Infosys (INFY)
India’s second-largest IT-services company, listed in India and also in New York as an American Depositary Receipt.
INFY
Infosys · US · Data: Yahoo Finance, delayed
The thesis
Infosys is the textbook Indian cross-listing. The same company trades on the NSE and BSE in rupees and, as an ADR, on the NYSE in dollars, so global investors can own it without an Indian account. For an Indian investor the local share is the natural way in; the ADR mostly matters as a global-demand and sentiment gauge.
The business itself is a bet on global enterprises spending on digital transformation, cloud migration and, increasingly, AI-led services. Watch the ADR premium or discount to the local price: a persistent premium signals strong foreign appetite, while a discount can flag the opposite.
How it makes money
Sells IT and consulting services (application development, maintenance, cloud, data and AI) to large global enterprises, billed largely in dollars while much of the cost base is in rupees.
- + Large, sticky global enterprise client base
- + Dollar revenue with a rupee cost base aids margins
- + Strong balance sheet and steady capital returns
- + AI and cloud services as a fresh demand layer
- - Discretionary IT spend slows in a weak global economy
- - Wage inflation and attrition pressure margins
- - AI could automate some traditional services revenue
- - Rupee strength can dent reported growth
- • Quarterly results and full-year revenue guidance
- • Large-deal wins and book-to-bill trends
- • Commentary on AI services demand
- - Client budget cuts in a downturn
- - Currency swings
- - Visa and immigration policy in key markets
- - Competitive pricing pressure
How to buy INFY from India
As an Indian investor you would normally buy the local Infosys share directly on the NSE or BSE in rupees. The NYSE ADR (INFY) is buyable via a US-stocks account under the LRS if you specifically want dollar exposure, but for most Indians the ADR is more useful as a signal of global demand (its premium or discount to the local price).
See routes, brokers & tax →The balanced view
A useful lens on the India-versus-US cross-listing dynamic and a large-cap IT bellwether. Indians usually own the local share; the ADR is the global mirror. Not a recommendation.
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Educational and informational only. Downstox is not a SEBI-registered investment adviser. US securities involve currency, regulatory and market risk. Verify every figure and your own LRS/tax position before acting.