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AI (artificial intelligence) has been the talk of town ever since <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> tools like ChatGPT, Gemini and CoPilot gained attention. These AI tools have the potential to assist humans with their day-to-day lives. And companies too have started recognising the benefits of AI and are investing heavily in the space. According to a survey conducted by EY in July this year, business leaders said that they had already begun seeing returns on their investments in artificial intelligence (AI). The survey also added that Among the 95 percent of senior executives who confirmed their organisations were currently investing in AI, the number of companies investing £10 million or more was expected to nearly double to 30% in the coming year, up from 16%. <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> co-founder <keyword id="20294306" type="General" weightage="100" keywordseo="Nandan-Nilekani" source="keywords">Nandan Nilekani</keyword> also supports investments in AI. In fact, he believes that not investing in AI will actually end up costing more for companies. <h2>Nandan <keyword id="20829036" type="General" weightage="20" keywordseo="nilekani" source="keywords">Nilekani</keyword> on AI investments </h2> Speaking on Nikhil Kamath’s podcast, People by WTF, Nilekani explained how AI is becoming indispensable for businesses and society at large. Responding to concerns about whether current investments in AI might be a bubble, Nilekani was clear: the risk of not investing in AI far outweighs the potential costs of adoption. “They can’t afford not to do it,” he said, referencing global companies that spend as much as $50 billion a year on AI infrastructure. Nilekani added that AI represents a “big platform shift,” and businesses that fail to adapt could find themselves permanently sidelined. The competitive landscape for AI is fierce, especially in the West, where tech giants are racing to dominate this space. Investments in data centres, AI chips, and large-scale research projects are driving AI development forward, bringing down costs and making AI technology more accessible over time. <h2>Power of LLMs in India</h2> During the same podcast, Nilekani also said that he sees massive potential for AI in language processing. <keyword id="19897804" type="General" weightage="20" keywordseo="large-language-models" source="keywords">Large Language Models</keyword> (LLMs), a type of AI that can understand, generate, and respond to human language, are particularly powerful in India’s multilingual context. Nilekani explained how these models could help bridge communication gaps by providing access to information in local languages. For instance, Nilekani highlighted how a farmer in Uttar Pradesh could ask a question in Hindi, and the AI system could retrieve relevant information, such as farming techniques, in real time. This capability, Nilekani argued, could democratise access to global knowledge and make it available to people in their native tongues. “If you can speak in your language of choice, your mother tongue, then suddenly you can access the entire knowledge in the system,” Nilekani said, underscoring how AI could empower individuals who may not be literate or familiar with English.

Can’t afford not investing in AI, could be out of the game permanently, says Infosys co-founder Nandan Nilekani

