Shares of IT giant Infosys erased early gains and ended with a loss of nearly one per cent on the NSE today on profit-booking after the company named former SAP executive board member Vishal Sikka as its new CEO.
Infosys is on a growth path post a dull Q4.
The city-based firm had witnessed exits, especially of senior level executives, in the last couple of years and one of the main tasks before Vishal Sikka when he took over as the chief executive officer last year was to check the high attrition levels.
said its consolidated net profit has gone up by 7 pc to Rs 3,708 crore while total income in the October-December quarter rose 8.3 pc to Rs 18,093 crore.
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.
nfosys chief financial officer Ranganath M said there was confusion in visa costs.
Its aim is to make computer programming accessible for everyone.
Uber may be in the midst of a major controversy over a rape incident in India, but Infosys' CEO Vishal Sikka feels that digital services like this app-based taxi provider have huge potential in the country.
Key elements in strategy are automation and advanced technologies being used to improve efficiency, productivity.
Vishal Sikka said such a plan is on the anvil.
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.
The transformation will be driven by the number of initiatives the company has identified.
Company expects to be back to industry leading growth in FY17.
Infosys Chief Executive Officer-designate Vishal Sikka might be new to Indian information-technology (IT) services business, but his past credentials were enough for the company's shareholders to offer him a warm welcome at an Extraordinary General Meeting (EGM) that was called to seek approval for his appointment, among other things.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
India's innately hierarchy-prone corporate culture produces its share of willing sycophants, says Kanika Datta.
Through these new hires and centres, Infosys will also focus on enhancing its play in new technology areas like artificial intelligence (AI), machine learning, user experience, cloud and big data.
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
The company said attrition of high performers had declined to 11.2 per cent during the quarter
Gopalakrishnan, who is the immediate past President of CII, is the Chairman of the summit.
Sikka said recent initiatives had started yielding dividends.
All major Indian IT services providers are keenly watching US President Donald Trump's potential actions on immigration law. Ayan Pramanik reports.
Infosys has a new M&A head to enhance trust on inorganic growth.
The NSE Nifty reclaimed the 9,800 mark
The new move is expected to help boost employee morale.
Refutes claims of differences between board, founders and Sikka; board needs to do better scrutiny, says Mohandas Pai.
Vishal Sikka who was made vice-chairman till his successor was appointed, also quit the board with immediate effect.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
According to reports, an anonymous group that calls itself "ethical employees" have written to the Infosys Board as well as American regulator US Securities and Exchange Commission with the allegations. They have claimed that they have emails and voice recordings to substantiate the same.
Sikka said various people including his wife, family members, alma mater, friends and teachers have played the role of anchors to impart wisdom and clarity to his decisions.
Sikka pays 4 business heads million-dollar salaries as incentive to reach the company's revenue target of $20 billion by 2020.
At least three brokerages, two domestic and one global, have said the company could cut its revenue growth guidance again in dollar terms
The company's endeavour is to get independent of this visa matter as much as possible, Vishal Sikka said.
'Employees find work challenging and fun'.
Even after this sale, the founder group will continue to have a substantial shareholding in the company.
'The meanness of the board statement apart, it nowhere answers the most fundamental and damaging aspects of the deteriorating work culture among top company executives to which Narayana Murthy had been repeatedly drawing attention,' says B S Raghavan, the distinguished civil servant.
I have no hesitation to say that the cultural milieu is different, said chairman R Seshasayee in a rare media interaction.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
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