Infosys
New to Zerodha? Sign-up for free.
New to Zerodha? Sign-up for free.
Get instant stock alerts
- Share Price
- Financials
- Revenue mix
- Shareholdings
- Peers
- Forensics
Share Price
Coming soon
- 5D
- 1M
- 6M
- YTD
- 1Y
- 5Y
- MAX
Financials
-
Summary
-
Profit & Loss
-
Balance sheet
-
Cashflow
This data is currently unavailable for this company.
| (In Cr.) |
|---|
| (In Cr.) | ||||
|---|---|---|---|---|
|
This data is currently unavailable for this company. |
| (In %) |
|---|
| (In Cr.) |
|---|
| Financial Year (In Cr.) |
|---|
Revenue mix
-
Product wise
-
Location wise
Revenue Mix
This data is currently unavailable for this company.
Revenue Mix
This data is currently unavailable for this company.
Forensics
Recent events
-
News
-
Corporate Actions
Clients clamour for steep price cuts and more productivity in AI era
Outcome-based contracts increasingly popular over billable-hour model
Nimble mid-tier firms win business as AI levels playing field
Some firms said to be making irrational decisions to please clients
By Sai Ishwarbharath B, Abhirami G and Haripriya Suresh
BENGALURU, August 21 (Reuters) - Artificial intelligence promised to disrupt India's IT industry and it is delivering.
Outsourcing giants like Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS, HCLTech HCLT.NS and Cognizant CTSH.O are rejigging business models, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.
Industry executives also say they are losing some work entirely as customers use AI to shift tasks in-house, while all the uncertainty that the new technology has brought is resulting in shorter contracts.
And where once the big IT companies won contracts because they could point to their huge employee base, that has become less and less of an advantage as AI automates more and more tasks — levelling the playing field for smaller rivals which have jumped at opportunities to snatch business.
"It's a desperate market for the service providers. The odds are very much in favour of clients," said Jimit Arora, CEO of research and advisory firm Everest Group.
Software companies globally have been battered by worries that AI will render key parts of their business obsolete, but India's IT industry — worth $315 billion in annual revenue — is the most obvious victim with its traditional reliance on billable hours.
The Nifty IT index .NIFTYIT has tumbled by a fifth this year, with its 10 constituents losing a combined $73 billion in market value.
CONTRACTS SHIFT TO MEASURABLE OUTCOMES
These days, pricing for contracts is more likely to be dictated by performance outcomes.
TCS Chief Executive K Krithivasan told Reuters that about 80% of the company's contracts within its finance, human resources and other business services segment are now based on outcome performance measures.
That number represents a doubling since AI went mainstream in late 2023, said a person with knowledge of the matter, who was not authorised to speak to media and declined to be identified. TCS did not respond to a request for comment.
Other examples in the industry include an AI and automation deal Cognizant CTSH.O struck with Daimler Truck DTGGe.DE in February. It stipulated AI-related cost savings would be split between the vendor and the client, according to people familiar with the terms.
"With AI, the fundamentals are shifting," Cognizant said in a statement to Reuters, though it declined to comment on specific contracts. "Clients now expect more value and measurable outcomes, and we are re-forging our model for that reality."
Daimler Truck did not respond to a request for comment.
A separate multiyear cloud management deal forged in June 2025 was structured so HCLTech will not be paid by German utility E.ON EONGn.DE for the first year, with payments from the second year tied to efficiency gains and specific business outcomes, according to two people familiar with the agreement.
E.ON declined to comment, while HCLTech did not respond to a request for comment.
CLIENTS WANT MORE BANG FOR THEIR BUCK
As AI drives productivity gains, clients have become increasingly vocal about getting more for less.
Persistent Systems PERS.NS CEO Sandeep Kalra told Reuters that the IT provider's clients were demanding the same work for 25% to 30% less while expecting faster delivery and higher productivity.
But on the plus side, AI is helping Persistent win larger deals than it would have previously.
"The demarcation of a scale player only by revenue is not necessarily a big thing today," he said.
IT executives and analysts alike say competition from mid-sized firms has become brutally fierce.
Many customers now want rapid development of pilot programmes and smaller firms are winning mandates by deploying senior leaders quickly and offering flexible pricing, says Phil Fersht, CEO and chief analyst at HFS Research.
"Many Tier 2 firms have been more agile and hungry in this phase," he said.
Both Persistent and Coforge COFO.NS, another mid-sized IT services provider, have seen revenue in dollar terms grow by double digits for at least eight quarters in a row. In April-June, revenue for Persistent surged 16%, while Coforge's sales jumped by a third.
In contrast, TCS, Infosys, Wipro and HCLTech had subdued growth of 1% to 3%.
IRRATIONAL EXUBERANCE?
As pressure from clients grows, some firms are making rash decisions, says Tech Mahindra TEML.NS CEO Mohit Joshi.
Some rivals are factoring in productivity gains of 70% to 80% over five to seven years and guaranteeing prices despite rising chip costs, Joshi told an analysts' call last month, adding that his company had chosen not to take such risks.
"Clearly, there is a ton of competition out there, and our competition at times is doing irrational things," he said.
Infosys last month also told analysts it had walked away from contracts that were no longer economically viable.
TCS's Krithivasan said that so far the company has been able to offset AI-related downward pressure on revenue with new work.
"But how fast and how much more we are able to go ahead of the (revenue) deflation will determine the growth going forward," he added.
TCS is also boosting its numbers of engineers who embed with clients to accelerate AI adoption and is hunting for AI acquisitions.
It is thus far the only Indian IT services provider to have announced mass layoffs in the AI era, implementing cuts of more than 12,000 last year. But companies have flagged that their traditional role as huge hirers of new recruits may be winding down.
The country's IT giants will no longer need large ranks of entry-level engineers, according to former Infosys CFO V. Balakrishnan.
"The pyramid model is gone. With coding agents, we no longer need basic coding," he said.
(Reporting by Sai Ishwarbharath B, Abhirami G and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Edwina Gibbs)
Clients clamour for steep price cuts and more productivity in AI era
Outcome-based contracts increasingly popular over billable-hour model
Nimble mid-tier firms win business as AI levels playing field
Some firms said to be making irrational decisions to please clients
By Sai Ishwarbharath B, Abhirami G and Haripriya Suresh
BENGALURU, August 21 (Reuters) - Artificial intelligence promised to disrupt India's IT industry and it is delivering.
Outsourcing giants like Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS, HCLTech HCLT.NS and Cognizant CTSH.O are rejigging business models, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.
Industry executives also say they are losing some work entirely as customers use AI to shift tasks in-house, while all the uncertainty that the new technology has brought is resulting in shorter contracts.
And where once the big IT companies won contracts because they could point to their huge employee base, that has become less and less of an advantage as AI automates more and more tasks — levelling the playing field for smaller rivals which have jumped at opportunities to snatch business.
"It's a desperate market for the service providers. The odds are very much in favour of clients," said Jimit Arora, CEO of research and advisory firm Everest Group.
Software companies globally have been battered by worries that AI will render key parts of their business obsolete, but India's IT industry — worth $315 billion in annual revenue — is the most obvious victim with its traditional reliance on billable hours.
The Nifty IT index .NIFTYIT has tumbled by a fifth this year, with its 10 constituents losing a combined $73 billion in market value.
CONTRACTS SHIFT TO MEASURABLE OUTCOMES
These days, pricing for contracts is more likely to be dictated by performance outcomes.
TCS Chief Executive K Krithivasan told Reuters that about 80% of the company's contracts within its finance, human resources and other business services segment are now based on outcome performance measures.
That number represents a doubling since AI went mainstream in late 2023, said a person with knowledge of the matter, who was not authorised to speak to media and declined to be identified. TCS did not respond to a request for comment.
Other examples in the industry include an AI and automation deal Cognizant CTSH.O struck with Daimler Truck DTGGe.DE in February. It stipulated AI-related cost savings would be split between the vendor and the client, according to people familiar with the terms.
"With AI, the fundamentals are shifting," Cognizant said in a statement to Reuters, though it declined to comment on specific contracts. "Clients now expect more value and measurable outcomes, and we are re-forging our model for that reality."
Daimler Truck did not respond to a request for comment.
A separate multiyear cloud management deal forged in June 2025 was structured so HCLTech will not be paid by German utility E.ON EONGn.DE for the first year, with payments from the second year tied to efficiency gains and specific business outcomes, according to two people familiar with the agreement.
E.ON declined to comment, while HCLTech did not respond to a request for comment.
CLIENTS WANT MORE BANG FOR THEIR BUCK
As AI drives productivity gains, clients have become increasingly vocal about getting more for less.
Persistent Systems PERS.NS CEO Sandeep Kalra told Reuters that the IT provider's clients were demanding the same work for 25% to 30% less while expecting faster delivery and higher productivity.
But on the plus side, AI is helping Persistent win larger deals than it would have previously.
"The demarcation of a scale player only by revenue is not necessarily a big thing today," he said.
IT executives and analysts alike say competition from mid-sized firms has become brutally fierce.
Many customers now want rapid development of pilot programmes and smaller firms are winning mandates by deploying senior leaders quickly and offering flexible pricing, says Phil Fersht, CEO and chief analyst at HFS Research.
"Many Tier 2 firms have been more agile and hungry in this phase," he said.
Both Persistent and Coforge COFO.NS, another mid-sized IT services provider, have seen revenue in dollar terms grow by double digits for at least eight quarters in a row. In April-June, revenue for Persistent surged 16%, while Coforge's sales jumped by a third.
In contrast, TCS, Infosys, Wipro and HCLTech had subdued growth of 1% to 3%.
IRRATIONAL EXUBERANCE?
As pressure from clients grows, some firms are making rash decisions, says Tech Mahindra TEML.NS CEO Mohit Joshi.
