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.
Among the Sensex firms, Wipro jumped over 6 per cent after the IT company's December quarter earnings beat estimates. The other prominent gainers were HCL Technologies, HDFC Bank, Infosys, Tech Mahindra, Bharti Airtel and Reliance Industries.
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 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.
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.
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.
Infosys Technologies has been ranked as the tenth best company in terms of leadership.
Among the Sensex pack, Tata Steel tumbled over 5 per cent while JSW Steel tanked nearly 5 per cent. Tata Motors, NTPC, UltraTech Cement, Tech Mahindra, Bajaj Finance, Power Grid, Mahindra & Mahindra, and Reliance Industries were the other major laggards.
Infy to cast wide net in CEO search, may go back to 'alumni'
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.
Infosys has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
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.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
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.
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.
76 families took a Qatar Airways flight from San Francisco on Sunday evening and reached Bangalore International Airport after a 20-hour flight. These employees were stuck in the US due to various reasons.
Infosys usually gives a wage rise to employees every April.
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.
Power Grid was the biggest gainer on the Sensex chart, rising 2.54 per cent, followed by Tech Mahindra, Bajaj Finance, NTPC, UltraTech Cement, Larsen & Toubro, Tata Steel, Bharti Airtel, Bajaj Finserv and HCL Technologies. In contrast, Mahindra & Mahindra, Hindustan Unilever, Infosys and Titan were among the laggards.
Among the Sensex firms, HCL Technologies, Tata Consultancy Services, Maruti, Wipro, Larsen & Toubro, Infosys, Tata Steel, Bharti Airtel, State Bank of India, Tech Mahindra, UltraTech Cement and Mahindra & Mahindra were the major gainers.
Infosys had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
Raghu Krishnan profiles the man in the eye of the storm at Infosys.
Over 100 people, including 20 senior consultants and at least six VPs, have quit Infosys in 6 months.
Software major Infosys on Thursday said it would spend A$ 800,000 over four years in Australia's Smart Internet Technology Cooperative Research Centre (Smart Internet) for conducting research and development in emerging technology areas.
Gives more reporting options to staffers who wish to flag a wrong practice; sequel to changes required from US law, experience.
The report said recent concerns about manpower like attrition, quality of talent and rising wages, have compelled IT companies to take a relook at their so far successful offshore business model more than ever before.
After his retirement from Infosys last year, Gopalakrishnan has been active in philanthropy, science and technology
One of the reasons is the increasing number of upgrades in analysts' recommendations.
Oil companies, cement makers, IT stocks lead declines.
Among the 30 Sensex firms, Asian Paints, Infosys, JSW Steel, UltraTech Cement, Power Grid, Larsen & Toubro, HCL Technologies and Tata Steel were the biggest laggards. Tata Motors, HDFC Bank, Bharti Airtel, ITC, IndusInd Bank and Axis Bank were the gainers.
Will Infy spring a surprise in subdued second quarter?
As many as 13 RRBs have finished implementing Finacle CBS solution for their operations.
Infosys has signed a deal with Fujitsu to provide co-development and functionality enhancement services to the Fujitsu suite of software products.
Despite unprecedented levels of uncertainty in Samvat 2077, investors have little to complain about on the returns front. The BSE Sensex delivered returns of 38 per cent in this period, while the Nifty registered a return of over 40 per cent. As is the case in bull markets, companies in the small- and mid-capitalisation basket outperformed the benchmarks, with returns almost twice those of frontliners.
Despite a shrinking market share and declining profitability, Murthy's return helped Infosys get a double thumbs-up from investors.
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
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.
We have initiated the search now to ensure we have a seamless management transition to the next leader, says K V Kamath.
Infosys has has the highest proportion of non-independent directors on its board.
