Mphasis

May 27 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS - LAUNCHES MPHASIS TRIA ENTERPRISE AGENCY PLATFORM

Source text: ID:nNSE8q62Qx

Further company coverage: MBFL.NS

(([email protected];))

Updates May 6 story to add responses from Coforge and Mphasis in paragraphs 4, 5 and 6

BENGALURU, May 7 (Reuters) - Indian mid-tier software firm Mphasis MBFL.NS has filed a lawsuit against rival Coforge COFO.NS in a U.S. court, claiming that the latter had hired its executives in violation of contract restrictions and gained access to confidential client information.

In a filing dated March 31, Mphasis sought injunctive relief to prevent Coforge from employing two of its former executives on Charles Schwab accounts - a mutual client of both companies - and from using Mphasis’ confidential data.

It also asked the court to bar former Vice President Brijesh Khergamker, who is named as a party in the matter, from working in Charles Schwab's outsourcing operations through Coforge for a year or accepting business from Mphasis customers as it violated his employment contract.

Coforge denied all allegations of wrongdoing and said it intends to vigorously defend itself and the employee in the matter, according to an emailed statement on Wednesday.

The company added that it is also evaluating potential counterclaims, and said that the client mentioned in the complaint has been an existing client for many years, with which it intends to grow its business relationship.

In response to a request for comment, Mphasis said on Thursday that its top priority is to protect its clients and that it would take the necessary action to enforce its rights when left with no other conciliatory alternatives.

Indian newspaper Mint first reported the development on Wednesday. Although dated March, the filing appeared in the government's legal database only last week.

Mphasis also sought compensatory damages and reimbursement of attorney fees and related costs, according to the filing, which did not provide further details.

Mphasis said that Coforge gained an "unfair competitive advantage" in the delivery of IT services by hiring at least four senior-level employees mentioned in the filing.

As demand for Indian IT services has slowed and competition intensified in recent years, companies have increasingly sued executives for violating their employment contracts.

Early last year, Infosys INFY.NS, India's second-largest IT firm, filed a counterclaim against rival Cognizant CTSH.O, saying that the U.S.-based company was engaging in anti-competitive practices and poaching key executives.

In 2023, Wipro sued former Chief Financial Officer Jatin Dalal after he joined Cognizant, claiming that the move violated the terms of his employment contract.

(Reporting by Sai Ishwarbharath B; Editing by Sonia Cheema)

(([email protected];))

BENGALURU, May 6 (Reuters) - Indian mid-tier software firm Mphasis MBFL.NS has filed a lawsuit against rival Coforge COFO.NS in a U.S. court, claiming that the latter had hired its executives in violation of contract restrictions and gained access to confidential client information.

In a filing dated March 31, Mphasis sought injunctive relief to prevent Coforge from employing two of its former executives on Charles Schwab accounts - a mutual client of both companies - and from using Mphasis’ confidential data.

It also asked the court to bar former Vice President Brijesh Khergamker, who is named as a party in the case, from working in Charles Schwab's outsourcing operations through Coforge for a year or accepting business from Mphasis customers as it violated his employment contract.

Coforge and Mphasis did not immediately respond to Reuters' requests for comment.

Indian newspaper Mint first reported the development on Wednesday. Although dated March, the filing appeared in the government's legal database only last week.

Mphasis also sought compensatory damages and reimbursement of attorney fees and related costs, according to the filing, which did not provide further details.

Mphasis said that Coforge gained an "unfair competitive advantage" in the delivery of IT services by hiring at least four senior-level employees mentioned in the filing.

As demand for Indian IT services has slowed and competition intensified in recent years, companies have increasingly sued executives for violating their employment contracts.

Early last year, Infosys INFY.NS, India's second-largest IT firm, filed a counterclaim against rival Cognizant CTSH.O, saying that the U.S.-based company was engaging in anti-competitive practices and poaching key executives.

In 2023, Wipro sued former Chief Financial Officer Jatin Dalal after he joined Cognizant, claiming that the move violated the terms of his employment contract.

