Indian IT services provider Infosys announced that it has signed a $1.5 billion contract with an unnamed ‘global company’ for a 15 year period.
-The deal aims to scale up the company’s artificial intelligence (AI) solutions and optimise operations.
-Infosys also secured an AI and automation solutions $2 billion deal for a 5 year period with an undisclosed, existing client earlier this year.
-The move marks an increasing interest in AI technology and implementation of data analytics into banking services.
What does this mean?
Shares of the company were marginally high at 0.4%, trimming the stock's losses to 0.1% so far this year compared to a 15.46% rise in the Nifty IT index.