Some rivals are factoring in productivity gains of 70% to 80% over five to seven years and guaranteeing prices despite rising chip costs, Joshi told an analysts' call last month, adding that his company had chosen not to take such risks.
"Clearly, there is a ton of competition out there, and our competition at times is doing irrational things," he said.
Infosys last month also told analysts it had walked away from contracts that were no longer economically viable.
TCS's Krithivasan said that so far the company has been able to offset AI-related downward pressure on revenue with new work.
"But how fast and how much more we are able to go ahead of the (revenue) deflation will determine the growth going forward," he added.
TCS is also boosting its numbers of engineers who embed with clients to accelerate AI adoption and is hunting for AI acquisitions.
It is thus far the only Indian IT services provider to have announced mass layoffs in the AI era, implementing cuts of more than 12,000 last year. But companies have flagged that their traditional role as huge hirers of new recruits may be winding down.
The country's IT giants will no longer need large ranks of entry-level engineers, according to former Infosys CFO V. Balakrishnan.
"The pyramid model is gone. With coding agents, we no longer need basic coding," he said.
(Reporting by Sai Ishwarbharath B, Abhirami G and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Edwina Gibbs)
Aug 18 (Reuters) - Infosys Limited INFY.NS:
INFOSYS: COLLABORATES WITH KNORR-BREMSE FOR AI-ENABLED ENTERPRISE TRANSFORMATION
Further company coverage: INFY.NS
(([email protected];))
Aug 18 (Reuters) - Infosys Limited INFY.NS:
INFOSYS: COLLABORATES WITH KNORR-BREMSE FOR AI-ENABLED ENTERPRISE TRANSFORMATION
Further company coverage: INFY.NS
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
- Infosys expanded a multi-year engagement with Metsä Group to transform the client’s IT operations into a more unified, AI-ready operating model.
- Scope includes end-to-end global IT services, spanning application management, cloud operations, workplace services, and service desk delivery.
- The program will use Infosys Topaz Fabric to deploy agentic AI in IT operations, targeting faster incident resolution, higher service quality, productivity gains, and cost savings.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief via PR Newswire (Ref. ID: 202608060253PR_NEWS_EUPR__FR_FR19678) on August 06, 2026, and is solely responsible for the information contained therein.
- Infosys expanded a multi-year engagement with Metsä Group to transform the client’s IT operations into a more unified, AI-ready operating model.
- Scope includes end-to-end global IT services, spanning application management, cloud operations, workplace services, and service desk delivery.
- The program will use Infosys Topaz Fabric to deploy agentic AI in IT operations, targeting faster incident resolution, higher service quality, productivity gains, and cost savings.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief via PR Newswire (Ref. ID: 202608060253PR_NEWS_EUPR__FR_FR19678) on August 06, 2026, and is solely responsible for the information contained therein.
- Infosys expanded a multi-year strategic collaboration with Finland’s Metsä Group to consolidate and modernize its IT operating model using AI.
- Deal centers on Infosys Topaz Fabric to deploy agent-based IT operations, aiming to speed incident resolution, improve service delivery, cut costs.
- Scope includes end-to-end IT services across Metsä’s global sites, covering application management, cloud operations, workplace services, service desk.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief via PR Newswire (Ref. ID: GE19678) on August 05, 2026, and is solely responsible for the information contained therein.
- Infosys expanded a multi-year strategic collaboration with Finland’s Metsä Group to consolidate and modernize its IT operating model using AI.
- Deal centers on Infosys Topaz Fabric to deploy agent-based IT operations, aiming to speed incident resolution, improve service delivery, cut costs.
- Scope includes end-to-end IT services across Metsä’s global sites, covering application management, cloud operations, workplace services, service desk.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief via PR Newswire (Ref. ID: GE19678) on August 05, 2026, and is solely responsible for the information contained therein.
Aug 4 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS - HDFC BANK DEPLOYS FINACLE WEALTH MANAGEMENT SOLUTION FOR DIGITAL TRANSFORMATION
INFOSYS - DEPLOYMENT OF FINACLE WEALTH MANAGEMENT FOR HDFC BANK’S DIGITAL TRANSFORMATION
Source text: ID:nBSE6SJHv2
Further company coverage: INFY.NS
(([email protected];))
Aug 4 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS - HDFC BANK DEPLOYS FINACLE WEALTH MANAGEMENT SOLUTION FOR DIGITAL TRANSFORMATION
INFOSYS - DEPLOYMENT OF FINACLE WEALTH MANAGEMENT FOR HDFC BANK’S DIGITAL TRANSFORMATION
Source text: ID:nBSE6SJHv2
Further company coverage: INFY.NS
(([email protected];))
- Infosys Finacle won a multi-country digital banking modernization mandate from Investec on its SaaS platform hosted on Microsoft Azure.
- Investec will migrate from legacy systems across South Africa, the UK, Mauritius, and the Channel Islands to Finacle’s digital banking suite.
- Program includes core deposits and lending capabilities, virtual accounts, liquidity management, open APIs, and a multi-region cloud deployment via Microsoft Marketplace.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on July 30, 2026, and is solely responsible for the information contained therein.
- Infosys Finacle won a multi-country digital banking modernization mandate from Investec on its SaaS platform hosted on Microsoft Azure.
- Investec will migrate from legacy systems across South Africa, the UK, Mauritius, and the Channel Islands to Finacle’s digital banking suite.
- Program includes core deposits and lending capabilities, virtual accounts, liquidity management, open APIs, and a multi-region cloud deployment via Microsoft Marketplace.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on July 30, 2026, and is solely responsible for the information contained therein.
July 26 - Infosys Ltd INFY.NS:
INFOSYS - FRENCH LABOUR BODY SLAPS €175,000 FINE FOR VIOLATION IN WORK-TIME RECORDING SYSTEM
INFOSYS - FINE TO HAVE NO MATERIAL IMPACT ON FINANCIALS, OPERATIONS
Further company coverage: INFY.NS
(((([email protected];;))))
July 26 - Infosys Ltd INFY.NS:
INFOSYS - FRENCH LABOUR BODY SLAPS €175,000 FINE FOR VIOLATION IN WORK-TIME RECORDING SYSTEM
INFOSYS - FINE TO HAVE NO MATERIAL IMPACT ON FINANCIALS, OPERATIONS
Further company coverage: INFY.NS
(((([email protected];;))))
** India's Nifty 50 .NSEI and Sensex .BSESN lose about 0.8% each on Friday, taking their weekly losses to 2.6% and 3%, on course for their worst in four months, on a spike in oil prices to $100 a barrel on escalating Middle East tensions
** IT heavyweight Infosys INFY.NS drops 2.8% after it misses quarterly revenue view, narrows its fiscal year 2027 revenue growth forecast to 1.5%-3% from 1.5%-3.5%, triggering price target cuts from at least 20 brokerages
** Airlines operator Interglobe Aviation INGL.NS dips 2% after posting a June quarter loss and forecasting flat capacity growth for the ongoing September quarter
** All 16 major sectors decline; the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fall 0.8% and 0.6%
** Among stocks, HDFC Bank HDBK.NS falls 0.8%, taking its weekly loss to 10% after Q1 net interest margin declines sequentially; Reuters' report of a delay in reappointment recommendation of the lender's CEO also weighs on sentiment
** HDBK set for worst week since Jan 2024
** Brokerage Motilal Oswal Financial Services MOFS.NS slips 8.3% after soft quarterly earnings
** Eternal ETEA.NS and Swiggy SWIG.NS fall after report of Flipkart's food-delivery foray
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** India's Nifty 50 .NSEI and Sensex .BSESN lose about 0.8% each on Friday, taking their weekly losses to 2.6% and 3%, on course for their worst in four months, on a spike in oil prices to $100 a barrel on escalating Middle East tensions
** IT heavyweight Infosys INFY.NS drops 2.8% after it misses quarterly revenue view, narrows its fiscal year 2027 revenue growth forecast to 1.5%-3% from 1.5%-3.5%, triggering price target cuts from at least 20 brokerages
** Airlines operator Interglobe Aviation INGL.NS dips 2% after posting a June quarter loss and forecasting flat capacity growth for the ongoing September quarter
** All 16 major sectors decline; the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fall 0.8% and 0.6%
** Among stocks, HDFC Bank HDBK.NS falls 0.8%, taking its weekly loss to 10% after Q1 net interest margin declines sequentially; Reuters' report of a delay in reappointment recommendation of the lender's CEO also weighs on sentiment
** HDBK set for worst week since Jan 2024
** Brokerage Motilal Oswal Financial Services MOFS.NS slips 8.3% after soft quarterly earnings
** Eternal ETEA.NS and Swiggy SWIG.NS fall after report of Flipkart's food-delivery foray
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Infosys Ltd on Wednesday appointed Ashiss Kumar Dash as its next chief executive, succeeding Salil Parekh who will step down on March 31, 2027 after nine years at the helm. Dash, a three-decade veteran of the company and currently global head of a business portfolio spanning twelve industry verticals, will serve as CEO designate until March 31, 2027, before taking over as managing director and CEO for a five-year term from April 1, 2027, subject to shareholder approval. The board also approved the company's first-quarter financial results, reporting a 2.4% year-on-year constant-currency revenue growth and an operating margin of 21.1%, while revising its full-year revenue growth guidance to 1.5–3.0% from 1.5–3.5% earlier. Large deal wins in the quarter came in at $3.6 billion with 61% net new business, and AI-related services rose to 8.2% of revenue.
