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.
From the Sensex pack, HCL Technologies, Infosys, Wipro, Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, Tata Consultancy Services and Asian Paints were the major gainers. Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, State Bank of India and Tata Steel were among the major laggards.
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.
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.
Billionaire Mukesh Ambani-promoted Reliance Industries Ltd (RIL) on Tuesday became the first listed company to hit the Rs 20 lakh crore market valuation mark. The market heavyweight's stock jumped 1.88 per cent to its record high of Rs 2,957.80 apiece on the BSE. It finally settled at Rs 2,928.95 per piece, up 0.90 per cent on the bourse.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
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.
Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
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.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
Among the Sensex firms, Bajaj Finance jumped 4.44 per cent and NTPC rose over 3 per cent. IndusInd Bank, Axis Bank, Tata Motors, Nestle, Power Grid, Infosys, Bajaj Finserv and HDFC Bank were the other major winners. HCL Tech, Mahindra & Mahindra, Maruti and Hindustan Unilever were among the laggards.
Parekh in a video address to employees expressed delight on leading the iconic company
The decision has been taken because Executive Chairman N R Narayana Murthy attempts to bring Infosys back to basics.
Despite unprecedented levels of uncertainty in Samvat 2077, investors have little to complain about on the returns front. The BSE Sensex delivered returns of 38 per cent in this period, while the Nifty registered a return of over 40 per cent. As is the case in bull markets, companies in the small- and mid-capitalisation basket outperformed the benchmarks, with returns almost twice those of frontliners.
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.
The company said attrition of high performers had declined to 11.2 per cent during the quarter
Possibility of higher growth and relatively cheaper valuations makes Street more positive on Infosys, says Sheetal Agarwal.
Seshasayee has been an independent director on the company's board since January 2011.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
The broader Nifty scaled its life-time (intra-day) high of 12,311.20, before ending 40.90 points, or 0.33 per cent, higher at 12,256.80. Other gainers included Ultratech Cement, Maruti, Kotak Bank, Asian Paints and HUL.
Infosys' commentary suggests its growth pangs are not yet over.
Vishal Sikka who was made vice-chairman till his successor was appointed, also quit the board with immediate effect.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
Investors' wealth eroded by Rs 6 lakh crore in a single day on Wednesday as the BSE benchmark Sensex tumbled over 790 points. The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88. During the day, it slumped 872.93 points or 1.19 per cent to 72,222.29.
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.
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
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Cognizant becomes the second largest offshore-centric IT services player.
Pratt, who joined the firm in 2004, has left the company to start his own entrepreneurial venture.
'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.
Infosys has drawn up a vision to position itself as a next generation services company.
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.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects. Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.
Infosys' aspirations to improve revenue per employee might also prove to be a tall task, believe analysts.
As Vishal Sikka settles down at the head of Infosys, he is slowly unveiling his new strategies.
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 on Tuesday became the fourth Indian company to touch a market valuation of $100 billion. The IT services major has joined the league of TCS, Reliance Industries and HDFC Bank for crossing the $100 billion-mark in terms of market capitalisation (m-cap). The milestone was achieved during the morning trade when the scrip was trading at its 52-week high value of Rs 1,755.6 on the BSE, which took the m-cap to Rs 74.77 lakh crore or $100.78 billion.
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.
A lot of my decisions are based on idealism, says N R Narayana Murthy
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.
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