Tech workers plan protest against deal that brings India labor supplier to the state

There is talk that Infosys also plans to open an office in Stamford. … On their way out, Eversource employees had to train Infosys workers, organizers …
  • In March, Gov. Dannel P. Malloy announced that Infosys, a global leader in consulting, technology, and next-generation IT services, is planning to establish a technology and innovation hub in Hartford. Photo: Contributed Photo / Connecticut Post Contributed

    In March, Gov. Dannel P. Malloy announced that Infosys, a global leader in consulting, technology, and next-generation IT services, is planning to establish a technology and innovation hub in Hartford.

    In March, Gov. Dannel P. Malloy announced that Infosys, a global leader in consulting, technology, and next-generation IT services, is planning to establish a technology and innovation hub in Hartford.

    Photo: Contributed Photo

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In March, Gov. Dannel P. Malloy announced that Infosys, a global leader in consulting, technology, and next-generation IT services, is planning to establish a technology and innovation hub in Hartford.

In March, Gov. Dannel P. Malloy announced that Infosys, a global leader in consulting, technology, and next-generation IT services, is planning to establish a technology and innovation hub in Hartford.

Photo: Contributed Photo

Tech workers plan protest against deal that brings India labor supplier to the state
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STAMFORD — Technical workers have organized a rally for Saturday in Hartford to protest what they say is a “sweetheart deal” Gov. Ned Lamont struck with an Indian company that will result in job losses for Connecticut citizens.

The Connecticut Tech Workers Coalition is teaming up with a national group, Protect U.S. Workers, to protest a state deal that gives Infosys, which supplies tech labor across the United States, $14 million to open a hub in Hartford on the promise of creating 1,000 jobs. There is talk that Infosys also plans to open an office in Stamford.

Rally organizers say the technology services giant has a history of manipulating the nation’s visa program to displace U.S. workers with cheaper labor from India. Organizers include some of the 200 Eversource employees who were laid off four years ago, when the utility hired Infosys to supply tech support. On their way out, Eversource employees had to train Infosys workers, organizers have said.

In 2013, the federal government fined Infosys $34 million for abuse of the visa system for fraudulently bringing workers into the country. In 2017, Infosys paid New York state $1 million to settle similar allegations.

Infosys officials have said the Hartford deal is part of a company commitment to hire 10,000 American workers before the year is out, and that 7,000 have been hired so far. State officials have said the state grant money will be dispersed only after Infosys meets a set of milestones for creating good-paying jobs for American citizens in Connecticut.

But protesters say Infosys is like many other tech outsourcing companies operating in the U.S. — they use the visa system to fill jobs with underpaid foreign workers, and it’s time to fight back..

“In the same way Protect US Workers played a role in ousting Kansas Congressman Kevin Yoder in the recent 2018 election, Governor Lamont is being put on notice that American tech workers want the system to change,” a statement from the Connecticut Tech Workers Coalition reads. “The rally is about putting American workers and American jobs before foreign concerns.”

The rally is scheduled for 5 p.m. Saturday at the Hartford Elks Lodge, 34 Prospect St. in downtown Hartford. For information, visit www.cttechworkers.org.

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Infosys to turn enterprises digital on HPE model

Global software major Infosys would speed up digital makeover of enterprises using the HPE’s consumption-based IT model, said the tech behemoth …

Global software major Infosys would speed up digital makeover of enterprises using the HPE’s consumption-based IT model, said the tech behemoth on Wednesday.

“The partnership with HPE will help enterprises make smart infrastructure investments, paying for what they consume, while benefiting from the security offered by a trusted managed services provider,” said the city-based IT firm in a statement.

The US-based Hewlett Packard Enterprise’s (HPE) cloud platform focuses on outcome-based consumption and simplifies IT and freeing up resources.

Clients will also benefit with a secure private cloud and the advantage of economics in public cloud.

“As enterprises look at optimising their hybrid IT investments and accelerate digital initiatives, our partnership with HPE will provide them value proposition of a consumption-based IT model and the comfort of managed services,” said Infosys’ Vice-President Narasimha Rao in the statement.

As part of the expanded offerings, Infosys will invest in building skills and solutions across the hybrid cloud to drive business outcomes for its clients.

“Enterprises are seeking ways to consume the outcomes they want. Our tie-up with Infosys will contribute to the success of their customers’ business,” said HPE Chief Sales Officer Phil Davis on the occasion.

–IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Traders Recap: Infosys Ltd (NYSE:INFY)

Infosys Ltd (NYSE:INFY) down -1.31% to close at the price of $10.53. The stock has a market capitalization of $44.34 Billion however its outstanding …

Infosys Ltd (NYSE:INFY) down -1.31% to close at the price of $10.53. The stock has a market capitalization of $44.34 Billion however its outstanding shares are 4.21 Billion. The company’s beta value stood at 0.53.