Work-life balance is the buzzword these days and ample studies have shown how GenZ prefers a job which is flexible in terms of timings. In January this year, a study conducted by Randstad revealed that workers prioritise work-life balance over salary when evaluating potential job opportunities. According to the study, 57 percent of employees would reject a job offer if it negatively impacted their work-life balance. However, even though employees want greater work-life balance, there have been billionaires who disagree with the concept and promote hustle culture instead. From advocating for longer work hours to dismissing the idea of balance altogether, these tech leaders have taken stances that have often stirred the hornet's nest. <h2><keyword id="20068610" type="General" weightage="100" keywordseo="NR-Narayana-Murthy" source="keywords">NR Narayana Murthy</keyword>: Advocating 70-Hour work weeks</h2><keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> founder NR <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword> made headlines in October 2023 when he suggested that young people in India should be prepared to work 70 hours a week. Speaking on 3one4 Capital's podcast "The Record," Murthy argued that such an intense work ethic is necessary for India to improve its productivity and compete on the global stage. His remarks sparked a wide-ranging debate online, with some agreeing that increased effort is required to drive progress, while others criticised him for promoting an unsustainable work culture. <h2><keyword id="21042158" type="General" weightage="20" keywordseo="Alexis-Ohanian" source="keywords">Alexis Ohanian</keyword>: Dismissing work-life balance as a farce</h2>Reddit co-founder Alexis Ohanian also shared his views on work-life balance, which he dismisses as an unrealistic ideal. In an August 2023 Twitter thread, Ohanian said that work-life balance is a "farce" and that trying to achieve it is misguided. Instead, he emphasised the importance of knowing when to prioritise work and when to focus on personal life, suggesting that balance is more about shifting priorities rather than achieving a perfect equilibrium. <h2><keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords">Jeff Bezos</keyword>: Rejecting the trade-off</h2>Amazon founder Jeff Bezos has long been a critic of the term "work-life balance." Speaking at an event in 2018, Bezos explained that he finds the concept debilitating because it implies a trade-off between work and life. He said that he prefers to view it as a "circle" where both aspects are interconnected. In earlier interviews, Bezos had mentioned that his happiness at work positively influences his personal life, and vice versa, suggesting that the two are more intertwined than balanced. <h2> <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>: Sleeping in offices</h2>Elon Musk, known for his demanding work ethic, has also been vocal about his approach to work-life balance—or the lack thereof. During the 29th Annual Baron Investment Conference in 2022, Musk revealed that he used to live in his factories and would sleep on the floor to show his commitment to his work. He believed that demonstrating his dedication in such a visible way would inspire his employees to work harder. Musk has also been critical of what he perceives as a declining work ethic in America, contrasting it with the intense dedication he observes among workers in China. <h2><keyword id="19915280" type="General" weightage="20" keywordseo="Jack-Ma" source="keywords">Jack Ma</keyword>: Endorsing China's "996" work culture</h2>Alibaba co-founder Jack Ma had expressed support for China's controversial "996" work schedule, which involves working from 9 a.m. to 9 p.m., six days a week. In 2019, Ma referred to the "996" culture as a "huge blessing" for young workers, arguing that the opportunity to work such hours is something to be grateful for, especially if one is passionate about their job. He downplayed concerns about overwork, suggesting that those who love their work won't find such hours burdensome.

70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires

<keyword id="637412" type="General" weightage="20" keywordseo="infosys-founder" source="Orion">Infosys founder</keyword> <keyword id="6355623" type="General" weightage="20" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword>'s advice to youngsters in India, urging them to work 70 hours a week, has sparked sharp reactions from founders and leaders who said that while extended working hours can boost productivity, a balanced approach is equally necessary. During a podcast, Murthy had said that if India wants to compete with developed economies that have made remarkable progress in recent decades, youngsters should work for 70 hours a week. Reacting to Murthy's comment, <keyword id="1353462" type="General" weightage="50" keywordseo="abhishek-desai" source="Orion">Abhishek Desai</keyword>, founder of CricHeroes, told that while extended working hours can boost productivity in certain contexts, "it's equally vital to focus on work-life balance, employee well-being, and harnessing technology to enhance efficiency". "The success of countries like Japan and Germany is undoubtedly commendable, but we must also acknowledge that their work culture may not be entirely replicable in the Indian context," Desai added. Former BharatPe Co-founder <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said that the public got offended at Murthy's comment as the measure of work done still gets notified based on hours spent rather than the outcome. "I think junta (public) got offended here because work is still being measured in 'hours' rather than 'outcome'. The other thing is people feeling as if youngster's laziness is the only thing keeping India from becoming developed," he posted on X on Friday. Ola CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword>, however, agreed with Murthy's view. "Totally agree with Murthy's views. It's not our moment to work less and entertain ourselves. Rather it's our moment to go all in and build in 1 generation what other countries have built over many generations," he posted on X. According to Shrijay Sheth, founder of Legalwiz.in, working long hours does not necessarily translate into better work, bigger outcomes and higher returns for the company. "Primarily, it is about enhanced productivity and achieving the organisational goals. Especially for workforces in the Indian context, longer working hours may result in lower efficiency and, thus, impede the realisation of business objectives," he added.

