Infosys lowers revenue forecast for fiscal year

Infosys lowers revenue forecast for fiscal year”

For the quarter ended September 30, 2017, the IT major reported 7 per cent quarter-on-quarter profit growth at Rs 3,726 crore against Rs 3,483 crore in the sequential quarter ended June 30, 2017.

Nilekani was recently brought in as someone who is trusted by Murthy after CEO Vishal Sikka stepped down, blaming constant attacks that he said were distracting him and the company. Revenue grew 1.5% to 175.67 billion rupees.

The first quarterly results since Vishal Sikka quit as chief executive in August following public spat with co- founders led by N R Narayana Murthy, also saw Infosys, under its new chairman Nandan Nilekani, giving a clean chit to United States dollars 200 million Panaya acquisition done under previous management.

Earlier, Infosys shares settled 1.37 per cent down at Rs 926.75 in Mumbai trade. The most recent being in a letter, dated August 9, where Murthy is said to have raised questions over Sikka's leadership.

The Bengaluru-based firm reported a 3.3 percent rise in its Q2 net profit from Rs 3,606 crore an year ago. Operating margin for the period stood at 24.2%, compared with 24.1% in the quarter ended June, 2017. The net profit margin improved to 21.2 percent compared to 20.4 percent recorded in the previous quarter.

The Bengaluru company, which is now looking for a new CEO, cut its forecast for full-year dollar-terms sales to between 5.5 percent and 6.5 percent.

The September quarter revenues in rupee terms grew by 2.9 percent to 17,567 crore which was slightly less than a CNBC-TV18 poll of 3.3 percent.

The company, meanwhile, has declared an interim dividend of Rs 13 per share. That compared with the $2,748 million estimate by the Mumbai brokerage, which would meant a 3.6 percent quarter-on-quarter growth and a 6.2 percent growth on the revenue for the same quarter a year ago.

Murthy waged a public campaign, pointing out some outsize pay and exit packages for some executives and raising questions about the company's acquisition of Panaya, an Israeli automation firm.

"As previously indicated the chairman has conducted a review of all the external investigations into certain anonymous complaints the company had previously received", according to a statement filed to the BSE.

"The process of identifying the next CEO and shareholder consultation outreach have been initiated and are progressing well", Infosys statement said without elaborating. The management said that there is no merit to allegations of any wrongdoing in the same."I believe all stakeholders acted out of a strong passion for Infosys, wanting what they believed to be the best for the Company and to see it succeed". Nilekani has said he's focused on finding a new leader, reconstituting a depleted board and stabilising operations. "This board and I are committed to the highest standards of professionalism and will deal promptly and decisively with any governance issues should they ever come up in the future".

The revenue at Dollars 2.7 billion came in 5.4 per cent higher year-on-year.

Like this



24 October 2017
Moto X4 India price revealed in leaked image showing the retail box
Also, even if this leaked retail box reveals the MRP of Moto X4 as ₹23,999, the actual selling price might be lower. This device apparently has 4GB of RAM in association with 64GB of storage space and it has now been spotted online.

24 October 2017
Karbonn Titanium Jumbo with 4000mAh battery launched in India for Rs 6490
The dual-sim handset offers Bluetooth, GPS, GSM (2G), WCDMA (3G), VoLTE (4G), Wi-Fi, Hotspot as connectivity options. While the MRP of the smartphone is mentioned as Rs. 7,490, the best buy price is quoted slightly lower at Rs. 6,490.

24 October 2017
Metuh's Trial: Abang Summons Jonathan To Appear In Court Wednesday
Goodluck Jonathan , to testify in his ongoing trial of allegations of fraud against him before the Abuja division of the Federal High Court.

24 October 2017
Caterpillar reports revenue jump on soaring demand; raises forecast
The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link . Wells Fargo & Company reaffirmed an "outperform" rating on shares of Caterpillar in a research report on Wednesday, July 26th.

24 October 2017
Raat Baaki song from Sidharth Malhotra, Sonakshi Sinha's Ittefaq out
Along with Karan Johar, Shah Rukh Khan is also producing the film under his banner Red Chillies Entertainment. The movie is the remake of 1969 classic of the same name featuring legendary actor Rajesh Khanna.

24 October 2017
Donald Tusk: It is up to the United Kingdom how Brexit will end
Mrs May indicated to Parliament on Monday that she remained optimistic a deal could be agreed before March 2019. So, according to Tusk, the talks on Brexit could result in the decision to refuse British exit from the EU.

24 October 2017
Amazon Cuts Kindle Prices for Decennial
The company is also offering some "select customers" a $5 credit towards any Kindle e-book they would like to purchase online. The app will allow users to discuss books, get recommendations, share your views on books and other key Goodreads features.

24 October 2017
President Trump calls Sen. Corker 'lightweight' in Twitter feud
Corker started the interview discussing an ambush in Niger that left four USA soldiers dead on October 4. Another Twitter War broke out this morning between President Donald Trump and unleashed Sen.

24 October 2017
Growth Analysis of Mondelez International, Inc. (NASDAQ:MDLZ)
The rating was maintained by Piper Jaffray on Monday, September 18 with "Buy". 1St Global invested in 0.09% or 17,898 shares. The stock of Mondelez International Inc (NASDAQ:MDLZ) has "Overweight" rating given on Tuesday, July 25 by PiperJaffray.

24 October 2017
Arconic Inc (ARNC) Stock Price Down 10.4% After Earnings Miss
In a transaction dated August 09, 2017, the shares were bought at an average price of $24.94, giving away a sum of $124,700. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link .