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Infosys Announces Major Hiring Spree Amid Impressive Q1 Financial Performance Infosys to Hire 20,000 Fresh Graduates in FY 2024-2025 Infosys Ltd, India's leading IT giant, has announced a significant recruitment drive, planning to hire between 15,000 to 20,000 fresh college graduates in the financial year 2024-2025. This move comes as part of the company's strategy to bolster its workforce in alignment with anticipated growth, despite a challenging job market. Impressive Financial Performance in Q1 In the April-June quarter of 2024, Infosys reported a net profit of ₹6,368 crore, marking a 7.1% increase compared to ₹5,945 crore in the same period the previous year. This robust performance was driven by the company's diverse services and strong client trust, resulting in a notable revenue increase of 3.6% to ₹39,315 crore from ₹37,933 crore in Q1FY24. Revenue and Margin Growth Infosys raised its revenue growth forecast for the current fiscal year to 3-4%, up from the earlier projection of 1-3%. The company's operating margin for the reviewed quarter stood at 21.1%, with expectations to maintain margins between 20-22% for the entire fiscal year. Major Contract Wins The company's focus on generative AI services has paid off, securing substantial contracts in the first quarter. Infosys CEO and MD Salil Parekh highlighted the company's capabilities through its Topaz and Cobalt platforms, leading to orders worth $4.1 billion (approximately ₹34,000 crore) in the June quarter alone. This success is expected to continue throughout the year. Sector-Wise Performance The financial services segment, which contributes significantly to Infosys's revenue, saw a slight dip of 0.3% to 27.5%. The retail segment also experienced a 3% decline, settling at 13.8%. However, the communications sector grew by 5.4% to 12.1%, and the energy, utilities, resources, and services segment rose by 6.3% to 13.3%. Revenue from North America decreased by 1.2%, while European revenue increased by 9.1%. Employee Headcount and Utilization Despite a consistent decline in employee numbers over the past six quarters, Infosys plans to ramp up hiring significantly. CFO Jayesh Sanghrajka confirmed the company's intention to recruit 15,000 to 20,000 fresh graduates through both on-campus and off-campus selections. The company also successfully onboarded all previously offered candidates. However, the total headcount reduced by 1,908 employees in the June quarter, bringing the total to 315,332, a decrease of 20,962 from the previous fiscal year. Employee utilization improved from 78.9% to 83.9%. Stock Market Reaction Infosys shares closed at ₹1,759.15 on the Bombay Stock Exchange (BSE), reflecting a 1.93% increase following the announcement of the financial results and the hiring spree. Infosys's Stance on Karnataka Employment Bill Responding to the Karnataka state government's temporary suspension of a bill mandating higher employment quotas for locals in private companies, Infosys CEO Salil Parekh assured compliance with all government regulations and guidelines. He emphasized the company's commitment to adhering to both state and central government policies. The bill stipulates that private companies must reserve 50% of managerial roles and 70% of non-managerial positions for locals. Controversy and Industry Reactions The bill has sparked debate within the industry. PhonePe CEO Sameer Nigam voiced his opposition, citing his diverse upbringing across various Indian states and questioning the bill's impact on local employment opportunities for his children. Infosys, maintaining its stance on regulatory compliance, continues to navigate these policy challenges while focusing on growth and expansion. Conclusion Infosys's proactive hiring strategy and strong financial performance highlight its resilience and adaptability in a dynamic market. By investing in fresh talent and leveraging its technological capabilities, Infosys aims to sustain its growth trajectory and maintain its position as a leading global IT services provider.

