Infosys stock falls as investors book profit; IT major unveils development centre in Nagpur

Shares of Infosys slipped 1 percent to Rs 1,560 per share on December 18 morning trade as investors booked profit after the stock closed 5 percent higher in the previous trading session. Additionally, the IT major unveiled a state-of-the-art development centre in Nagpur, Maharashtra on December 15.

In the past month, the Infosys stock has surged 12 percent as against the 11 percent rise in the Nifty IT index. Earlier, Infosys shares touched a 52-week high of Rs 1,620 apiece on February 9.

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According to the Infosys exchange filing dated December 16, the company has invested around Rs 230 crore in the development of this new development facility, which will provide greater flexibility for employees to work in a hybrid mode and enable re-skilling and up-skilling of talent.

“The new center will also give employees the opportunity to work on next-gen technologies like cloud, AI, and digital across multiple industries, such as telecommunications, banking, retail, aerospace, automobile, logistics, and manufacturing, among others,” the filing said.

Infosys’ new development centre will accommodate over 3,000 employees. The campus facilitates low-energy cooling, smart building automation, efficient rainwater harvesting, and complete recycling of wastewater.

Also Read: Who is Jayesh Sanghrajka? Here’s all you need to know about the chartered accountant who is now the Infosys CFO

“The inauguration of the development center in Nagpur is a part of our commitment towards continuous innovation. We believe that this center will contribute to the growth of businesses, create direct and indirect job opportunities, promote sustainability and ecosystem development, and give an impetus to local and global businesses through its cutting-edge
solutions and services,” said Nilanjan Roy, Chief Financial Officer, Infosys.

Earlier this month, Infosys informed exchanges that CFO Nilanjan Roy would step down from his position to pursue personal aspirations effective from March 31, 2024. Jayesh Sanghrajka will then take over as the new CFO from April 1, 2024.

Over the last 18 months, Infosys has witnessed the exits of former presidents Ravi Kumar S and Mohit Joshi from the company.

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