Murthy's 70-hr-a-week work call to youth trigger sharp reactions from founders

New Delhi, India has probably seen its youngest millionaire in Ekagrah <keyword id="20076454" type="General" weightage="20" keywordseo="rohan-murty" source="keywords">Rohan Murty</keyword> - the four-month-old grandson of Infosys founder N.R. <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword>. According to a regulatory filing, <keyword id="20482766" type="General" weightage="20" keywordseo="narayana" source="keywords">Narayana</keyword> Murthy has gifted shares worth more than Rs 240 crore to his grandson. <keyword id="21000975" type="General" weightage="20" keywordseo="ekagrah-murty" source="keywords">Ekagrah Murty</keyword> received 15 lakh shares, or 0.04 per cent stake, in Infosys. The 77-year-old Infosys founder gifted shares to his grandson in an off-market transaction. With this, Narayana Murthy's holding in the IT bellwether fell to 0.36 per cent, or more than 1.51 crore shares. At the price of Rs 1,620 per share on Monday, Ekagrah Murty received a whopping Rs 243 crore. Narayana Murthy and his wife and now <keyword id="19967755" type="General" weightage="20" keywordseo="rajya-sabha-mp" source="keywords">Rajya Sabha MP</keyword> <keyword id="20077886" type="General" weightage="20" keywordseo="sudha-murty" source="keywords">Sudha Murty</keyword> became grandparents in November last year after their son Rohan Murty and wife Aparna Krishnan welcomed a baby boy. Engineer-turned-philanthropist and author Sudha Murty took oath as Rajya Sabha MP last week in the presence of her husband.

Born with a golden spoon: 4-month-old old Ekagrah Murty now owns ₹240 crore Infosys stock

