The Indian benchmark indices opened marginally lower on Friday, following the trend of previous trading sessions. Despite positive global cues, the market saw weakness as FIIs continued their selling streak. However, experts believe that a recovery in earnings could lead to a change in the scenario and potentially shift the market towards a positive trend. Meanwhile, top gainers on the Sensex included names like Tech Mahindra, Infosys, and HCL Tech, while major losers were ICICI Bank and Reliance Industries.
In a proposal for revamping the civil services, Infosys co-founder N R Narayana Murthy suggests recruiting IAS and IPS officers from business schools rather than relying solely on UPSC exams. The move is aimed at bringing in a modern and business-oriented approach to governance. However, the proposal has sparked a debate among experts and civil servants alike, with some welcoming the idea while others voicing concerns about the impact on the diversity and inclusivity of the services.
Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
Infosys co-founder and business leader N.R. Narayana Murthy stirred up controversy with his recent statement at the CNBC Global Leadership Summit, stating that he does not believe in work-life balance and praising Prime Minister Narendra Modi's 100-hour work week. This statement received widespread criticism, with many arguing for the importance of maintaining work-life balance. However, Murthy remains unapologetic, citing the hard work of government officials as an indication of appreciation. In light of this debate, the idea of a 70-hour work week is put into perspective, raising questions about the expectations and pressures on working professionals in India.
At the recently held Global Leadership Summit, business magnate N. R. Narayana Murthy surprised attendees with a special performance. The founder of Infosys took to the stage to belt out an Elvis Presley classic, which he dedicated to his wife Sudha Murty. The heartwarming moment was captured on video and has since gone viral on social media, with many praising Murthy for his sweet gesture.
The second season of the popular comedy show, The Great Indian Kapil Show on Netflix, recently began with renowned guests like Alia Bhatt and Karan Johar. In the latest episode, renowned businessmen and philanthropists Narayana Murthy and Sudha Murthy, along with Zomato CEO Deepinder Goyal and his wife Grecia Munoz, shared their entertaining stories and advice on relationships. Sudha Murthy revealed that on their first meeting, Narayan Murthy was two hours late to impress her father.
The latest second-quarter financial report from Infosys has not met investor expectations, with its shares falling by 4.50% and causing a market value loss of Rs 31,327.94 crore. Despite the decline, the company posted a 4.7% year-on-year growth in its consolidated net profit and has now raised its revenue growth forecast for the full financial year. CEO Salil Parekh credits the rise in mega deals for the increase in revenue and this marks the third consecutive year of guidance increase for Infosys.
Indian tech giant Infosys Ltd announced a 4.7% increase in net profit for the quarter ended September 2024, along with a revised revenue guidance for FY25 on the back of successful mega deals. The company also declared an interim dividend and saw a rise in stock prices following the results announcement. CEO Salil Parekh credited their growth to industry expertise and market-leading capabilities, while CFO Jayesh Sanghrajka highlighted their focus on accelerating revenue growth and margin performance.
Bengaluru-based IT services giant Infosys released its Q2 results on Thursday, reporting a steady sequential margin and a modest revenue growth in constant currency terms. However, the company's shares fell by over 4% in Friday's trade. Morgan Stanley maintains an overweight rating on the stock, with a target of Rs 2,150, while Citi maintains a neutral position with a target of Rs 1,965. Citi highlights important forward-looking indicators for Infosys, including a decline in large deal total contract value, a decrease in headcount, and no projected growth in the upcoming quarters.
Infosys, one of India's largest IT companies, reported a 4.7 per cent rise in net profit in the September quarter. Despite a tough global economic environment, the company added about 2,500 employees in the quarter, reversing a six-quarter hiring downturn. This is an important development for Infosys, which has been struggling to retain employees in recent years. The company's strong financial performance and increase in employee strength signals growth and stability for the IT giant, making it a market leader in the tech industry.