Infosys Ltd (NYSE:INFY) has an ABR of 2.73 which is the combined stock view of 15 analysts poll results. As per Zacks simplified descending rating scale the ABR rank is displayed in the range of 1 to 5 where 1 represents Strong Buy and 5 a Strong Sell. As the name implies that ABR will show you the Average of Brokerage Recommendations on a given stock. It helps you quickly get a picture of where Wall Street stands on a stock without reading huge research reports. The smaller number of ABR is the more favorable. The modest value of the stock is known as the current ABR of the stock.

However out of 15 analysts 2 suggest Infosys Ltd (NYSE:INFY) a Strong Buy, 0 suggested Buy, 11 Hold and 1 Sell, while 1 analysts recommend the stock a Strong Sell.

Analysts are expecting average earnings estimates of $0.13 for the current quarter based on the opinion of 12 analysts, relating to high earnings per share estimates of $0.15 and low estimates of $0.12, however Infosys Ltd (NYSE:INFY) reported $0.13 earnings per share for the same quarter last year.

For the current quarter Infosys Ltd (NYSE:INFY) has average revenue estimates of $3.04 Billion, a total number of 12 analysts provided estimations over revenues. However the low revenue estimates for the company are $2.98 Billion versus high revenue estimates of $3.09 Billion. A year ago the company’s sales were $2810000 while its sales growth yearly estimates for the current quarter are 8.5%.

Taking a broader look at the analyst consensus, brokerage firms have a price target of $10.29 on Infosys Ltd (NYSE:INFY). Brokerage firms on the street have price targets on the name ranging from $7 to $11.6 based on 12 opinions.

Infosys Ltd (NYSE:INFY) as of current trade, has shown weekly performance of 1.54% which was maintained at 11.66% in one month period. Year to date performance remained at 10.61%. During the past three months the stock gain 10.38%, however six months performance of the stock remained at 5.25%. Infosys Ltd (NYSE:INFY)’s price sits 9.25% above from its SMA 50 of $9.8 and 9.75% far from the SMA 200 which is at $9.89.

Currently Infosys Ltd (NYSE:INFY)’s shares owned by insiders are 18.2%, whereas shares owned by institutional owners are 19.5%. However the six-month change in the insider ownership was recorded 0%, as well as three-month change in the institutional ownership was recorded 0.09%.

The stock is trading -1.5% away from its 52 week high of $10.69 and 27.71% far from the stock’s low point over the past 52 weeks, which was $8.24.

The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. Infosys Ltd (NYSE:INFY)’s price to earnings ratio stood at 21.67. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. A low P/E can indicate either that a company may currently be undervalued or that the company is doing exceptionally well relative to its past trends.

The PEG ratio is used to determine a stock’s value while taking the company’s earnings growth into account, and is considered to provide a more complete picture than the P/E. Infosys Ltd (NYSE:INFY) has a current PEG of 2.71. Infosys Ltd (NYSE:INFY)’s price to sales ratio for trailing twelve month stands at 3.98, whereas its price to book ratio for the most recent quarters is at 5.01. However the company’s price to cash per share for most recent quarter stands at 0.87. Its price to free cash flow for trailing twelve months is 12.15.

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Let’s Talk About Infosys Limited (INFY)

Wall Street analysts will be watching closely when Infosys Limited (NYSE:INFY) reports its quarterly earnings next, which is scheduled for Fri 12 Apr (In …

Wall Street analysts will be watching closely when Infosys Limited (NYSE:INFY) reports its quarterly earnings next, which is scheduled for Fri 12 Apr (In 80 Days). Looking at the latest analyst forecasts, the current earnings-per-share (EPS) consensus estimate is sitting at $0.14 per share. In the preceding quarter, the company reportedly generated EPS of $0.13 per share of its common stock. Looking at profitability indicators, this organization has an operating margin of 22.60%, a profit margin of 19.00% and a gross margin of 35.20%.

Speaking of Wall Street analysts, a number of market experts at top investment banks have recently posted their updated ratings on shares of Infosys Limited (NYSE:INFY). Most recently, on January 15th, 2019, Morgan Stanley Upgrade a Overweight rating. Before that, on January 14th, 2019, Susquehanna Upgrade to Neutral. Nomura Upgrade a Neutral rating on January 14th, 2019, Berenberg Initiated an Sell rating on April 6th, 2018, and Goldman Upgrade a Buy rating on February 5th, 2018.

At its current price point, combined with the fact that this company has 4.21B shares outstanding, the current market capitalization sits at 44.34B. In the last trading day, 10,436,970 shares of Infosys Limited were traded, which compares to its usual volume of about 10.15M shares per day of trading.

If we compare this company’s current price to its recent pricing activity, we can see that the price has changed by $0.16 in the past five trading days, resulting in a percentage change of +0.38% and a moving average of 10.58. In the past 20 days, its price changed by $1.25 (which is +13.47%) and the stock’s moving average was 9.88. Looking back a full 50 days, shares of INFY changed by $1.05 (which is +11.08%) and demonstrated a moving average of 9.66.