<ul><li><keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> believes crypto has stored value, just like gold or silver, but lacks transactional value.</li><li>Unlike Musk, though, Nilekani has a balanced approach to <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> that includes the co-existence of UPI.</li><li>The Indian government was highly reluctant about cryptocurrency in the beginning and banned it in 2018. The Supreme Court overturned that ruling.</li><li>Even crypto exchanges have asked the government to consider cryptocurrencies as an asset.</li></ul>Often considered one of India's most respected voices, <keyword id="207812" type="POSITION" weightage="20" keywordseo="Infosys-co-founder">Infosys co-founder</keyword> Nandan Nilekani feels the country can consider <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> an asset amid rising popularity and lack of regulatory oversight. He believes crypto has stored value, just like gold or silver, but lacks transactional value. "Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto," he spoke to <a href="https://www.ft.com/content/874586aa-9fb8-4a72-ba09-083b6afbaf77">Financial Times</a> in an interview. "I think there's a role for crypto as a stored value but certainly not in a transactional sense." Nilekani is often credited for kickstarting the IT boom in India and creating an industry unlike any other. He's also the architect of the Aadhaar biometric identity project that's handled by UIDAI (Unique Identification Authority of India). While the government mulls over regulations, backing from an expert adds a lot of confidence for new investors. A phenomenon that Tesla co-founder Elon Musk currently masters. Unlike Musk, though, Nilekani has a balanced approach to cryptocurrency that includes the co-existence of UPI (Unified Payments Interface). He thinks that the homegrown payments solution is much more effective as it's not volatile and requires minimal energy. UPI is a protocol developed by NPCI (National Payments Corporation of India) that allows peer-to-peer <a href="https://www.businessinsider.in/business/news/npci-starts-a-campaign-for-digital-payments-called-india-pay-safe-asking-people-to-ditch-cash-during-coronavirus/articleshow/74703544.cms">bank transfer </a>across all banks in the country. The technology has real-time settlement, and transfers barely take a second to go through. Unlike the developed markets, India is one of the few countries to skip the debit or credit card revolution and directly join the mobile payments trend thanks to affordable phones and inexpensive internet connectivity. The system is <a href="https://www.businessinsider.in/finance/news/upi-crosses-5-lakh-crore-in-transaction-value-in-march/articleshow/81820799.cms">already designed </a>to handle a billion transactions each day, eliminating the need for cryptocurrencies for payments. At the same time, Nilekani is confident that cryptos can be a solid asset in the coming years. Blockchain as a technology has gained massive momentum, and India's IT companies are at the forefront of it, servicing hundreds of multinational clients. "Indian regulators are also considering a Central Bank Digital Currency or <a href="https://www.businessinsider.in/stock-market/news/china-is-giving-away-digital-yuan-worth-6-2-million-in-a-beijing-lottery-as-it-tests-out-its-cbdc-reports-say/articleshow/83174222.cms">CBDC</a>. I am not sure if we need a stable private coin or if a digital rupee will be good enough. We need to look at how it will help Indians, how MSMEs can access capital using <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoins</a>. No amount of tech is going to sway anyone's view," he further added. With a market cap of more than $1.5 trillion, crypto can allow the community to pour its wealth into the Indian economy. The Indian government was highly reluctant about cryptocurrency in the beginning and banned it in 2018. A Supreme Court ruling overturned the ban soon, however investors remain concerned. This is because some Indian <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-exchanges-are-reportedly-considering-going-to-court-against-the-countrys-central-bank/articleshow/83034174.cms">banks remain cautious</a>, despite RBI’s clarifications on its 2018 circular. Even crypto exchanges have <a href="https://www.businessinsider.in/cryptocurrency/news/indians-are-holding-on-to-their-cryptos-amidst-all-the-uncertainty/articleshow/82971829.cms">asked</a> the government to consider cryptocurrencies as an asset. And as they await regulations, India’s crypto players have decided to form a <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self-regulatory board</a> under the industry-body IAMAI and set some bare minimum guidelines to curb fraud. The cryptocurrency world is exceptionally polarised, and everyone has a differing point of view. Evangelists call it a revolution, technocrats believe in blockchain's potential, the nay-sayers are convinced it's a bubble, while some are just watching the circus do its thing. Smart and sensible cryptocurrency regulations are the need of the hour. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/chinas-war-against-crypto-continues-as-weibo-bans-at-least-a-dozen-popular-cryptocurrency-accounts/articleshow/83309874.cms">China’s war against crypto continues as Weibo bans at least a dozen popular cryptocurrency accounts</a> <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Infosys co-founder Nandan Nilekani wants crypto in India to be treated as an asset class but not a currency

