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.
This is the 250th year since the inception of the Survey of India that has been mapping the boundaries since 1767. Archana Mishra spoke to Dr Swarna Subba Rao, former surveyor general of India, who retired in June this year. He joined the department as a deputy superintending surveyor in 1983 a
An experiment carried out to make Uttar Pradesh’s Bijnor district Open Defecation Free (ODF) succeeded due to an official’s innovative approach, noted a World Bank blog. The blog “Compressed demand”: How Uttar Pradesh is making sure rural sanitation subs
As an emerging global power and the most powerful state in South Asia, India has been perennially concerned about protracted political instability and resultant social turmoil in Afghanistan during the past few decades. Indeed, India’s engagement in the realm of development cooperation, since the o
Till the National Investigation Agency (NIA) caught up with him in Delhi on August 17, 70-year-old Zahoor Ahmad Shah Watali, a businessman, was indeed one of the most powerful persons in Kashmir valley. He was known to wield enormous clout in the corridors of power, both in Srinagar and Delhi. His influenc
Did media trial impact Aarushi-Hemraj murder case?
After spending almost a month among tribals of Mandla in Madhya Pradesh, I can confidently say that by restricting ourselves to Public Distribution System (PDS), we cannot solve the food security issues of the country. The problem is graver. In a district like Mandla, where aboriginals like Bai