Infy appoints Vishal Sikka as CEO & MD; stock gains ground
.jpg)
Infosys has opened higher by nearly 3% at Rs 3,280 on the NSE after the board has appointed former SAP executive Vishal Sikka as the Chief Executive Officer and Managing Director (CEO & MD) of the company. Sikka will take over from August 1, 2014.
The board of directors of the company has also elevated U B Pravin Rao, president and whole-time director, as the Chief Operating Officer, with effect from June 14, 2014, Infosys said in a statement.
Shashi Bhusan, analyst at Prabhudas Lilladher has recommended ‘buy’ rating on the stock with a target price of Rs 3,920.
"Infosys, if appoints Sikka as CEO, will be sending a strong signal to the market about their aspiration to be a global technology major and not just an Outsourcing vendor," he had said in a report dated June 2, 2014.
Adding: "However, if that happens, there are possibilities of few more exits in the company. We believe the evolution of recent technological trends definitely mandate Indian IT Outsourcing vendors to take a lead in innovation. But, the transition is going to be a bumpy ride for Infosys."
The stock hit a high of Rs 3,297 and low of Rs 3,256 so far. A combined around 185,000 shares changed hands on the counter in early morning deals on the NSE and BSE. Meanwhile, the stock has rallied almost 10% in past three trading sessions from Rs 2,986 on June 9.
Other Latest News
.webp)
Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
.webp)
Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
.webp)
The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
.webp)
Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
.webp)
Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
.webp)
.webp)
.webp)
.webp)
.webp)