After corporate giant <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> showed the exit door to hundreds of freshers who failed to pass the tests, it is the turn of <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> to sack the probationers for failing to prove their credentials in the internal assessments. Infosys is allegedly letting go of hundreds of employees, who are at the fag end of their training and failed the internal assessment tests. The new recruits will have to undergo comprehensive training before they are added into various teams for full-fledged work. Senior employees in the IT Company stated on condition of anonymity that though there is economic slowdown and recession, the companies are focusing more on quality and productivity. Therefore, average talent is not preferred under the circumstances. "The corona pandemic in the last two years has affected the education, quality of students and their skillsets. There is a clear lack regarding teaching and the honing of skills. Many graduates, who passed out in the last two years, are not in a position to prove themselves and there is extreme pressure on the trainees," they explain. Sources explained that the freshers are provided with two chances to clear their assessment. If they fail, they will not be onboarded. However, the freshers who have been sacked from Infosys maintained that members of the teams which did not get projects are being asked to go and those with projects are not touched. Tech industry insiders are of the opinion that the phase is going to last for a while and pressure on industry will be there till 2024. The freshers won't enjoy the halcyon days, when the job market was hot during the pandemic. "It is evident that the global economic crisis is real as we can see big companies such as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> and Amazon laying off people. It is going to last for a while. So, I believe that the crisis will remain in the entire 2023 and even probably the first quarter of 2024. It will eventually subside and we all will come back to normalcy. However, it is going to take some time," stated Sumanth Prabhu, Co-Founder and CEO, Ulipsu. "My suggestion for people looking for jobs or the ones who are employed is that getting a job now is precious or they should hold onto the job that they currently have. It's a good thing that the employees are getting retained and valued. If they are valued, they should work hard to ensure that the value is reciprocated," he said. "Also, it is the right time for businesses to cut down costs and be frugal. The global economic crisis is something that teaches all companies that we should not hire unnecessarily and should not commit to costs that are unnecessary or irrelevant. Companies have to lay off during these kinds of crises. So, it is better to hire wisely than to hire illogically and fire people," Sumanth Prabhu explained. IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests in January. The company had issued termination letters to all the employees and stated that despite the adequate training, the candidates have failed to perform. The termination letter maintained that the employees are liable to pay Rs 75,000 of training cost which company has spent on them. But, the amount is being waived off. Commenting on the development, Wipro had clarified that, Wipro takes pride in holding itself to the highest standards. As per the standards the aim is set of all. From every entry level employee it is expected to have a certain level of proficiency in their designated area of work. The evaluation process includes to align employees with the requirements of clients and the business objectives of the organisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/now-find-ev-charging-stations-in-google-maps-near-you/articleshow/97759525.cms">Now find EV charging stations in Google Maps near you</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/now-find-ev-charging-stations-in-google-maps-near-you/articleshow/97759525.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-unleashes-ai-powered-updates-to-revamp-user-experience-on-maps-search-and-translate/articleshow/97761551.cms">Google unleashes AI-powered updates to revamp user experience on Maps, Search and Translate</a>

After Wipro, Infosys showing exit doors to freshers in Bengaluru say sources

<ul><li><keyword id="9083152" type="UNKNOWN" weightage="20" keywordseo="waze-founder">Waze founder</keyword> <keyword id="9082937" type="UNKNOWN" weightage="20" keywordseo="Uri-Levine">Uri Levine</keyword> has been appointed as an independent director of <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>.</li><li>Levine founded Waze in 2007 and built it to be one of the largest community-based traffic and navigation apps. Waze was acquired by Google in June 2013 for a whopping $1.1 billion.</li><li>Levine has also founded “The Founders Kitchen” – an investment fund.</li></ul>Indian IT giant Infosys today announced that they have brought in Waze founder Uri Levine as an independent director. “We are delighted to welcome Uri on the board of Infosys. He is a much admired serial tech entrepreneur with extensive and in-depth business understanding of emerging technologies and will bring tremendous value to the company,” said Kiran Mazumdar-Shaw, independent director and chairperson of the nomination and remuneration committee of Infosys. Levine will be on the board of Infosys for three years, subject to approval of shareholders, the company said. Levine founded Waze in 2007 and built it to be one of the largest community-based traffic and navigation apps. Waze was acquired by Google in June 2013 for a whopping $1.1 billion. However, Levine <a href="https://www.businessinsider.in/tech/waze-cofounder-sold-his-startup-to-google-for-over-1-billion-but-he-still-doesnt-own-a-house/articleshow/48490173.cms">reportedly </a>walked out with $38 million and decided to venture out on his own, instead of joining Google unlike his colleagues at Waze. “My vision is specifically intended to disrupt inefficient markets and improve under-functioning services, focus on solving ‘BIG problems’, saving consumers time and money, while empowering them,” the Israeli entrepreneur says on his website. He is also a trustee in Israel’s Tel Aviv University. As a mentor, he also teaches an academic workshop called “How to Build a Startup” to undergraduate and graduate level business students. Levine has also founded ‘The Founders Kitchen’ – a fund which invests in startups that address “big problems, disrupt inefficient markets and improve dysfunctional services, empowering users with relevant and timely data and tools”. He made several bets on startups like Fibo, FairFly, Moovit, Seetree and LiveCare. See Also: <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-q4-2020-revenue-dividend-profit-and-margins/articleshow/75252356.cms">Infosys’ fourth-quarter revenue is 0.8% less than three months ago</a>

