It is perhaps rare for a senior corporate executive to announce his resignation on Twitter.
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.
Infosys, country's second largest software services firm, has not made any profit on government projects because of red-tapism and other issues, its co-founder N R Narayana Murthy said.
We evaluate both the IT majors as against recent growth parameters. Read on.
We followed the highest standard of corporate governance and disclosures, says Nilekani.
The fallen bellwether of the technology sector has a strategy to reclaim its lost position.
Four of the founders of Infosys are seeking to raise about $1.1 billion by selling stakes in the company.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
The information technology (IT) services industry could see value investors taking selective punts in the near future. While growth remains visible, managements across the board have been cautious or measured in their guidance and have also complained about a combination of margin pressures and high churn. The two factors are related in that employee compensation is a large component of IT costs and high churn has forced firms to hike compensation packages and also invest more in hiring, training, and retention.
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
IT services firms' revenue growth in the fourth quarter will be affected by macro-driven headwinds, lower working-days, and the fact of the three-month period being low season. Analysts are expecting FY24 growth to be muted. Revenue growth will decline 600-700 basis points to 10-12 per cent for FY24, said a CRISIL Ratings report. The 10-12 per cent growth rate is a fall from the 18-20 per cent expected in FY23 and around 19 per cent growth in FY22, the highest in eight years, said the CRISIL Ratings report.
The 50-component Nifty closed at 10,214.75, a solid gain of 96.70 points, or 0.96 per cent
The Ebitda margin, too, was lower than the expected 29.1 per cent.
The NSE Nifty ended at 4,387, down 19 points.
The company's revenue rose 16 per cent at Rs 17,535 crore.
Infosys announced acquisition of digital commerce company Kallidus for $120 million.
Backed by strong gains in tech, select PSUs, heavyweights and cement stocks, the Sensex finally finished with a gain of 59 points to 3,680.
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.
After striking good deals in the domestic market, Infosys is now firming up plans to tap the Eastern European markets for its banking product, Finacle.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
The route to that target is clear in Sikka's mind.
The company, which saw a pricing pressure of 5-6 per cent in the last two quarters, believes that most of the pricing negotiations are completed and about one-third of pricing pressure has been factored in the company's guidance. However, Shibulal does not rule out some tail-wind effect in this quarter as well.
Benchmark indices Sensex and Nifty pared early gains to close marginally lower in highly volatile trade on Thursday due to losses in Larsen & Toubro and cautious trading ahead of the release of domestic inflation data. The 30-share BSE Sensex declined 35.68 points or 0.06 per cent to settle at 61,904.52 after hitting the crucial 62,000 mark in opening deals. During the day, it hit a low of 61,823.07 and a high of 62,168.22.
Infosys COO says, the firm is trying its best retain talent.
Vishal Sikka reiterates infy's commitment to surpass sector growth rate in FY17, be a $20-bn revenue firm in CY2020.
Infosys management has guided for a seven per cent growth in FY15.
Nandan Nilekani, Gokul Rajaram at top two spots in value terms
Launches cloud-based version of solution to target mid-size clients in life sciences.
Infosys had earlier this year decided to expand its 'Innovation Fund' five times to $500 million to provide financing to start-ups and new technologies.
Once the IT bellwether, Infosys was also reporting laggard performance and facing harassment allegations by overseas employees.
Infosys on Friday reported a consolidated net profit for second quarter up 1.6 per cent year-on-year to Rs 2,407 crore.
Infosys has better days ahead, say analyst.
JP Morgan has reiterated its negative stance on Indian information technology (IT) services and downgraded the sector to underweight (neutral earlier post Q4-FY23 numbers), as it believes the overall demand environment for the sector still remains weak. The research firm expects most companies in the sector to disappoint while announcing their first quarter numbers for the current fiscal (Q1-FY24). Among stocks, it has placed Infosys, TCS, MphasiS in its 'negative catalyst watch'.
The Sensex ended over 51 points lower on Monday while the Nifty settled flat amid a weak trend in global markets and continuous foreign fund outflows. Markets are awaiting the November inflation data to be announced later in the day, traders said. The 30-share BSE Sensex declined 51.10 points or 0.08 per cent to settle at 62,130.57. During the day, it tumbled 505.52 points or 0.81 per cent to 61,676.15. The broader NSE Nifty ended at 18,497.15, marginally higher by 0.55 points.
Equity benchmarks ended over 1 per cent higher on Monday amid positive trends in global markets and buying in Reliance Industries and IT counters. The 30-share BSE Sensex zoomed 846.94 points or 1.41 per cent to settle at 60,747.31. During the day, it jumped 989.04 points or 1.65 per cent to 60,889.41.
Benchmark Sensex dropped 334 points on Monday due to intense selling pressure in metal and power stocks as FII outflows dampened investor sentiment. Besides, a sharp decline in the rupee against the US dollar also put pressure on domestic equities, traders said. After losing nearly 500 points, the 30-share BSE index recovered some lost ground to settle at 334.98 points or 0.55 per cent lower at 60,506.90. During the session, the index touched its intra-day low of 60,345.61.
The Street is especially looking forward to the management commentary to get a sense of its new direction
'Let us hope that with Nandan, like Cincinnatus back on his farm, taking over the reins, Infosys will not only regain its vigour and momentum, but vastly improve upon its achievements as a global player,' says B S Raghavan, the distinguished civil servant.
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