Powered by Tijori
Infosys Ltd on Wednesday appointed Ashiss Kumar Dash as its next chief executive, succeeding Salil Parekh who will step down on March 31, 2027 after nine years at the helm. Dash, a three-decade veteran of the company and currently global head of a business portfolio spanning twelve industry verticals, will serve as CEO designate until March 31, 2027, before taking over as managing director and CEO for a five-year term from April 1, 2027, subject to shareholder approval. The board also approved the company's first-quarter financial results, reporting a 2.4% year-on-year constant-currency revenue growth and an operating margin of 21.1%, while revising its full-year revenue growth guidance to 1.5–3.0% from 1.5–3.5% earlier. Large deal wins in the quarter came in at $3.6 billion with 61% net new business, and AI-related services rose to 8.2% of revenue.
Powered by Tijori
Infosys appointed Ashiss Kumar Dash as Chief Executive Officer Designate, effective July 23, 2026, with the intention to elevate him to Managing Director and CEO on April 1, 2027. Dash, currently global head of a multi-industry portfolio, has spent over thirty years at the company in senior roles spanning delivery, operations, and customer business. The appointment follows a recommendation from the Nomination and Remuneration Committee and will be for a five-year term, subject to shareholder approval. Dash will succeed Salil Parekh, who has led Infosys since 2018 and is credited with steering the company through a digital transformation and doubling revenue to over $20 billion.
Powered by Tijori
Infosys appointed Ashiss Kumar Dash as Chief Executive Officer Designate, effective July 23, 2026, with the intention to elevate him to Managing Director and CEO on April 1, 2027. Dash, currently global head of a multi-industry portfolio, has spent over thirty years at the company in senior roles spanning delivery, operations, and customer business. The appointment follows a recommendation from the Nomination and Remuneration Committee and will be for a five-year term, subject to shareholder approval. Dash will succeed Salil Parekh, who has led Infosys since 2018 and is credited with steering the company through a digital transformation and doubling revenue to over $20 billion.
Powered by Tijori
Infosys on Wednesday appointed Ashiss Kumar Dash as chief executive officer designate, lining up a three-decade company veteran to succeed Salil Parekh when his second term ends in March 2027. The board intends to name Dash as managing director and CEO from April 1, 2027, subject to shareholder approval. Dash currently heads a portfolio spanning multiple industry verticals and the sustainability practice. He joined Infosys more than 30 years ago and has held senior roles in client-facing business, delivery, and global operations. The Bengaluru-based company also reported a 14% year-on-year rise in June-quarter consolidated net profit to ₹7,769 crore on revenue of ₹48,211 crore. Constant-currency revenue grew 2.4%, and the management revised its full-year revenue growth forecast to 1.5–3.0%.
Powered by Tijori
Infosys on Wednesday appointed Ashiss Kumar Dash as chief executive officer designate, lining up a three-decade company veteran to succeed Salil Parekh when his second term ends in March 2027. The board intends to name Dash as managing director and CEO from April 1, 2027, subject to shareholder approval. Dash currently heads a portfolio spanning multiple industry verticals and the sustainability practice. He joined Infosys more than 30 years ago and has held senior roles in client-facing business, delivery, and global operations. The Bengaluru-based company also reported a 14% year-on-year rise in June-quarter consolidated net profit to ₹7,769 crore on revenue of ₹48,211 crore. Constant-currency revenue grew 2.4%, and the management revised its full-year revenue growth forecast to 1.5–3.0%.
Powered by Tijori
July 23 (Reuters) - India's Infosys INFY.NS appointed Ashiss Kumar Dash as its CEO designate on Thursday.
He will take charge as CEO and MD with effect from April 1, 2027, the company said.
(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; 8800437922;))
July 23 (Reuters) - India's Infosys INFY.NS appointed Ashiss Kumar Dash as its CEO designate on Thursday.
He will take charge as CEO and MD with effect from April 1, 2027, the company said.
(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; 8800437922;))
July 13 (Reuters) - Infosys Ltd INFY.NS:
MICHAEL NELSON GIBBS RETIRES AS INDEPENDENT DIRECTOR EFFECTIVE JULY 12, 2026
Source text: ID:nBSEbQ5GQZ
Further company coverage: INFY.NS
(([email protected];;))
July 13 (Reuters) - Infosys Ltd INFY.NS:
MICHAEL NELSON GIBBS RETIRES AS INDEPENDENT DIRECTOR EFFECTIVE JULY 12, 2026
Source text: ID:nBSEbQ5GQZ
Further company coverage: INFY.NS
(([email protected];;))
TCS shares rise after revenue beat from strong banking demand, rising AI revenue
Annualized AI revenue crosses $2.6 billion, driven by faster deployments across industries
Results offer investors early signs that sector growth may be stabilizing, analysts say
Updates with closing levels
By Mridula Kumar
July 10 (Reuters) - India's Tata Consultancy Services TCS.NS rose as much as 4.1% on Friday after better-than-expected quarterly revenue on strong banking demand and rising AI revenue, though analysts said the broader sector recovery was likely to remain gradual.
Shares of the country's top software services exporter trimmed some gains to close about 1% higher at 2,069 rupees, helping lift the benchmark Nifty 50 .NSEI 1.02% higher.
The IT index .NIFTYIT gained about 1.96% during the session.
Analysts said investors were looking at positive growth expectations for TCS in the coming quarters, led by AI revenue, with multiple brokerages also citing strong growth in banking, financial services and insurance, high-tech and regional markets.
"The company expects AI adoption growth and transformation to pick up, and they expect better numbers," said Piyush Pandey, lead IT Analyst at Centrum Broking.
Annualized AI revenue crossed $2.6 billion, driven by faster deployments across industries, rising from $2.3 billion in the previous quarter, TCS said.
Quarterly sales rose 14% to 722.75 billion rupees ($7.58 billion), while CEO K Krithivasan signalled a second-quarter recovery in manufacturing and life sciences demand.
SUBDUED QUARTER, GRADUAL RECOVERY
While the results offered investors early signs that growth may be stabilizing in India's $315 billion IT sector, analysts said a broader recovery was likely to remain gradual as demand concerns remained after expectations of another subdued quarter.
Flattish international revenue and a 3% year-on-year fall in headcount suggested continued sluggishness, according to Citi, while Nomura analysts said macro uncertainty still weighed on the near-term outlook.
Brokerages had flagged a low growth rate for the company in fiscal 2027 due to AI-led deflation.
The earliest the net AI impact will turn accretive for the sector and company is mid- to end-fiscal 2028, HSBC said post the results, adding that TCS' quarterly earnings offered limited grounds for pessimistic investors to reassess their stance.
Rivals Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS are expected to report their quarterly earnings later in the month.
($1 = 95.3150 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Writing by Abinaya V; Editing by Mrigank Dhaniwala and Janane Venkatraman)
TCS shares rise after revenue beat from strong banking demand, rising AI revenue
Annualized AI revenue crosses $2.6 billion, driven by faster deployments across industries
Results offer investors early signs that sector growth may be stabilizing, analysts say
Updates with closing levels
By Mridula Kumar
July 10 (Reuters) - India's Tata Consultancy Services TCS.NS rose as much as 4.1% on Friday after better-than-expected quarterly revenue on strong banking demand and rising AI revenue, though analysts said the broader sector recovery was likely to remain gradual.
Shares of the country's top software services exporter trimmed some gains to close about 1% higher at 2,069 rupees, helping lift the benchmark Nifty 50 .NSEI 1.02% higher.
The IT index .NIFTYIT gained about 1.96% during the session.
Analysts said investors were looking at positive growth expectations for TCS in the coming quarters, led by AI revenue, with multiple brokerages also citing strong growth in banking, financial services and insurance, high-tech and regional markets.
"The company expects AI adoption growth and transformation to pick up, and they expect better numbers," said Piyush Pandey, lead IT Analyst at Centrum Broking.
Annualized AI revenue crossed $2.6 billion, driven by faster deployments across industries, rising from $2.3 billion in the previous quarter, TCS said.
Quarterly sales rose 14% to 722.75 billion rupees ($7.58 billion), while CEO K Krithivasan signalled a second-quarter recovery in manufacturing and life sciences demand.
SUBDUED QUARTER, GRADUAL RECOVERY
While the results offered investors early signs that growth may be stabilizing in India's $315 billion IT sector, analysts said a broader recovery was likely to remain gradual as demand concerns remained after expectations of another subdued quarter.
Flattish international revenue and a 3% year-on-year fall in headcount suggested continued sluggishness, according to Citi, while Nomura analysts said macro uncertainty still weighed on the near-term outlook.
Brokerages had flagged a low growth rate for the company in fiscal 2027 due to AI-led deflation.
The earliest the net AI impact will turn accretive for the sector and company is mid- to end-fiscal 2028, HSBC said post the results, adding that TCS' quarterly earnings offered limited grounds for pessimistic investors to reassess their stance.
Rivals Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS are expected to report their quarterly earnings later in the month.
($1 = 95.3150 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Writing by Abinaya V; Editing by Mrigank Dhaniwala and Janane Venkatraman)
Updates with Microsoft layoff announcement on July 6
July 6 (Reuters) - Microsoft MSFT.O said on Monday it is cutting about 2.1% of its workforce, or roughly 4,800 jobs, as the Windows maker restructures parts of its commercial and Xbox businesses, joining other tech giants in a wave of layoffs as companies shift investment toward AI infrastructure.
The cuts highlight deepening concern among investors and economists that AI adoption will upend established industries, with job losses already emerging in sectors most exposed to automation.
In a memo to employees, Chief People Officer Amy Coleman said AI was changing how work gets done by automating some routine tasks, but that the layoffs were part of a broader effort to realign resources and operating structures with the company's priorities.
Below is a table of AI-linked global layoffs announced since October 2025, from biggest to smallest. Entries with no specified number are placed at the bottom.