Uri Levine, the man who sold his startup to Google for a billion dollars, now sits on the board of Infosys

New Delhi, India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between three per cent (Wipro) to 19 per cent (<keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>) year-on-year; and about 4 per cent (TCS) to 17 per cent (HCL Tech) when computed on a sequential basis. TCS' overall revenue rose 19.1 per cent to Rs 58,229 crore for the reporting quarter. The chief executive and managing director of India's largest IT services company <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> said the firm is more confident about the North American and British operations, which account for two-thirds of its revenues, but there are short-term uncertainties, and it is Europe, which needs closer monitoring as geopolitical tensions restrict clients from making IT spends. TCS management talked of "slow" decision making in Europe, and said it is "fairly constructive" when it comes to markets like the US, although it is keeping a close watch on how things play out over next couple of quarters. The conversations with customers are much more balanced ones, "where they are equally positive as well as cautious" yielding opportunities of "a mix of both cost and transformation deals". Chief operating officer N <keyword id="1564843" type="General" weightage="50" keywordseo="ganapathy-subramaniam" source="Orion">Ganapathy Subramaniam</keyword> said the deal momentum and pipeline are looking good, and the overall situation on technology spending seems to be intact even in this environment. Infosys posted a 20.2 per cent year-on-year increase in consolidated revenue for December quarter at Rs 38,318 crore, and surprised many by hiking full year revenue guidance to 16-16.5 per cent. Infosys' consolidated net profit rose to Rs 6,586 crore during October-December 2022 as against Rs 5,809 crore a year back, translating into 13.4 per cent increase. Sequentially, the net profit was 9.4 per cent higher than September quarter. The company raised its annual sales forecast on a strong deal pipeline, but in the same breath, it warned of "constraints" in certain verticals amid slowing global economy. Infosys called out mortgage, investment banking, telecom and hi-tech, saying these segments were "more impacted, leading to delays in decision making and uncertainty in spending." The company was, however, quick to add that sectors like energy, utilities and manufacturing continue to see traction. Moreover, the concerns are more pronounced in Europe than the US, the Bengaluru-based IT bellwether said. "We see in the European markets, more concerns on what's going on with the economy... and the US market is also there, but relatively less so in the US with respect to Europe. We will see how this plays out," Infosys CEO <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword> said during the Q3 results conference. Smaller rival Wipro has talked of potential slowdown in retail sector in its earnings' roundup. The management's talking points also touched upon "bit of a lag for conversion of bookings" and "certain level of volatility from customers in particular sectors regarding discretionary spendings." Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds. The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023. Wipro expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms. The revenues of Wipro stood at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period previous year. Noida-headquartered HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for just-ended third quarter. Its consolidated revenue grew by 19.56 per cent to Rs 26,700 crore during the reported quarter, from Rs 22,331 crore in the December 2021 quarter. HCL Tech narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. "Looking ahead, we believe there is a near term impact to a few industries, specifically technology industry clients, as they optimise while they will end up as great growth opportunities in medium term with the right propositions," C Vijayakumar, CEO of HCL Tech, said. He added: "Looking ahead we remain positive of our medium term growth, a confidence generated by our good booking and pipeline across every segment." SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/careers/news/meta-microsoft-vacating-offices-in-seattle-amid-remote-work-layoffs/articleshow/97002350.cms">Meta, Microsoft vacating offices in Seattle amid remote work, layoffs</a> <a href="https://www.businessinsider.in/india/news/pm-modi-flags-off-vande-bharat-train-connecting-secunderabad-with-visakhapatnam-ld/articleshow/97005023.cms">PM Modi flags off Vande Bharat train connecting Secunderabad with Visakhapatnam</a>

