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Friday,26-February-2021

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Global software company, Infosys opens office in Switzerland for client servicing

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Infosys

Global software major Infosys on Friday said it has opened a new office at Baden in Switzerland to help service its clients in the energy and aerospace industries.

“The new office at Baden will strengthen our capabilities in turbo-machinery and propulsion in Europe and help serve clients in the energy and aviation industries,” the city-based IT behemoth said in a statement.

The office will also help clients navigate their digital transformation journey and play an integral role in innovations in the renewable energy markets and aerospace vertical.

Located near Zurich and 55 miles from Swiss capital Bern, Baden has been home to the engineering industry, building on the legacy of Brown Boveri, a pioneer in the turbo-machinery industry.

“By setting up Baden as a key centre for turbo-machinery and propulsion business, we will enhance our capability to deliver services through a network of engineering centres at Mysuru in Karnataka, Moscow in Russia and Karlovac in Croatia,” said the statement.

The services include design of core components and accessories, system integration, testing and validation, controls and automation, customer service, manufacturing and field support and digital technologies.

“The Baden office is an important step in our strategy to strengthen our capabilities to deliver solutions to our customers in the turbo-machinery and propulsion industry,” said Infosys Vice President and global head of manufacturing, Jasmeet Singh, in the statement.

In partnership with the US-based General Electric (GE), the company has enhanced its competencies with talent from its engineering business.

As the company’s many clients in these niche industries are based in Europe, the Baden office is strategically located to meet their needs in the region.

“We are committed to help our clients leverage the potential of engineering services to transform their businesses. The office will accelerate that effort by providing the clients access to our talent in this niche domain,” said Infosys Senior Executive Nitesh Bansal.

According to Urs Hofmann, Economic and Interior Minister in the Cantonal government, Baden has been an important economic region and knowledge centre for long.

“We are honoured that Infosys is investing in the region to support and advance this business location with new technologies and services and jobs,” Hofmann said.

Business

Sensex up 500 points, Nifty reclaims 15,000

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Growth chart. (File Photo: IANS)

The key Indian equity indices opened on a positive note on Thursday with the BSE Sensex rising over 500 points.

The Nifty50 on the National Stock Exchange also rose above the 15,000 mark.

Healthy buying activity was witnessed in metal, IT, banking and finance stocks.

Around 9.45 a.m., Sensex was at 51,323.82, higher by 542.13 points or 1.07 per cent from its previous close of 50,781.69.

It opened at 51,207.61 and has so far touched an intraday high of 51,386.12 and a low of 51,057.74 points.

The Nifty50 on the National Stock Exchange was trading at 15,149.65, higher by 167.65 points or 1.12 per cent from its previous close.

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Business

As oilcos wait & watch, fuel prices remain steady

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Petrol

Oil marketing companies on Thursday continued with their wait and watch strategy and kept retail prices of petrol and diesel unchanged for the second consecutive day.

Accordingly, price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital.

Elsewhere in the country as well, fuel prices remained unchanged after oil companies increased its pump prices on 13 of the last 17 days.

In the 13 increases since February 9, price have gone up by Rs 3.98 per litre for petrol while diesel rate has risen by Rs 4.19 a litre in Delhi.

The price pause on Thursday may be momentary as global oil prices are on the boil with benchmark Brent crude prices remaining above $67 a barrel. The product prices in international market has also firmed up over restricted supplies and a demand pick up.

The increase of fuel prices in the previous weeks has taken petrol across historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol price is Rs 97.34 a litre while diesel is Rs 88.44 a litre.

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre. Premium petrol crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by Rs 7.22 and Rs 7.45 per litre respectively so far this year.

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Business

Traders across India to go on strike on Friday

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Traders-strike

Going ahead with their protest against arbitrary regulations and changes in the Goods and Services Tax (GST) and alleged norm violations by e-commerce giants, traders across the country will go a day-long strike on Friday.

In a statement, the Confederation of All India Traders (CAIT) the umbrella body which has called for the strike said that over 8 crore traders belonging to more than 40,000 trade associations across country will observe the ‘Bharat Vyapar Bandh’ to protest against some of the “draconian, arbitrary and critical” amendments made recently in GST rules.

It will also urge the government to rectify glitches in e-commerce for preventing violation of law by foreign e-commerce companies.

The All India Transport Welfare Association (AITWA) an apex body of 1 crore transporters have already supported the strike and has also announced ‘Chakka Jam’ of transport sector on Friday all over India.

CAIT Secretary General Praveen Khandelwal said that not only traders but even small industries, hawkers, and women entrepreneurs among others will also join the bandh.

Further, associations of chartered accountants and tax advocates have supported the strike and have informed their clients not to visit their offices on Friday.

Khandelwal further said that on Friday as a mark of protest, ‘dharna’ will be held in more than 1,500 towns and cities across states and no traders will login to GST portal to register their protest.

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