Tech

July 19, 2024

Infosys to Hire 20,000 Fresh Graduates in FY 2024-2025

Infosys Announces Major Hiring Spree Amid Impressive Q1 Financial Performance Infosys to Hire 20,000 Fresh Graduates in FY 2024-2025 Infosys…

Violent Clashes at Jahangir Nagar University On July 15, Jahangir Nagar University in Savar, just outside Dhaka, Bangladesh, became the epicenter of a fierce confrontation over a controversial quota system. The clash involved a pro-government student body and student protesters, leading to a violent altercation that saw police resorting to tear gas and baton charges overnight. State-Backed Television Headquarters Set Ablaze The intensity of the unrest escalated as angry protesters set fire to the headquarters of Bangladesh Television (BTV), a state-backed broadcaster. BTV confirmed the incident on Facebook, stating that many people were trapped inside the office. The post read, “Catastrophic fire at BTV. Spreading fast. We seek the cooperation of the Fire Service. Many people are trapped inside. Hundreds of protesters set fire to the reception building.” Nationwide Protests and Rising Death Toll Bangladesh has been gripped by widespread protests, which have turned increasingly violent in recent days. The death toll has now reached 32, following the government’s decision to introduce public sector job quotas. The demonstrators’ anger culminated in the attack on the BTV headquarters, where an official revealed that hundreds of protesters stormed the premises, setting alight at least 60 vehicles and an office building. Protesters Target Police and BTV Office An anonymous official from the station reported that the protesters first torched a police post in Rampura after police opened fire on them. The protesters then chased the police officers, who sought refuge at the BTV office, causing further mayhem. Internet Services Suspended Amid Unrest In a bid to control the escalating situation, Bangladesh ordered a nationwide shutdown of its mobile internet network. Zunaid Ahmed Palak, the junior telecommunications minister, confirmed the measure, citing the need to ensure citizens' security. Prime Minister Sheikh Hasina's Firm Stance Prime Minister Sheikh Hasina has vowed to punish those responsible for the violence and killings. She stated, “I firmly declare that those who carried out murders, looting, and violence – whoever they are – I will make sure they will be given the appropriate punishment.” The Roots of the Student Protests The protests are rooted in a contentious quota system for public sector jobs. According to a 2022 report by Bangladesh’s public administration ministry, over half of the 1.9 million civil servant posts are filled under affirmative action rules, prioritizing women, residents of less developed districts, and other disadvantaged groups. The most controversial aspect is the reservation of 30 percent of posts for children of freedom fighters from the 1971 liberation war against Pakistan. Historical Context and Legal Battles The current quota system was introduced in 1972 by Sheikh Mujibur Rahman, the independence leader and father of Prime Minister Sheikh Hasina. Earlier protests in 2018 led Hasina’s administration to reduce the scope of the quota scheme. However, last month, the High Court ruled this reduction unlawful and ordered the government to reinstate the freedom fighter category. This ruling has fueled the current wave of protests. Escalating Violence and Government Response At least 23 people have been killed and hundreds injured in clashes between police and demonstrators, who have called for a “complete shutdown.” The government’s offer for talks has been rejected by the protesters, who cite the high death toll as a reason for their refusal. Latest Developments The situation remains volatile, with at least 19 protesters killed today, primarily in the capital, Dhaka, and others in Narayanganj and Chittagong. The government has imposed restrictions on mobile internet access, which has been criticized by media rights groups as an “internet blackout.” Netblocks, an organization that monitors internet shutdowns, reported a “near-total national internet shutdown.” Bangladesh Law Minister Anisul Huq stated that government officials are willing to negotiate with the protesters, but the protesters have rejected this offer due to the ongoing violence and fatalities. Clashes between protesters, police, and pro-government student groups continue into the night, with the death toll expected to rise further. Conclusion The situation in Bangladesh remains dire, with violent protests over a controversial quota system leading to significant loss of life and widespread unrest. The government's efforts to control the situation through internet shutdowns and calls for negotiations have so far failed to quell the anger of the demonstrators. As the death toll rises and clashes continue, the country's future stability hangs in the balance.