(Reporting by Sai Ishwarbharath B; Editing by Sonia Cheema)

(([email protected];))

March 30 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS - COMPLETES FIRST PHASE OF TECHNOLOGY MODERNIZATION PROGRAM WITH FLAGSTAR BANK

Source text: ID:nBSE8tfvbG

Further company coverage: MBFL.NS

(([email protected];))

March 26 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS - RECEIVES ASSESSMENT ORDER AND NOTICE OF DEMAND UNDER INCOME-TAX ACT

• MPHASIS - ASSESSMENT ORDER INCLUDES NOTICE OF DEMAND OF 22.87 BILLION RUPEES

• MPHASIS - MANAGEMENT VIEWS NO MATERIAL FINANCIAL IMPACT FROM ASSESSMENT ORDER

Source text: ID:nBSE3W1YG9

Further company coverage: MBFL.NS

(([email protected];))

Jan 22 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS Q3 CONSOL NET PROFIT 4.42 BILLION RUPEES; IBES EST. 4.82 BILLION RUPEES

• MPHASIS Q3 CONSOL REVENUE FROM OPERATIONS 40.03 BILLION RUPEES; IBES EST. 40.08 BILLION RUPEES

Source text: [ID:]

Further company coverage: MBFL.NS

(([email protected];))

Jan 9 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS - GIRISH SRIKRISHNA PARANJPE APPOINTED AS CHAIRPERSON

Source text: ID:nBSE7vR6wn

Further company coverage: MBFL.NS

(([email protected];;))

Aug 1 (Reuters) - Mphasis Ltd MBFL.NS:

• FLAGSTAR NAMES MPHASIS AS TECHNOLOGY MODERNIZATION PARTNER

Source text: ID:nBSEWdxt3

Further company coverage: MBFL.NS

(([email protected];;))

** Mphasis MBFL.NS rises as much as 4.19% to 2,571.6 rupees

** IT firm wins deals worth $390 mln, highest in past seven quarters

** Large deals pipeline surges 154% y/y

** Banking and finance deals pipeline, the biggest segment by revenue, soars 70% y/y

** Q4 revenue up 7.1% vs last year and 3.7% q/q, highest in 3 years

** MBFL gains 14.6% in last 12 months

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

BENGALURU, April 24 Reuters - Diary of India economic, corporate events on April 24

ECONOMIC, CORPORATE .BSE500 EVENTS:

(Compiled by Bengaluru Newsroom)

(([email protected]))

** Shares of IT firm Mphasis MBFL.NS down 4.2%

** Co reports Q3 revenue below analysts' estimates, although profit is in line

** BFSI segment, biggest by revenue, seeing slow recovery

** Stock's 12-month gains cut to about 12%

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

BENGALURU, Jan 23 (Reuters) - Diary of India economic, corporate events on Jan. 23

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled', AMC - 'After market close'

(Compiled by Bengaluru Newsroom)

(([email protected]))

Dec 4 (Reuters) - Mphasis Ltd MBFL.NS:

• LAUNCHES CYBER FUSION CENTER IN BANGALORE

Source text: ID:nBSE1Yjx9K

Further company coverage: MBFL.NS

(([email protected];;))

Nov 14 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS APPOINTS MIKE MEYER AS HEAD OF STRATEGIC SALES

Source text: ID:nPnbqCnMHa

Further company coverage: MBFL.NS

(([email protected];))

** Shares of Mphasis MBFL.NS rise 2% to 2,968 rupees

** Stock top gainer on Nifty IT index .NIFTYIT, which is up 0.63%

** IT firm reports 8% rise in both consolidated net profit and rev from ops for Q2

** Co says broad-based pipeline growth across all verticals, including core BFSI segment, with pipeline from America ops up 28% Y/Y

** More than 1.3 mln shares change hands, 1.8x its 30-day avg

** Twenty-seven analysts covering the stock on avg have a "hold" rating; median PT is 3,000 rupees - LSEG data

** Stock up 8% so far this year vs a ~20% gain in .NIFTYIT

($1 = 84.0120 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of LTIMindtree Ltd LTIM.NS and Mphasis Ltd MBFL.NS up 2.4% each

** J.P.Morgan upgrades both IT stocks to "overweight" from "neutral", saying they are best-placed to benefit from recovery in spending by BFSI clients

