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Shocking Hiring Memo Leak! Infosys, Wipro, TCS Employees Rejected In US Job Market

March 25, 2025, 9:58 am

A Reddit user has ignited a heated online debate after claiming to have received a confidential internal hiring memo from a recruiter. The leaked document, which surfaced on Reddit two days ago, allegedly details the company’s strict candidate selection process, sparking concerns over elitism and exclusion in tech hiring.

Strict Selection Criteria Favoring Elite Universities

According to the leaked memo, ideal candidates must hold a Bachelor’s or Master’s degree in Computer Science from top-tier institutions such as MIT, Stanford, Carnegie Mellon, UC Berkeley, Caltech, UIUC, and the University of Waterloo. The document further states that exceptions could be made for graduates from other schools, but only if they achieved a perfect 4.0 GPA. Additionally, candidates are required to have between four to ten years of software development experience, with expertise in modern JavaScript (TypeScript, NodeJS, ReactJS) and AI/LLMs.

Recruiter accidently emailed me her secret internal selection guidelines ?
byu/svix_ftw incodingbootcamp

Blacklisted Companies and Employment Restrictions

One of the most controversial aspects of the memo is the explicit exclusion of candidates from major tech firms and consulting backgrounds. The document reportedly includes a blacklist of companies such as Intel, Cisco, HP, TCS, Tata, Mahindra, Infosys, Capgemini, Dell, Cognizant, and Wipro, stating that individuals with past employment at these firms are “not the right fit.”

The memo also imposes nationality-based hiring restrictions, stating that visa sponsorships will not be offered. Only U.S. citizens, permanent residents, and Canadians are eligible to apply.

Viral Reaction and Industry Backlash

The Reddit user who leaked the memo expressed frustration at the hiring policies, calling them “pretentious and elitist.” Despite personally meeting most of the listed criteria, he found the document troubling and exclusionary. The post quickly gained traction, with many users sharing their own experiences of being overlooked by similar hiring practices. One commenter noted, “I work for a big company and have been trying to move into tech for years, but they only hire from certain universities.”

Adding to the discussion, an ex-L7 Facebook engineer weighed in, suggesting that such selective hiring is common and that top-tier CS schools remain the primary path for early-career jobs in software development.

Debate Over the Memo’s Authenticity

While many users were outraged, some questioned the memo’s legitimacy, accusing the Reddit user of fabricating the guidelines. However, Michael Novati, a moderator of the subreddit “codingbootcamp” and a former Facebook employee, defended the post’s credibility. Novati confirmed that the original poster had provided additional confidential evidence supporting the document’s authenticity. While he admitted that it is impossible to verify the memo with absolute certainty, he stated, “If I had to guess, I’d say it’s more likely real than fake.”

As discussions continue, the controversy sheds light on the challenges of breaking into the tech industry and raises concerns over biased hiring practices within elite firms.

Rs. 70 Lakh Salary ‘Insufficient’ in Canada: Infosys Techie Claims

September 28, 2024, 1:14 pm

An Indian-origin techie’s candid revelation about being dissatisfied with his Rs. 70 lakh salary in Canada has ignited a viral discussion on social media. He attributed his dissatisfaction largely to the high cost of living in Toronto, where he works for Infosys, and mentioned that nearly $4000 of his income goes toward rent, a sentiment that resonated with many viewers.

The video, shared on Instagram by entrepreneur and content creator Piyush Monga, has gained significant attention. Monga captioned the post, “$100,000 is not enough. Brother is not satisfied with $115,000 a year as a SAP specialist in Toronto, Canada.”

In the video, the techie, pushing a stroller alongside a woman, admits to earning over $100,000, but says he is still unhappy with the amount.

Watch Here:

View this post on Instagram

A post shared by Piyush Monga (@salaryscale)

How did social media react?

The video has garnered over 66,000 views and nearly 1,000 likes, sparking a wide range of comments.

