Microsoft Chairperson and CEO Satya Nadella addressing an audience of developers and AI experts as part of his AI India tour, at Whitefield in Bengaluru, on December 11, 2025.

Image used for representative purpose only.
| Photo Credit: Reuters

Image used for representation purpose only.
| Photo Credit: Reuters

Kolkata/New Delhi:

Infosys co-founder Narayana Murthy has defended his 70-hour workweek comment, again. During a visit to Kolkata, which Mr Murthy described as “the most cultured place in the entire country”, he said young people have to realise that “we have to work hard and work towards making India number one.”

“At Infosys, I said we will go to the best and compare ourselves with the best global companies. Once we compare ourselves with the best global companies, I can tell you we Indians have a lot to do. We have to set our aspirations high because 800 million Indians get free ration. That means 800 million Indians are in poverty. If we are not in a position to work hard, then who will work hard?” Mr Murthy said at the Indian Chamber of Commerce centenary launch. He was speaking to RPSG Group chairman Sanjiv Goenka.

Recalling the experiences that motivated him to become an entrepreneur, Mr Murthy said he was at one point a Leftist, when Jawaharlal Nehru was Prime Minister and the Indian Institutes of Technology were made into a reality.

“My father used to talk about the extraordinary progress that was happening in the country at the time and we were all sold on Nehru and socialism. I had the opportunity to work in Paris in the early 70s and I was confused. The West was talking about how filthy and corrupt India was. In my country there was poverty and the roads had potholes.

“There (West), everyone was reasonably prosperous and trains ran on time and I thought this can’t be wrong. I met the leader of the French Communist Party and he answered all my questions, but not to my satisfaction.

“I realised the only way a country can fight poverty is by creating jobs that lead to disposable incomes. The government has absolutely no role in entrepreneurship. I also realised entrepreneurs build a nation as they create jobs, they create wealth for their investors and they pay taxes.

“Therefore, if a country embraces capitalism, it will create good roads, good trains and good infrastructure. In a poor country like India where capitalism had not taken roots, I realised if I had to come back and experiment in entrepreneurship, then we have to embrace compassionate capitalism,” Mr Murthy said.

He said he was always excited to come to Kolkata. “In some way, this is the most cultured place in the entire country. When I think of Kolkata, I think of Rabindranath Tagore, Satyajit Ray, Subhash Chandra Bose, Amartya Sen and a host of other personalities.”

“I am very proud of the culture of our country which goes over 4,000 years. It shows how unbelievably generous this culture was… Embrace compassionate capitalism. It is practising capitalism while combining it with the best aspects of liberalism and socialism so that this country stands steadily as a stellar example of capitalism,” Mr Murthy said.

“Human beings can think and express. When God has given us the ability to think and this behoves us to think about people less fortunate than us. It is to make sure that the rest of the world respects India. The rest of the world respects India for performance. Performance leads to recognition, recognition leads to respect, respect leads to power. I wanted youngsters to know that we have a greater responsibility to fulfil the vision of our founding fathers. That’s the reason why we all have to work hard.

“A gentleman here told me a Chinese worker is 3.5 times more productive than an Indian. It is very easy for us to write all kinds of nonsense and remain wretched, filthy and poor and shunned by the world. Therefore, I don’t think we should say we are all comfortable and I will not go to the office. My request to all the people assembled here is to dedicate their lives to realising their value,” the billionaire said.

New Delhi:

Infosys will pay 90 per cent variable pay to its employees for the second quarter of the fiscal, after the company beat market expectations.

Variable pay, or performance-linked bonus, was issued to all eligible junior and mid-level employees on November 26. The 90 per cent bonus, however, will vary according to individual employees’ performances.

In the last quarter, the company had reportedly issued variable pay of 80 per cent to the employees.

For he financial year ending March 2025, Infosys raised its revenue forecast in constant currency terms to 3.75-4.5 per cent, up from its earlier projection of 3-4 per cent for the period.

In the second quarter, the IT major’s results showed a 4.3 per cent increase in revenue over the previous three months to Rs 40,986 crore for the quarter ended September.

Meanwhile, Tata Consultancy Services (TCS) cut variable pay for its employees for the second quarter.

Bombay Stock Exchange (BSE). File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled lower for the sixth straight session on Monday (October 7, 2024) due to heavy selling in bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends in the global markets and outflow of foreign funds.

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78% to settle at 81,050. During the day, it plummeted 962.39 points or 1.17% to 80,726.06.

The NSE Nifty slumped 218.85 points or 0.87% to end at 24,795.75.

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

“The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers. This phase is marked by significant corrections in the broader market due to premium valuations. There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Global oil benchmark Brent crude surged 2.09% to $79.68 a barrel.

European markets were trading on a mixed note on Monday (October 7, 2024).

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Wall Street ended with gains on Friday (October 4, 2024).

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging oil prices pose a further challenge to the domestic economy in the short term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,896.95 crore on Friday (October 4, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹8,905.08 crore, according to exchange data.

On Friday (October 4, 2024), the BSE Sensex tumbled 808.65 points to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points or 4.44%.

According to exchange data, equities worth ₹9,791.93 crore were sold by FIIs on Monday, September 30, 2024, while Domestic Institutional Investors DIIs purchased equities valued at ₹6,645.80 crore. File
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty edged lower on Tuesday (October 1, 2024), extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04% to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05% to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday (October 1, 2024). Markets in mainland China will be closed for the rest of the week due to holiday.

European markets were trading on a mixed note. The U.S. markets ended in the positive territory on Monday (September 30, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday (September 30, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India’s manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday (October 1, 2024).