COMPANY | MONTH ANNOUNCED | JOB CUTS | NOTES |
HSBC Holdings HSBA.L | March | 20,000, or about 10% of workforce | Weighs deep job cuts as AI overhaul unfolds |
Amazon AMZN.O | January | 16,000 | Corporate job cuts; AI‑ and efficiency‑driven overhaul |
Standard Chartered STAN.L | May | >7,000 | Cuts over 4 years; AI-driven operational streamlining, profitability optimisation |
HP Inc HPQ.N | November | 4,000-6,000 | Global cuts by end-2028; AI and operational streamlining |
British American Tobacco (BAT) BATS.L | June | 5,500 jobs, shift 3,500 roles to third parties | Plans to cut about 20% of its workforce over AI-driven overhaul to lower costs, lift profits |
Mizuho 8411.T | February | Up to 5,000 | Cuts over 10 years; long-term AI‑driven streamlining plan |
Microsoft MSFT.O | July | 4,800, or 2.1% of workforce | Impact on commercial, Xbox businesses |
Dow DOW.N | January | 4,500 | 13% of workforce; automation and AI streamlining |
Block XYZ.N | February | >4,000 | Nearly half its workforce; AI‑focused restructuring |
Cisco CSCO.O | May | <4,000 | Less than 5% of its workforce; expects pre-tax charges of up to $1 billion |
Intuit INTU.O | May | ~3,000, or about 17% of workforce | Operational streamlining, increased focus on AI efforts |
SEB SEBF.PA | February | Up to 2,100 | Cuts by end-2027; restructuring to leverage AI |
Wisetech WTC.AX | February | 2,000 | One-third of global workforce; AI integration |
Allianz ALVG.DE | November | Up to 1,800 | Travel insurance division; AI replacing manual work |
Atlassian TEAM.O | March | 1,600, or around 10% of workforce | Push into AI and enterprise sales |
Proximus PROX.BR | February | 1,200 | Cuts by 2030; AI efficiency measures |
Cloudflare NET.N | May | >1,100 | Cuts due to AI adoption |
Meta META.O, Reality Labs | January | >1,000 | Pivot from Metaverse to AI devices |
Snap SNAP.N | April | ~1,000 | Cuts to ramp up AI adoption; streamline operations |
Autodesk ADSK.O | January | ~1,000 | 7% of workforce; shift towards cloud and AI |
Nike NKE.N | January | 775 | Profit push and automation |
Telstra TLS.AX | February | 650 | AI‑driven restructuring with Infosys INFY.NS |
Meta, Superintelligence Labs | October | ~600 | Downsizing in AI division |
Freshworks FRSH.O | May | ~500 | Cuts due to work automation and AI adoption |
Danske Bank DANSKE.CO | February | 420 | Cuts due to automation and efficiencies |
Meta | March | Up to 20% of workforce | Workforce could shrink by 20% amid AI focus; to invest $600 billion for data centres by 2028 |
Pinterest PINS.N | January | Up to 15% of workforce | Redirecting resources toward AI strategy |
Agora AGOP.WA | December | Up to 166 | Nearly 7% of workforce; digital restructuring |
MercadoLibre | January | 119 | AI‑expansion move |
British American Tobacco BATS.L | February | Not specified | AI‑driven productivity programme |
(Reporting by Romolo Tosiani, Enrico Sciacovelli and Philippe Leroy Beaulieu in Gdansk, Additional reporting by Anshuman Tripathy; Editing by Matt Scuffham, Milla Nissi-Prussak, Jonathan Ananda, Devika Syamnath and Shilpi Majumdar)
Updates with Microsoft layoff announcement on July 6
July 6 (Reuters) - Microsoft MSFT.O said on Monday it is cutting about 2.1% of its workforce, or roughly 4,800 jobs, as the Windows maker restructures parts of its commercial and Xbox businesses, joining other tech giants in a wave of layoffs as companies shift investment toward AI infrastructure.
The cuts highlight deepening concern among investors and economists that AI adoption will upend established industries, with job losses already emerging in sectors most exposed to automation.
In a memo to employees, Chief People Officer Amy Coleman said AI was changing how work gets done by automating some routine tasks, but that the layoffs were part of a broader effort to realign resources and operating structures with the company's priorities.
Below is a table of AI-linked global layoffs announced since October 2025, from biggest to smallest. Entries with no specified number are placed at the bottom.
COMPANY | MONTH ANNOUNCED | JOB CUTS | NOTES |
HSBC Holdings HSBA.L | March | 20,000, or about 10% of workforce | Weighs deep job cuts as AI overhaul unfolds |
Amazon AMZN.O | January | 16,000 | Corporate job cuts; AI‑ and efficiency‑driven overhaul |
Standard Chartered STAN.L | May | >7,000 | Cuts over 4 years; AI-driven operational streamlining, profitability optimisation |
HP Inc HPQ.N | November | 4,000-6,000 | Global cuts by end-2028; AI and operational streamlining |
British American Tobacco (BAT) BATS.L | June | 5,500 jobs, shift 3,500 roles to third parties | Plans to cut about 20% of its workforce over AI-driven overhaul to lower costs, lift profits |
Mizuho 8411.T | February | Up to 5,000 | Cuts over 10 years; long-term AI‑driven streamlining plan |
Microsoft MSFT.O | July | 4,800, or 2.1% of workforce | Impact on commercial, Xbox businesses |
Dow DOW.N | January | 4,500 | 13% of workforce; automation and AI streamlining |
Block XYZ.N | February | >4,000 | Nearly half its workforce; AI‑focused restructuring |
Cisco CSCO.O | May | <4,000 | Less than 5% of its workforce; expects pre-tax charges of up to $1 billion |
Intuit INTU.O | May | ~3,000, or about 17% of workforce | Operational streamlining, increased focus on AI efforts |
SEB SEBF.PA | February | Up to 2,100 | Cuts by end-2027; restructuring to leverage AI |
Wisetech WTC.AX | February | 2,000 | One-third of global workforce; AI integration |
Allianz ALVG.DE | November | Up to 1,800 | Travel insurance division; AI replacing manual work |
Atlassian TEAM.O | March | 1,600, or around 10% of workforce | Push into AI and enterprise sales |
Proximus PROX.BR | February | 1,200 | Cuts by 2030; AI efficiency measures |
Cloudflare NET.N | May | >1,100 | Cuts due to AI adoption |
Meta META.O, Reality Labs | January | >1,000 | Pivot from Metaverse to AI devices |
Snap SNAP.N | April | ~1,000 | Cuts to ramp up AI adoption; streamline operations |
Autodesk ADSK.O | January | ~1,000 | 7% of workforce; shift towards cloud and AI |
Nike NKE.N | January | 775 | Profit push and automation |
Telstra TLS.AX | February | 650 | AI‑driven restructuring with Infosys INFY.NS |
Meta, Superintelligence Labs | October | ~600 | Downsizing in AI division |
Freshworks FRSH.O | May | ~500 | Cuts due to work automation and AI adoption |
Danske Bank DANSKE.CO | February | 420 | Cuts due to automation and efficiencies |
Meta | March | Up to 20% of workforce | Workforce could shrink by 20% amid AI focus; to invest $600 billion for data centres by 2028 |
Pinterest PINS.N | January | Up to 15% of workforce | Redirecting resources toward AI strategy |
Agora AGOP.WA | December | Up to 166 | Nearly 7% of workforce; digital restructuring |
MercadoLibre | January | 119 | AI‑expansion move |
British American Tobacco BATS.L | February | Not specified | AI‑driven productivity programme |
(Reporting by Romolo Tosiani, Enrico Sciacovelli and Philippe Leroy Beaulieu in Gdansk, Additional reporting by Anshuman Tripathy; Editing by Matt Scuffham, Milla Nissi-Prussak, Jonathan Ananda, Devika Syamnath and Shilpi Majumdar)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, July 3 (Reuters Breakingviews) - Markets aren't trusting IT outsourcers to get anything right. Shares in India's $7.5 billion Persistent Systems PERS.NS plunged after CEO Sandeep Kalra agreed to pay a 140% premium for its buyout of Germany's Nagarro NA9n.DE. But the $1.45 bln deal helps the buyer meet long-standing strategic goals at knockdown valuation.
After dropping 11% after the acquisition was announced on Saturday, Persistent's stock pared losses but remains 5% below its undisturbed price. The visceral negative reaction channels widespread industry uncertainty about whether acquisitions are a good answer to the AI revenue deflation threat facing the industry since Anthropic and peers launched coding tools.
Indian IT companies are loaded with cash but rarely strike deals, and very few transactions are regarded as successful. Even without a premium, Persistent's returns from its purchase are unlikely to cover the Indian software industry's 10% cost of capital per data from the NYU Stern School of Business, according to Breakingviews calculations.
Yet the acquisition is transformative. It will boost Persistent's presence in Europe, more than doubling the continent's share in its top line to 22%, and give it an entry into the Middle East, Turkey and Japan. As well as reducing its reliance on North America where the Trump administration is making it harder to secure visas for skilled workers that the IT industry needs, the deal will also add capabilities in serving industrial and consumer enterprises as well as governments, where Persistent has limited presence.
The sudden global investor aversion to software stocks handed Persistent an opening to meet these strategic goals at relatively attractive valuations. Nagarro's stock has fallen 46% since the beginning of 2026, twice as much as Persistent over the same period. It is paying 19 times Visible Alpha's estimates of the target's 2026 earnings, less than its own 29 times.
Given investors are anyway in the mood to punish IT companies and pushing back against attempts by others like $44 billion Infosys INFY.NS to boost buybacks, the downside of making a bold acquisition is limited.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Persistent Systems on June 27 said it would launch an offer for all outstanding shares in Munich-headquartered Nagarro Group, valuing it at $1.45 billion including debt. The offer of 81 euros ($92.12) per share represents a 140% premium to the last traded price before the deal was announced.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, July 3 (Reuters Breakingviews) - Markets aren't trusting IT outsourcers to get anything right. Shares in India's $7.5 billion Persistent Systems PERS.NS plunged after CEO Sandeep Kalra agreed to pay a 140% premium for its buyout of Germany's Nagarro NA9n.DE. But the $1.45 bln deal helps the buyer meet long-standing strategic goals at knockdown valuation.