Staying in the same analytical area, this company’s stock has demonstrated a 9-day Stochastic %K score of 93.27%, a 14-day Stochastic %K score of 94.61% and a 20-day Stochastic %K score of 95.88%. Using a similar metric, Infosys Limited (INFY) shares showed a Stochastic %D of 94.24% over the past 9 days, a Stochastic %D score of 95.43% over the last 14 days, and a 20-day Stochastic %D of 96.35%. Meanwhile, this stock’s MACD Oscillator was 0.21 over the past 9 days, 0.48 over the past two weeks, and 0.72 in the last 20 days.

As recent trading data suggests, this company’s shares have been hovering close to the $10.53 level. Over the past 12 months, this stock has experienced a high price of $10.69 and a low of $8.24. Top market experts pay heightened attention to a stock as it is getting closer to a notable historic high price or low price.

Fisher Asset Management LLC sold more shares of this company during the last fiscal quarter, as we can observe in the latest corresponding filing from Infosys Limited (NYSE:INFY) with the Securities and Exchange Commission (SEC). This specific major shareholder, at the end of the quarter, held 41,232,613 shares of the company’s stock following the subtraction of -2,003,619 to this investor’s holdings during the three-month period. This share count represents that Fisher Asset Management LLC now held 0.94% stake in Infosys Limited (INFY)’s shares.

Just in the most recent trading day, Infosys Limited (NYSE:INFY) experienced a high price of $10.675 and low point of $10.47. At the end of the last trading session, this stock was at 10.53 per share, following a loss of -$0.03, or -1.31% during the full day.

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Cozad Asset Management Inc. Invests $213000 in Infosys Ltd (NYSE:INFY)

Cozad Asset Management Inc. bought a new stake in Infosys Ltd (NYSE:INFY) during the fourth quarter, according to the company in its most recent …

Infosys logoCozad Asset Management Inc. bought a new stake in Infosys Ltd (NYSE:INFY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,360 shares of the technology company’s stock, valued at approximately $213,000.

Several other hedge funds also recently bought and sold shares of the company. Dorsey Wright & Associates bought a new stake in Infosys during the fourth quarter worth $4,312,000. Polaris Capital Management LLC lifted its holdings in Infosys by 106.5% during the third quarter. Polaris Capital Management LLC now owns 19,982,318 shares of the technology company’s stock worth $203,220,000 after acquiring an additional 10,307,444 shares during the period. Vanguard Group Inc lifted its holdings in Infosys by 109.4% during the third quarter. Vanguard Group Inc now owns 10,580,778 shares of the technology company’s stock worth $107,606,000 after acquiring an additional 5,527,728 shares during the period. Federated Investors Inc. PA bought a new stake in Infosys during the third quarter worth $600,000. Finally, Rehmann Capital Advisory Group lifted its holdings in Infosys by 100.4% during the third quarter. Rehmann Capital Advisory Group now owns 5,439 shares of the technology company’s stock worth $55,000 after acquiring an additional 2,725 shares during the period. Institutional investors own 18.20% of the company’s stock.

A number of analysts recently commented on the company. Morgan Stanley upgraded Infosys from an “equal weight” rating to an “overweight” rating in a report on Monday, January 14th. Nomura raised Infosys from a “reduce” rating to a “neutral” rating in a research report on Monday, January 14th. Susquehanna Bancshares raised Infosys from a “negative” rating to a “neutral” rating and raised their target price for the stock from $7.50 to $11.00 in a research report on Monday, January 14th. Wells Fargo & Co set a $11.00 target price on Infosys and gave the stock a “hold” rating in a research report on Friday, January 11th. Finally, Cantor Fitzgerald reissued a “hold” rating and issued a $10.00 target price on shares of Infosys in a research report on Friday, January 11th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $12.75.

Shares of NYSE INFY traded down $0.01 during mid-day trading on Wednesday, hitting $10.52. The company had a trading volume of 477,438 shares, compared to its average volume of 10,928,316. The stock has a market cap of $46.37 billion, a PE ratio of 21.03, a price-to-earnings-growth ratio of 2.07 and a beta of 0.42. Infosys Ltd has a 1 year low of $8.24 and a 1 year high of $10.69.

The business also recently declared a dividend, which will be paid on Friday, January 25th. Stockholders of record on Friday, January 25th will be given a $0.047 dividend. The ex-dividend date is Thursday, January 24th. Infosys’s dividend payout ratio (DPR) is presently 34.00%.

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Infosys Profile

Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business information technology services, including application development and maintenance, independent validation, infrastructure management, and business process management services, as well as engineering services, such as engineering and life cycle solutions; and consulting and systems integration services comprising consulting, enterprise solutions, systems integration, and advanced technologies.

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Institutional Ownership by Quarter for Infosys (NYSE:INFY)

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