Kris is gentle but firm, consultative yet decisive, and thoughtful yet action-oriented
Today, staff morale down the line is low, attrition last year scaled a new high, and even clients have expressed concern at the state of things.
Company's ADR fell 7% on Nasdaq after CEO Shibulal's comments.
The development comes amid Japan's SoftBank booking an investment loss of 39.28 billion yen (USD 350 million) on its investments in India, including those in Ola and e-commerce company Snapdeal.
Infosys boss says new strategy moving in right direction, optimistic of regaining bellwether status.
Credit Suisse thinks it possible for the company to narrow its forecast ('guidance') range.
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. "I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. "I think that is completely wrong. In many ways it looks like a ponzi scheme.
Having lost some key personnel, the IT company is sticking to its formula of scouting internally
CEO Vishal Sikka's strategy is in line with focus on academic research in new technologies.
Analysts said the company has set conservative revenue guidance that they expect it to beat.
Infosys executive co-chairman Kris Gopalakrishna today said IT industry should create new products and revenue streams to achieve the $300 billion revenue target by 2020.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
"We are looking for acquisitions," Infosys chief executive officer and managing director Kris Gopalakrishnan told reporters in Mumbai on the sidelines of the Nasscom India Leadership Forum on Thursday.
The new move is expected to help boost employee morale.
Former finance head Bansal, who left Infosys in 2015, has gone for arbitration over severance pay
Chief Operating Officer S D Shibulal denied that the first quarter results regarding volume growth was impacted due to the ongoing reorganiastion process.
Infosys and its CEO Nandan Nilekani are both working towards becoming global brands.
In a major top-level management restructuring, India's second largest software firm Infosys on Saturday named veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in August.
If the visa issue ultimately requires certain other considerations at govt level, we will consider that, says Ravi Shankar Prasad
Even as high attrition rates continue to haunt Infosys, the country's second-largest IT services firm is confident of bringing it down to 12-14 per cent in the next two quarters as it gets back to the growth trajectory.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
Vishal Sikka, the new chief executive officer, is in the process of internally discussing and finalising the future course of action, chief operating officer U B Pravin Rao said on Tuesday.
Sikka says tools like automation, artificial intelligence or natural language processing are technological innovations which are aimed at amplifying the human potentials further.
As part of its plan to expand its operations in Chennai, IT major Infosys will acquire 129 acres of land at the Mahindra Industrial Park Limited at suburban Maraimalai Nagar, thus becoming the first 'anchor tenant' to the 1432-acre park.
Also looks at setting up development and training centres in the US to tide over visa-related issues
The Street is especially looking forward to the management commentary to get a sense of its new direction
This is the first time, perhaps, Infosys has appointed as CEO a person who has never managed P&L or has any experience in managing lakhs of employees.
It is not that platforms and products are something that Infosys has not tried earlier.
From the Sensex pack, Larsen & Toubro jumped over 3 per cent.ITC, Reliance Industries, Sun Pharma, Kotak Mahindra Bank, Axis Bank, Infosys and State Bank of India were the other major gainers.
Analysts say no pressure on new CEO for immediate results.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
Customer deferrals, ramp-downs in a few large projects, delays in large deal closures due to Hurricane Sandy may cause threat to outlook.
In spite of that the founders never voted against any resolution, those who differed abstained.
The transformation will be driven by the number of initiatives the company has identified.
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.
Infosys' co-founders, S D Shibulal and S Gopalkrishnan, on Tuesday launched Axilor Ventures, a business incubator and platform for supporting innovation and entrepreneurship.
Infosys is steadily trying to get back its lost ground under Sikka.
The targeted budget for the project was reportedly projected at 750,000.
Since August 2011, the company has not only lost out to closest peer Cognizant but also increased the gap with larger competitor TCS.
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