Infosys co-founder NR Narayana Murthy today said coaching classes are hurting the prestige of the brand IIT as these flourishing money-spinners are helping students only crack the entrance tests and rued that genuine freethinkers are being left out.

“Why the IITs have become less exciting for our young today and in some cases even outside, is because of the coaching classes…it is the coaching classes, which in my opinion, have brought down the prestige of IITs in some way,” Narayana Murthy said while addressing the St Xavier’s College students here this evening.

Markets continue to trade in a narrow range as losses in financials and auto shares offset gains in the technology pack. Meanwhile, release of the macroeconomic numbers CPI and IIP due to be released tomorrow coupled with weakness in Rupee after China devalued yuan by nearly 2% hurt the sentiments.

At 10:40 am, the Sensex is down 10 points at 28,092 and the Nifty has slipped 5 points to trade at 8,521.

Bengaluru: One mid-summer day last year, Vishal Sikka, then recently named as the first non-founder chief executive officer (CEO) of Infosys Ltd, met with some senior executives of the company at a guest house in Hauz Khas in South Delhi.

Sikka, now 48, had a question for the group, which included then CEO S.D. Shibulal.

BENGALURU | MUMBAI: India's $146-billion information technology (IT) industry is consistently haemorrhaging more people than ever before, even as the sector and large companies such as Tata Consultancy Services(TCS) and Infosys achieve greater size and scale with each passing year.

Over the last four quarters, India's largest software exporters TCS, Wipro and Infosys combined have lost roughly over 100,000 people between them, ET's analysis shows.

After a long wait, Infosys, India’s second-largest information technology services company, seems to have finally achieved the kind of growth that had been eluding it for the past few years.

For the quarter ended June, the company reported seven per cent sequential growth in revenue, the highest in the past 15 quarters, even as it reported a decline in net profit and operating margin compared to the March quarter. The management has often argued that once growth returned, everything else would fall into place, whether it was profitability or attrition.

Revenues from top 10 clients have grown by 5.9 per cent sequentially compared to the decline in the previous quarter. Infy's revenue from its top client has grown by 10.5 per cent sequentially.Revenue growth rates across verticals are fast catching up with some of its peers, which could lead to a re-rating of the stock even if earnings upgrades do not happen for FY16.

Infosys is expected to report 2.7-3 per cent sequential growth in the dollar denominated revenue for the June 2015 quarter. Analysts expect the company's operating margin to fall 140-190 basis points due to wage increases and visa costs.

The country's second largest software exporter (listed on Indian bourses) will declare the June quarter results on Tuesday, July 21. According to the average of estimates by seven brokerages and the forecast of ETIG, net sales of Infosys is likely to increase by 5.1 per cent to Rs 14089.3 crore compared with the previous quarter. Net profit is expected to fall by 1.9 per cent to Rs 3,038.1 crore.

Benchmark share indices which had ended at three-month closing highs witnessed profit taking in select financials capping further upside even as IT shares continued to trade firm. Further, rising concerns over weak monsoon in July also weighed on sentiment.

At 1:30PM, the 30-share Sensex was up 24 points at 28,470 and 50-share Nifty was up 5 points at 8,613.

TCS’s results exhibit that sector demand momentum continues to suffer from lack of exuberance, with different segment-specific issues causing a miss in growth versus consensus at TCS for the last four quarters. While in isolation there is nothing major to fault in the numbers, soft manufacturing and slightly weaker European growth in Q1 led to the miss.

Global software major Infosys Ltd will offer its flagship Finacle product to service US banks’ Verizon cloud platforms.

“We will offer solutions to US banks and financial institutions through the software-as-a-service (SaaS) model, which is serving 547 million customers worldwide,” the city-based bellwether said in a statement on Friday.

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