Infosys needs to be more innovative and disruptive with its product and services, keeping its focus on growth.
Its revenue grew 8.5 per cent to Rs 23,665 crore in the quarter under review from Rs 21,803 crore in the corresponding period last fiscal.
Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17
The matter pertains to the Rs 173.8 million severance offer given to former CFO Rajiv Bansal in October 2015 when he was allegedly forced to step down due to differences with then chief executive Vishal Sikka over the acquisition of Israeli technology firm Panaya for $200 million.
The person identified as Mujeeb Mohammad had made this call in a Facebook post. "Let's join hands, go out and sneeze with open mouth in public. Spread the virus," he wrote.
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
The June quarter is usually considered as a seasonally strong period for the IT sector.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
However, the company says it will suspended promotions and salary increments this year.
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 had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
The annual award includes a pure gold medal, a citation and a prize purse worth $ 100,000 or its equivalent in the Indian rupees.
At the very least, it will cost Infosys thousands of dollars to defend its position
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
Consecutive quarters of missed targets have alarmed the investor community.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
Among the Sensex firms, Power Grid, NTPC, Tata Steel, Tata Consultancy Services, JSW Steel, Wipro, Infosys, Tech Mahindra, Reliance Industries and Bajaj Finance were the major gainers. Axis Bank, HDFC Bank, Hindustan Unilever, Larsen & Toubro and ITC were among the laggards.
Infy to cast wide net in CEO search, may go back to 'alumni'
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
'Young people are digital natives.' 'Hence, their ability to learn coding and to become a full stack engineer is far more.' 'The demand for such people is more as we feel that if we hire people from campuses, we can train them to become what we want.'
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
The share buyback -- which will be the first in the company's 36-year history -- has been a long-standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders.
'The meanness of the board statement apart, it nowhere answers the most fundamental and damaging aspects of the deteriorating work culture among top company executives to which Narayana Murthy had been repeatedly drawing attention,' says B S Raghavan, the distinguished civil servant.
The top three Indian IT firms -- Tata Consultancy Services (TCS), Infosys and Wipro -- collectively trained over 775,000 employees in generative AI (GenAI) capability by the end of 2023-24, according to an analysis of GenAI-trained workforce of leading companies in India in this sector. This number is significantly higher that the projection made by the IT industry body Nasscom in its Strategic Review of 2023, released in February this year. It said in 2023-2024, over 650,000 employees across the IT industry received training in Gen AI skills.
Information technology major Infosys and Liberty Global, a London-based telecom firm, signed a 1.5 billion (about $1.64 billion) deal for five years to evolve and scale up the telco's digital entertainment and connectivity platforms, the companies said in a joint statement on Tuesday. As part of the expanded collaboration agreement, the size of the contract will touch 2.3 billion (about $2.5 billion) if extended to 8 years. The collaboration allows Liberty Global to realise run-rate savings of over 100 million (about $109 million) per annum, inclusive of other savings and technology investments, Infosys said in a statement.
Fear of a recession in the US due to rising unemployment has added to the concerns of India's IT services sector, which was seeing some growth returning after Q1FY25 results. The Nifty IT closed 3.26 per cent down, as major IT services companies' stock value fell. Tata Consultancy Services (TCS), India's largest IT services firm, saw its stock price fall 4 per cent during intraday trading.
The market capitalisation of BSE-listed companies hit a record high of Rs 429.32 lakh crore on Wednesday as the BSE benchmark Sensex ended higher amid a largely positive trend in global equities. The 30-share BSE Sensex climbed 149.98 points or 0.20 per cent to settle at 76,606.57. During the day, it jumped 593.94 points or 0.77 per cent to 77,050.53.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
'Digital courts will alleviate congestion in traditional courts.'
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
Chandra Sekhar Pemmasani, the Telugu Desam Party's Lok Sabha candidate from Guntur, has Rs 5,700 crore in declared family assets.
Rao, in his letter, appealed to employees to stay the course, focusing on execution and expanding the services that the company had built over the past few years.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
The decision has been taken because Executive Chairman N R Narayana Murthy attempts to bring Infosys back to basics.
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.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
Infosys' commentary suggests its growth pangs are not yet over.
Seshasayee has been an independent director on the company's board since January 2011.