After dropping 11% after the acquisition was announced on Saturday, Persistent's stock pared losses but remains 5% below its undisturbed price. The visceral negative reaction channels widespread industry uncertainty about whether acquisitions are a good answer to the AI revenue deflation threat facing the industry since Anthropic and peers launched coding tools.
Indian IT companies are loaded with cash but rarely strike deals, and very few transactions are regarded as successful. Even without a premium, Persistent's returns from its purchase are unlikely to cover the Indian software industry's 10% cost of capital per data from the NYU Stern School of Business, according to Breakingviews calculations.
Yet the acquisition is transformative. It will boost Persistent's presence in Europe, more than doubling the continent's share in its top line to 22%, and give it an entry into the Middle East, Turkey and Japan. As well as reducing its reliance on North America where the Trump administration is making it harder to secure visas for skilled workers that the IT industry needs, the deal will also add capabilities in serving industrial and consumer enterprises as well as governments, where Persistent has limited presence.
The sudden global investor aversion to software stocks handed Persistent an opening to meet these strategic goals at relatively attractive valuations. Nagarro's stock has fallen 46% since the beginning of 2026, twice as much as Persistent over the same period. It is paying 19 times Visible Alpha's estimates of the target's 2026 earnings, less than its own 29 times.
Given investors are anyway in the mood to punish IT companies and pushing back against attempts by others like $44 billion Infosys INFY.NS to boost buybacks, the downside of making a bold acquisition is limited.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Persistent Systems on June 27 said it would launch an offer for all outstanding shares in Munich-headquartered Nagarro Group, valuing it at $1.45 billion including debt. The offer of 81 euros ($92.12) per share represents a 140% premium to the last traded price before the deal was announced.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Adds BAT
June 29 (Reuters) - Concerns are deepening among investors and economists that AI adoption will upend established industries, with job losses already emerging in sectors most exposed to automation.
Goldman Sachs economists said in February that AI was responsible for 5,000 to 10,000 monthly net job losses last year in the most exposed U.S. industries.
A survey by global outplacement firm Challenger, Gray & Christmas linked AI to 7% of total U.S. planned layoffs announced in January.
Below is a table of AI-linked global layoffs announced since October 2025 from biggest to smallest. Entries with no specified number are placed at the bottom.
COMPANY | MONTH ANNOUNCED | JOB CUTS | NOTES |
HSBC Holdings HSBA.L | March | 20,000, or about 10% of workforce | Weighs deep job cuts as AI overhaul unfolds |
Amazon AMZN.O | January | 16,000 | Corporate job cuts; AI‑ and efficiency‑driven overhaul |
Standard Chartered STAN.L | May | >7,000 | Cuts over 4 years; AI-driven operational streamlining, profitability optimisation |
HP Inc HPQ.N | November | 4,000-6,000 | Global cuts by end-2028; AI and operational streamlining |
British American Tobacco (BAT) BATS.L | June | 5,500 jobs, shift 3,500 roles to third parties | Plans to cut about 20% of its workforce over AI-driven overhaul to lower costs, lift profits |
Mizuho 8411.T | February | Up to 5,000 | Cuts over 10 years; long-term AI‑driven streamlining plan |
Dow DOW.N | January | 4,500 | 13% of workforce; automation and AI streamlining |
Block XYZ.N | February | >4,000 | Nearly half its workforce; AI‑focused restructuring |
Cisco CSCO.O | May | <4,000 | Less than 5% of its workforce; expects pre-tax charges of up to $1 billion |
Intuit INTU.O | May | ~3,000, or about 17% of workforce | Operational streamlining, increased focus on AI efforts |
SEB SEBF.PA | February | Up to 2,100 | Cuts by end-2027; restructuring to leverage AI |
Wisetech WTC.AX | February | 2,000 | One-third of global workforce; AI integration |
Allianz ALVG.DE | November | Up to 1,800 | Travel insurance division; AI replacing manual work |
Atlassian TEAM.O | March | 1,600, or around 10% of workforce | Push into AI and enterprise sales |
Proximus PROX.BR | February | 1,200 | Cuts by 2030; AI efficiency measures |
Cloudflare NET.N | May | >1,100 | Cuts due to AI adoption |
Meta META.O, Reality Labs | January | >1,000 | Pivot from Metaverse to AI devices |
Snap SNAP.N | April | ~1,000 | Cuts to ramp up AI adoption; streamline operations |
Autodesk ADSK.O | January | ~1,000 | 7% of workforce; shift towards cloud and AI |
Nike NKE.N | January | 775 | Profit push and automation |
Telstra TLS.AX | February | 650 | AI‑driven restructuring with Infosys INFY.NS |
Meta, Superintelligence Labs | October | ~600 | Downsizing in AI division |
Freshworks FRSH.O | May | ~500 | Cuts due to work automation and AI adoption |
Danske Bank DANSKE.CO | February | 420 | Cuts due to automation and efficiencies |
Meta | March | Up to 20% of workforce | Workforce could shrink by 20% amid AI focus; to invest $600 billion for data centres by 2028 |
Pinterest PINS.N | January | Up to 15% of workforce | Redirecting resources toward AI strategy |
Agora AGOP.WA | December | Up to 166 | Nearly 7% of workforce; digital restructuring |
MercadoLibre | January | 119 | AI‑expansion move |
British American Tobacco BATS.L | February | Not specified | AI‑driven productivity programme |
(Reporting by Romolo Tosiani and Philippe Leroy Beaulieu in Gdansk, Additional reporting by Anshuman Tripathy; Editing by Matt Scuffham, Milla Nissi-Prussak, Jonathan Ananda, Devika Syamnath and Shilpi Majumdar)
Adds BAT
June 29 (Reuters) - Concerns are deepening among investors and economists that AI adoption will upend established industries, with job losses already emerging in sectors most exposed to automation.
Goldman Sachs economists said in February that AI was responsible for 5,000 to 10,000 monthly net job losses last year in the most exposed U.S. industries.
A survey by global outplacement firm Challenger, Gray & Christmas linked AI to 7% of total U.S. planned layoffs announced in January.
Below is a table of AI-linked global layoffs announced since October 2025 from biggest to smallest. Entries with no specified number are placed at the bottom.
COMPANY | MONTH ANNOUNCED | JOB CUTS | NOTES |
HSBC Holdings HSBA.L | March | 20,000, or about 10% of workforce | Weighs deep job cuts as AI overhaul unfolds |
Amazon AMZN.O | January | 16,000 | Corporate job cuts; AI‑ and efficiency‑driven overhaul |
Standard Chartered STAN.L | May | >7,000 | Cuts over 4 years; AI-driven operational streamlining, profitability optimisation |
HP Inc HPQ.N | November | 4,000-6,000 | Global cuts by end-2028; AI and operational streamlining |
British American Tobacco (BAT) BATS.L | June | 5,500 jobs, shift 3,500 roles to third parties | Plans to cut about 20% of its workforce over AI-driven overhaul to lower costs, lift profits |
Mizuho 8411.T | February | Up to 5,000 | Cuts over 10 years; long-term AI‑driven streamlining plan |
Dow DOW.N | January | 4,500 | 13% of workforce; automation and AI streamlining |
Block XYZ.N | February | >4,000 | Nearly half its workforce; AI‑focused restructuring |
Cisco CSCO.O | May | <4,000 | Less than 5% of its workforce; expects pre-tax charges of up to $1 billion |
Intuit INTU.O | May | ~3,000, or about 17% of workforce | Operational streamlining, increased focus on AI efforts |
SEB SEBF.PA | February | Up to 2,100 | Cuts by end-2027; restructuring to leverage AI |
Wisetech WTC.AX | February | 2,000 | One-third of global workforce; AI integration |
Allianz ALVG.DE | November | Up to 1,800 | Travel insurance division; AI replacing manual work |
Atlassian TEAM.O | March | 1,600, or around 10% of workforce | Push into AI and enterprise sales |
Proximus PROX.BR | February | 1,200 | Cuts by 2030; AI efficiency measures |
Cloudflare NET.N | May | >1,100 | Cuts due to AI adoption |
Meta META.O, Reality Labs | January | >1,000 | Pivot from Metaverse to AI devices |
Snap SNAP.N | April | ~1,000 | Cuts to ramp up AI adoption; streamline operations |
Autodesk ADSK.O | January | ~1,000 | 7% of workforce; shift towards cloud and AI |
Nike NKE.N | January | 775 | Profit push and automation |
Telstra TLS.AX | February | 650 | AI‑driven restructuring with Infosys INFY.NS |
Meta, Superintelligence Labs | October | ~600 | Downsizing in AI division |
Freshworks FRSH.O | May | ~500 | Cuts due to work automation and AI adoption |
Danske Bank DANSKE.CO | February | 420 | Cuts due to automation and efficiencies |
Meta | March | Up to 20% of workforce | Workforce could shrink by 20% amid AI focus; to invest $600 billion for data centres by 2028 |
Pinterest PINS.N | January | Up to 15% of workforce | Redirecting resources toward AI strategy |
Agora AGOP.WA | December | Up to 166 | Nearly 7% of workforce; digital restructuring |
MercadoLibre | January | 119 | AI‑expansion move |
British American Tobacco BATS.L | February | Not specified | AI‑driven productivity programme |
(Reporting by Romolo Tosiani and Philippe Leroy Beaulieu in Gdansk, Additional reporting by Anshuman Tripathy; Editing by Matt Scuffham, Milla Nissi-Prussak, Jonathan Ananda, Devika Syamnath and Shilpi Majumdar)
** IT services firm Infosys' U.S.-listed shares INFY.N rise 2.1% to $10.8
** Wells Fargo initiates coverage with "equal weight" rating; sets PT at $11, implying a 4.1% upside to the stock's last close
** Brokerage says INFY is "not immune from AI transition" and awaits further proof that the company is a net beneficiary of the technology
** Notes "overall demand backdrop remains complex given geopolitical uncertainty" and while INFY's large deal bookings trends are healthy, "smaller more discretionary projects remain muted"
** Avg. rating of 14 analysts is "hold;" their median PT is $14.50, according to LSEG data
** Stock has fallen 39.4% so far this year
(Reporting by Anzar Mehraj in Bengaluru)
