Upbeat Infosys makes five-fold hike in innovation fund for startups

IT major announces $500 million fund, gives 3k iPhones and 100% variable bonus

GN Bureau | January 9, 2015



Infosys back in action, read a tweet on Friday, and it indeed was back with a bang. The tech major reported net profit of Rs 3,250 crore for the third quarter ended December 31, 2014, up 4.9% from Rs 3,096 crore in the quarter ended September 30, 2014. On a year-on-year basis, Infosys' net profit was up 13%.

For the first time the IT major reported the results during the share market hours and it seemed to have every reason to do so.

There were many interesting points in this quarter: Infosys announced 100 percent variable bonus for its employees,  it has gifted 3000 of its top staff with iPhone 6s and the most important announcement came in the form of $500 million global innovation fund.

Infosys has expanded its innovation fund to $500 million from $100 million. This fund will be used to invest into young companies worldwide innovating in areas such as AI,  Automation, Internet of Things, Collaboration and Design. It will focus on new ideas and products, and has appointed Deepak Padki to lead its engagement with startups.

"The company has expanded its innovation fund ....to support the creation of a global eco-system of strategic partners,” the company said in a statement.

The company also managed to increase its utilisation. Excluding trainees, the utilisation at 82.7% for the quarter was the highest in 11 years. (Including trainees it has improved to 75.7% from 75.2% at the end of second quarter.)

Meanwhile, Infosys was the top gainer in the 50-share Nifty index and drove markets higher. Other IT stocks also gained sharply post Infosys result announcement. The IT sub-index jumped 4 per cent, outperforming the broader Nifty, which was up just 0.5 percent. The company was also the darling of brokers on BSE.

Comments

 

Other News

Flying start for UDAN, but there could be rough weather ahead

PM Narendra Modi’s yet another niftily acronymed scheme, UDAN – short for Ude ‘Desh Ka Aam Naagrik’ and otherwise called ‘Regional Connectivity Scheme’ in officialese – got off to a flying start on Thursday. Modi formally launched a flight from Shimla to Delhi, and

It’s very rare to get the right budget to do what producers want: Thota Tharrani

He accompanied his father to film studios in Chennai and helped him in designing sets, but Thota Tharrani wanted to be an artist. So he studied mural painting and print-making, but as luck would have it, he finally returned to tinsel town. And the world soon took note. In Mani Ratnam’s pa

Is the AAP headed for a split?

Is the AAP headed for a split?

Bangladesh to get high-speed diesel from Numaligarh refinery

A sale-purchase agreement was signed between Numaligarh Refinery Limited (NRL) and Bangladesh Petroleum Corporation (BPC) for supply of high speed diesel (HSD) through the proposed 131 km Indo-Bangla friendship pipeline.    The agree

Ajay Maken fails to charm Delhi

The dismal performance of the Congress in the Municipal Corporations of Delhi elections forced party chief Ajay Maken to announce his resignation, ending an energetic effort to revive the party in the national capital.   Ajay Maken, now 53, had taken over as the chief

AAP in hot water following MCD poll debacle

The BJP’s clean sweep is not just a referendum on the Arvind Kejriwal government, but also could mark the beginning of the end of one of India’s youngest political parties, the Aam Aadmi Party (AAP). After the Bharatiya Janata Party’s massive win in the UP assembly elections, th



Video

फिर शुरू होगी अयोध्या में रामलीला

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter