Infy gains on forming JV with Hitachi, Japan
IT giant Infosys gained on the bourses as the company declared the formation of a JV with Hitachi, Panasonic Corporation and Pasona Inc. Shares of the company gained almost 3 per cent intraday.
Infosys is to acquire 81 per cent of shareholding in Hitachi Procurement Service Company, Hitachi’s fully-owned subsidiary. The company handles indirect materials purchasing functions for the Hitachi Group. Hitachi, Panasonic and Pasona will be minority shareholders of the entity. This move marks Infosys' strategic presence in Japan.
In this JV, on one hand, Infosys will play its part by bringing its global expertise in procurement processes, consulting, analytics and digital technologies such as artificial intelligence (AI) and Robotic Process Automation (RPA) to the venture. On the other hand, Hitachi and Panasonic’s knowledge of procurement functions and local teams and Pasona’s human resources and BPM networks in Japan will enable the JV to provide differentiated, end-to-end, efficient and high-value procurement capabilities to the corporations.
On Friday, the shares of Infosys opened slightly lower at Rs. 695.15 per share against Thursday’s close of Rs. 696. At 15:02 hours, the stock was trading at Rs. 705.95 per share, up by 1.36 per cent. The intraday high was Rs. 713 and intraday low was Rs. 693.50 per share on the BSE. Its 52-week high was Rs. 754 and the 52-week low was Rs. 499.03 per share on the BSE.
Meanwhile, the BSE Sensex was at 35,940.44 level, up by 0.03 and the Nifty50 was at 10,798.40 level, up 0.05 per cent.