** IT services firm Infosys' U.S.-listed shares INFY.N rise 2.1% to $10.8
** Wells Fargo initiates coverage with "equal weight" rating; sets PT at $11, implying a 4.1% upside to the stock's last close
** Brokerage says INFY is "not immune from AI transition" and awaits further proof that the company is a net beneficiary of the technology
** Notes "overall demand backdrop remains complex given geopolitical uncertainty" and while INFY's large deal bookings trends are healthy, "smaller more discretionary projects remain muted"
** Avg. rating of 14 analysts is "hold;" their median PT is $14.50, according to LSEG data
** Stock has fallen 39.4% so far this year
(Reporting by Anzar Mehraj in Bengaluru)
June 24 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS COLLABORATES WITH SENTARA TO UNLOCK AI VALUE AND SCALE ENTERPRISE AI ADOPTION IN HEALTHCARE SERVICES
Source text: ID:nCNWBlGzha
Further company coverage: INFY.NS
(([email protected];))
June 24 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS COLLABORATES WITH SENTARA TO UNLOCK AI VALUE AND SCALE ENTERPRISE AI ADOPTION IN HEALTHCARE SERVICES
Source text: ID:nCNWBlGzha
Further company coverage: INFY.NS
(([email protected];))
June 23 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS ANNOUNCES EXPANDED COLLABORATION WITH GLOBALFOUNDRIES TO ACCELERATE AI-DRIVEN TRANSFORMATION OF IT OPERATIONS
Source text: ID:nCNW7F8Dha
Further company coverage: INFY.NS
(([email protected];))
June 23 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS ANNOUNCES EXPANDED COLLABORATION WITH GLOBALFOUNDRIES TO ACCELERATE AI-DRIVEN TRANSFORMATION OF IT OPERATIONS
Source text: ID:nCNW7F8Dha
Further company coverage: INFY.NS
(([email protected];))
BENGALURU, June 19 (Reuters) - India's Nifty IT index .NIFTYIT slumped 5.8% on Friday after industry bellwether Accenture ACN.N forecast quarterly sales below Wall Street view and lowered the upper end of its annual revenue outlook due to weakness in its Middle East business.
Shares of Indian IT companies, including Tata Consultancy Services TCS.NS, Infosys INFY.NS, and HCL Technologies HCLT.NS fell between 5% and 7%.
(Reporting by Haripriya Suresh in Bengaluru; Editing by Sherry Jacob-Phillips)
BENGALURU, June 19 (Reuters) - India's Nifty IT index .NIFTYIT slumped 5.8% on Friday after industry bellwether Accenture ACN.N forecast quarterly sales below Wall Street view and lowered the upper end of its annual revenue outlook due to weakness in its Middle East business.
Shares of Indian IT companies, including Tata Consultancy Services TCS.NS, Infosys INFY.NS, and HCL Technologies HCLT.NS fell between 5% and 7%.
(Reporting by Haripriya Suresh in Bengaluru; Editing by Sherry Jacob-Phillips)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, June 17 (Reuters Breakingviews) - HCLTech’s HCLT.NS decision to lead a fundraising round for India’s sovereign AI posterchild is both timely and shrewd. The $32 billion IT services firm's 10% stake in Sarvam, valuing the startup at $1.5 billion, is small enough to limit any risk yet showy enough to deflect mounting criticism that the world's back office is underinvesting as AI eats away at its revenue.
To be sure, Sarvam, founded by Vivek Raghavan and Pratyush Kumar, is not a neat fit for its newest big backer. The barely three-year-old startup's large language model is optimised for Indic languages but HCL's client base is largely outside the country, mostly in the United States and Europe: India accounted for just 3% of HCLTech's annual sales in the year to the end of March 2026.
And while the IT industry's decades-long success is often attributed to New Delhi staying out of the way, Sarvam is at the heart of the government's IndiaAI Mission. Through that initiative, the startup has secured financial and compute support, including subsidised access to Nvidia's NVDA.O graphics processing chips.
Of course, taking a stake in India's sovereign AI champion could unlock more domestic deals for the C Vijayakumar-led company with Indian enterprises. And it might also get early access to Sarvam's latest tech, as Microsoft MSFT.O did through its investment in OpenAI, though the company run by Satya Nadella also bagged a huge customer for its Azure cloud business.
The political returns for HCL at least appear more certain. Washington's order for Anthropic to suspend access for non-U.S. residents to its Fable 5 and Mythos 5 models will only deepen the desire of governments around the world to find their own sovereign AI solutions across compute infrastructure, AI models and user-facing AI software. That will require oodles of capital.
HCL's rivals such as Wipro WIPR.NS and Infosys INFY.NS are attempting to counter AI deflation on their revenues in other ways. Tata Consultancy Services TCS.NS, for example, is investing in a data centre. Backing Sarvam is, for now, less expensive and probably more politically savvy. They may be tempted to pile in too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
HCLTech will acquire a 10.5% stake in Sarvam AI for 14.27 billion rupees ($150.7 million) in cash, the Indian IT services company said in a stock exchange filing on June 15. HCL co-led the fundraising round with Bessemer Venture Partners. It also included existing investors Khosla Ventures and Peak XV Partners.
The investment will allow the Indian IT services company to develop specific language models and AI solutions for its global client base and accelerate the development of sovereign AI solutions for governments and regulated industries, HCLTech said.
Sarvam was valued at $1.5 billion in the round, which raised $234 million in its first close out of a targeted $300 million. The AI startup is backed by India's government AI Mission.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, June 17 (Reuters Breakingviews) - HCLTech’s HCLT.NS decision to lead a fundraising round for India’s sovereign AI posterchild is both timely and shrewd. The $32 billion IT services firm's 10% stake in Sarvam, valuing the startup at $1.5 billion, is small enough to limit any risk yet showy enough to deflect mounting criticism that the world's back office is underinvesting as AI eats away at its revenue.
To be sure, Sarvam, founded by Vivek Raghavan and Pratyush Kumar, is not a neat fit for its newest big backer. The barely three-year-old startup's large language model is optimised for Indic languages but HCL's client base is largely outside the country, mostly in the United States and Europe: India accounted for just 3% of HCLTech's annual sales in the year to the end of March 2026.
And while the IT industry's decades-long success is often attributed to New Delhi staying out of the way, Sarvam is at the heart of the government's IndiaAI Mission. Through that initiative, the startup has secured financial and compute support, including subsidised access to Nvidia's NVDA.O graphics processing chips.
Of course, taking a stake in India's sovereign AI champion could unlock more domestic deals for the C Vijayakumar-led company with Indian enterprises. And it might also get early access to Sarvam's latest tech, as Microsoft MSFT.O did through its investment in OpenAI, though the company run by Satya Nadella also bagged a huge customer for its Azure cloud business.
The political returns for HCL at least appear more certain. Washington's order for Anthropic to suspend access for non-U.S. residents to its Fable 5 and Mythos 5 models will only deepen the desire of governments around the world to find their own sovereign AI solutions across compute infrastructure, AI models and user-facing AI software. That will require oodles of capital.
HCL's rivals such as Wipro WIPR.NS and Infosys INFY.NS are attempting to counter AI deflation on their revenues in other ways. Tata Consultancy Services TCS.NS, for example, is investing in a data centre. Backing Sarvam is, for now, less expensive and probably more politically savvy. They may be tempted to pile in too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
HCLTech will acquire a 10.5% stake in Sarvam AI for 14.27 billion rupees ($150.7 million) in cash, the Indian IT services company said in a stock exchange filing on June 15. HCL co-led the fundraising round with Bessemer Venture Partners. It also included existing investors Khosla Ventures and Peak XV Partners.
The investment will allow the Indian IT services company to develop specific language models and AI solutions for its global client base and accelerate the development of sovereign AI solutions for governments and regulated industries, HCLTech said.
Sarvam was valued at $1.5 billion in the round, which raised $234 million in its first close out of a targeted $300 million. The AI startup is backed by India's government AI Mission.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
June 16 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS - COLLABORATES WITH VALMET FOR IT OPERATIONS WITH AI ACCELERATED TRANSFORMATION
Source text: ID:nnAZN4T2KHZ
Further company coverage: INFY.NS
(([email protected];))
June 16 (Reuters) - Infosys Ltd INFY.NS:
INFOSYS - COLLABORATES WITH VALMET FOR IT OPERATIONS WITH AI ACCELERATED TRANSFORMATION
Source text: ID:nnAZN4T2KHZ
Further company coverage: INFY.NS
(([email protected];))
Company to enter Kolkata, expand in northern India
Hyderabad accounts for more than half of revenue
CFO sees revenue growth of 15% in current year
By Praveen Paramasivam
June 15 (Reuters) - Hyderabad-based Electronics Mart India ELEO.NS is looking to diversify away from the technology hub as concerns grow that potential AI-triggered job losses could hurt consumer spending, a top executive said.
