Shares of Infosys falls after $1.5 bln AI deal termination
The Hindu
Infosys shares fall 2.6% after $1.5B AI deal termination, CFO resignation.
Shares of Infosys fell as much as 2.6% on Tuesday, December 26, 2023, after the company said that an unnamed global company, which had signed a $1.5 billion deal focused on artificial intelligence solutions, decided to terminate its Memorandum of Understanding (MoU) with the IT giant.
Infosys said it had plans to enhance digital experiences and provide business operation services, utilising the company's platforms and artificial intelligence (AI) solutions.
It was a 15-year deal signed
in September 2023. The deal termination comes at a time when IT and tech companies globally are facing uncertainties and challenges.
This comes just two weeks after Nilanjan Roy, the company's former CFO, resigned.
Shares of the IT giant had gained about 6.7% during the quarter and 1.8% YTD.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.
Private telcos lost over 1 crore wireless subscribers in September, while BSNL added 8.5 lakh users, refusing to hike tariffs.
Gautam Adani indictment may become a factor in future negotiations between the Adani Group and Bangladesh, energy experts in Dhaka say