An Instagram user commented, “I was also in life science in Infosys SAP. They want to send me to the US. Most of my colleagues went there and switched after a year.” Another suggested, “He should prepare and switch companies to make more money. Intra-company transfers in service companies will not pay a good salary, be it US or Canada.”

One user noted, “Mankind will never be satisfied with money. Enjoy life in Canada. It’s 20x better than India, even in the current circumstance,” while another expressed shock over the rent, stating, “$3,000 a month rent is craayyyzzyyy.”

In a previous video by Monga, a different Indian-origin techie revealed that after more than ten years of experience, she earns around $100,000 (approximately Rs. 60 lakh) annually while living in Canada.

Narayana Murthy Faces Backlash for Parenting Remark: ‘Parents Working 70 Hours a Week’

September 12, 2024, 4:16 pm

Infosys founder Narayana Murthy has faced criticism on social media for his recent comments on parenting. Speaking at an event in Bengaluru on September 9, Murthy emphasized that parents should create a disciplined environment at home to help their children focus on their studies. He recalled how he and his wife, Sudha Murty, dedicated over 3.5 hours each day to reading with their children, Akshata and Rohan, during their schooling years. Murthy stated, “My wife’s logic was, if I am watching TV, I cannot tell my children to study. So she said, I will sacrifice my TV time, and I will also study.”

However, his remarks have sparked a backlash, particularly on social media platforms like X. Critics have pointed out the contradiction between his comments on parenting and his earlier stance that employees should work 70 hours a week for national development.

One user, Renuka Jain, questioned, “But if parents work for 72 hours as you recommend then when will they devote time to kids?”

But if parents work for 72 hours as you recommend then when will they devote time to kids?

— Renuka Jain (@RenukaJain6) September 10, 2024

Another commenter highlighted the impracticality of balancing Murthy’s expectations with a demanding work schedule, stating, “Sir, with due respect, you were working 14 hours a day for the office, 3.5 hours for your children, leaving 6.5 hours for sleeping and other routines. Hats off to you.”

Jokes also emerged about the feasibility of balancing work and family life. X user Aman quipped, “Sir, after working 72 hours a week, there is no time left to have babies. Maternity and paternity leave will reduce productivity.”

Some users called for a more balanced approach, arguing that expecting all parents to dedicate several hours daily to their children is unrealistic. One user noted, “It’s unrealistic to expect every parent to dedicate hours to reading or studying with their kids, especially in today’s world where many parents are juggling jobs, household responsibilities, and more. Not all families have the same resources or time.”

Hurun India Rich List 2024: Infosys’ Kris Gopalakrishnan Tops Narayana Murth

September 10, 2024, 11:26 am

Narayana Murthy, the co-founder of Infosys, and his wife, Sudha Murty, have secured the fifth position in the list of Bengaluru’s richest families, as per the Hurun India Rich List 2024. With a net worth of ₹36,600 crores, Narayana Murthy ranks as the fifth-wealthiest individual in Bengaluru and the 69th richest person in India. Despite his significant wealth, Murthy’s fortune is overshadowed by another Infosys co-founder, Senapathy Gopalakrishnan, whose net worth is estimated to be ₹38,500 crores.

Who is Senapathy Gopalakrishnan?

Senapathy “Kris” Gopalakrishnan, a co-founder of Infosys, was instrumental in shaping the company’s leadership.He served as the CEO and Managing Director of the global IT giant from 2007 to 2011, before assuming the position of Vice Chairman until 2014.

Currently, Gopalakrishnan is the Chairman of Axilor Ventures, a startup accelerator that has invested in multiple companies, including GoodHome, Kaagaz, and EnKash. He holds master’s degrees in both physics and computer science from the Indian Institute of Technology (IIT) Madras. His contributions to the tech industry were recognized in 2011 when he was awarded the Padma Bhushan, India’s third-highest civilian honor.

Beyond his career at Infosys, Gopalakrishnan and his wife, Sudha Gopalakrishnan, are dedicated philanthropists. They founded the Pratiksha Trust, which focuses on brain research. Gopalakrishnan also serves on the boards of several prestigious institutions, including IIT Madras, IIM Bangalore, and IIIT Bangalore. Additionally, he is a trustee of the Chennai Mathematical Institute.

