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.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
The latest whistleblower complaint accusing him of pressuring finance team members to inflate profitability has come right out of the blue. There's another allegation that he made racist remarks against some board colleagues. For a man with a singular focus on the business and clients, all of this must have blindsided him.
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.
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.
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.
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.
After high-profile exits in the past couple of months, Infosys, the country's second largest information technology services company, has undertaken a top-level management restructuring.
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 Technologies has announced the appointment of Deepak Satwalekar, managing director & CEO of HDFC- Standard Life Insurance, as the lead independent director in line with the company's commitment to good corporate governance practices.
Stating that he is looking forward to working with talented Infoscions, Vishal Sikka said, "I am honoured to lead Infosys, an iconic company built by pioneers in the technology industry. I look forward to working with and learning from talented Infoscions around the world."
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.
This is the first major change of guard at India's second largest information technology services company, in the wake of the retirement of co-founder and chairman, N R Narayana Murthy, last week.
Shares of IT giant Infosys erased early gains and ended with a loss of nearly one per cent on the NSE today on profit-booking after the company named former SAP executive board member Vishal Sikka as its new CEO.
Describing Murthy as a business icon, T V Mohandas Pai, former CFO of Infosys, said he is more than eminently suited to hold the position of Chairman Emeritus.
In a major top management re-shuffle, Infosys on Saturday said it has re-appointed N R Narayana Murthy as executive chairman and additional director with immediate effect.
Parekh in a video address to employees expressed delight on leading the iconic company
British consultancy major Axon Group on Thursday decided to go ahead with a pound 441-million acquisition offer from HCL Technologies, while withdrawing its support to a smaller bid from Infosys.
The new CEO will have to move very quickly to first calm the three key stakeholders, employees, customers and the investors: Gartner
Weeks after NR Narayana Murthy returned to Infosys, the country's second largest software exporter on Tuesday saw its global sales and marketing head Basab Pradhan quitting the company.
India's second-largest IT services company, Infosys, on Wednesday said it was planning to offer an apprenticeship programme with the National Apprenticeship Scheme (NAS) in the United Kingdom (UK). Through this programme, the company will provide apprenticeship in fields like marketing, human resources, among others, Infosys said in a release.
Perhaps the greatest positive for Mr Sikka is his job knowledge and career record.
Its revenue, however, grew 20.3 per cent to Rs 21,400 crore in the December 2018 quarter as compared to Rs 17,794 crore in the year-ago period.
Its aim is to make computer programming accessible for everyone.
India's second largest IT firm Infosys has extended the tenure of its chief Vishal Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position.
In spite of that the founders never voted against any resolution, those who differed abstained.
They expressed disappointment over the firm's performance.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
The company had sacked former chief executive officer Phaneesh Murthy in May this year over an undisclosed relationship with a subordinate.
In the seventh top level exit in six months at Infosys, Subrahmanyam Goparaju, Senior Vice President and a member of the Executive Council that frames business strategy, has resigned.
Nilekani says life has come a full circle for him, as he heads back to the company he co-founded over three decades ago.
In what will be the first such comprehensive exercise in the IT industry, all the 91,000-odd employees of India's second-largest IT services provider, Infosys Technologies, will now have to pass certification programmes to get promoted. The certification programme, conducted every March, is now being extended across the board and will test the employees' domain expertise, and grade them accordingly to be eligible for promotion.
India's second-largest software services firm expects its topline to grow 7.5 - 9.5 per cent in FY2019-20 in constant currency terms.
State government says Infosys is Karnataka's baby and it will give the company full support to stay in the IT Park.
Design thinking refers to solving traditional tech problems using newer, different and innovative methods
India's second largest software services firm, Infosys on Thursday saw the exit of its global head of strategic sales, marketing and alliances Prasad Thrikutam.
With this, the total strength of TCS's board has increased to 11.
The departure of Srinivas, the 10th senior executive to exit in the last year, widens a leadership vacuum at Infosys as it searches for a new chief executive.
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.
External investigators say case of 'gender insenstivity'.
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