The leading IT company closed up by 1.17 percent Rs 1,459.55 from its previous close of Rs 1,442.7 after the company bagged its order from a Philippines-based company.
According to Infosys, Bank of Commerce (BankCom), one of the Philippines’ fastest-growing universal banks, has chosen the Infosys Finacle suite, a wholly owned subsidiary of Infosys, for its core banking transformation.
The suite’s offerings, which include Finacle Core Banking, Finacle Liquidity Management, and Finacle Customer Data Hub solutions, will help BankCom engage, innovate, and operate better in order to keep up with market expectations.
BankCom’s main focus is on modernizing its core banking systems and improving the customer experience through a digital transformation journey. Finacle’s componentized core banking solution will facilitate this transformation by gradually replacing legacy systems.
The Finacle suite will enable BankCom to innovate and provide customers with tools to manage their liquidity across borders, currencies, and banks. Finacle Customer Data Hub will unify customer data management, allowing for personalized services and experiences.
The company has reported its net revenue rose 6.7 percent year on year from Rs 36,538 crores in Q2FY23 to Rs 38,994 crores in Q2FY24. In addition, net profit rose 3 percent year on year, from Rs 6,021 crores in Q2FY23 to Rs 6,212 crores in Q2FY24.
The company’s promoters hold a 14.8 percent stake in the company, with 33.5 percent owned by foreign institutional investors, 16.1 percent owned by the general public, and 35.3 percent owned by domestic institutional investors.
Infosys IT Software Company is a large-cap company with a market capitalization of Rs 6,04,000 crores. It also has a 32 percent return on equity (ROE) and a 44 percent return on capital employed (ROCE).
The share price of Infosys has increased by 10.25 percent in the last six months.
Infosys Ltd assists customers in implementing digital transformation strategies by providing technology, outsourcing, consulting, and next-generation digital services. In India, it ranks as the second-biggest IT company after TCS.
Written by Sriram KV
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