House of Fraser brings in Infosys to 'transform' IT
Multi-year project will involves core infrastructure replacement and move to the cloud
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Infosys has been awarded a multi-year contract by House of Fraser to "transform" its multichannel business and core IT infrastructure.
The programme, which will include using the cloud, will be designed to provide end consumers a "seamless shopping experience", and will "drive operational efficiencies and quicker time to market", said House of Fraser.
House of Fraser - which was acquired by Sanpower Group China last year - recently announced Uday Kotla as its CIO. Prior to joining House of Fraser, Kotler was global head of technology consulting at new supplier Infosys - responsible for enterprise architecture, IT strategy and digital initiatives at customers including Walmart, Adidas and Tesco.
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Infosys, now a globally preferred partner for Sanpower Group, will work with House of Fraser as it taps into the fast growing fashion retail market in China.
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Frank Slevin, chairman of House of Fraser, said: “This programme will help us realise faster time to market as we adopt new and advanced technologies to enhance our multichannel business.
"The benefits from this programme will also allow us to achieve our business goals as we go global. We look forward to building a long term strategic relationship with Infosys.”
Rangarajan Vellamore, CEO of Infosys China, said: “We are excited about this partnership with Sanpower Group and House of Fraser. This win reinforces our strategy to collaborate with large Chinese conglomerates going global."
House of Fraser has 60 stores across the UK and Ireland and began its business in Glasgow back in 1849.
RSI Alert: Infosys (INFY) Now Oversold : Buy buy
Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In trading on Friday, shares of Infosys Ltd. (NYSE: INFY) entered into oversold territory, hitting an RSI reading of 29.5, after changing hands as low as $32.25 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 62.7. A bullish investor could look at INFY’s 29.5 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of INFY shares:
Looking at the chart above, INFY’s low point in its 52 week range is $25.03 per share, with $37.28 as the 52 week high point — that compares with a last trade of $32.38. Find out what 9 other oversold stocks you need to know about »
According to the ETF Finder at ETFChannel.com, INFY makes up 6.60% of the First Trust ISE Chindia Index Fund ETF (AMEX: FNI) which is trading higher by about 0.1% on the day Friday.