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Infosys Ltd (INFY.NS)

INFY.NS on National Stock Exchange of India

875.40INR
22 Aug 2017
Change (% chg)

Rs2.00 (+0.23%)
Prev Close
Rs873.40
Open
Rs895.20
Day's High
Rs897.05
Day's Low
Rs860.00
Volume
24,621,299
Avg. Vol
5,197,672
52-wk High
Rs1,082.70
52-wk Low
Rs860.00

Latest Key Developments (Source: Significant Developments)

Infosys exec says Murthy to have no role in selection of new leader
Friday, 18 Aug 2017 09:37am EDT 

Aug 18 (Reuters) - Infosys Ltd :Exec says on conference call "it will be a non-trivial task to find a successor".Exec says "we are looking for a people person" for CEO role.Exec says "anyone comng in should have great understanding of culture ...and only he can transform culture".Board exec says "despite all the controversies, Murthy has not commented on the execution strategy of company and I don’t see that changing".Board exec says "Sikka’s new role will give him more time to focus on aspect of retaining clients and people".Board exec says "don't see Murthy or anyone else playing a role in selection of new leader ".Board exec says 2020 target was aspirational, may not be able to achieve it.Exec says intend to have a lot more dialogue with all our shareholders over coming weeks.Exec says board tried to ignore the noise and focus on clients ,employees and strategy, but Sikka was unable to ignore the distraction.  Full Article

India's Infosys' chairman says co has no interest in engaging in legal battle against Murthy
Friday, 18 Aug 2017 05:45am EDT 

By Jessica Kuruthukulangara and Samantha Kareen Nair:India's Infosys' chairman says there will be no change to our buyback plan.India's Infosys' chairman says none of the things set in motion are going to be stopped.India's Infosys' chairman says co has no interest in engaging in legal battle against founder Murthy.  Full Article

India's Infosys' Sikka says absolutely focussed on Q2, rest of the year
Friday, 18 Aug 2017 02:27am 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 Founder Murthy says "extremely anguished by allegations, tone and tenor of the statements"
Friday, 18 Aug 2017 02:22am EDT 

Aug 18 (Reuters) - Infosys Ltd :Founder Narayana Murthy says "extremely anguished by the allegations, tone and tenor of the statements".Founder Narayana Murthy says "voluntarily left board in 2014 and I am not seeking any money, position for children or power".Founder Narayana Murthy says "my concern primarily was the deteriorating standard of corporate governance".Founder Narayana Murthy says will reply to allegations in the right manner and forum and at appropriate time.Founder Murthy - several shareholders, who have read whistle-blower report, said hard to believe report produced by lawyers hired by accused.Founder Murthy - several shareholders, who have read whistle-blower report, said hard to believe lawyers hired by accused giving a clean chit.  Full Article

Infosys says Murthy's "continuous assault" primary reason for CEO Vishal Sikka's resignation
Friday, 18 Aug 2017 02:11am 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

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Infosys shares extend losses as leadership issues outweigh share buyback

MUMBAI A planned $2 billion share buyback by Infosys failed to lift shares in India's No. 2 IT services company, which dropped on Monday for a second straight trading day on concerns over a dispute between its board and founders.