New Delhi: India’s second largest IT company Infosys on Friday said its Rs13,000 crore buyback offer will open on 30 November and end on 14 December.

Outlining the buyback dates in a regulatory filing, Infosys said that the company through letter dated 16 November received observations from the Securities and Exchange Board of India (Sebi) on the draft letter of offer for the buyback.

Infosys hit an over two-month high of Rs 982, up 3% on the BSE in intra-day trade on the back of heavy volumes.

The stock of IT consulting & software Company is trading at its highest level since August 21, 2017, up 14% from its 52-week low of Rs 862, touched on August 22, in intra-day trade. Thus far in the month of November, Infosys outperformed the market by gaining 6.5% against 0.54% decline in the S&P BSE Sensex.

Bengaluru: Infosys Ltd is looking to partner with companies that offer data analytics or artificial intelligence (AI) platforms, including International Business Machines Corp. (IBM), but has no plans to abandon its own Nia platform.

Infosys, India’s second largest software services firm, is seeking to use these platforms to help it win more business from its own customers.

Mumbai | Bengaluru: Former Infosys executives BG Srinivas and Ashok Vemuri are the frontrunners to be the IT company's chief executive, even as the firm explores creating a deputy CEO role to ensure management continuity, said people with knowledge of the matter.

The Bengaluru-headquartered company is not having an easy time picking a new leader after former CEO Vishal Sikka resigned in August following a bruising battle with founder NR Narayana Murthy over corporate governance issues. Cofounder Nandan Nilekani returned to the company as non-executive chairman to steady operations.

India’s information technology (IT) industry could significantly fall short of its targeted generation of 130,000-150,000 new jobs this year as large companies such as Cognizant, Infosys, and Tech Mahindra (TechM) shed people to embrace automation and focus on productivity of the workforce.

The National Association of Software and Services Companies (Nasscom), the software industry lobby, had estimated that 130,000-150,000 jobs would be created even as it forecast a lower growth of 7-8 per cent this year.

Infosys fell 2.5% at Rs 921 on the BSE intra-day trade after the stock turned ex-date for the proposed buyback and for interim dividend of Rs 13 per share.

On October 9, 2017, the Buyback Committee had approved and fixed Wednesday, November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders, to whom the Letter of Offer will be sent and will be eligible to participate in the buyback which was approved in the board meeting on August 19, 2017.

NEW DELHI: Infosys will hold another round of outreach to shareholders over the next few weeks under the chairmanship on Nandan Nilekani and expects to have a complete report by January next year.

Nilekani, the architect of Aadhaar, had taken over the reins of the embattled Infosys in August this year following months of acrimony between the founders and the then management team of CEO Vishal Sikka and chairman R Seshasayee.

The $150-billion-plus Indian IT industry witnessed the performance of the top tier multi-billion dollar companies—Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies for the second quarter of FY18. The writing on the wall is very clear: the industry will walk the path of a single digit growth with a strong focus on the operational parameters to ensure higher profitability.

BENGALURU: Infosys has standardised its severance pay for top executives. For senior vice- presidents (SVPs) and executive vice-presidents (EVPs), it will be four months of their fixed salary. Severance pay had become a major bone of contention within the company over the past two years when seemingly arbitrary amounts were paid to former CFO Rajiv Bansal and former general counsel David Kennedy . Bansal was granted Rs 17 crore, while Kennedy , who was in the company for just two years, received $868,250 (about Rs 5.9 crore when he quit in January).

Infosys' second-quarter results saw former CEO Vishal Sikka's strategy getting a thumbs up and it will continue to drive the country's second-largest software services firm. Further, the company's board led by Nandan Nilekani gave a clean chit to Sikka over allegations of governance failure in the Panaya acquisition, with Infosys co-founder N R Narayana Murthy on Tuesday expressing his disappointment over the development. (Read more here)

While Nilekani, who returned to Infosys in August, has reviewed Sikka's strategy of driving a software plus services model that would bring more non-linear revenue and has retained the former SAP executive's vision, as reported earlier, the company's strategy has seen some changes.

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