Big IT spends back on track? Infosys bags $2 billion AI tech deal

BENGALURU: Infosys informed the stock exchanges on Tuesday that it has entered into an agreement with one of its existing strategic clients to provide AIand automation-led development, modernisation, and maintenance services. The company said the total client target spend over five years is estimated at $2 billion. Infosys did not name the customer in the filing. The announcement pushed the stock price up by 3. 6% on the BSE on Tuesday.

Despite the global slowdown, Indian IT services companies look to be once again winning large contracts. Over the past month, several of them have seen sharp rises in share price.