The retailer gets about 60% of its revenue from Hyderabad, which hosts offices of global companies such as JPMorgan Chase JPM.N and Eli Lilly LLY.N, and Indian IT majors Wipro WIPR.NS and Infosys INFY.NS.
Around a fifth of its stores in Hyderabad are located in neighbourhoods where the majority of the residents are software employees.
The retailer, which sells products from brands including Sony and OnePlus, has over 220 stores across six states, mostly in the southern states of Andhra Pradesh and Telangana, and entered the National Capital Region in 2022.
By comparison, billionaire Mukesh Ambani's Reliance Digital has more than 695 outlets and Tata Group's Croma about 540 stores. Privately held Vijay Sales operates more than 170 stores, according to their websites.
Electronics Mart plans to invest about 1.2 billion rupees ($12.69 million) to open 20 stores in the current financial year, including up to seven in Kolkata, where it currently has no presence, while deepening its presence in and around New Delhi.
"If there is any disturbance in the IT industry, definitely there is going to be an impact on our business," CFO Premchand Devarakonda told Reuters.
Growing AI adoption has raised concerns about job losses in the technology sector, a key driver of consumption in cities such as Hyderabad and Bengaluru.
"We need not really worry immediately," Devarakonda said, adding the expansion was aimed at "de-risking" the retailer's dependence on any one sector.
Electronics Mart plans to add 20 to 25 stores annually over the next five years, with a focus on northern markets where fragmented retail offers scope for growth.
For the current year, the company expects revenue to rise about 15%, in line with LSEG estimates, helped in part by strong demand for air conditioners in a hotter summer.
($1 = 94.5950 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Nivedita Bhattacharjee)
(([email protected]; +91 867-525-3569;))
Company to enter Kolkata, expand in northern India
Hyderabad accounts for more than half of revenue
CFO sees revenue growth of 15% in current year
By Praveen Paramasivam
June 15 (Reuters) - Hyderabad-based Electronics Mart India ELEO.NS is looking to diversify away from the technology hub as concerns grow that potential AI-triggered job losses could hurt consumer spending, a top executive said.
The retailer gets about 60% of its revenue from Hyderabad, which hosts offices of global companies such as JPMorgan Chase JPM.N and Eli Lilly LLY.N, and Indian IT majors Wipro WIPR.NS and Infosys INFY.NS.
Around a fifth of its stores in Hyderabad are located in neighbourhoods where the majority of the residents are software employees.
The retailer, which sells products from brands including Sony and OnePlus, has over 220 stores across six states, mostly in the southern states of Andhra Pradesh and Telangana, and entered the National Capital Region in 2022.
By comparison, billionaire Mukesh Ambani's Reliance Digital has more than 695 outlets and Tata Group's Croma about 540 stores. Privately held Vijay Sales operates more than 170 stores, according to their websites.
Electronics Mart plans to invest about 1.2 billion rupees ($12.69 million) to open 20 stores in the current financial year, including up to seven in Kolkata, where it currently has no presence, while deepening its presence in and around New Delhi.
"If there is any disturbance in the IT industry, definitely there is going to be an impact on our business," CFO Premchand Devarakonda told Reuters.
Growing AI adoption has raised concerns about job losses in the technology sector, a key driver of consumption in cities such as Hyderabad and Bengaluru.
"We need not really worry immediately," Devarakonda said, adding the expansion was aimed at "de-risking" the retailer's dependence on any one sector.
Electronics Mart plans to add 20 to 25 stores annually over the next five years, with a focus on northern markets where fragmented retail offers scope for growth.
For the current year, the company expects revenue to rise about 15%, in line with LSEG estimates, helped in part by strong demand for air conditioners in a hotter summer.
($1 = 94.5950 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Nivedita Bhattacharjee)
(([email protected]; +91 867-525-3569;))
Adds details
June 11 (Reuters) - India's Tata Consultancy Services TCS.NS has partnered with Anthropic to launch an alliance to drive enterprise AI scaling, the country's largest software services exporter said on Thursday.
The partnership comes at a time when investors are concerned that AI tools will disrupt the traditional, labour-intensive business model of India's $315-billion IT sector. In February, Indian IT services firms lost more than $62.8 billion in market capitalization, in part, after Anthropic launched an AI agent tool.
The Tata group company will equip 50,000 associates with Anthropic's Claude and both will jointly take AI solutions to market for highly regulated sectors, it added.
TCS expects IT companies to slow down hiring, as the company moves towards having an equal number of employees and AI agents in its workforce, Chairman N Chandrasekaran said at the company's annual general meeting on Tuesday.
Last July, it cut more than 12,000 jobs, while headcount fell by more than 23,000 on a net basis in the fiscal year ended March 2026.
Rival IT services firm Infosys INFY.NS struck a similar partnership with Anthropic in February.
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; +91 9558725583;))
Adds details
June 11 (Reuters) - India's Tata Consultancy Services TCS.NS has partnered with Anthropic to launch an alliance to drive enterprise AI scaling, the country's largest software services exporter said on Thursday.
The partnership comes at a time when investors are concerned that AI tools will disrupt the traditional, labour-intensive business model of India's $315-billion IT sector. In February, Indian IT services firms lost more than $62.8 billion in market capitalization, in part, after Anthropic launched an AI agent tool.
The Tata group company will equip 50,000 associates with Anthropic's Claude and both will jointly take AI solutions to market for highly regulated sectors, it added.
TCS expects IT companies to slow down hiring, as the company moves towards having an equal number of employees and AI agents in its workforce, Chairman N Chandrasekaran said at the company's annual general meeting on Tuesday.
Last July, it cut more than 12,000 jobs, while headcount fell by more than 23,000 on a net basis in the fiscal year ended March 2026.
Rival IT services firm Infosys INFY.NS struck a similar partnership with Anthropic in February.
(Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; +91 9558725583;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, June 4 (Reuters Breakingviews) - Finding a good job in India is going to get a lot harder. Headcount growth at its biggest private company, $190 billion Reliance Industries RELI.NS, is slowing sharply as an investment binge fades. But a chronic skills shortage also gives businesses a strong incentive to rapidly adopt artificial intelligence. That will turn today's hiring squeeze into a deeper, structural slump.
The energy-to-retail giant's over 419,000 headcount as of March 2026 represents 4% year-on-year growth, just one quarter of its expansion rate the previous year. Its disclosures have turned hazier too: last year Reliance discontinued a table in its annual report offering a detailed breakdown of employees across business divisions.
The hiring slowdown is partly explained by the end of a phase of higher recruitment for its fledgling renewable energy business. But the growth remains well below India's 7%-plus GDP growth—and the squeeze could soon become entrenched: Reliance says it is "building talent fluent in leveraging AI to enhance decision-making, productivity and purpose-driven work", implying that the impact of AI on hiring will become clearer next year.
The problem is pronounced at IT outsourcers like $85 billion Tata Consultancy Services TCS.NS, the country's second-largest company by market capitalisation, and Infosys INFY.NS, where the number of employees is now up to 5% below their respective March 2023 peaks, thanks to a slowdown in revenue growth and rise of new coding tools.
Indeed, future job growth is a bigger worry than headline-grabbing layoffs, as the government's Chief Economic Advisor V. Anantha Nageswaran warned in February. His call on the private sector to hire more and balance capital-intensive growth with labor-intensive growth has gone unanswered by industry titans. Urban youth unemployment is as high as 13.6% and it's common for college graduates to queue up for janitorial roles in the public sector.
The danger is employers – who have long complained that India's 600 million-strong workforce does not have the modern skills required for the service-oriented economy – will turn to AI as a quick fix and adopt new technologies faster. Some 65% of respondents to a World Economic Forum survey saw a skills gap in India as a challenge to business transformation, and more than one-third of them expected talent availability to worsen over the five years to 2030. Indian employers plan to outpace global adoption in computing technologies, quantum and encryption to transform their businesses, according to the WEF's Future of Jobs report for 2025.
It all threatens to tip India Inc's hiring slump into a depression.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Reliance Industries' group headcount stood at over 419,000 at the end of March 31, 2026, the company said in its annual report for the year. The total number of employees increased by around 4% year-on-year, slower than a 16% rate of expansion in the previous financial year.
Workforces are growing slower at India's top companies https://www.reuters.com/graphics/BRV-BRV/zgvologowpd/chart.png
(Editing by Una Galani; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, June 4 (Reuters Breakingviews) - Finding a good job in India is going to get a lot harder. Headcount growth at its biggest private company, $190 billion Reliance Industries RELI.NS, is slowing sharply as an investment binge fades. But a chronic skills shortage also gives businesses a strong incentive to rapidly adopt artificial intelligence. That will turn today's hiring squeeze into a deeper, structural slump.
The energy-to-retail giant's over 419,000 headcount as of March 2026 represents 4% year-on-year growth, just one quarter of its expansion rate the previous year. Its disclosures have turned hazier too: last year Reliance discontinued a table in its annual report offering a detailed breakdown of employees across business divisions.
The hiring slowdown is partly explained by the end of a phase of higher recruitment for its fledgling renewable energy business. But the growth remains well below India's 7%-plus GDP growth—and the squeeze could soon become entrenched: Reliance says it is "building talent fluent in leveraging AI to enhance decision-making, productivity and purpose-driven work", implying that the impact of AI on hiring will become clearer next year.
The problem is pronounced at IT outsourcers like $85 billion Tata Consultancy Services TCS.NS, the country's second-largest company by market capitalisation, and Infosys INFY.NS, where the number of employees is now up to 5% below their respective March 2023 peaks, thanks to a slowdown in revenue growth and rise of new coding tools.
Indeed, future job growth is a bigger worry than headline-grabbing layoffs, as the government's Chief Economic Advisor V. Anantha Nageswaran warned in February. His call on the private sector to hire more and balance capital-intensive growth with labor-intensive growth has gone unanswered by industry titans. Urban youth unemployment is as high as 13.6% and it's common for college graduates to queue up for janitorial roles in the public sector.