The Story of Infosys

Infosys, now a global IT powerhouse, had humble beginnings. Founded in 1981 by seven engineers in a one-bedroom apartment, the company later relocated to Bengaluru from Pune. The seven co-founders—Narayana Murthy, Nandan Nilekani, Kris Gopalakrishnan, SD Shibulal, K Dinesh, and N S Raghavan—started the company with just $250. Today, Infosys has grown into one of the world’s largest IT services companies, with a market capitalization of approximately $80 billion.

From its modest start, Infosys has played a significant role in shaping India’s IT industry, while its founders have become some of the wealthiest and most influential people in the country.

Cognizant Sues Infosys Over Trade Secrets Theft; Infosys Denies

August 24, 2024, 7:14 pm

Cognizant’s subsidiary, TriZetto, has filed a lawsuit in a Texas federal court accusing Infosys of illegally accessing its proprietary healthcare insurance software data. The lawsuit alleges that Infosys used this data to develop a competing product, which has sparked a significant legal dispute between the two IT giants.

Allegations of Data Theft

In its lawsuit, Cognizant claims that Infosys unlawfully accessed data from TriZetto’s software platforms, Facets and QNXT. The complaint alleges that Infosys used this stolen information to create its own product, which it then marketed as a competitor to Cognizant’s offerings. According to Cognizant, Infosys not only repackaged data from TriZetto’s software into a new product but also developed software to extract confidential information from QNXT.

Infosys Responds

Infosys has firmly denied the allegations, stating that it is aware of the lawsuit and will vigorously defend its position in court. The company asserts that it has not engaged in any illegal activities and disputes the claims made by Cognizant.

Recent Developments at Cognizant

The lawsuit comes at a time of significant transition for Cognizant. The company recently appointed Rajesh Varrier, a former Infosys executive, as its global head of operations and India Chairman and Managing Director. This move follows the resignation of Rajesh Nambiar, who is set to become the president of Nasscom. Additionally, Cognizant’s CEO, Ravi Kumar S, is also a former Infosys veteran, having spent over 20 years with the Bengaluru-based firm before joining Cognizant.

As the legal battle unfolds, both companies will be closely watched to see how the case affects their business operations and industry standings.

Infosys Granted ₹3,898 Crore GST Relief For 2017-18 Amidst Larger Tax Notice

August 4, 2024, 3:17 pm

Infosys Ltd has been granted a tax relief of ₹3,898 crore for the financial year 2017-18, as detailed in a company filing to the exchanges. The IT giant had previously received a pre-show cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) for the period from July 2017 to March 2022.

In the filing, Infosys stated, “The Company had received and responded to a pre-show cause notice issued by DGGI for the period July 2017 to March 2022. The Company has now received a communication from DGGI closing the pre-show cause notice proceedings for the financial year 2017-2018. The GST amount as per the pre-show cause notice for this period was ₹3,898 crore.”

The DGGI serves as the investigative arm for the Goods and Services Tax (GST). This development comes after the Karnataka state GST body withdrew a substantial ₹32,403 crore notice issued to Infosys for unpaid integrated GST (IGST) under the reverse charge mechanism (RCM) for services availed from its overseas branches during 2017-2022.

According to a Business Standard report, notices for the financial years 2018-19, 2019-20, 2020-21, and 2021-22 were not addressed, and the GST demand for 2017-18 is becoming time-barred. The Central Board of Indirect Taxes and Customs (CBIC) is reviewing the situation. If the full input tax credit is available, the deemed market value of imported services is considered NIL, but it is still uncertain if Infosys is eligible for this credit.

An Indian Express report, citing unnamed officials, suggests that notices for the remaining years may also be withdrawn soon.

This partial tax relief is a significant development for Infosys as the situation continues to unfold under the scrutiny of tax authorities.

