Stock Watch

The India's second-largest outsourcer, Infosys Technologies, its shares climbed high with almost 2 percent on Friday setting a record with higher spirits and optimism environment for the group for the quarterly earnings coming week.

According to Harit Shah, IT analyst with domestic brokerage Karvy Stock Broking group expressed that Infosys is anticipated to outperform its predictions and improve its whole year viewpoint along with its is finesse fundamentals.

Infosys Technologies has gifted its staff at least five equity shares each for marking its 30th year of operations in the country. This gift acts as a goodwill gesture to its employees from the company. The distribution of the shares will be done as per the company's payroll of March 2010.

The company has also informed that it will issue an additional share to its employees for each of the completed year in employment at Infosys Technologies.

It has been revealed by IT Company Infosys Technologies that the tax payment for this year has swelled nearly twice from the last year’s payment.

It was stated on Saturday that for the year ended March 2010, the payments account to Rs. 1,681 crore against Rs. 919 crore last year.
It is known that last year the company had to pay 70% of its revenues in tax.

As the STPI tax holiday is nearing, next year the company predicts the payment of 80% of its revenue. Company has decided that for all the revenues that come out of the SEZs, it will opt for full-tax regime.

Country's second-largest software services provider by revenue, Infosys has outlined that as a result of currency fluctuation, the company's top bosses received an increase in their total salary package.

For the fiscal 2009-10, the company announced a decreased profit of Rs. 5,803 crore compared with Rs. 5,819 crore recorded in the previous year.

There has been emergence of many questions as to why Infosys' top bosses managed to grab a high salary for the fiscal 2009-10 despite the company recording a lower profit compared to the previous fiscal.

Nandan Nilekani, the former head of the leading technology firm Infosys Technologies has been given more responsibilities in the government works.

Mr. Nilekani is heading the innovative unique identity card (UID) project which aims at providing an identification card to every Indian. He will now also be in charge of a technology advisory group for projects "to ensure effective tax administration and financial governance" so that the IT projects are tamper-proof and reliable.

On Thursday, Infosys Technologies announced that it is looking to hire about 15,000 people in the coming days, and the process has already been started, with company officials already visiting campuses, even as the firm looks for takeover opportunities in Europe and some countries which are predominantly non-English speaking.

India's IT giant, Infosys Technologies is most likely going to offer some 13,000 jobs to students during campus recruitment. These jobs will be offered to fresh engineering graduates who will then be joining the firm during the 2011 financial year.

The world's largest retailer, Wal-Mart, according to Business Standard, has picked India based Infosys Technologies as one of the 3 IT vendors for contracts worth a total of $600 Million, which will run for quite a number of years. Although no official confirmations have been made yet, the speculations are very strong, and list Cognizant Solution and UST Global as the other two vendors.

On the back of an improving IT job market, and the fact that the world is out of recession, although the hurt lingers in bouts, Infosys HR Director Mohandas Pai has confirmed that over the coming months, as many as 2-2.5 lakh IT sector related job opportunities will be emerging, and Infosys is planning on hiring nearly 20,000 employees as the 2010 fiscal year rolls-in.

Infosys Technologies, India's second major software services firm, has informed that its outsourcing arm Infosys BPO has decided to purchase US-based McCamish Systems.

The acquisition deal will entail an investment of $38 million (approximately Rs 176 crore).

In a declaration, the company said that it will give another $20 million if US-based firm meets certain objectives in the future.