Espresso: Day 1 of Zomato IPO, Infosys raises guidance

Zomato IPO oversubscribed 2.69 times on Day 1

At the end of day 1 of food-tech unicorn Zomato’s initial public offering (IPO), retail investors applied for more than 34.8 crore shares against the reserve quantity of over 12.95 crore shares.

While 27.2 crore shares were applied for at the cut-off price of Rs 76 a share, over 7.7 crore shares were applied for at varying price points in the price range of Rs 72-76.

Qualified institutional buyers (QIBs) excluding anchor allotments, non-institutional investors, and employee reservation categories saw subscriptions of 0.98 times, 0.13 times, and 0.18 times respectively.

Out of the Rs 9,375 crore planned to be raised, Zomato has already allotted over 55.2 crore shares to 186 anchor investors, raising over Rs 4,196 crore on July 13. Over 33.3 percent of the anchor investments, worth Rs 1,399 crore, were allotted to 19 domestic mutual funds (MFs) through 74 MF schemes.

Infosys to hire 35k freshers, raises guidance

Indian software services giant Infosys said it will hire 35,000 college graduates in fiscal year (FY) 2022, up from over 25,000 it previously mentioned.

The company’s attrition rate, which measures employees leaving the company, rose three percentage points from the previous quarter to 13.9 percent in the first quarter (Q1) of FY 2022. It is a “near-term challenge,” said U B Pravin Rao, Chief Operating Officer, Infosys.

Infosys reported a net consolidated profit of $704 million in Q1, up 1.1 percent over the previous quarter. It raised its FY 2022 revenue growth guidance by 200 basis points to 14-16 percent, buoyed by a sequential increase of 9.7 percent in its digital business revenue to $2 billion.

TCS to invest $300 million in Arizona by 2026

IT services giant Tata Consultancy Services (TCS) said it will invest more than $300 million in Arizona by 2026. North America is the software services firm’s largest market.

TCS will hire more than 220 employees by 2023 in and around its Phoenix business center, which serves more than 50 customers, to meet their digital transformation needs.

Indian IT firms have stepped up local talent in the US and Europe in recent years due to high demand and higher anti-immigration restrictions. The company will increase its teacher training and online content STEM education programmes for students as “it continues to hire local IT talent,” it said in a press statement.

NSEIT acquires Cloudexchange.io

NSEIT, a subsidiary of the National Stock Exchange of India, has acquired a majority stake in integrated cloud service provider Cloudxchange.io. However, the financial details of the deal were not disclosed.

With the addition of Cloudxchange.io, NSEIT will offer end-to-end digital transformation solutions from cloud to security, NSEIT said in a statement on Wednesday.

Founded in 2016, Cloudxchange.io has over 250 enterprise clients across sectors including banking, financial services and insurance, manufacturing, logistics, and government.

NTPC to set up country’s largest solar park

NTPC Renewable Energy will set up India’s largest solar park at Rann of Kutch in Gujarat, following the go-ahead from the government. The renewable energy park in Khavada will have a capacity of 4.75-gigawatts.

The NTPC subsidiary plans to generate green hydrogen on a commercial scale from the park, according to NTPC. Green hydrogen is hydrogen fuel created using renewable energy.

L&T Technology Services’ Q1 results

L&T Technology Services (LTTS) clocked revenue of $205.7 million in the first quarter of FY 2022, growing 4 percent sequentially, and by 20 percent over the same period last year.

During the quarter, LTTS won six deals with a total contract value (TCV) of more than $10 million, including two deals with a TCV of more than $25 million. The company is focusing on six areas—electric autonomous and connected vehicle (EACV), 5G, med-tech, digital manufacturing, AI and ML-driven smart offerings, and sustainability.

“The focus will be on innovation and solution building in these new age areas that will position us as the partner of choice for customers in their next generation product development cycle,” said Amit Chadha, CEO and Managing Director of L&T Technology Services.

Mahindra Electric appoints new CEO

Mahindra Electric Mobility has appointed Suman Mishra as CEO.

Mishra served as Senior Vice-President-Business Transformation, Insights and Analytics (BIA) for Mahindra & Mahindra’s automotive sector. She will report to Rajesh Jejurikar, Executive Director, Auto and Farm Sectors, Mahindra and Mahindra.