Infosys : Karnataka Government Withdraws GST Pre-Show Cause Notice

August 2, 2024, 12:37 pm

Infosys announced on Friday that Karnataka State authorities are retracting the pre-show cause GST notice issued to the company, which had included a tax demand of Rs 32,403 crore. The company shared this update in a filing with the exchange.

Infosys stated, “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.”

Previously, on Wednesday, Karnataka’s GST authorities had issued the pre-show cause notice, demanding Rs 32,403 crore in GST for the period from July 2017 to March 2022. This demand was related to expenses incurred by Infosys’s overseas branch offices.

In response, Infosys argued that, according to regulations, GST should not apply to these expenses. The company also cited a recent Circular (Circular number 210/4/2024 dated June 26, 2024) from the Central Board of Indirect Taxes and Customs, which clarified that services provided by overseas branches to Indian entities are not subject to GST.

Infosys added, “GST payments are eligible for credit or refund,” and emphasized that it has paid all GST dues and remains fully compliant with central and state regulations.

Over 5 Crore ITRs Filed As Deadline Nears: Income Tax Dept’s Update

July 27, 2024, 9:30 pm

The Income Tax Department announced on Saturday that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, marking an 8% increase from the previous year. On July 26 alone, the portal received 28 lakh ITRs, showing a surge in last-minute filings as the deadline approaches.

The department attributed the smooth operation of the e-filing process to its technological partnership with Infosys, which has been tasked with maintaining the portal.

“More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8% more than the ITRs filed in the preceding year. Over 28 lakh ITRs were received on 26th July itself,” the Income Tax Department posted on X.

“Infosys is the technology partner of ITD for operating the e-filing portal. They have been instructed to ensure uninterrupted services. Infosys has assured uninterrupted services during the e-filing peak period,” it added.

The last date for filing ITR for AY 2024-25 is July 31, 2024.

At a session organized by the Chartered Accountants’ apex body ICAI in the national capital on Wednesday, concerns were raised about glitches in the I-T portal. In response, Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal assured attendees that the government is engaging closely with service providers to ensure the proper functioning of the income tax department’s portal.

“We are engaging closely with our service providers Infosys, IBM, and Hitachi who are on the job. The volumes are high and the compliance is also good… I have been assured that the website will function properly,” Agrawal said.

He also mentioned that the CBDT will be working over the next six months to simplify the I-T Act.

Infosys Loses Key Executive: Hemant Lamba Resigns

July 8, 2024, 2:01 pm

Infosys, the Bengaluru-based IT giant, has announced the departure of Hemant Lamba, its Executive Vice President and Global Head of Strategic Sales. Lamba, a UK-based executive, had been with organization for over seven years before resigning recently.

According to a filing with the Bombay Stock Exchange (BSE), Lamba tendered his resignation, citing personal reasons. In his resignation letter to Infosys CEO Salil Parekh, Lamba conveyed appreciation for the opportunities and valuable experiences he had during his time with the company.

“This is to inform you that Hemant Lamba, Senior Management Personnel, has resigned from the services of the company,” stated Infosys in its BSE filing, confirming Lamba’s departure from the executive leadership team.

Lamba first joined Infosys in 2009 and returned in December 2016 to lead Strategic Sales globally across various verticals. His role encompassed overseeing large deals and strategic initiatives, reporting directly to the CEO.

The resignation marks a significant change in company senior leadership, prompting attention within the industry regarding future strategic directions in sales and client engagement under new leadership.

Infosys Likely To Win This Key Government Contract!

May 28, 2024, 10:38 am

Infosys is poised to secure another significant government contract. According to a report by Money Control, Infosys has emerged as a leading contender for developing the government’s upgraded central repository of KYC records, CKYCRR 2.0. Earlier this year, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a statutory body under the Reserve Bank of India (RBI) that manages the system, issued a tender inviting major IT companies to bid for this crucial project.

The report indicates that potential bidders, including Infosys, have presented several “pre-bidding” suggestions and challenges before finalizing their proposals. Initially, the tender was set to close on April 16, but was extended to May 15 following requests from the bidders.

