Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Yes Bank was the biggest gainer, rising 3.40 per cent, after ace investor Rakesh Jhunjhunwala bought approximately 1.3 crore shares of the company for around Rs 87 crore through open market transactions.
IndusInd Bank was the top laggard in the Sensex pack, falling over 5 per cent, followed by HDFC, Axis Bank, PowerGrid, SBI, Bajaj Finserv and Bharti Airtel.
Asian Paints was the top loser in the Sensex pack, shedding 3.30 per cent, followed by Infosys, HCL Tech, ONGC, M&M, TCS, IndusInd Bank and L&T. On the other hand, ITC, Kotak Bank, Bajaj Finance, HUL and ICICI Bank were among the gainers, spurting up to 5.45 per cent.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts.
Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. NSE Nifty advanced 21.85 points to 16,280.10.
The combined weight of IT companies in the benchmark Nifty 50 index is now at a five-year high of 15 per cent as these companies continue to outperform the broader market.
Domestic investors were also concerned about possible stagflation in India due to low growth and high inflation in wake of recently released government data. IndusInd Bank was the top loser in the Sensex pack, dropping 5.44 per cent. Infosys, SBI, PowerGrid, Tech Mahindra, Bharti Airtel and HDFC Bank too fell up to 1.21 per cent.
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
IndusInd Bank was the top laggard in the Sensex pack, cracking around 10 per cent, followed by HDFC, Maruti Suzuki, Axis Bank and UltraTech Cement. On the other hand, TCS, Infosys, ITC and HCL Tech closed with gains. NSE Nifty plunged 313.60 points or 3.43 per cent to 8,823.25.
Stating that he has no intention to become CEO of the company, he said the future strategy of Infosys will be aligned with global developments and he sees tremendous opportunity in software data and machine learning.
The contract, according to the sources, include two different components - one for mainframe and IT infrastructure support and management.
Over the last years, taking the helm at Infosys has always had a strong resemblance with taking a roller-coaster ride
The company's decision comes when there has been a dip in intake due to tepid demand, increasing automation, reports Debashis Mohapatra.
To provide a 'data lake' solution, the markets regulator had issued a notice in May, inviting expression of interest (EoI) from interested parties. The selected company will be responsible for designing, implementing and supporting a big data solution with analytical capabilities.
As IT majors face a decline in their legacy business, they are realigning their sales strategies to push up revenues from newer technologies.
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
The Sensex opened with a positive gap of 135 points at 16,289. It finally ended with a gain of 90 points at 16,244. The NSE Nifty closed with a gain of eight points at 4,887. Infosys zoomed 6% to Rs 1,600. Wipro surged 5.4% to Rs 447. Satyam and TCS ended on a flat note at Rs 454 and Rs 974, respectively. Reliance Communications, ICICI Bank and ITC, Reliance Energy and Hindalco were other gainers. Ambuja Cements dropped 3.6% to Rs 112. BHEL declined over 3% to Rs 1,778.
The Sensex opened with a huge positive gap of nearly 400 points at 16,023 on strong positive cues from the global markets. It finally ended with a gain of 124 points at 15,750. The NSE Nifty zoomed to a high of 4,917 - up 177 points - but pared gains and eventually ended marginally higher (15 points) at 4754. HDFC, Infosys, ICICI Bank, Satyam, M&M, Bharti Airtel, TCS, SBI, Tata Motors, Wipro, ACC were major gainers. Reliance Energy, BHEL, Tata Steel, ITC were major losers.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
The Infosys' founder expressed the inability of Indians to exchange ideas.
'Vishal Sikka may have realised that he was in no position to deliver on the promise Infosys made to its shareholders.' 'Perhaps he was looking for an escape route and he quit under the cover of "continuous drumbeats of distractions",' says Sudhir Bisht.
As Boris Johnson's "partygate" troubles mount and members of his own Conservative Party demand he step down as the British prime minister, one name is doing the rounds as a frontrunner to take charge -- his Indian-origin chancellor and Downing Street neighbour Rishi Sunak.
The BSE IT index plunged 4.3% to 4343. The Bankex declined 1.5% to 10,620, and the Realty index slipped 1% to 10,291. The market breadth was negative - out of 2,779 stocks traded, 1,674 declined, 1,028 advanced and 77 were unchanged today.
In the Sensex pack, Yes Bank, IndusInd Bank, Infosys, ICICI Bank, TCS, SBI, Reliance Industries, ONGC, Axis Bank and NTPC rose up to 2.66 per cent.
Not just in the IT sector, Capgemini is probably the only company, in India, which has offered salary increments.
Apart from such advisory, IT biggies such as TCS, Infosys and HCL Tech among others have been pursuing 'remote working' model to overcome the situation.
IT firms are training employees of their clients and even aspiring IT professionals, in order to create fresh revenue streams amid shrinking deal sizes in traditional software maintenance, says Ayan Pramanik.
'His working style differs from his father as he is a quick decision-maker.'
Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi on Thursday defended the recent reforms announced by the regulator, such as peak margin norms and shortening of the trade settlement cycle, saying they were in the interest of investors. The moves were criticised by the broking community and the foreign portfolio investors (FPIs). Speaking to the media after his inaugural address at the CII Financial Markets Summit, Tyagi said: "The new peak margin norms are in everyone's interest.
TCS and Infosys were the top losers in the Sensex pack, falling up to 3.39 per cent.
Analysts are of the opinion that given the change in the business model, which is resulting in smaller deals spreading across the whole year, clients may be already renegotiating prices.
India's second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
The broader NSE Nifty soared 133.10 points, or 1.22 per cent, to end at 11,573.30.
When Biocon chairperson Kiran Majumdar-Shaw - well known for raising issues ranging from lack of civic services in Bengaluru to climate change - decided to take on the Indian stock market regulator, the Securities and Exchange Board of India (Sebi), she forced the Indian corporate world and legal community to take notice. In an interview to Business Standard, Majumdar-Shaw called a Sebi order to impose a fine on insider trading charges against a Biocon employee and an external consultant an "Agatha Christie" fiction, which destroyed the reputation of "innocent people". "The order is pure harassment and has caused huge reputational damage to us and goes against the principles of good governance promised by this government," Mazumdar-Shaw said. "We will certainly appeal this," she added.
All Sensex components ended in green, with Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ONGC and ICICI Bank, Bajaj Finance and SBI gaining up to 6.64 per cent.
Stock market crash: TCS sheds $21 billion in market capitalisation, Infosys $7 billion and Wipro around $3 billion
Tata Motors was the top gainer in the Sensex pack rallying 5.32 per cent. Among other prominent gainers were Bharti Airtel, IndusInd Bank, Sun Pharma, Axis Bank, Maruti Suzuki, Bajaj Auto and TCS.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances