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.
IT major Infosys on Tuesday showed the door to Abraham Mathews, CFO of its BPO subsidiary, for not complying with the code of conduct, while CEO Gautam Thakkar has resigned taking responsibility on moral grounds.
The 50-issue index regained the 7,800-level for the second time this month by surging 41.35 points, or 0.53 per cent, to trade at an all-time high of 7,809.20, surpassing its previous intra-day high of 7,808.85 touched on July 8.
Software major Infosys Technologies on Thursday said it has reached an agreement with Citicorp International Finance Corporation to acquire the latter's stake in its BPO arm Progeon Ltd for $115.13 million (nearly Rs 518 crore) in cash.
Infosys lost the country's most influential stock status to Mukesh Ambani-led Reliance Industries Ltd (RIL), as the shares of the IT giant fell sharply by about 13 per cent.
Will Infy spring a surprise in subdued second quarter?
Dalal Street investors became richer by Rs 9.68 lakh crore in five days of market rally, where the Sensex breached the historic 73,000-mark for the first time ever to reach a new record peak, taking the market capitalisation of BSE-listed companies to an all-time high of Rs 376 lakh crore. The 30-share BSE Sensex jumped 759.49 points or 1.05 per cent to settle at a new closing high of 73,327.94 on Monday. During the day, it zoomed 833.71 points or 1.14 per cent to reach its all-time peak of 73,402.16.
Infosys made this position clear, a day after its chairman and chief mentor N R Narayana Murthy reiterated that his company would not act on any CVs received from Satyam employees to ensure that nothing is done that would adversely impact the Hyderabad-based firm's future.
Will Murthy's return change the fortunes of Infosys? If yes how soon will the table be turned?
As per BSE website, Infosys is now the top holding in 30-share S&P BSE Sensex, followed by ITC.
Grappling with falling sales and a dropping bottom line, companies have had no alternate but to put cost-cutting measures in place. Infosys, for example, has cut variable pay, made appraisals more stringent and asked employees to make a one time saving of $10.
Infosys Technologies Ltd has agreed in principle to set up a software development centre in Kolkata, West Bengal Chief Minister Buddhadev Bhattacharjee said on Friday.
The award has been instituted by the Palladium Group Inc, a leading global professional services firm that enables companies to better measure and manage performance using the BSC approach, Infosys said in a statement.
Mumbai-based IT products and services firm Aftek Infosys Ltd said on Thursday that it has entered into a joint venture with UK-based IT firm in the wireless and mobile area.
Software major Infosys Technologies Ltd on Thursday said it would contest the ruling by the Chennai bench of the Intellectual Property Appellate Board, which has held that it cannot hold a monopoly on the trademark 'Infosys.'
Infosys on Monday overtook Reliance Industries to become the second most influential stock on BSE benchmark Sensex after its shares surged by 1.52 per cent.
Infosys Technologies Ltd, India's No. 2 software services exporter, said on Friday its board will consider on Sunday a plan to ‘sponsor’ an issue of American Depositary Receipts against existing equity shares.\n\n
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
Infosys Technologies Ltd said that its plan to enter China may have hit a roadblock due to the current outbreak of Severe Acute Respiratory Syndrome.
Indian software giant Infosys Technologies Ltd said it was under pressure to lower prices as clients sought to cut costs and cut-rate rivals tried to corner business in a global economic slowdown.
Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro and JSW Steel were the major gainers during the morning deals. Nestle, Bharti Airtel, Axis Bank ITC were among the laggards.
At the end of Q1, Infosys had 1,79,523 employees.
Five private establishments, including Reliance Industries and Infosys, have failed to pay their dues on time to the government in return of the CISF cover provided to them.
Domestic equity markets, which are at record high levels, will be driven by quarterly earnings, global trends and foreign fund movement, analysts said. The movement of rupee and global oil benchmark Brent crude will also be tracked by investors. "The direction of global stock markets, fluctuations in the rupee-to-dollar exchange rate, and movement in crude oil prices will all play a crucial role in influencing the overall market trend.
Software major Infosys on Wednesday said it had identified Thailand as a key target market for its global banking solutions suite, Finacle.
Software major Infosys Technologies Ltd has signed an agreement to acquire Australia-based Expert Information Services for $22.9 million.
US-based PerformanceRetail, Inc, which provides technology solutions for the retail industry, said it had picked India's Infosys Technologies Ltd to provide it services in product development and maintenance.
Infosys Technologies Ltd will recruit 8,000-10,000 workers in the current fiscal, while its new subsidiary Infosys Consulting Inc would employ 75 people in its first year, Nandan Nilekani, managing director and CEO, said in Mumbai on Thursday.
Infosys Technologies Ltd on Wednesday as part of the MoU between the company and government of China it would train 100 students from China.
Infosys Technologies Ltd on Wednesday said it will invest $10 million to set up a software development campus in Shanghai in association with Zhangjiang Hi-Tech Park.
There is lot of mutual respect among the founders of Infosys. We have similar value systems. We have a long-term view of the business. We want to create a respected institution, says S Gopalakrishnan, President, Infosys.
The Nifty IT index rose by 5.14 per cent on Friday (January 12), marking its best performance in a day since July 2020, followed by another 1.9 per cent rally on Monday. With this, the index, which tracks the share prices of India's 10 biggest information technology (IT) services companies, has increased 7.1 per cent in the past two sessions. However, the substantial rally in the index occurred at a time when India's four largest IT companies reported their worst quarterly performance in over five years.
Bangalore based IT major, Infosys Technologies Ltd, will maintain the $204 million to 207 million revenue guidance for the fourth quarter ending in March, despite business uncertainty emerging due to the Iraq crisis a top company executive said
From the Sensex pack, Infosys tanked over 8 per cent after the company reported a lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties. Hindustan Unilever, HCL Technologies, Wipro, and Tech Mahindra were the other major laggards. On the other hand, Larsen & Toubro rose the most by 3.88 per cent after it bagged an order of worth over Rs 7,000 crore from the bullet train project.
Information technology leader Infosys Technologies Ltd on Friday said it will consider a bonus issue of its shares on April 14, taking the value of its scrip to a 52-week high of Rs 3,400 on the Bombay Stock Exchange.
At end of week, Infosys had a market valuation of Rs 2,69,489 cr, or Rs 432.68 cr more than HDFC Bank's Rs 2,69,056 cr
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