NEWS

July 18, 2024

Bangladesh Protests Turn Deadly: Unrest Escalates with 32 Fatalities

Violent Clashes at Jahangir Nagar University Bangladesh Protests Turn Deadly: Unrest Escalates with 32 Fatalities, Jahangir Nagar University in Savar,…

Hardik Pandya and Natasa Stankovic Announce Divorce After Four Years of Marriage Hardik Pandya and Natasa Stankovic have officially announced their separation after months of speculation about their relationship. The couple shared a heartfelt joint statement on Instagram, revealing their decision to part ways despite their best efforts to make the marriage work. Their focus now remains on co-parenting their son, Agastya, and ensuring his happiness amidst this difficult transition. Joint Statement on Separation Natasa Stankovic took to Instagram to confirm her divorce from Hardik Pandya, stating that despite their efforts, they concluded that separation was in their best interest. The joint statement emphasized their commitment to maintaining a healthy environment for their son, Agastya. "After four years of being together, Hardik and I have decided to mutually part ways. We tried our best together and gave it our all, and we believe this is in the best interest for both of us. This was a tough decision for us to make, given the joy, mutual respect, and companionship we enjoyed together and as we grew a family. We are blessed with Agastya, who will continue to be at the center of both our lives, and we will co-parent to ensure that we give him everything that we can for his happiness. We sincerely request your support and understanding to give us privacy during this difficult and sensitive time," read the statement. Signs of Separation: Social Media Hints Speculations about their separation began when Natasa removed the 'Pandya' surname from her Instagram bio and deleted all her wedding pictures with Hardik. Recently, Natasa and Agastya left Mumbai, and she posted a picture of an empty road in Serbia, using the hashtag #homesweethome. Natasa Stankovic, who has been at the center of heavy speculation regarding her marriage with cricketer Hardik Pandya, had previously taken to social media to address the issue of judgment. The actress and model's silence on Team India's T20 World Cup victory and her absence from congratulatory posts for Hardik have fueled divorce rumors. Addressing Public Judgment and Speculation In a reflective video posted to her Instagram Stories, Natasa spoke about the tendency of people to judge others without understanding their situations. "Sitting here and having my coffee, just had a random thought," she began. "As people, how quick are we in judging? We see someone who is acting out of their character. We don't slow down, we don't observe, and we have no empathy. We straight jump into judging. We don't know what has happened, what is behind the whole thing, the whole act, the whole situation. So let's be less judgmental, observe more, have more empathy, and be patient with people." Prioritizing Co-Parenting for Agastya’s Well-being Despite their separation, both Hardik and Natasa remain dedicated to co-parenting their son, Agastya. They have reiterated their commitment to providing a stable and loving environment for him. This shared responsibility aims to ensure that Agastya's happiness and well-being remain unaffected by their decision to part ways. Their joint statement requested privacy and understanding from the public and the media during this sensitive period. They emphasized the importance of respect and empathy as they navigate through this challenging phase of their lives. Conclusion: Moving Forward with Dignity and Respect The decision to separate marks a significant change in Hardik Pandya and Natasa Stankovic's lives. While their journey together as a couple has come to an end, their roles as dedicated parents to Agastya will continue to be a shared priority. The couple's candid announcement and request for privacy underscore their mutual respect and desire to handle this transition with dignity. In the face of public scrutiny and speculation, Hardik and Natasa have chosen to focus on the well-being of their son and their personal growth. Their story serves as a reminder of the complexities of relationships and the importance of empathy and understanding during difficult times. As they embark on separate paths, their commitment to co-parenting highlights the enduring bond they share through their love for Agastya.

Sport

July 18, 2024

Hardik Pandya and Natasa Stankovic Announce Divorce After Four Years of Marriage

Hardik Pandya and Natasa Stankovic Announce Divorce After Four Years of Marriage Hardik Pandya and Natasa Stankovic have officially announced…

NEWS

July 18, 2024

Jharkhand Mukhyamantri Pashudhan Vikas Yojana 2024: Subsidy on Cow or Buffalo Purchase

Jharkhand Mukhyamantri Pashudhan Vikas Yojana 2024: Get Up to 90% Subsidy on Cow or Buffalo Purchase – Apply Here The…

Byjus Edtech Giant Challenges Insolvency Proceedings

NEWS

July 17, 2024

Byjus Edtech Giant Challenges Insolvency Proceedings

Byju’s Crisis: Edtech Giant Challenges Insolvency Proceedings The National Company Law Tribunal (NCLT) in Karnataka ordered insolvency proceedings against Byju’s…