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

Software giant <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> softening its stand on <keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">moonlighting</keyword> has allowed its staffers to take up external work with prior permission, sources stated on Friday. The company has intimated to the employees its new policy through email. The email from the company states that any employee, who wishes to take up gig work, may do so, with the prior consent of their manager and <keyword id="15318360" type="General" weightage="20" keywordseo="bp-hr" source="Orion">BP-HR</keyword>, and in their personal time, for establishments that don't compete with Infosys or Infosys' clients. The corporate world has been discussing moonlighting for quite some time. Techies working for other companies has become a trend and concern in the industry with startups readily offering very attractive offers to utilize the skills of the talent working for other companies. <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword>, the Chairman of <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> repeatedly issued statements against moonlighting and had also asked the startups not to only focus on immediate fortune. The company had earlier announced the firing of hundreds of employees for integrity issues. Rishad Premji also shared how an employee in an important position was shown the doors for lack of integrity and later the company did not give him a clean relieving letter. He also shared that it did not take more than 10 minutes to fire 20 staffers of higher positions who showed a lack of integrity. The insiders in Infosys stated that the step would help the company to find solutions for many challenges that are being faced presently. The decision would help the employee to carry out the work of his or her choice. The step by Infosys will draw sharp criticism and set a new trend in the corporate world, experts say. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-products-profit-grows-36-to-355-crore-in-q2-fy23/articleshow/94992535.cms">Tata Consumer Products profit grows 36% to ₹355 crore in Q2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/zerodhas-co-founders-nithin-and-nikhil-kamath-donate-100-crore-in-fy22/slidelist/94991823.cms">Zerodha’s co-founders Nithin and Nikhil Kamath donate ₹100 crore in FY22</a>

Infosys to now allow moonlighting with prior permission, say sources

A bitter experience on a train in 1974 in Nis, a border town between what is now Serbia and Bulgaria, turned N R Narayana Murthy into a "compassionate capitalist", leading him to create Infosys, the country's IT bellwether.
 Recalling the incident, Murthy said he was engaged in a conversation with a girl, who could only understand French, but it landed him in trouble.
 "We were talking about life in Bulgaria. I think the boy, who was accompanying the girl, got upset with us for some reason. So, he went and brought the police," Murthy said on Sunday while addressing the audience at a tech fest organized by IIT, Bombay, through a video link.
 The Bulgarian guards took Murthy's passport, luggage and dragged him on the platform. He was kept in an 8X8 room, with primitive toilet facilities, for a few days.
 "I thought they would open the door in the morning and get me some breakfast since I was the state guest, but nothing happened. I lost all hope of eating anything," he said.
 The next morning, police took Murthy to the platform and pushed him into the guard's compartment of a departing freight train. At this point, Murthy had not had anything to eat or drink for five days in a row.
 The guards said, "Look, you are from a friendly country called India, so we are letting you go but we will give you your passport when you reach Istanbul."
 If a country treats friends like this, Murthy thought to himself, he would not want to be part of a communist country ever.
 "That cued me from being a confused leftist to a determined compassionate capitalist," he said.
 That incident pushed Murthy towards taking the plunge into entrepreneurship.
 He said his first attempt at entrepreneurship was a company called Softronics focused on providing IT services to the domestic market, in Pune, which he closed as he could not see any future prospects. See also: <a href="https://www.businessinsider.in/thelife/personalities/news/top-10-tech-billionaires-on-the-forbes-list-of-100-richest-indians/articleshow/71539382.cms">Top 10 tech billionaires on the Forbes list of 100 richest Indians</a> <a href="https://www.businessinsider.in/thelife/personalities/news/salil-parekh-infosys-ceo-profile/articleshow/71699382.cms">The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years</a> <a href="https://www.businessinsider.in/here-are-all-things-indian-about-boris-johnsons-new-cabinet/articleshow/70381071.cms">Here are all things Indian about Boris Johnson’s new Cabinet</a>

