Murthy, 68, will cease to be the non-executive Chairman with effect from Oct 10.
Ending all speculation, Infosys, India's second largest IT services company today announced Vishal Sikka, the former chief technology officer and member of executive board at enterprise software maker SAP, as the new CEO & MD.
Ex-CFO says new incumbent steps in at the right time, will be able meet to meet challenges.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
Infosys had bid at 600 pence a share for the UK company. Infosys will get the one per cent inducement fee that Axon has to pay to the party unable to close the deal.
Not just in the IT sector, Capgemini is probably the only company, in India, which has offered salary increments.
The US-listed company, which has bulk of its employees in India, has appointed Gerhard Watzinger as interim chief executive with immediate effect.
Infosys has been in the eye of the storm on alleged violation of H-1B and business visa norms on several occasions in the US
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Elliott Capital's letter to Cognizant, detailing how the latter can reinvent itself, has many lessons for its India-listed peers like TCS and Infosys, says Akash Prakash.
Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.
The much-awaited Mahatma Gandhi's bronze statue at Britain's historic Parliament Square will be unveiled on March 14
The proposed Bangalore School of Economics would be on the lines of Delhi School of Economics, for which the University is awaiting clearance from the Academic Council and Syndicate.
'The Aam Aadmi Party is the most successful and exciting start-up by an IIT-ian in the history of India,' former Infosys CFO V Balakrishnan tells Rediff.com's Vicky Nanjappa.
In fact, while IT bellwether Infosys Technologies (his earlier employer) got a drubbing at the bourses for not posting "better than expected" results, iGate stumped investors a couple of days back by announcing it plans to buy back shares from the public and delist from the Indian stock markets, while remaining listed in the US.
Equity investors grew richer by Rs 32.49 lakh crore in 2020 on the back of smart returns in the stock market which had a roller-coaster ride during the year hit by the coronavirus pandemic. The COVID-19 outbreak ravaged lives and livelihoods on a global scale, shuttering businesses and jolting world equities. But amid all the gloom, Indian stock indices gave hope of returning to winning ways towards the latter part of the year.
Reaches out to Kris Gopalakrishnan to mentor the company's science and technology initiatives.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
Infosys' Chief Mentor NR Naryana Murthy has hired Arjun RamegowdaNarayanaswamy to manage his Rs 600-crore (Rs 6 billion) venture capital (VC) fund -- Catamaran.
According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts.
The report published by an English daily said the promoters wanted to sell their entire stake as they were unhappy over the manner in which the company was being run.
When Biocon chairperson Kiran Majumdar-Shaw - well known for raising issues ranging from lack of civic services in Bengaluru to climate change - decided to take on the Indian stock market regulator, the Securities and Exchange Board of India (Sebi), she forced the Indian corporate world and legal community to take notice. In an interview to Business Standard, Majumdar-Shaw called a Sebi order to impose a fine on insider trading charges against a Biocon employee and an external consultant an "Agatha Christie" fiction, which destroyed the reputation of "innocent people". "The order is pure harassment and has caused huge reputational damage to us and goes against the principles of good governance promised by this government," Mazumdar-Shaw said. "We will certainly appeal this," she added.
Murthy no more chairman emeritus; founders do not want to be addressed as promoters.
At Infosys and Wipro, 8,200 roles have been impacted in six months.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
His stepping down from the NDTV board has now sparked off speculation over whether he too is going the Nandan Nilekani way to take up a governmental responsibility.
While some are raising questions over the company's ability to regain its position as the sector bellwether, others believe problems at the company may be "much bigger than anticipated".
Investors took the Yes Bank event negatively because it raises a question on the stability of the overall Indian financial system.
In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.
In his first email to employees, Vishal Sikka exuded confidence that he will build a sustainable business.
Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
Where do the four members of the Supreme Court appointed panel to interface with farmers stand on the Modi government's farm laws?
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
Overseas investors are scared of putting money in India - and this should worry the government, says T V Mohandas Pai, Chairman, Manipal Global Education and former member of Infosys's Board of Directors.
Top decision-making body, executive council, will be dissolved on April 1.
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