The danger is employers – who have long complained that India's 600 million-strong workforce does not have the modern skills required for the service-oriented economy – will turn to AI as a quick fix and adopt new technologies faster. Some 65% of respondents to a World Economic Forum survey saw a skills gap in India as a challenge to business transformation, and more than one-third of them expected talent availability to worsen over the five years to 2030. Indian employers plan to outpace global adoption in computing technologies, quantum and encryption to transform their businesses, according to the WEF's Future of Jobs report for 2025.
It all threatens to tip India Inc's hiring slump into a depression.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Reliance Industries' group headcount stood at over 419,000 at the end of March 31, 2026, the company said in its annual report for the year. The total number of employees increased by around 4% year-on-year, slower than a 16% rate of expansion in the previous financial year.
Workforces are growing slower at India's top companies https://www.reuters.com/graphics/BRV-BRV/zgvologowpd/chart.png
(Editing by Una Galani; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Adds details throughout
By Vivek Kumar M and Abhirami G
June 3 (Reuters) - India's information technology stocks were headed for their worst day in four months on Wednesday as renewed concerns that artificial intelligence could disrupt traditional software services rattled investors.
The IT index .NIFTYIT was down 5.8% at 29,310.25 points. If losses hold, this would be its worst day since February 4.
Tata Consultancy Services TCS.NS, India's largest software exporter, slumped 9% to lead the losses, while Bengaluru-based Infosys INFY.NS and Wipro WIPR.NS dropped 4.3% and 3.7%, respectively.
Among mid-tier firms, Coforge COFO.NS and Persistent Systems PERS.NS shed 5.7% each.
The losses mark a sharp reversal from the sub-index's 7% gains seen over the last two sessions when investors bought beaten down IT stocks and bet that increasing AI spending could boost demand for IT services.
India's $300 billion IT sector has been under pressure for much of this year as investors assess whether AI will generate new revenue streams for software exporters or reduce demand for traditional outsourcing services.
"We expect new opportunities such as legacy modernization to increase, but do not expect them to compensate for the deflation enough," said Kotak Institutional Equities analysts led by Kawaljeet Saluja.
A surge in AI investments and AI tools from Anthropic has rattled software stocks globally this year. India's Nifty IT index is down 22% in 2026, after plunging 26% in 2025.
Ambit Capital said fourth-quarter IT earnings confirmed the ongoing challenges that the sector is facing.
"While we see a role for IT services in enterprise AI implementation, building guardrails/governance and vertical solutions, we believe deflation will exceed incremental demand," the brokerage said.
Rishubh Vasa, a research analyst at Indsec Securities and Finance, said the total addressable market of domestic IT companies could shrink 20%-25%.
India's IT stocks head for worst day in about four months https://reut.rs/43LRsTE
(Reporting by Vivek Kumar M; Additional reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
Adds details throughout
By Vivek Kumar M and Abhirami G
June 3 (Reuters) - India's information technology stocks were headed for their worst day in four months on Wednesday as renewed concerns that artificial intelligence could disrupt traditional software services rattled investors.
The IT index .NIFTYIT was down 5.8% at 29,310.25 points. If losses hold, this would be its worst day since February 4.
Tata Consultancy Services TCS.NS, India's largest software exporter, slumped 9% to lead the losses, while Bengaluru-based Infosys INFY.NS and Wipro WIPR.NS dropped 4.3% and 3.7%, respectively.
Among mid-tier firms, Coforge COFO.NS and Persistent Systems PERS.NS shed 5.7% each.
The losses mark a sharp reversal from the sub-index's 7% gains seen over the last two sessions when investors bought beaten down IT stocks and bet that increasing AI spending could boost demand for IT services.
India's $300 billion IT sector has been under pressure for much of this year as investors assess whether AI will generate new revenue streams for software exporters or reduce demand for traditional outsourcing services.
"We expect new opportunities such as legacy modernization to increase, but do not expect them to compensate for the deflation enough," said Kotak Institutional Equities analysts led by Kawaljeet Saluja.
A surge in AI investments and AI tools from Anthropic has rattled software stocks globally this year. India's Nifty IT index is down 22% in 2026, after plunging 26% in 2025.
Ambit Capital said fourth-quarter IT earnings confirmed the ongoing challenges that the sector is facing.
"While we see a role for IT services in enterprise AI implementation, building guardrails/governance and vertical solutions, we believe deflation will exceed incremental demand," the brokerage said.
Rishubh Vasa, a research analyst at Indsec Securities and Finance, said the total addressable market of domestic IT companies could shrink 20%-25%.
India's IT stocks head for worst day in about four months https://reut.rs/43LRsTE
(Reporting by Vivek Kumar M; Additional reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
- Infosys entered a three-year collaboration with Handelsblatt Media Group as its AI and digital innovation partner.
- The partners launched Editorial Link Intelligence, an AI-powered editorial recommendation engine for Handelsblatt and WirtschaftsWoche.
- The tool analyzes article content and metadata to suggest internal links, aiming to lift reader engagement and time spent on site.
- ELI is integrated into the publishers’ content infrastructure to streamline editorial workflows and support context-rich digital storytelling.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on June 02, 2026, and is solely responsible for the information contained therein.
- Infosys entered a three-year collaboration with Handelsblatt Media Group as its AI and digital innovation partner.
- The partners launched Editorial Link Intelligence, an AI-powered editorial recommendation engine for Handelsblatt and WirtschaftsWoche.
- The tool analyzes article content and metadata to suggest internal links, aiming to lift reader engagement and time spent on site.
- ELI is integrated into the publishers’ content infrastructure to streamline editorial workflows and support context-rich digital storytelling.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on June 02, 2026, and is solely responsible for the information contained therein.
- Infosys issued its ESG Report 2025-26, resetting its Vision 2030 roadmap with a new commitment to become climate positive by 2030.
- Scope 1 and 2 emissions reduction target set at 90% by 2030; Scope 3 target set at 40%, measured against a 2020 baseline.
- Reported Scope 1 emissions of 11,483 tCO2e, Scope 2 of 34,351 tCO2e, Scope 3 of 207,374 tCO2e.
- Restoration push scaled via agroforestry, with about 14 million saplings planted; lake projects added 4.3 billion liters of water-holding capacity.
- Governance tightened through board-level oversight; ESG performance tied to CEO and senior leadership compensation, with an ESG Committee meeting quarterly.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on May 30, 2026, and is solely responsible for the information contained therein.
- Infosys issued its ESG Report 2025-26, resetting its Vision 2030 roadmap with a new commitment to become climate positive by 2030.
- Scope 1 and 2 emissions reduction target set at 90% by 2030; Scope 3 target set at 40%, measured against a 2020 baseline.
- Reported Scope 1 emissions of 11,483 tCO2e, Scope 2 of 34,351 tCO2e, Scope 3 of 207,374 tCO2e.
- Restoration push scaled via agroforestry, with about 14 million saplings planted; lake projects added 4.3 billion liters of water-holding capacity.
- Governance tightened through board-level oversight; ESG performance tied to CEO and senior leadership compensation, with an ESG Committee meeting quarterly.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Infosys Limited published the original content used to generate this news brief on May 30, 2026, and is solely responsible for the information contained therein.
More Large Cap Ideas
See similar 'Large' cap companies with recent activity
Promoter Buying
Companies where the promoters are bullish
Capex
Companies investing on expansion
Superstar Investor
Companies where well known investors have invested
Popular questions
- Business
- Financials
- Share Price
- Shareholdings
What does Infosys do?
Infosys is a global leader in next-generation digital services and consulting. It enables clients in several countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, the company expertly steer clients, in several countries, as it navigates their digital transformation powered by cloud and AI. It enables them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from its innovation ecosystem. It is deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Who are the competitors of Infosys?
Infosys major competitors are HCL Technologies, Wipro, Tech Mahindra, LTM, Oracle Finl. Service, Persistent Systems, Coforge. Market Cap of Infosys is ₹4,54,502 Crs. While the median market cap of its peers are ₹1,32,708 Crs.
Is Infosys financially stable compared to its competitors?
Infosys seems to be less financially stable compared to its competitors. Altman Z score of Infosys is 7.64 and is ranked 7 out of its 8 competitors.
Does Infosys pay decent dividends?
The company seems to pay a good stable dividend. Infosys latest dividend payout ratio is 66.0% and 3yr average dividend payout ratio is 68.46%
How has Infosys allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Accounts Receivable, Short Term Loans & Advances
How strong is Infosys balance sheet?
Balance sheet of Infosys is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Infosys improving?
Yes, profit is increasing. The profit of Infosys is ₹30,325 Crs for TTM, ₹29,440 Crs for Mar 2026 and ₹26,713 Crs for Mar 2025.
Is the debt of Infosys increasing or decreasing?
Yes, The net debt of Infosys is increasing. Latest net debt of Infosys is -₹44,402 Crs as of Mar-26. This is greater than Mar-25 when it was -₹48,910 Crs.
Is Infosys stock expensive?
Infosys is not expensive. Latest PE of Infosys is 15.01, while 3 year average PE is 25.12. Also latest EV/EBITDA of Infosys is 9.88 while 3yr average is 16.91.
Has the share price of Infosys grown faster than its competition?
Infosys has given lower returns compared to its competitors. Infosys has grown at ~8.4% over the last 10yrs while peers have grown at a median rate of 12.99%
Is the promoter bullish about Infosys?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Infosys is 13.82% and last quarter promoter holding is 14.38%
Are mutual funds buying/selling Infosys?
The mutual fund holding of Infosys is decreasing. The current mutual fund holding in Infosys is 23.0% while previous quarter holding is 23.5%.