Second Time Unlucky: After Infosys, iGate Shows Door to CEO Phaneesh Murthy over Sex Scandal

Tue, 21 May 2013 14:25:14 +1000

The Board of Directors of iGate Corp has sacked its President and CEO Phaneesh Murthy over sexual harassment charges. Earlier, at Infosys, Murthy who was working as the California-based global head of sales (prior to 2002) was accused of sexual harassment by his personal secretary, Reka Maximovitch. A lawsuit was filed and was settled out of court by Infosys for $3 million.

IT firm iGate sacks CEO after sexual harassment probe

Tue, 21 May 2013 14:14:02 +1000

Outsourcing company iGate Corp said it had sacked its Chief Executive Phaneesh Murthy for not disclosing a relationship with a subordinate after investigating one of India's best-known IT executives for sexual harassment.

iGate sacks chief executive Murthy after sexual harassment claim

Tue, 21 May 2013 12:35:02 +1000

The board of iGate Corp, an information technology outsourcing services provider, has sacked Chief Executive Officer Phaneesh Murthy following an investigation into a claim of sexual harassment, the company said in a statement.

India's Infosys to Contest New £69m Tax Demand

Mon, 20 May 2013 18:08:17 +1000

The Bangalore-based firm is already contesting previous tax demands for financial years 2005 to 2008.

Infosys to Challenge New Tax Demand of $105.3 Million

Mon, 20 May 2013 14:59:25 +1000

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.

Infosys to challenge latest tax demand of $105.3 million

Mon, 20 May 2013 14:56:03 +1000

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees ($105.3 million) income tax demand raised by Indian authorities earlier this month.

After ATM heist, India's IT sector again in unwelcome spotlight

Wed, 15 May 2013 13:35:02 +1000

A breach of security at two payment card processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the Asian nation.

Infosys openness backfires as missed guidance frustrates market

Thu, 25 Apr 2013 07:14:03 +1000

The openness that made Indian IT services outsourcer Infosys Ltd an investor darling has come back to haunt it.

India's TCS shares gain in pre-open trading on revenue outlook

Thu, 18 Apr 2013 14:00:02 +1000

Shares in India's Tata Consultancy Services Ltd rose 2.15 percent in pre-open trade on Thursday after it painted a more bullish picture for future revenue growth than key rival Infosys

HCL Technologies Profit up 73%, Beats Estimates

Wed, 17 Apr 2013 16:13:13 +1000

HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row.

India's Infosys shares slump to lowest since October in earnings aftermath

Mon, 15 Apr 2013 16:07:02 +1000

India's Infosys Ltd fell as much as 4 percent on Monday to its lowest in more than six months, extending falls for a second day after issuing lower-than-expected revenue guidance on Friday.

Infosys Disappoints with its Forecast

Mon, 15 Apr 2013 09:12:26 +1000

Infosys Ltd sadly let down markets and analysts with its forecast for the new fiscal year began April. Concurrently, the India's No. 2 services exporter released its data on the fourth quarter showing that its quarterly profit climbed about 3.4 percent. The news was not welcomed by markets as stock prices drastically dropped after the statement.

Market Weekahead - Shares to Track March WPI, Earnings

Sun, 14 Apr 2013 17:03:01 +1000

Wholesale price inflation data due on Monday will be key in setting the tone for the week after data showing slowing consumer prices raised expectations the RBI will cut interest rates next month for a third time this year.

Infosys revenue forecast disappoints, shares dive

Fri, 12 Apr 2013 18:35:02 +1000

Infosys Ltd forecast full-year sales growth that missed analyst expectations by a margin of up to 50 percent, dimming investor hopes that India's No.2 software services firm will soon start reaping the benefits of its strategic revamp.

Infosys forecasts tepid revenue growth, shares dive

Fri, 12 Apr 2013 14:35:02 +1000

Infosys Ltd , India's No. 2 IT services exporter, forecast lower revenue growth than analysts had expected for this fiscal year, citing a challenging global economy, sending its shares tumbling nearly 18 percent.

Infosys Profit Rises 3%, Beats Estimates Marginally

Fri, 12 Apr 2013 13:45:30 +1000

Infosys Ltd, India's No. 2 IT services exporter, marginally beat analyst estimates with a 3.4 percent rise in quarterly profit as the company won orders from customers including German automaker BMW.

