Reacting strongly to the Satyam fiasco, IT major Infosys has said the fraud is a deliberate act and should be treated under criminal provisions.
The availability of domestic capital to fund startups and an ability to attract talent in the early days are among the biggest challenges faced by entrepreneurs, Infosys co-founder N R Narayana Murthy said on Thursday. "It is desirable to create a policy that makes it attractive for domestic institutions like family offices of HNIs (high net-worth individuals), insurance companies or large corporations to invest in venture capital funding," he said at the T N Chaturvedi Memorial Lecture 2024 in New Delhi's Prime Ministers' Museum and Library.
India's second largest IT services company Infosys on Thursday made it clear that the company does not support moonlighting and said it has fired employees who were into dual employment over the last 12 months. Infosys, however, did not divulge the exact number of people who were "let go" on account of moonlighting. Last month, Wipro chairman Rishad Premji revealed that some 300 employees were fired as the IT services company had no place for any employee who chose to work directly with rivals while being on Wipro payrolls.
Human capital is mostly ignored by accountants, believes the management of India's second-largest information technology services provider, Infosys Technologies. Arguing that this should not be the case, the company has used the 'Lev & Schwartz' model and pegged the value of each employee at Rs 97 lakh (Rs 970,000), primarily based on the potential value of their future earnings for the company.
The company reported consolidated net profit at Rs 1,780 crore (Rs 17.8 billion) as against Rs 1,737 crore (Rs 17.37 billion) in previous quarter, a growth of 2.48 per cent (based on IFRS - International Financial Reporting Standards).
Infosys Tech sulked in early trades on Wednesday on reports that SEC has asked for a full review of the company's offer document, that may see the ADR conversion issue delayed a bit.
Software major Infosys Technologies plans to expand operations in Australia and Japan and also rapidly scale up its China operations, as part of its "de-risk" strategy.
The Bengaluru-headquartered company, which derives close to 26 per cent of its revenues from Europe, mostly from the UK, believes this approach will help it increase its footprint in non-English speaking European countries.
The first quarter results (Q1FY25) of Indian IT services hint towards better fiscal growth than the preceding year, but as the management commentary said, "there is still some time for the industry to be firing on all cylinders." Among the majors-Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro-it is the Bengaluru-based Infosys that has performed better, which was also evident in its full-year revenue guidance.
From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards. Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.
Infosys Technologies, India's second-biggest software developer, said it plans to raise the share of its revenues from Europe to counter a slowdown in the US, the world's biggest economy, which fetches it about 60 per cent of its sales.
Nandan Nilekani is stepping down to take up a bigger cause -- heading a government project to provide a unique identity to each of India's citizens. S Gopalakrishnan, the CEO and MD of Infosys and a co-founder of the company, tells Bibhu Ranjan Mishra what Nilekani's exit means for the company.
Infosys Technologies Ltd on Tuesday said it is among the eight international companies chosen to be in the first annual list of 'top brands with a conscience.'
Infosys employees understand the environment in which we are operating. They interact with the clients, they see the situation, says Kris Gopalakrishnan.
Equity benchmarks Sensex and Nifty ended over 1 per cent higher on Friday, helped by heavy buying in Infosys and banking stocks amid a rally in global stock markets. The 30-share BSE Sensex jumped 684.64 points or 1.20 per cent to settle at 57,919.97. During the day, it rallied 1,199.79 points or 2.09 per cent to 58,435.12.
Software outsourcer Infosys Technologies on Tuesday said its cash and cash equivalents stood at Rs 14,449 crore (Rs 144.49 billion) at the end of December quarter, an increase of 52 per cent over the corresponding period a year-ago.
Infosys announced its first quarterly results on Friday. Th software major's Q1 net stood at Rs 1,527 crore, up 17.28%.
The company would focus only on expanding its existing facilities at an investment of around Rs 600 crore (Rs 6 billion), said S Gopalakrishnan, chief executive officer and managing director.
Plans by Infosys Technologies Ltd, India's number two software service exporter, to enter the booming China market have become stuck in bureaucratic red tape, the company's chairman said on Tuesday.\n
Infosys Technologies, India's second largest information technology services company, which is an early bird on campuses this year, says it will offer jobs to 13,000 freshers for 2010-11.
From the 30 Sensex firms, Mahindra & Mahindra, State Bank of India, Bharti Airtel, Hindustan Unilever, Kotak Mahindra Bank, UltraTech Cement, Adani Ports, and Tata Steel were the biggest gainers. ICICI Bank, IndusInd Bank, Asian Paints, Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, and Larsen & Toubro were among the laggards.
"There is significant opportunity over the next few years. Only 25 per cent of the full leverage of IT is understood and used. The impact of IT will be significant in the next 25-30 years," said Infosys Technologies Chief Executive Officer and Managing Director S Gopalakrishnan. He added that there is still money to be made and wealth to be created in this sector.
Infosys reported revenues of Rs 1,749.33 crore (Rs 17.493 billion) for the period between July to September, an increase of 51.88 per cent over Rs 1,151.80 crore (Rs 11.518 billion) during the same period last year.
Infosys Technologies Ltd, India's largest listed software services exporter, said on Thursday its quarterly net profit rose 23 per cent, aided by growing outsourcing business, but the result fell short of market expectations.
Among the Sensex pack, Tata Consultancy Services climbed nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter net profit at Rs 12,040 crore. Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Reliance Industries, JSW Steel, Bajaj Finance and Larsen & Toubro were the other major gainers. Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were among the laggards.
The software major Infosys Technologies on Friday said it has been served with the notice in second sexual harassment lawsuit filed against the company and its former director Phaneesh Murthy during the quarter ending December 2003.
The $4.6-billion company, which had earlier made an unsuccessful bid to acquire SAP consulting firm Axon that was latter acquired by HCL, would prefer acquiring companies overseas where growing organically is a little challenge, the Bangalore-headquartered company's CEO and MD S (Kris) Gopalakrishna said.
nfosys Managing Director and CEO S (Kris) Gopalakrishnan speaks about the company to Business Standard.
From the 30 Sensex firms, Tata Consultancy Services and HCL Technologies dropped over 3 per cent each. Infosys, Tech Mahindra, Sun Pharma and Tata Motors were the other major laggards. Bajaj Finance, Bajaj Finserv, Nestle, HDFC Bank, ICICI Bank and State Bank of India were among the biggest gainers.
The company's total income stood at Rs 5,821 crore, showing an over six per cent rise, at the end of the September quarter of the current fiscal.
A day after a record-breaking run, stock prices continued to soar on Wednesday amid expectations of better-than-expected earnings by IT bellwether Infosys Technologies on Thursday.
In yet another example by an Indian corporate to become cost-sensitive, IT bellweather Infosys Technologies is asking all its employees to go in for a one-time cost savings of $10 each. This initiative is expected to help the company, which has over 100,000 people on its rolls, to incur a cost saving of $1 million (around Rs 5 crore), which is a 'substantial amount' according to the company.
The Indian IT major spent a total of Rs 15 crore (Rs 150 million) towards the failed deal, but in the process received Rs 33 crore (Rs 330 million) from the UK firm, as inducement fees. Two of India's leading software services firm were in the race to acquire the London Stock Exchange-listed Axon, but last month HCL Technologies outbid Infosys and acquired the British firm.
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