N R Narayana Murthy, co-founder and former chairman of Infosys, has decided to step down from all positions at the information technology (IT) company, but some measures he had initiated seem paying off. The Bangalore-based company on Friday posted all-round growth beating the estimates on many counts.

On joining Infosys in his second innings in 2013, Murthy had initiated a three-pronged strategy: Cost-rationalisation (which he said would start yielding results in six-18 months), sales effectiveness (which would take nine-21 months to show results) and delivery effectiveness (benefits from which would be visible in 18-24 months). Starting October 10, Murthy will no longer be the non-executive chairman.

It doesn’t take much to get investors excited about information technology (IT) stocks these days. Infosys shares jumped by around 6% after it announced dollar revenue growth of 3.1% for the September quarter, slightly ahead of analyst expectations of about 2.7% growth.

Net profit of Rs.3,096 crore was about 4% higher than the Street estimates, thanks to better-than-expected margins.

Infosys, India’s second largest information technology (IT) services company, today cheered investors by posting a strong growth for July-September 2015 (Q2FY15), beating estimates on most fronts, as well as announcing a bonus share issue.

Additionally, in line with expectations, the company left its revenue growth guidance for FY15 unchanged at 7-9%.

He has his roots in the software product industry, where productivity is not measured by billing the clients on the basis of works rendered for each hour unlike the information technology(IT) services industry. Now at helm of India’s second largest IT services company Infosys as the first non-founder chief executive officer and managing director, Vishal Sikka has clearly charted out that the reincarnated Infosys will not be interested in the ‘services of yesterday’, but something where people will be able to apply ‘design thinking’ leveraging efficiency tools such as automation and artificial intelligence.

During his little over than four months of working with Infosys, Sikka has in several occasions touched upon the way he would like the company to be transformed to the next level though the details are expected after the company’s quarterly earnings on Friday. But in his keynote address at the recently concluded Oracle OpenWorld in San Francisco, he dwelt upon a few of those aspects what he has envisioned for the company.

Markets extended gains and were trading near their day's highs after the first hour of trade led financials and capital goods shares coupled with a rebound in IT shares.

At 10:45AM, the 30-share Sensex was up 298 points at 26,545 and the 50-share Nifty was up 88 points at 7,930.

A better demand environment and lower costs are expected to aid Infosys, the country’s second largest information technology (IT) services company, to post a sequential improvement in financial performance for the July-September quarter (Q2 of 2014-15).

More than the figures, analysts and investors are focused on new chief executive officer Vishal Sikka’s comments about his strategy and vision.

Benchmark shares indices remained weak in late trades on Wednesday with technology shares declining the most led by Infosys amid reports of downgrade by global financial services major Citigroup.

At 2:15PM, the 30-share Sensex was down 79 points at 26,193 and the 50-share Nifty was down 26 points at 7,826.

Shares of information technology (IT) companies are continue at their upward march with frontline stocks such as Tata Consultancy Services (TCS), Infosys and HCL Technologies have hit their respective record high on the Bombay Stock Exchange (BSE).

At 1105 hours, S&P BSE IT index, the largest gainer among sectoral indices, was up 0.65% compared to 0.48% decline in benchmark index S&P BSE Sensex. IT index touched a record high of 11,001 in intra-day trade today.

The global head of Vishal Sikka-led Infosys banking product business Finacle, Haragopal M has resigned from the company with a former executive of German software major SAP, Michael Reh taking over this role.

Haragopal, a 19-year-old veteran of Infosys who was a senior vice president is reportedly looking at the entrepreneurial route with plans to start a own venture. When contacted by FE, a spokesperson for Infosys said, “As a matter of policy we do not comment on the appointments or exits other than Members of the Board or Executive Officers.”

Even as many believe that the fresh lawsuit filed by Infosys' former employee, Jack Palmer, could be dismissed in a US court yet again, experts say the development might lead to a further loss in reputation for India's second largest information technology services company.

In a fresh case filed by Palmer in a New Jersey District Court on Thursday, the American national claims to have been discriminated against because he raised the issue of breach of US visa rules, Reuters reported last week.

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