Infosys' co-founders, S D Shibulal and S Gopalkrishnan, on Tuesday launched Axilor Ventures, a business incubator and platform for supporting innovation and entrepreneurship.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
Many say N R Narayana Murthy returned to Infosys only because it was floundering. Ironically, that itself can be interpreted as the great man's biggest failure.
Infosys, in April, had said that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
While Infosys board gave a clean chit to the Panaya deal, Murthy stands firm on his allegations and said, 'sadly, it appears we will no longer know the truth'.
The company said it will target experienced technology professionals as well as recent graduates from major universities, liberal arts colleges, and community colleges to create the best workforce for the future.
Revenue rose 23.4 per cent to Rs 1,655 crore
Infosys on Friday posted a 3.5 per cent rise in quarterly net profit, lagging analyst estimates.
The settlement with Sebi was seen as Infosys admitting guilt of the lapse, clearing out any legal or regulatory challenges and preparing ground for new chief executive officer Salil Parekh.
Each bottle of pickle that leaves FarmDidi, headed to a consumer, has a little kahani behind it -- it's linked to the tale of a life, the life of a simple, striving village woman who created it, and that's what gives Manjari Sharma satisfaction and happiness.
A lot of my decisions are based on idealism, says N R Narayana Murthy
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
According to the capital allocation policy approved by the shareholders in April last year, Infosys plans to give back around Rs 10,400 crore to shareholders by the end of this financial year.
One possible way of accelerating National Education Policy's outcome is to invite 10,000 retired highly accomplished teachers from the developed world and from India in STEM areas to create 2,500 "Train the Teacher" colleges in the country's 28 states and eight union territories, Murthy said.
'Vishal Sikka may have realised that he was in no position to deliver on the promise Infosys made to its shareholders.' 'Perhaps he was looking for an escape route and he quit under the cover of "continuous drumbeats of distractions",' says Sudhir Bisht.
'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.
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
Consecutive quarters of missed targets have alarmed the investor community.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
The whistle-blower's letter to Sebi said future disclosures on any wrongdoing could potentially not be exposed if Infosys is let off the hook now.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
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.
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.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
With employees as brand ambassadors, can the company get the grime off its image?
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
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 has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
However, the company says it will suspended promotions and salary increments this year.
Infosys is yet to announce its 2014-15 results.
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.
Infosys needs to be more innovative and disruptive with its product and services, keeping its focus on growth.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
The latest one being Ken Toombs, global head of consulting at the Bengaluru-based entity.
The Infosys saga shows how efforts to remote-control a company by its powerful promoter, even with good intentions, might hurt the entity, says Asish K Bhattacharyya.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Company appoints Parvatheesam K as compliance officer.
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