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Infosys Ltd (INFY.BO)

INFY.BO on Bombay Stock Exchange

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Latest Key Developments (Source: Significant Developments)

India's Infosys' Sikka says absolutely focussed on Q2, rest of the year
2:27am EDT 

Aug 18 (Reuters) - India's Infosys' :Exec says extremely distressed and saddened.Exec says board is incredibly committed to strategic direction articulated by Vishal Sikka.Exec vice chairman Sikka says all of recent allegations were absolutely sickening.Exec vice chairman Sikka says on allegations: at some point you just say "this is too much".Exec vice chairman Sikka says absolutely focussed on Q2 and rest of the year.Exec vice chairman Sikka says will start working with clients, investors over next few weeks.Exec vice chairman Sikka says have absolutely smooth, issue-free transition here.  Full Article

Infosys says Murthy's "continuous assault" primary reason for CEO Vishal Sikka's resignation
2:11am EDT 

Aug 18 (Reuters) - Infosys Ltd ::It has come to attention of board that a letter authored by Murthy, founder, has been released to various media houses."Murthy's continuous assault, including this latest letter, is the primary reason that the CEO, Dr. Vishal Sikka, has resigned despite strong board support"."Murthy's letter contains factual inaccuracies, already-disproved rumours" and "statements extracted out of context from conversations board"‍​.Says "board declines to speculate about Murthy's motive for carrying out this campaign, including the latest letter"."Murthy's campaign against the board and the company has had the unfortunate effect to undermine the company's efforts to transform itself".Board engaged in a dialogue with founder over course of year, to resolve issue ; dialogues have not been successful.Says board currently has no intention of asking Murthy to play formal role in the governance of the organization.Murthy's letter attacks integrity of board and management of co alleging falling corporate governance standards in co.Murthy may be in process of engaging in discussions with certain key stakeholders of co to further his criticisms of the board and management."Categorically rejects any speculation or allegation of discord" between the Infosys board and Sikka.  Full Article

India's Infosys says Vishal Sikka resigns as MD, CEO
Thursday, 17 Aug 2017 11:47pm EDT 

Aug 18 (Reuters) - Infosys Ltd :Says accepted the resignation of Vishal Sikka as the managing director and chief executive officer.Says ‍accepted resignation of Vishal Sikka as managing director and chief executive officer​.Says appointed U B Pravin Rao as the interim-managing director and chief executive officer.Infosys says succession plan for appointment of new managing director and chief executive officer operationalised by board; search for same has commenced.Says appointed Vishal Sikka as the executive vice-chairman‍​.Says Sikka cited among his reasons for leaving "a continuous stream of distractions and disruptions" in recent months, qtrs.Says Sikka will receive an annual salary of $1 during his tenure as executive vice chairman.  Full Article

India's Infosys to buy digital studio Brilliant Basics
Thursday, 3 Aug 2017 10:23am EDT 

Aug 3 (Reuters) - :Infosys <<>> to acquire digital innovation and customer experience studio, Brilliant Basics.Infosys says acquisition is expected to close during the second quarter of fiscal 2018.  Full Article

Infosys exec: no slowdown in hiring in India, hiring in U.S. not going to impact India hiring
Friday, 14 Jul 2017 05:20am EDT 

July 14 (Reuters) - India's Infosys :Exec says no slowdown in hiring in India, hiring in U.S. Not going to impact hiring in India.  Full Article

India's Infosys exec says will need to watch rupee as it continues to be uncertain
Friday, 14 Jul 2017 01:19am EDT 

July 14 (Reuters) - Infosys CEO Vishal Sikka, CFO M.D. Ranganath and COO Pravin Rao at a TV conference. Infosys exec says: :Financial services we continue to see good traction.Sees opportunity in the energy sector.Cash balance at 390 billion rupees, at its highest ever.Will need to watch the rupee as it continues to be uncertain.Will continue to focus on operational efficiency.  Full Article

India's Infosys June-qtr consol profit up about 1.4 pct
Thursday, 13 Jul 2017 11:35pm EDT 

July 14 (Reuters) - Infosys Ltd ::June quarter consolidated profit 34.83 billion rupees .Consensus forecast for June quarter consol profit was 34.39 billion rupees.June quarter consol revenue from operations 170.78 billion rupees versus 167.82 billion rupees last year.Says appointed D Sundaram as independent director.Says to execute business transfer agreement with Noah Consulting LLC.Says business transfer agreement to transfer business of Noah Consulting LLC to co.Says navigated "another quarter of significant currency volatility through our hedging”.The consol profit number was first sourced from TV and later confirmed from a company press release at the National Stock Exchange.  Full Article

Infosys says financial results to be approved by board of directors on July 14
Thursday, 6 Jul 2017 05:29am EDT 

July 6 (Reuters) - Infosys Ltd :Says financial results would be finally approved by board of directors on July 14, 2017.  Full Article

Infosys announces divestment in Cloudyn Software Ltd
Friday, 30 Jun 2017 01:42pm EDT 

June 30 (Reuters) - Infosys Ltd :Announces divestment in Cloudyn Software Ltd.Signed on June 29, 2017, agreement for divestment of entire investment in Cloudyn for total consideration of about $4.4 million.Divestment is due to Microsoft signing a definitive agreement for the acquisition of Cloudyn.  Full Article

Infosys says probe into whistleblower complaints finds no evidence of wrongdoing
Friday, 23 Jun 2017 06:59am EDT 

June 23 (Reuters) - Infosys Ltd ::Conclusion of independent investigation into allegations made by anonymous whistleblower.Says audit committee approved a comprehensive investigation into the anonymous complaints.Gibson Dunn & Control Risks completed detailed independent investigation and did not find any evidence whatsoever of wrongdoing.No evidence supporting whistleblower’s allegations regarding acquisitions was found.No evidence found on inappropriate contracting.No evidence found that mergers and acquisitions team failed to obtain appropriate approvals.Found no evidence that ceo received excessive variable compensation or incurred unreasonable expenses for security, travel and the palo alto office.  Full Article

Indian shares fall as Infosys CEO resignation hurts

Aug 18 Indian shares fell on Friday, snapping a three-day winning streak, as Infosys Ltd Chief Executive Vishal Sikka's resignation sent the stock tumbling, although rivals such as Tata Consultancy Services Ltd gained.