IT bellwether Infosys Technologies on Thursday said its subsidiary Infosys BPO will acquire US-based McCamish Systems for an initial payment of $38 million (about Rs 176.6 crore).
Revenue rose 23.4 per cent to Rs 1,655 crore
The Infosys saga shows how efforts to remote-control a company by its powerful promoter, even with good intentions, might hurt the entity, says Asish K Bhattacharyya.
Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.
Sikka said recent initiatives had started yielding dividends.
As four founder families sold part of their Infosys holdings on Monday, CEO Vishal Sikka said monetisation of shares for philanthropic and entrepreneurship purposes was in line with the company's values.
First acquisition under Sikka's plan of buying technologies for tomorrow
Most of the 250 freshers Infosys hired from US campuses last year would be deployed in sales
The company has been at the centre of an outcry over visa abuse.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
India's second largest IT firm Infosys has extended the tenure of its chief Vishal Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position.
Murthy's letter comes even as Sikka celebrates the completion of three years at the helm of India's second largest software exporter.
Morgan Stanley has increased the target prices of certain information technology (IT) stocks by as much as 29 per cent, anticipating an improvement in earnings in the near future. Within the IT and engineering research and development (ER&D) services sector, it is now more optimistic about growth and margin estimates for 2024-25 (FY25).
Sikka has expanded the role of former SAP executive Ritika Suri.
After agonizing over this for weeks, he made a decision. When they met after work one evening, he startled her by blurting out, 'I think we should break up.' A moving excerpt from Chitra Banerjee Divakaruni's An Uncommon Love: The Early Life of Sudha and Narayana Murthy.
The Board rued that its efforts to resolve the concerns of the founders - who together own about 12.75 per cent stake in Infosys - over the course of a year through a dialogue have not been successful.
Infosys co-founders N R Narayana Murthy and Nandan Nilekani along with their family members on Monday sold shares worth Rs 6,484 crore in the country's second largest software services firm.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
Credit Suisse thinks it possible for the company to narrow its forecast ('guidance') range.
Leveraging next generation technologies like artificial intelligence, software services major Infosys is confident of returning to industry-leading growth and regaining its position as the bellwether of the over $100 billion Indian IT industry.
Infotech major Infosys Technologies Ltd is scouting for acquisitions in 'all geographies' to expand its overseas footprint, the company's chief executive officer and managing director S Gopalakrishnan said.
The suggested buyback price of Rs 3,850, which also is the stock's 52-week high, is at 6.7 per cent premium to the Wednesday's intra-day high price.
At a time when the market is betting on a 'higher for longer' global interest rate view, Accenture's (ACN) weak revenue forecast is a negative read-through for the Indian IT firms, according to analysts. The Dublin-based company sees its revenue growth at 2-5 per cent in constant currency (cc) for the financial year 2024 (FY24), below the pre-Covid levels of 5-8 per cent for FY17-20. The weak projection, thus, signals that slower demand is likely to persist this year, and any recovery is unlikely in the near-to-medium term, experts note.
Global banking major ABN Amro has signed a Euro 1.8 billion ($2.22 billion) contract with five IT vendors: Tata Consultancy Services, Infosys, Patni Computers, IBM, and Accenture.
Analysts say the company remains on a firm footing, stake sale by the founders will not impact fundamentals.
Company says faults, which were noticed soon after system upgrade on March 27, have been rectified
From the Sensex pack, Bajaj Finance, Tata Motors, Asian Paints, Power Grid, NTPC, Infosys, Nestle, Reliance Industries and UltraTech Cement were the biggest laggards. Larsen & Toubro, Tata Steel, HDFC, Bharti Airtel, HDFC Bank and Mahindra & Mahindra were among the major gainers.
Earlier, the state government had allotted land to the company. The allotment had been scrapped due to the outbreak of Vedic Village Resort land scandal last year.
India's second largest software and services exporter Infosys Technologies is keen on acquisitions in Europe and Japan and in the areas of consulting, SAP implementation and BPO. Senior officials of the company said that they would be comfortable with a deal size of $600-700 million (around Rs 2,930-3,420 crore).
The Bombay Stock Exchange IT index has dipped almost 9% or 585 points at 6,210 compared to 1.56% fall in benchmark Sensex at 0917 hours.
Customer deferrals, ramp-downs in a few large projects, delays in large deal closures due to Hurricane Sandy may cause threat to outlook.
Last week, its global head of strategic sales, marketing and alliances Prasad Thrikutam resigned from the job marking the 11th senior management executive exit from Infosys since Murthy's return.
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
We require a very pivotal kind of leadership now from the central bank in order to work with the government
Infosys BPO is planning on closing 3 deals to the tune of Rs 600 crores in the next 3-6 months.
Infosys, India's second-largest information technology services provider, believes winning two to five 'transformational' deals in the range of $30-80 million for the company every quarter could become a norm.
From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23. Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers. HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.
Annualised staff attrition rate at Infosys rose to a record 20.1 per cent in the September quarter.
With the Big Four information technology services players having disappointed the Street, the focus is on mid-cap IT players who seem to have met expectations, according to analyst reports and management commentary on the demand environment.
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