Among Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Mahindra & Mahindra and Tata Motors were the biggest gainers. UltraTech Cement, JSW Steel, Tata Steel, Adani Ports, Power Grid and Bajaj Finserv were among the laggards.
'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
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.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Quarterly earnings of corporates, trading activity of foreign investors and inflation data are the key factors that are expected to drive the momentum in the equity markets this week, analysts said.
Infosys had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
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.
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.
Among the 30 Sensex firms, Bharti Airtel, Infosys, IndusInd Bank, Sun Pharma, Tech Mahindra, Mahindra & Mahindra, Bajaj Finance and JSW Steel were the biggest gainers. Asian Paints, Maruti, Nestle, Kotak Mahindra Bank, Axis Bank and UltraTech Cement were among the laggards.
Consecutive quarters of missed targets have alarmed the investor community.
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
At the very least, it will cost Infosys thousands of dollars to defend its position
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.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
The annual award includes a pure gold medal, a citation and a prize purse worth $ 100,000 or its equivalent in the Indian rupees.
State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday. The insurance giant is also aiming to become completely "paperless" in two years. "We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
Engineer-turned-philanthropist Sudha Murty on Thursday took oath as Rajya Sabha MP in the presence of her husband N R Narayana Murthy.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
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
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
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.
'No one manufactures intelligence at the moment.' 'This is a concept that your IT industry understands.' 'What you need is infrastructure. Everything else can then be taken care of.'
'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.'
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.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
The decision has been taken because Executive Chairman N R Narayana Murthy attempts to bring Infosys back to basics.
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.
Among the Sensex stocks, JSW Steel, Asian Paints, Maruti Suzuki India, NTPC, Adani Ports and Special Economic Zone, Bharti Airtel, ITC and Tech Mahindra were the major gainers. Reliance Industries, Tata Motors, Infosys, Mahindra and Mahindra, Bajaj Finance and Axis Bank were the laggards.
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.
Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners. On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.
