The report, published by brokerage firm Ambit Capital Research, also says the promoters hold disproportionately high board representation with respect to their total shareholding in the Bengaluru-based company.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Seven of the top-10 valued firms suffered a combined erosion of Rs 1,54,477.38 crore in market valuation last week, with IT majors Tata Consultancy Services and Infosys emerging as the biggest laggards. Last week, the BSE benchmark index tanked 812.28 points or 1.36 per cent. Reliance Industries Limited, ICICI Bank and State Bank of India were the only gainers in the top-10 pack.
Beating market expectations, Infosys had reported a 13 per cent jump in consolidated net profit for the third quarter
Debate on, as part of wider plan to have products & platforms business as another unit.
Infosys on Friday said it is in discussion with clients for a contingency plan to ensure business continuity in the event of the US immigration reforms bill becoming a law.
From the Sensex pack, Tata Motors, HCL Technologies, Power Grid, Tech Mahindra, NTPC, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Wipro, Nestle, Tata Consultancy Services and Infosys were among the major gainers. Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, UltraTech Cement, IndusInd Bank and State Bank of India were the major laggards.
What do you, dear reader, have to say about Rohan Murty's elevation in a company founded by his father? Is it a case of nepotism, or no?
Companies are developing a surrogate education system to create a skilled labour pool.
With India's two leading IT outsourcing companies, Infosys and HCL Technologies, vying to acquire the UK-based consulting firm Axon, SAP implementation is back in focus.
State-owned Life Insurance Corporation of India (LIC), which completes one year of its listing on Tuesday, presents a sorry scorecard as far as its stock market performance goes. Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece. The Sensex, on the other hand, has risen 14 per cent in the past one year.
Consolidated net profit rose to Rs 3,465 crore in its fiscal third quarter to December 31.
The Ebitda margin, too, was lower than the expected 29.1 per cent.
IT services major Wipro is reconsidering a proposal of buy back of equity shares, said the company in a regulatory filing. A final decision on this will be taken during the board meeting to be held on April 26-27. The outcome of the board meeting will be communicated to the stock exchanges soon after conclusion on April 27.
Infosys is all set to aggressively market its core banking solution product Finacle to mature banking markets in the US, Europe and Australia.
Key among those would be US Federal Reserve Chairman Ben Bernanke's speech late on Monday evening, fourth-quarter earnings report by information technology major Infosys Technologies and India's industrial production data during the week.
Vishal Sikka is equally comfortable designing cutting-edge software as he is negotiating in the boardroom.
Brokerages expect India Inc to report an upturn in earnings for the March quarter of 2022-23, after a relatively muted showing in the previous two quarters. This growth is expected to be led by banking, financial services and insurance (BFSI) companies, FMCG firms, and automobile makers. The combined net profit of the Nifty50 companies (excluding Adani Enterprises) is expected to have grown 15.6 per cent to Rs 1.77 trillion in Q4FY23, from Rs 1.53 trillion a year ago.
Prime Minister of the Netherlands Mark Rutte on Monday said the G20 New Delhi declaration was clearly a compromise, which is always the case with such a multilateral forum, but he was happy with the fact that there were some key elements in it, and that India was able to broker it.
Subpoena is a court-issued command to individual or representatives of corporate entities to appear before the court of provide specific evidence as sought by the court.
India's second largest software exporter, Infosys Technologies on Thursday announced it would set up two software development centres in China with a total investment of $65 million in the next five years.\n\n
India's second largest software company Infosys Technologies will add 12,600 software engineers this fiscal, surpassing its record of over 11,000 additions in 2004-05, the company said on Thursday.
Sikka has expanded the role of former SAP executive Ritika Suri.
Infosys Technologies, India's second-largest IT services firm, appears set on having an insider as its chairman when N R Narayana Murthy retires in August next year.
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.
Srikantan Moorthy, vice president and head, education and research, Infosys, on the reasons why colleges in India don't churn out employable graduates, the competencies that Infosys looks out for in freshers and how young students can make themselves employable right from their college days.
It, however, is yet to decide on the annual wage rise.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
Infosys Technologies Ltd will recruit 8,000-10,000 workers in the current fiscal, while its new subsidiary Infosys Consulting Inc would employ 75 people in its first year, Nandan Nilekani, managing director and CEO, said in Mumbai on Thursday.
In a long e-mail interview, Infosys Co-Chairman Nandan Nilekani speaks about his new post, his company's future, his dreams and aspirations.
Indian IT services companies have seen several CEO changes that have, over the past few months, led to some crucial exits at the mid-senior level in a trend that is likely to continue. According to a recent Motilal Oswal report, "Movement of mid-to-senior leadership at IT services firms is a reality, partially on account of multiple CEO-level changes.
US-based PerformanceRetail, Inc, which provides technology solutions for the retail industry, said it had picked India's Infosys Technologies Ltd to provide it services in product development and maintenance.
In a filing to SEC, the company said proposed regulations may discourage its customers from seeking services.
"We are looking for acquisitions," Infosys chief executive officer and managing director Kris Gopalakrishnan told reporters in Mumbai on the sidelines of the Nasscom India Leadership Forum on Thursday.
HCL Technologies and Infosys should benefit more than TCS and Wipro
"The global macroeconomic environment is still uncertain. It is and should be a concern for the IT industry," said the Infosys CEO and Managing Director S D Shibulal said.
'You will really wish oh! Had I stayed in Dharavi I would have got a nice house. I can assure you that. We will make dreams come true.'
Infosys, according to sources close to the development, bagged the pilot project emerging as the lowest bidder (L1) in a competitive bidding process, which was attended by most Indian IT services firms and global companies like Siemens and IFS.
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