What the CKYCRR Update Entails

Since its inception in 2016, CKYCRR has served REs of all four major financial sector regulators—RBI, SEBI, IRDA, and PFRDA. This includes both private and government banks like HDFC, Canara Bank, and SBI; fintech apps like Paytm, PhonePe, and Razorpay; traditional and new-age brokerage firms such as Zerodha and Groww; mutual fund companies like SBI Mutual Fund, Nippon, and Tata Mutual Fund; as well as insurance aggregators like Acko and Go Digit.

The upgrade to CKYCRR 2.0 is part of broader government initiatives to prevent KYC misuse. The aim is to establish CKYC as the “single source of truth of KYC” and promote its use by Regulated Entities (REs), including banks, NBFCs, insurance companies, and mutual fund houses.

The new application is designed to address issues of inconsistent data, provide accessibility to citizens, and flag KYC-related frauds. The chosen IT company or ‘system integrators’ will be tasked with developing an advanced, scalable CKYCRR and migrating all existing data.

CKYCRR 2.0 will allow citizens to access their KYC records and receive notifications via email or SMS whenever their KYC is uploaded, updated, or downloaded by a financial institution or its partner fintech platforms.

A key upgrade is the addition of fraud detection capabilities. Citizens will be able to file complaints through the new application if they detect unauthorized REs downloading or updating their data from the repository.

What the Tender Note on CKYCRR States

“The existing application has been in operation since 2016. In order to meet evolving technological standards, security protocols, and user expectations, to enhance the feature of CKYCRR, operational efficiency, data security, and overall system performance, a new application can bring fresh perspectives, leverage new technologies, and a tailored approach to meet the unique needs,” CERSAI noted in the tender document.

Infosys Founders Call For Entrepreneurship Focus In New Government Agenda

May 16, 2024, 11:59 am

Infosys’ NR Narayana Murthy and S ‘Kris’ Gopalakrishnan have called on the incoming government to prioritize fostering entrepreneurship, which they believe will lead to job creation, wealth generation, and higher tax revenue.

“They (entrepreneurs) convert an idea into jobs for people, into wealth for themselves and their investors…”

The founder and co-founder of Infosys, NR Narayana Murthy and S ‘Kris’ Gopalakrishnan, have urged the next government in New Delhi to implement policies that support entrepreneurship. They argue that this support will result in job creation, wealth generation, and increased tax revenue. With less than a month before the new government takes office, they have highlighted the importance of encouraging entrepreneurs to help address poverty issues in the country.

ET quoted Narayana Murthy as saying, “They (entrepreneurs) convert an idea into jobs for people, into wealth for themselves and their investors, and into taxes for the country. Therefore, it is desirable that all public governance systems completely remove any hassle for entrepreneurs so that they can accelerate creation of jobs and wealth, and payment of taxes to the government. That is the ideal thing for a developing country.” He emphasized that no country has successfully tackled poverty without promoting entrepreneurship and urged the new government to fully embrace “compassionate capitalism” while allowing entrepreneurs to operate freely.

Gopalakrishnan emphasized the need for increased public and private investment in research and the importance of simplifying processes for startups. He suggested that the new government should focus on easing the process of doing business and improving the quality of life for ordinary citizens. Murthy added that while lawbreakers should face severe consequences, the majority of honest and law-abiding individuals should be allowed to progress quickly, creating jobs and paying taxes, which will benefit the country and future generations.

Kris Gopalakrishnan also urged the newly elected government to address the long-standing issue of angel tax on startup investments. “We have been talking about it (angel tax) for many years. And I still get income-tax notices asking me at what valuation I invested. So, these things must be looked at,” he said. “As Murthy said, we make the rules for the 5% of people who cheat the system, or who game the system.” Narayana Murthy agreed with Gopalakrishnan’s perspective, acknowledging that a small fraction of people will always try to game the system in any country.

In their roles at the Infosys Science Foundation, Gopalakrishnan and Murthy have advocated for policies that encourage private companies to donate equity shares to leading research institutions. Gopalakrishnan stressed that government support would boost these institutions’ confidence in accepting such donations. He highlighted the lack of investment committees or proper mechanisms in many institutions to handle equity share donations. Gopalakrishnan believes that government backing would streamline and clarify the process, which currently relies on the initiative of individuals and boards. Murthy expressed his support for the idea, stating, “As long as there is a very clear process for accepting, holding and managing equities donated by any well-wisher, why not?” He shared his own experience of attempting to donate Infosys shares to IIT Kanpur and his wife’s effort to donate to IISc around 1995. However, the regulations at that time only permitted cash donations. Murthy noted that Infosys shares have since grown by more than 768 times, emphasizing the potential impact of such donations. Gopalakrishnan acknowledged that regulations have undergone significant changes since their initial attempts to donate equity shares in the mid-1990s.

According to Murthy, the disposable income of individuals appears to be increasing. He observed that in his middle-class neighborhood in Bengaluru, numerous new establishments, including affordable food outlets, have emerged in recent years. “I see a lot of people selling fruits and vegetables at street corners. What this means is the disposable income of the middle class and lower middle classes has increased,” he said. Murthy emphasized that his observations stem from his own middle-class and lower middle-class residential area. He believes that these observations serve as reliable indicators of an improving economy and increased disposable income among the middle and lower-middle classes.

Why Canada’s Justin Trudeau Government Imposes Rs 82 Lakh Fine on Infosys?

May 15, 2024, 12:14 pm

The IT company Infosys has been fined by the Canadian government more than 1.34 lakh Canadian dollars (about Rs 82 lakh) for allegedly underpaying employee health tax for the year that concluded on December 31, 2020, according to a regulatory filing.

On May 9, Infosys received an order from the Finance Ministry of Canada. The petition stated that a fine of 1,34,822.38 Canadian dollars had been placed on the business due to “alleged underpayment of Employee Health Tax for the year ended December 31, 2020.”

The company’s finances, operations, or other activities won’t be materially impacted, according to Infosys. The IT company Infosys has been fined by the Canadian government more than 1.34 lakh Canadian dollars (about Rs 82 lakh) for allegedly underpaying employee health tax for the year that concluded on December 31, 2020, according to a regulatory filing.

Entrepreneurship is a state of mind: Infosys co-founder NR Narayana Murthy

April 27, 2024, 8:57 pm

Infosys co-founder NR Narayana Murthy offered a fresh perspective on entrepreneurship at the ‘Day Zero 2024’ event arranged by Log9 Materials, a Bengaluru-based deep technology and advanced battery technology startup.

Murthy contended that entrepreneurship isn’t merely about initiating a company; instead, it revolves around adopting a mindset centered on perpetual enhancement and attaining a competitive advantage.

“Entrepreneurship is a state of mind,” Murthy emphasized.

“Anyone can be an entrepreneur by constantly asking themselves how to do things faster, cheaper, and better.”

Murthy informed the audience that this approach results in a sustainable competitive advantage, highlighting two essential factors contributing to a company’s long-term viability.

Two pivotal elements crucial for a company’s longevity

Murthy also underscored two critical factors essential for ensuring a company’s longevity. “There are some extremely important factors that contribute to the longevity of a company. First is access to the market. Unless a company increases its access to the market, however great your idea is, it is of zero value,” said the Infosys founder.

“Second is access to talent. A company is worth zilch unless it brings the best quality minds. Because it is the power of human minds that innovates and brings to the table. So your biggest task is to recruit, enable, empower and retain the best and the brightest.”

During the event, Log9 Materials unveiled a significant transformation: their mobility division will henceforth function under the new identity of Amphion, representing a comprehensive EV asset management company.

Lok Sabha election 2024 Phase 2: ‘Today is a very happy day’ Narayana Murthy after casting his vote

April 26, 2024, 8:20 am

Infosys founder Narayana Murthy and Sudha Murthy cast their votes at BES polling station in Bengaluru. Karnataka is voting on 14 seats today in the second phase of Lok Sabha elections.

