Parekh in a video address to employees expressed delight on leading the iconic company
Possibility of higher growth and relatively cheaper valuations makes Street more positive on Infosys, says Sheetal Agarwal.
Experts believe it is extremely important for Sikka to connect with employees to gain acceptance at Infosys, which has had home-grown leaders so far.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
Cognizant becomes the second largest offshore-centric IT services player.
Markets gave up most of the gains made in previous session as traders' dumped frontline IT shares after Infosys reported 17% jump in net profit y-o-y, trailing street expectations.
Infosys raised the lower-end of its FY20 revenue guidance and the revised forecast now stands at 9-10 per cent growth in constant currency terms.
Vishal Sikka who was made vice-chairman till his successor was appointed, also quit the board with immediate effect.
Infosys, which is sitting on a cash pile of over $3 billion, has met criticism from investors and analysts as rivals like Tata Consultancy Services and Wipro have boosted their businesses with multiple acquisitions.
Pratt, who joined the firm in 2004, has left the company to start his own entrepreneurial venture.
Information technology major Infosys and Liberty Global, a London-based telecom firm, signed a 1.5 billion (about $1.64 billion) deal for five years to evolve and scale up the telco's digital entertainment and connectivity platforms, the companies said in a joint statement on Tuesday. As part of the expanded collaboration agreement, the size of the contract will touch 2.3 billion (about $2.5 billion) if extended to 8 years. The collaboration allows Liberty Global to realise run-rate savings of over 100 million (about $109 million) per annum, inclusive of other savings and technology investments, Infosys said in a statement.
76 families took a Qatar Airways flight from San Francisco on Sunday evening and reached Bangalore International Airport after a 20-hour flight. These employees were stuck in the US due to various reasons.
Among the Sensex firms, Power Grid, NTPC, Tata Steel, Tata Consultancy Services, JSW Steel, Wipro, Infosys, Tech Mahindra, Reliance Industries and Bajaj Finance were the major gainers. Axis Bank, HDFC Bank, Hindustan Unilever, Larsen & Toubro and ITC were among the laggards.
The company is looking at building the 'bench' of employees in reserve, to be prepared for emerging demands, beside keeping staff attrition in control. Maintaining decent bench strength would help in implementing new projects.
As Vishal Sikka settles down at the head of Infosys, he is slowly unveiling his new strategies.
Infosys has drawn up a vision to position itself as a next generation services company.
The June quarter is usually considered as a seasonally strong period for the IT sector.
Infosys' aspirations to improve revenue per employee might also prove to be a tall task, believe analysts.
Infosys Ltd forecast full-year sales growth that missed analyst expectations by a margin of up to 50 percent, dimming investor hopes that India's No.2 software services firm will soon start reaping the benefits of its strategic revamp.
Foreign institutional investors (FIIs)' stake in Infosys is nearing historic highs. During the quarter ended September, they bought 6.38 million Infosys shares for Rs 2,236 crore, raising their stake 1.1 per cent, data show.
'Pravin Rao's commitment and contribution to the company has been immense, and his partnership over the past three years has been critical to the successes and growth of our company,' said Vishal Sikka, chief executive officer at Infosys.
Starting its journey with a gross revenue of $5 million during its stock market debut on June 14, 1993, Infosys has reached dizzying heights, with a revenue of $10.93 billion in 2017-18
Infosys Ltd, India's No. 2 IT services exporter, forecast lower revenue growth than analysts had expected for this fiscal year, citing a challenging global economy, sending its shares tumbling nearly 18 percent.
This will be Infosys' first investment from its innovation fund dedicated to start-ups and emerging technologies.
State-un insurer LIC has pared its stake in Infosys to 5.96 per cent, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
The top three Indian IT firms -- Tata Consultancy Services (TCS), Infosys and Wipro -- collectively trained over 775,000 employees in generative AI (GenAI) capability by the end of 2023-24, according to an analysis of GenAI-trained workforce of leading companies in India in this sector. This number is significantly higher that the projection made by the IT industry body Nasscom in its Strategic Review of 2023, released in February this year. It said in 2023-2024, over 650,000 employees across the IT industry received training in Gen AI skills.
The new CEO's next challenge is to grow margins.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
Company appoints Parvatheesam K as compliance officer.
A lot of my decisions are based on idealism, says N R Narayana Murthy
What is perhaps most fascinating is that Infosys was not the first large Indian IT company to raise its head, nor has it been the largest; but it has often shown a remarkable ability to market itself so that it has punched above its weight.
The founders, who hold 12.75 per cent stake in Infosys, together with a dozen leading institutional investors with a cumulative stake of about 10 per cent forced the Infosys board to bring back Nilekani.
The culture clash isn't the only issue - most of the founders are still wary of risky bets while the new management thinks calculated aggression is necessary in the new world of business, says Shyamal Majumdar.
Infosys is likely to continue on a high-growth path. As the company moves up the value chain, due to higher billing rates earned, revenues are expected to grow.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
Erin Green, former head of immigration, Infosys says says only the loss of a big client could push Infosys to correct its internal corporate culture.
The market capitalisation of BSE-listed companies hit a record high of Rs 429.32 lakh crore on Wednesday as the BSE benchmark Sensex ended higher amid a largely positive trend in global equities. The 30-share BSE Sensex climbed 149.98 points or 0.20 per cent to settle at 76,606.57. During the day, it jumped 593.94 points or 0.77 per cent to 77,050.53.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
Chandra Sekhar Pemmasani, the Telugu Desam Party's Lok Sabha candidate from Guntur, has Rs 5,700 crore in declared family assets.
Infosys on Thursday said it is "seriously looking" at acquisitions as the company understands the importance of growth through buying out other companies.