Infosys founder Narayana Murthy shares experience that turned him into 'compassionate capitalist'

<keyword id="221874" type="General" weightage="100" keywordseo="akshata" source="Orion">Akshata</keyword> <keyword id="1806167" type="General" weightage="80" keywordseo="murty" source="Orion">Murty</keyword>, Britain's incoming Prime Minister <keyword id="221875" type="General" weightage="50" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>'s wife whose tax status on income from outside the UK had triggered a controversy, earned Rs 126.61 crore (USD 15.3 million) in dividend income in 2022 from her shareholding in India's second-largest IT firm <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>. Murthy, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges. Her holding is worth Rs 5,956 crore (about USD 721 million) at Tuesday's trading price of Rs 1,527.40 on the BSE. Infosys paid Rs 16 per share final dividend for the 2021-22 fiscal on May 31, this year. For the current year, the firm this month announced an interim dividend of Rs 16.5, according to the company's stock exchange filings. The two dividends totalled Rs 32.5 per share or Rs 126.61 crore for Akshata. Infosys is among the best dividend-paying companies in India. In 2021, it paid a total of Rs 30 per share dividend, which would have given Akshata a total of Rs 119.5 crore in that calendar year. Sunak, 42, on Sunday won the race to lead the Conservative Party and is now set to become Britain's first prime minister of Indian origin and its youngest leader in modern times. While Sunak is a British national, his wife Akshata is an Indian citizen. Her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for a period of up to 15 years, has been a divisive issue in the UK. Non-domiciled status of Akshata became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April this year. At that time, her spokesperson had stated that as a citizen of India, she was unable to hold citizenship of another country and that "she has always and will continue to pay UK taxes on all her UK income." As the controversy snowballed, she at that time announced that she would pay UK tax on all of her worldwide earnings out of a "British sense of fairness".It is not known how much taxes she paid in the UK on the dividend income that accrued to her after April - Rs 16 per share final dividend for the 2021-22 fiscal year (April 2021 to March 2022) paid on May 31, 2022, and Rs 16.5 a share interim dividend for 2022-23 fiscal that is due to be paid on October 27. Born in her mother Sudha Murthy's hometown of Hubballi in northern Karnataka, Akshata did her schooling in Bengaluru, before moving to Claremont McKenna College in California, where she graduated with a dual major in economics and French. She did a fashion designing diploma from the Fashion Institute of Design and Merchandising in Los Angeles, which followed a short work stint at Deloitte and <keyword id="45009" type="General" weightage="50" keywordseo="unilever" source="Orion">Unilever</keyword>. She thereafter went on to pursue her MBA at Stanford where she met Rishi Sunak. The two married in 2009. The couple, who own a vast real estate portfolio, has two children, Krishna and Anoushka. They live in a 7 million townhouse in Kensington. They also own a flat in Kensington, a mansion in Rishi's Yorkshire constituency and a penthouse in California. The son of a pharmacist mother and doctor father, Sunak was educated at one of England's most renowned schools, Winchester, and then Oxford. He spent three years at Goldman Sachs Group Inc. and later gained an MBA from Stanford in California, where he met his wife Akshata Murthy. According to Infosys filings, the promoters hold 13.11 per cent of the company. Of this, the Murty family owns 3.6 per cent (Narayana Murthy holds 0.40 per cent stake, his wife Sudha 0.82 per cent, son Rohan 1.45 per cent and daughter Akshata 0.93 per cent). Other promoters include co-founder S Gopalakrishnan, Nandan M Nilekani and S D Shibulal and their families. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/rishi-sunak-is-the-first-indian-origin-british-pm-know-more-about-one-of-uks-richest-premiers/slidelist/95077247.cms">Rishi Sunak is the first Indian-origin British PM – Know more about one of UK’s richest premiers</a>

You Searched For "infosys founder" and got 11 results

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