** JPM raises PT on LTIM PT Street-high of 6,900 rupees vs current price of 6,253.05 rupees

** JPM raises PT on MBFL to Street-high of 3,400 rupees vs current price of 2,897 rupees

** Analysts on avg rate both stocks "hold" -LSEG data

** LTIM nearly wipes out YTD losses, while MBFL extends gains to 6.2%

** Still, they are 2nd and 3rd worst performers on 10-member Nifty IT .NIFTYIT index YTD

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Oct 1 (Reuters) - Mphasis Ltd MBFL.NS:

• ELECTED JAN KATHLEEN HIER AS CHAIRPERSON OF BOARD

Source text for Eikon: ID:nBSEbX5Wy0

Further company coverage: MBFL.NS

(([email protected];;))

Sept 17 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS APPOINTS AJAY ARYA AS HEAD OF MERGERS & ACQUISITIONS

Source text for Eikon: ID:nBSE9Qp9wv

Further company coverage: MBFL.NS

(Reporting by VijayDattaram Malkar)

(([email protected];))

** Mphasis MBFL.NS shares rise as much as 3.8% to 3,153 rupees, highest since April 11, 2022

** Stock top gainer on Nifty IT index .NIFTYIT, which is up 0.3%

** Nuvama Institutional Equities upgrades stock to "buy" from "hold", with a PT of 3,500 rupees

** Says MBFL rallying for six straight sessions on early signs of recovery and expectations of U.S. rate cuts

** Expects revenue base to diversify over next few years

** Avg rating of 28 analysts covering MBFL is "hold", with a median PT of 2,725 rupees - LSEG data

** Stock up 15% so far this year vs a 17.5% gain in IT index

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Aug 16 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS - APPOINTS ARAVIND VISWANATHAN AS CFO

• MPHASIS - MANISH DUGAR RESIGNED AS CFO

Source text for Eikon: ID:nBSEb3pj0X

Further company coverage: MBFL.NS

(([email protected];))

** Shares of Mphasis MBFL.NS jump 7.4% to 3,055.20 rupees; top pct gainer on IT index .NIFTYIT which is up ~2%

** IT firm's Q1 rev climbs 5.2%; profit grows 2%

** "Despite multiple challenges, tech spend seen as a strategic priority" - company

** Mean rating of 29 analysts is "hold"; median PT is 2,425 rupees - LSEG data

** Stock up ~12% YTD vs 15% climb in IT index

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

June 12 (Reuters) - Mphasis Ltd MBFL.NS:

• BCP TOPCO IX PTE. CUTS STAKE IN MPHASIS FROM 55.45% TO 40.37%- EXCHANGE FILING

Source text for Eikon: ID:nBSE1DxfMz

Further company coverage: MBFL.NS

(([email protected];))

** Shares of Mphasis Ltd MBFL.NS down 3.4% at 2,389.70 rupees

** Around 30 mln shares change hands in 16 separate block deals on Monday, all at a discount to previous close - NSE data

** In total, 33 mln shares traded in stock's busiest day on record, vs 30-day avg volume of ~500,000 shares

** CNBC-TV18 late Friday reported MBFL's top shareholder Blackstone would sell 10.6% stake via block deals on Monday

** Base price of 2,350 rupees per shr at a ~5% discount to previous close of 2,471.95 rupees - report

** MBFL, Blackstone did not immediately respond to Reuters' requests for comment

** Blackstone via BCP TOPCO IX owns 55.45% stake in MBFL - exchange data

** Analysts tracking MBFL rate it "hold" on avg, in line with most other stocks on 10-member Nifty IT .NIFTYIT index - LSEG data

** Stock down ~13% in 2024, among biggest losers in Nifty IT index

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

June 4 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS AND CLASSIQ PARTNER

Source text for Eikon: ID:nNSEhmsk8

Further company coverage: MBFL.NS

(([email protected];))

By Sai Ishwarbharath B

BENGALURU, May 22 (Reuters) - Mid-tier firms in India's $254 billion information technology sector took market share from industry goliaths in recent quarters as clients curtailed discretionary spending amid inflationary pressures and economic uncertainty, analysts said.

Unlike their larger rivals such as Tata Consultancy Services TCS.NS and Infosys INFY.NS, mid-tier IT firms tend to focus on short-term deals aimed at helping clients cut costs rather than chase large-scale projects.

