If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
The matter pertains to the Rs 173.8 million severance offer given to former CFO Rajiv Bansal in October 2015 when he was allegedly forced to step down due to differences with then chief executive Vishal Sikka over the acquisition of Israeli technology firm Panaya for $200 million.
State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday. The insurance giant is also aiming to become completely "paperless" in two years. "We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation.
Its revenue grew 8.5 per cent to Rs 23,665 crore in the quarter under review from Rs 21,803 crore in the corresponding period last fiscal.
The person identified as Mujeeb Mohammad had made this call in a Facebook post. "Let's join hands, go out and sneeze with open mouth in public. Spread the virus," he wrote.
Infosys had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
However, the company says it will suspended promotions and salary increments this year.
Consecutive quarters of missed targets have alarmed the investor community.
At the very least, it will cost Infosys thousands of dollars to defend its position
Engineer-turned-philanthropist Sudha Murty on Thursday took oath as Rajya Sabha MP in the presence of her husband N R Narayana Murthy.
'No one manufactures intelligence at the moment.' 'This is a concept that your IT industry understands.' 'What you need is infrastructure. Everything else can then be taken care of.'
The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
The annual award includes a pure gold medal, a citation and a prize purse worth $ 100,000 or its equivalent in the Indian rupees.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
Infy to cast wide net in CEO search, may go back to 'alumni'
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
The share buyback -- which will be the first in the company's 36-year history -- has been a long-standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
'The meanness of the board statement apart, it nowhere answers the most fundamental and damaging aspects of the deteriorating work culture among top company executives to which Narayana Murthy had been repeatedly drawing attention,' says B S Raghavan, the distinguished civil servant.
'Young people are digital natives.' 'Hence, their ability to learn coding and to become a full stack engineer is far more.' 'The demand for such people is more as we feel that if we hire people from campuses, we can train them to become what we want.'
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
Among the Sensex stocks, JSW Steel, Asian Paints, Maruti Suzuki India, NTPC, Adani Ports and Special Economic Zone, Bharti Airtel, ITC and Tech Mahindra were the major gainers. Reliance Industries, Tata Motors, Infosys, Mahindra and Mahindra, Bajaj Finance and Axis Bank were the laggards.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners. On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.
Rao, in his letter, appealed to employees to stay the course, focusing on execution and expanding the services that the company had built over the past few years.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
The decision has been taken because Executive Chairman N R Narayana Murthy attempts to bring Infosys back to basics.
Investors' wealth eroded by Rs 9.51 lakh crore on Monday morning, following a crash in equity markets where the benchmark Sensex tanked over 2,400 points, mirroring a sharp plunge in global peers. The 30-share BSE benchmark tanked 2,401.49 points to 78,580.46 in early trade. Following the sharp decline in equities, the market capitalisation of BSE-listed firms dropped by Rs 9,51,771.37 crore to Rs 4,47,65,174.76 crore ($5.35 trillion) during the morning trade.
It's debatable whether going back in time -- twice in a span of four years -- by bringing back a once-proven leader at the top is the correct thing to do when Infosys desperately needs to be made future-ready.
India's largest IT services company Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore in the first quarter ended June 2024. The net profit for the year-ago period stood at Rs 11,074 crore.
Infosys' commentary suggests its growth pangs are not yet over.
Seshasayee has been an independent director on the company's board since January 2011.
The company said attrition of high performers had declined to 11.2 per cent during the quarter
Among the 30 Sensex firms, Asian Paints, Infosys, JSW Steel, UltraTech Cement, Power Grid, Larsen & Toubro, HCL Technologies and Tata Steel were the biggest laggards. Tata Motors, HDFC Bank, Bharti Airtel, ITC, IndusInd Bank and Axis Bank were the gainers.
Benchmark Sensex rose by 443 points to close at a new record high while Nifty settled above the 24,100 mark on Monday on buying in banking and IT shares in line with gains in Asian and European markets. The 30-share BSE Sensex settled higher by 443.46 points or 0.56 per cent at an all-time high of 79,476.19.