Infosys quarterly profit rises three percent, beats estimates marginally

Fri, 12 Apr 2013 13:42:02 +1000

Infosys Ltd, India's No. 2 IT services exporter, marginally beat analyst estimates with a 3.4 percent rise in quarterly profit as the company won orders from customers including German automaker BMW.

Sensex Gains; Tech Shares Lead

Wed, 10 Apr 2013 19:23:13 +1000

The BSE Sensex rises 100 points and the Nifty gains 35 points. The gains track global shares, with the MSCI world share index edging up to a one-week high after Chinese trade data pointed to a steady recovery of the world's second largest economy.

Market Weekahead - Shares to Track Foreign Flows, Infosys

Sun, 07 Apr 2013 15:23:28 +1000

Indian stock markets will be closely tracking foreign investor activity.

Sensex Dips on Foreign Investor Selling Concerns

Fri, 05 Apr 2013 16:47:41 +1100

The Nifty is down 0.18 percent while the benchmark BSE Sensex is lower 0.13 percent.

BSE Sensex Down; Banking, IT Shares Fall

Thu, 04 Apr 2013 16:28:54 +1100

The 50-share Nifty is down 0.83 percent at 5,613.30, below the 200-day moving average which was at 5,638. The benchmark Sensexis 0.98 percent down. Developments in the Korean peninsula and U.S. jobs data due on Friday which will likely signal slowing U.S. growth, are overseas cues being closely watched.

Indian PM says downturn passing, asks industrialists for faith

Wed, 03 Apr 2013 22:35:02 +1100

Indian Prime Minister Manmohan Singh urged business leaders on Wednesday to keep faith in his Congress-led government's efforts to improve a dire investment climate, without giving details of fresh steps to bring about a recovery in the sagging economy.

Sensex Gains on First Day of New Fiscal Year

Mon, 01 Apr 2013 21:55:13 +1100

The BSE Sensex provisionally gained on Monday, the first trading session of a new fiscal year, as Infosys gained on optimism about its fourth quarter earnings, while Larsen & Toubro gained after winning a $1 billion power plant order.

Sluggish corporate spending crimps Accenture forecast

Fri, 29 Mar 2013 02:35:02 +1100

Outsourcing and consulting services provider Accenture Plc reduced its forecast for revenue growth, saying its consulting business was still being hurt by a slowdown in corporate discretionary spending, especially in Europe.

Accenture beats profit estimates, cautious on FY revenue

Fri, 29 Mar 2013 01:21:01 +1100

Accenture Plc beat analysts' second-quarter profit estimates on strength in its outsourcing business, but said full-year revenue growth would be below the midpoint of its previously forecast range of 5 to 8 percent.

The End of Indian IT Staffing as we Know it

Mon, 25 Mar 2013 17:57:02 +1100

India's IT outsourcers are promoting "mini CEOs" capable of running businesses on their own, while trimming down on the hordes of entry-level computer coders they normally hire as they try to squeeze more profits out of their staff.

Analysis: The end of Indian IT staffing as we know it

Mon, 25 Mar 2013 08:14:01 +1100

BSE Sensex Down by 0.3%; Lowest Close in 4 Months

Fri, 22 Mar 2013 23:43:12 +1100

The BSE Sensex fell for a sixth consecutive session on Friday to its lowest close in four months as blue chips such as State Bank of India continued to reel from concerns about political instability and doubts over the prospect of future rate cuts.

BSE Sensex Flat, Recent Underperformers Gain

Thu, 21 Mar 2013 16:41:07 +1100

The BSE Sensex gains 0.3 percent, while the 50-share Nifty advances 0.4 percent, recovering after four-sessions of losses.

BSE Sensex Flat; Auto Stocks Gain, IT Stocks Fall

Tue, 12 Mar 2013 16:15:34 +1100

The BSE Sensex is up 0.14 percent, while the Nifty gains 0.05 percent. Tata Motors (TAMO.NS) gains 1.2 percent after Monday's fall on slowdown in February sales is seen overdone, while Ranbaxy Laboratories (RANB.

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