After participating in the Lok Sabha polls, Narayana Murthy, the founder of Infosys, expressed, “Every five years, we have the chance to exercise the constitutional right bestowed upon us, allowing us to select any candidate from any party to lead us. Today is a joyous occasion, a day when we should all eagerly embrace our power and fulfill our civic duty.”

#WATCH | Bengaluru, Karnataka: After casting his vote in the Lok Sabha polls, Infosys founder Narayana Murthy says, "Once in every five years, we get an opportunity to execute the right given by our constitution, to chose whatever candidate from whichever party he/she is, to… pic.twitter.com/a5Vfxna97i

— ANI (@ANI) April 26, 2024

The statement made by Narayana Murthy captures the spirit of democracy and the importance of voting. His focus on the significance of using one’s right to vote represents a basic component of civic duty and citizenship. Murthy’s call for enthusiasm in this process touches a deep chord because it highlights how important each voter’s vote is in shaping the future of the nation as a whole. His remarks serve as a reminder of this privilege’s accompanying duty and the potential effects of active engagement on democracy.

In the well-known Bengaluru South seat, the Murthys cast their votes at a polling place in Jayanagar.

The billionaire businessman Nagavara Ramarao Narayana Murthy comes from India. Among the seven co-founders of Infosys, he has held positions as chairman, CEO, president, and chief mentor of the business prior to his retirement and appointment as chairman emeritus.

Indian markets rebound, with the Sensex gaining 1,000 points in opening hours

November 11, 2022, 11:31 am

Following the lead of Asian markets and US stocks, Indian markets rose early on Friday. By the beginning of the day, the S&P BSE Sensex had risen more than 1,000 points, and at 10.30 am, it was up 992 points to 61,609, while the Nifty50 was up 283 points to 18,311.95.

S&P BSE LargeCap, one of the broad-based indices, increased 104 points to 7,110 points, with the most active stocks on the index being Zomato, Naukri, and Bajaj Finance. BSE MidCap increased by 130 points to a new high of 25,558.73 as Godrej Properties and NHPC contributed to the index’s gain. Infosys shares increased 4.30 percent, and TCS shares increased 3.94 percent, making them two of the most active Nifty50 firms. The majority of IT stocks rose in the morning.

The BSE IT index increased 3.58 percent to a level of 1026.63, with Mindtree, Infy, Latent View, LTI, and Birla Soft among the index’s most active companies. Early on Friday, all Sensex constituents were trading higher. Infosys, Wipro, Tech Mahindra, Tata Steel, HCL Technologies, and IndusInd Bank were the companies that saw the most success in the early deals.

A smaller-than-expected rise in US consumer prices fuelled hopes that the Federal Reserve might scale back its aggressive pace of interest rate hikes, which led to sharp losses for the dollar on international markets.

The Dow Jones is up 3.70%, the Nasdaq is up 7.35%, all European stock market indices are trading in the green, and Asian stock market indices, including the Nikkei 225 and Hang Seng, are all up so far.

Hong Kong shares soared 6.5% in early trade while mainland China stocks began 2.1% higher.

On the first day of subscriptions, 23% of the Kaynes Technology India IPO was subscribed. According to NSE data, bids for the Initial Public Offering (IPO) of 1,04,70,246 shares on offer were outnumbered by 24,29,325 bids.

Infosys President Ravi Kumar S steps down after 20 years stint

October 12, 2022, 11:46 am

The president of Infosys, a leading provider of IT services, Ravi Kumar S, has resigned from his position effective immediately.

The company informed the market of his resignation on Tuesday night in a stock exchange statement. “The Board of Directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S. for his contributions to the Company,” the stock filing said.

However, the petition omitted any mention of the grounds for his resignation.

According to reports, Ravi Kumar S joined Infosys in 2002 and was chosen to be its president in 2016.

He oversaw the Infosys worldwide delivery organisation in this capacity, directing services for digital transformation, application development, and maintenance, among other things.

At the Bhabha Atomic Research Center, Ravi Kumar S began his career as a nuclear scientist.