The Federal Retirement Thrift Investment Board's (FRTIB), one of the US government's main retirement funds, decision to change the benchmark index for gaining international exposure will channel $3.6 billion (Rs 30,000 crore) inflows into domestic equities. India has a weightage of 5.3 per cent, seventh-most in the new MSCI ACWI IMI ex USA ex China ex Hong Index, which FRTIB now plans to use. India isn't part of the current developed markets-dominated MSCI EAFE index that the pension fund uses.
The culture clash isn't the only issue - most of the founders are still wary of risky bets while the new management thinks calculated aggression is necessary in the new world of business, says Shyamal Majumdar.
Maruti was the top loser in the Sensex pack, shedding around 4 per cent, followed by Bharti Airtel, HUL, NTPC, Bajaj Finance, UltraTech Cement, ONGC and Reliance Industries. NSE Nifty declined 224.50 points to 14,324.90.
Infosys Ltd forecast full-year sales growth that missed analyst expectations by a margin of up to 50 percent, dimming investor hopes that India's No.2 software services firm will soon start reaping the benefits of its strategic revamp.
Foreign institutional investors (FIIs)' stake in Infosys is nearing historic highs. During the quarter ended September, they bought 6.38 million Infosys shares for Rs 2,236 crore, raising their stake 1.1 per cent, data show.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
The low-profile CEO started his new innings with the new year.
This will be Infosys' first investment from its innovation fund dedicated to start-ups and emerging technologies.
The new CEO's next challenge is to grow margins.
Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro and JSW Steel were the major gainers during the morning deals. Nestle, Bharti Airtel, Axis Bank ITC were among the laggards.
Infosys Ltd, India's No. 2 IT services exporter, forecast lower revenue growth than analysts had expected for this fiscal year, citing a challenging global economy, sending its shares tumbling nearly 18 percent.
Raghu Krishnan profiles the man in the eye of the storm at Infosys.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
State-un insurer LIC has pared its stake in Infosys to 5.96 per cent, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
What is perhaps most fascinating is that Infosys was not the first large Indian IT company to raise its head, nor has it been the largest; but it has often shown a remarkable ability to market itself so that it has punched above its weight.
Infosys, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
Company appoints Parvatheesam K as compliance officer.
The results will give an indication whether Nilekani would continue with the software plus services strategy adopted by Sikka, or tweak it to reflect his worldview of the explosion in data.
After posting double-digit growth for the fourth consecutive quarter, chief executive officer and managing director Salil Parekh tells Yuvraj Malik and Debasis Mohapatra that the firm is not facing any delay in ramping up of large deals.
IT major Accenture's second straight cut in its revenue growth forecast for FY23 suggests there is more pain ahead for the Indian IT sector, say analysts. Accenture has lowered the top end of its FY23 growth guidance in constant currency (CC) to 9 per cent from 10 per cent earlier. The firm, which follows a September-August fiscal cycle, expects a 2-6 per cent CC growth in Q4 of FY23 (June-August 2023) versus the 6-10 per cent prior guidance.
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.
Infosys said it is in discussion with over 10 institutions globally for deploying the solution
Will Infy spring a surprise in subdued second quarter?
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
N R Narayana Murthy's speech is an absorbing study on how great companies can be hurt if the right decisions are not taken.
Infosys is likely to continue on a high-growth path. As the company moves up the value chain, due to higher billing rates earned, revenues are expected to grow.
Infosys on Thursday said it is "seriously looking" at acquisitions as the company understands the importance of growth through buying out other companies.
Infosys has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
Infosys usually gives a wage rise to employees every April.
Capitalism, grounded in the twin pillars of a free market and entrepreneurship, is the singular solution to addressing the issue of poverty in India and any country, N R Narayana Murthy, co-founder of Infosys, said during a fireside chat moderated by Nikhil Kamath, co-founder of the brokerage platform Zerodha. "The government should function as a fair and transparent regulator. "On the entrepreneurs' side, they must recognise themselves as evangelists for capitalism.
Brokerage firm says recovery under Narayana Murthy to take longer than expected; stock dips 3%.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
The proposed campus will come up on around 125 acres, which the company will acquire from airport authorities, and would house as many as 3,000 employees.
Nilekani says life has come a full circle for him, as he heads back to the company he co-founded over three decades ago.
'Students of Tier-II and Tier III engineering colleges in the south may find 2023 to be one of the toughest years for getting jobs.'
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Infosys is an ethical company with solid processes that respects its customers and this is not going to affect their business, he added.
Infosys continues to be interested in acquisitions.
Stamp of approval on CEO's strategy and long-term goal for the company
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