Stocks to watch today: Infosys, a global IT services giant, announced on September 19 that it plans to invest up to ₹17 crore (about $2 million) in space technology startup GalaxEye Space Solutions. The investment is part of Infosys Innovation Fund and marks the company’s entry into the burgeoning space technology sector, which will take center stage on September 20.
Infosys shares closed up 0.26% at ₹1,897.00 and was listed on NSE on September 19. The company’s market capitalization is ₹7,87,659.95 crores. Infosys share price hit a 52-week high on September 2, 2024 ₹1,975.75, as per NSE.
The investment will be made through a combination of equity and Series A compulsorily convertible preference shares, the company said in an exchange filing. Infosys expects to complete the all-cash transaction by September 30, 2024, thereby acquiring a minority stake of up to 20% of the issued share capital of GalaxEye.
GalaxEye, incubated at IIT Madras and headquartered in Bengaluru, is a leader in developing multi-sensor satellites and geostationary platforms. These advanced systems generate comprehensive, all-weather, high-resolution datasets for a wide range of applications in industries such as defense, insurance, logistics, infrastructure, agriculture, and disaster management.
Infosys enters overseas logistics business
Infosys also announced the expansion of its strategic partnership with Posti, a leading express and logistics services provider in Finland, Sweden and the Baltics. The renewed partnership focuses on improving Posti’s customer experience and operational efficiency through an AI-first approach.
The collaboration leverages Infosys Topaz, an AI product that uses generative AI technology, to drive operational improvements and service quality at Posti. In addition, Infosys will use its Cobalt suite, including the Live Enterprise Application Management Platform (LEAP), to accelerate Posti’s cloudification journey and improve business efficiency.
Commenting on the renewal, Petteri Naulapää, CIO and SVP ICT and Digitalization at Posti Group, said: “We are delighted to announce the renewal of our partnership with Infosys for another seven years. By leveraging the artificial intelligence of Infosys Topaz and the cloud capabilities of Infosys Cobalt, we aim to create a more efficient and customer-centric organization.”
Karmesh Vaswani, Executive Vice President and Global Head of Retail, Consumer Goods and Logistics at Infosys, added: “This extension demonstrates our unwavering commitment to delivering next-generation services and solutions tailored to address the unique challenges facing our Nordic customers.”
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