There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
Among the Sensex firms, Axis Bank, Mahindra & Mahindra, Wipro, Tata Motors, HDFC Bank, Tech Mahindra, ICICI Bank, JSW Steel, Tata Consultancy Services, Infosys, HCL Technologies and Bharti Airtel were the major gainers. Nestle, Titan, Bajaj Finserv and UltraTech Cement were the laggards.
Infosys has a proven track record of delivering services for over 15 years now. So, the long-term growth prospects, from this perspective, are encouraging.
Among the Sensex firms, Wipro jumped over 6 per cent, the most among the frontline companies. HCL Technologies, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra, Larsen & Toubro and JSW Steel were the other major winners. State Bank of India, Bajaj Finance, ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank were among the laggards.
Several observers have questioned the weakness in execution of the 3.0 strategy.
'AI may perform tasks, but deep expertise and specialisation remain uniquely human.'
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.
Infosys chief Vishal Sikka also said that demonetisation has shown to the world that Indians are ready to adopt new technology disruptions.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
Infosys has tried to bring stability to the troubled company, which was struggling to maintain its growth momentum in the changing dynamics of technology industry.
Among the Sensex firms, NTPC, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank, Tata Steel, Asian Paints, Bharti Airtel, Power Grid, Titan and HDFC Bank were the major gainers. Bajaj Finance, Bajaj Finserv, Infosys, Tata Consultancy Services, Tata Motors and HCL Technologies were the laggards.
Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million
Infosys, in April, had said that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
Infy to cast wide net in CEO search, may go back to 'alumni'
Infosys has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
There is a surge in number exploring a change at middle and senior levels; recruitment agencies cite restiveness on pay, work patterns.
Asked what kind of pricing environment did he see in the slowdown period, Gopalakrishnan said the pricing was stable for now as the focus on cost was there since 2008 as the companies realise the perils of global slowdown.
In yet another high profile exit at Infosys, India's second-largest information technology (IT) services company, Ashok Vemuri, head of operations (Americas) and global head (manufacturing and engineering services), has resigned.
Information technology (IT) services major Infosys has said its increasing focus on the domestic market wouldn't erode the company's margins. Its strategy of selectively taking up projects that require the deployment of products and platforms would help the company maintain its margins, it added.
Experts believe it is extremely important for Sikka to connect with employees to gain acceptance at Infosys, which has had home-grown leaders so far.
Infosys Technologies has been ranked as the tenth best company in terms of leadership.
Infosys already works with a communication services provider major in Western Europe in the digital TV space. The company has a solution called modular content accelerator which serves as an interface between stakeholders of consumer marketing and IT. The solution provides an operator the means to efficiently manage content catalogue, bundled offers and pricing, apart from providing interactive services through multi-media content storefront.
Its longest-serving CEO (he held the position from 1981 to 2002), he leaves Infosys when the gap between it and the number one information technology services company (TCS) is growing wider.
In August, Vishal Sikka had spoken about a new strategy, focused on renewing core business while building new capabilities like design thinking at the same time.
Raghu Krishnan profiles the man in the eye of the storm at Infosys.
As Japan makes frantic efforts to deal with the nuclear radiation leaks from the Fukushima Daiichi nuclear power plant in the aftermath of earthquake and tsunami, Indian information technology firms have begun relocating the families of their Indian employees in the country.
Infosys usually gives a wage rise to employees every April.
Larsen & Toubro was the biggest gainer in the Sensex pack, rising 2.35 per cent, followed by Titan, Tata Consultancy Services, Maruti, Mahindra & Mahindra, Infosys, ICICI Bank and Asian Paints. In contrast, Power Grid, Nestle, NTPC, HCL Technologies and Bajaj Finance were among the laggards.
Infosys had bid at 600 pence a share for the UK company. Infosys will get the one per cent inducement fee that Axon has to pay to the party unable to close the deal.
Starting its journey with a gross revenue of $5 million during its stock market debut on June 14, 1993, Infosys has reached dizzying heights, with a revenue of $10.93 billion in 2017-18
Sun Pharma, Bajaj Finserv, Tata Consultancy Services, Infosys, Hindustan Unilever, JSW Steel, Wipro, Maruti, HCL Technologies, Tech Mahindra and ICICI Bank were the other major gainers. State Bank of India, Tata Motors, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Tata Steel, Nestle and HDFC Bank were the laggards.
Though Infosys did not elaborate why it has parked more money with PSBs, bankers indicated the prime reason was the high deposit rates. Large private players such as ICICI Bank, which were till early last year offering higher interest rates, have withdrawn from that segment. In contrast, till November-end, PSBs were offering up to 400 basis points higher on bulk deposits to mop up resources for the increase in demand for loans.
Infosys had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
After his retirement from Infosys last year, Gopalakrishnan has been active in philanthropy, science and technology
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
Will Infy spring a surprise in subdued second quarter?
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