The practice has paid off in an environment of slowing demand in prominent markets such as North America and Europe.

LTIMindtree LTIM.NS, Coforge COFO.NS, Mphasis MBFL.NS and Persistent Systems PERS.NS are "increasingly viewed as challengers in (winning) Fortune 500 accounts, aiding the share gain process," Kotak Institutional Equities said.

The smaller companies could outperform their larger rivals further once discretionary spending improves, Kotak analysts Kawaljeet Saluja, Sathishkumar S and Vamshi Krishna said.

This should set the mid-tier IT firms up well as they try to win more budget-conscious clients in an economic backdrop where U.S. interest rates are expected to stay "higher for longer". Industry body Nasscom estimated overall revenue growth more than halved to 3.8% last financial year.

"In the current macro environment, clients are increasingly looking at service providers (that) deliver services at lower and predictable costs with better business outcomes," said Avinash Baliga, partner at consulting firm Avasant.

Persistent Systems CEO Sandeep Kalra and Mphasis CFO Manish Dugar confirmed the market share gains. India's larger IT firms did not respond to Reuters' requests seeking comment.

"We are able to hold our own and win against the larger piers as clients are looking for competency and not scale," Dugar told Reuters.

The market share of India's top five IT firms fell 17 basis points in 2023, reflecting the inroads made by the mid-tier IT firms, according to BNP Paribas data shared exclusively with Reuters. However, the top five IT firms still owned 88.35% of the market as of December 2023 among the top 10 firms.

On the stock market, share prices of Mphasis and Persistent Systems advanced 23.7% and 42.5% respectively in the last 12 months compared to a 16% gain in the broader Nifty IT Index.

In April, Infosys forecast fiscal 2025 revenue growth between 1% and 3% in constant currency terms, while most analysts had expected it to be at least in the range of 2% to 5%.

"Due to the sheer size they have reached, larger players have given muted guidance," said Ashok Soota, founder of mid-tier IT firm Happiest Minds Technologies HAPP.NS , which also gained market share. "We need to be humble about this as (our) market share is (relatively) small on the grand total."

(Reporting by Sai Ishwarbharath B; Editing by Dhanya Skariachan and Shri Navaratnam)

(([email protected];))

April 5 (Reuters) - Mphasis Ltd MBFL.NS:

• SIGNS COLLABORATION AGREEMENT WITH AWS

• SIGNS COLLABORATION AGREEMENT WITH AWS TO LAUNCH GEN AI FOUNDRY FOR FINANCIAL SERVICES

Source text for Eikon: ID:nBSE37pwgm

Further company coverage: MBFL.NS

(([email protected];))

Feb 1 (Reuters) - Mphasis Ltd MBFL.NS:

• DEC-QUARTER CONSOL NET PROFIT 3.74 BILLION RUPEES VERSUS PROFIT 4.12 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 33.38 BILLION RUPEES VERSUS 35.06 BILLION RUPEES

Source text for Eikon: ID:nBSEbwJFBV

Further company coverage: MBFL.NS

(([email protected];))

** Shares of Mphasis MBFL.NS down as much as 5.62% to 2133.7 rupees, their lowest since July 21

** Stock hits sharpest intraday pct loss since April 17

** IT services provider said its consol net profit for the July-Sept quarter fell 6.3% to 3.92 billion rupees ($47.17 million)

** Analysts' average rating is equivalent of "buy", their median PT is 2,460 rupees

** About 1.3 mln shares change hands as of 2:49 p.m. IST, 3.4x 30-day average

** Stock last down 4%, trimming YTD gains to ~9%

($1 = 83.1055 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 17 (Reuters) - Mphasis Ltd MBFL.NS:

• MPHASIS, WORKFUSION PARTNER TO TRANSFORM FINANCIAL CRIME FOR ENTERPRISES

Source text for Eikon: ID:nBSEbXKdTL

Further company coverage: MBFL.NS

(([email protected];))

Mphasis Ltd MBFL.NS:

• MPHASIS STRENGTHENS SALESFORCE CAPABILITIES WITH ACQUISITION OF SILVERLINE, A SALESFORCE PARTNER

Source text for Eikon: ID:nPnMzfR8a

Further company coverage: MBFL.NS