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66% to $ 70.51 barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49% to settle at 84,299.78 on Monday (September 30, 2024). During the day, it plunged 1,314.71 points or 1.53% to 84,257.14. The Nifty tanked 368.10 points or 1.41% to 25,810.85.

Cognizant has accused Infosys of illegally accessing data from TriZetto’s software and using it to develop and market a competing product. File
| Photo Credit: Jothi Ramalingam B

IT major Cognizant’s subsidiary TriZetto has slapped a lawsuit on Infosys in a U.S. federal court, accusing the Bengaluru-headquartered company of stealing trade secrets and information related to healthcare insurance software.

Infosys, in a statement, denied all allegations. The company asserted it is aware of the lawsuit and will defend its position in the court.

Cognizant in a lawsuit filed in Texas federal court has accused Infosys of illegally accessing data from TriZetto’s software – Facets and QNXT – and using the same to develop and market a competing product.

Cognizant offerings include TriZetto’s Facets and QNXT, which healthcare insurance firms use to automate tasks. Teaneck, New Jersey-based Cognizant has the bulk of its employees in India.

Cognizant has reportedly alleged that Infosys misused TriZetto’s software to create “Test Cases for Facets,” which repackaged its data into an Infosys product.

Further, it has reportedly alleged that Infosys created software to extract data from QNXT, that contained confidential TriZetto information.

It is interesting to note that just this week, Cognizant named former Infosys executive Rajesh Varrier as global head of operations and India Chairman and Managing Director, following the resignation of Rajesh Nambiar, who is set to take over as Nasscom president.

Moreover, Cognizant’s Chief Executive Officer Ravi Kumar S. is also an Infosys veteran, whose 20-year career at the Bengaluru-based firm saw him holding various leadership roles, including as President from January 2016 through October 2022.

New Delhi:

Apex IT association Nasscom on Thursday came out in support of Infosys — which is facing a Rs 32,403 crore GST notice, saying that the move reflected a lack of understanding of the industry’s operating model.

Flagging the issue of the applicability of GST through the reverse charge mechanism (RCM), Nasscom rued that multiple companies are facing avoidable litigation, uncertainty, and concerns from investors and customers.

“Recent media reports of a GST demand of over Rs 320 billion (Rs 32,403 crore) reflects a lack of understanding of the industry’s operating model,” Nasscom said in a statement, without naming Infosys.

The leading industry body asserted that compliance obligations mustn’t be subject to multiple interpretations.

Accelerating services exports is key to India’s ambition of ‘Viksit Bharat’ and for attracting global tech investment to India, it added.

“This requires a supportive policy environment and ease of doing business. The government circulars issued based on recommendations of the GST Council must be honoured in enforcement mechanisms so that notices do not create uncertainty and negatively impact perceptions on India’s ease of doing business,” it said.

GST authorities have issued a Rs 32,403 crore notice on Infosys for services availed by the company from its overseas branches for five years starting in 2017.

Infosys has called the notice a ‘pre-show cause’ notice and said that it believes the GST is not applicable to these expenses.

The Bengaluru-headquartered IT firm on Wednesday said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of Rs 32,403 crore for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of Infosys Limited and added that the company has responded to the pre-show cause notice.

“…the Company has also received a pre-show cause notice from the Director General of GST Intelligence on the same matter and the Company is in the process of responding to the same,” the filing had said.

The company contended that as per regulations, GST is not applicable to such expenses.

“Additionally, as per a recent Circular…issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by the overseas branches to Indian entity are not subject to GST,” Infosys said.

Infosys argued that GST payments are eligible for credit or refund against the export of IT services.

“Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter,” the company said

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

GST authorities have slapped a ₹32,403 crore notice on Infosys for services availed by the company from its overseas branches for five years. File
| Photo Credit: Reuters

GST authorities have slapped a ₹32,403 crore notice on Infosys for services availed by the company from its overseas branches for five years starting in 2017.

Infosys, in a stock exchange filing, called the notice a ‘pre-show cause’ notice and said it believes the GST is not applicable on these expenses.

The Bengaluru-headquartered IT firm said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of ₹32,403 crore for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of Infosys Limited, and added that the company has responded to the pre-show cause notice.

“…the Company has also received a pre-show cause notice from Director General of GST Intelligence on the same matter and the Company is in the process of responding to the same,” the filing said.

The company believes that as per regulations, GST is not applicable on such expenses.

“Additionally, as per a recent Circular…issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by the overseas branches to Indian entity are not subject to GST,” Infosys said.

Infosys argued that GST payments are eligible for credit or refund against export of IT services.

“Infosys has paid all its GST dues and is fully in compliance with the Central and State regulations on this matter,” the company contended.

As per reports, the document sent to Infosys by GST authorities says: “In lieu of receipt of supplies from overseas branch offices, the Company has paid consideration to the branch offices in the form of overseas branch expense. Hence, M/s Infosys Ltd, Bengaluru is liable to pay IGST under reverse charge mechanism on supplies received from branches located outside India to the tune of ₹32,403.46 crores for the period 2017-18 (July 2017 onwards) to 2021-22.”.

The Directorate General of GST Intelligence in Bengaluru believes Infosys did not pay the Integrated-GST (IGST) on the import of services as a recipient of services.

It alleges that Infosys set up branch offices outside India and included the expenses it incurred towards these as part of its export invoice.

The demand — at a staggering ₹32,403 crore — is more than a year’s profit for Infosys. For the June quarter, Infosys’ net profit rose 7.1% year-on-year to ₹6,368 crore, and revenue from operations stood at ₹39,315 crore, an increase of 3.6% from a year ago.

The GST demand is also bound to evoke interest as Infosys manages the Goods and Services Tax Network (GSTN) portal. In 2015, Infosys had bagged ₹1,380 crore contract to build the technology platform for Goods and Services Tax (GST).