI technology that can churn data to generate effective and compelling stories. The Associated Press and the Washington Post are well-known users of NLP. Technology can also be effectively used by retailers to customize landing pages and generate tailored product placements. AI-powered chatbots are smart and can generate original responses to communicate with humans. They are commonly used in customer support, lead generation, as also cross-selling and up-selling. Although used by several businesses, many chatbots are still quite rudimentary. A plethora of organizations across the globe are investing significantly in this area. Customer behaviour analysis The internet generates a huge amount of data that can predict customer behaviour, but it’s next to impossible for humans to analyze it all. Here, AI provides the perfect solution. It can provide deep insights into customer preferences. Netflix is a case in point; it uses machine learning algorithms to recommend movies and shows to its users. AI-based dynamic pricing can be used to predict how much a customer is willing to pay for a product or service. Companies even use algorithms to enable modifying prices in real time. Surge pricing in Uber after a major event or related to weather conditions, is an example of this. In digital marketing, image recognition enhances brand experiences. The popular “similar item” option on shopping sites helps customers with potentially pertinent products, while also enhancing the per-user revenue of e-commerce sites. Similar decision support technologies are also used for security profiling. Challenges of AI-driven marketing Incorporating AI into a workflow requires deep understanding and careful integration of machine and human tasks, so that AI enhances people’s skills and does not hamper processes. For example, some chatbots could be ineffective and cause customer dissatisfaction. To avoid potentially costly errors, businesses must be cognizant to not let chatbots have the final word on customer experience. Businesses must develop and acquire the suitable skills required to implement every AI application successfully and impactfully. Ultimately, it’s about trust. Customers on digital platforms are aware of risks such as data leaks; they need high levels of privacy and security. Many are hesitant to use applications that capture and share location information, often without their explicit knowledge. It’s also true that many are willing to share some personal information to enjoy the innovative conveniences offered by virtual assistant technologies like <keyword id="196611" type="General" weightage="20" keywordseo="alexa" source="Orion">Alexa</keyword>. Hence, businesses must ensure transparency while collecting any personal data in exchange for sophisticated AI-powered services. AI initiatives must be duly vetted by businesses from an ethical standpoint, to guarantee security and win customer trust. The future looks riveting It’s true that AI in marketing is attracting a lot of investment, however it’s early days yet in the larger picture. CMOs need to be realistic about the ROI that AI technologies can currently offer. Underneath all the glamour and clamour, the capabilities of AI are still limited to certain marketing activities, not necessarily the entire function. Yes, AI-driven digital marketing capabilities are growing rapidly, but it’s not going to be a quick ride to the finish line. It will take time, patience, and confidence. AI strategies created today, and executed robustly, will pay off in the future. Businesses must be ready to work on building their AI capabilities for the long run, while also addressing any potential challenges. A human-ware approach, that can bring out the best of digital and human capabilities, is ideal. It can help businesses to become inherently sentient, respond with agility, make every interaction hyper-productive and value-adding - behaving like a live enterprise. Interesting times lie ahead, for the confluence of AI and marketing.

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Companies need to embrace an innovative path to create new employment opportunities

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Triggering marketing impact through Artificial Intelligence

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