Sensex ends 270 points lower, Nifty below 9,850 as Infosys cracks 9%

All that happened in Friday's trade

2:20 PM

Meghmani Organics bucks trend

 

Meghmani Organics hit a record high of Rs 74.70, surging 14% on the National Stock Exchange (NSE) in intra-day trade on Friday, in an otherwise weak market. READ MORE

2:05 PM

Markets check

 

At 2:00 am, the Sensex was trading at 31,429, down 366 points, while the broader Nifty50 was ruling at 9,804, down 100 points. 

1:54 PM

Infosys hits fresh 52-week low 

 

Infosys extended fall to slip nearly 13% to Rs 884, its sharpest fall since April 2013. 

1:02 PM

Sarabjit Kour Nangra, VP Research- IT, Angel Broking on Vishal Sikka's resignation

 

Vishal Sikka has resigned as the Chief Executive Officer & Managing Director of Infosys with immediate effect. While in near term it is a setback for the company; but given the strength of the board of the company, we believe that the company will overcome the setback. Given the valuations, we maintain our BUY rating with a price target of Rs 1,179.

12:49 PM

Infosys stock outperforms TCS, Wipro during Sikka's tenure

 

Despite the fall today that was triggered by Sikka’s resignation as MD & CEO and concerns across the information technology industry given the slowdown in revenue from the BFSI (banking, financial services and insurance) segments, H1-B visa related issues, automation etc, Infosys has managed to outperform peers since Vishal Sikka was announced the company’s MD & CEO on June 12 , 2014.

 

On an absolute basis, Infosys has gained nearly 29% at the bourses – from Rs 793 levels on June 12, 2014 to Rs 1,020 levels on Thursday – a day prior to Sikka’s resignation, ACE Equity data show. By comparison, the other information technology heavyweights – TCS and Wipro – gained around 11% and 8%, respectively during this period. 

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12:33 PM

Infosys extends losses

Infosys records sharpest fall in past 13 months, down over 9% in intraday at Rs 926. 
 

Earlier, on July 15, 2016, the stock tanked 11% in intra-day trade after the Infosys cut its revenue guidance for 2016-17.

12:27 PM

Shareholding pattern of Infosys

12:08 PM

Infosys Concall

Ravi Venkatesan: Will look both inside the company & outside for new CEO. Sikka will be available till the new management is in place.

12:07 PM

Infosys Concall

 

Vishal Sikka:Everyone on board asked me to reconsider my resignation but there were no indications that personal attacks would slow down.

12:06 PM

Infosys Concall

Vishal Sikka: Continuous drumbeat of allegations is 'sickening'  and that made it difficult to carry out changes. I Was constantly disturbed by the speculations & baseless allegations, they disrupted our productivity.

12:04 PM

Infosys Concall

Vishal Sikka: $100 mn clients have increased from  12 to 19 in last 3 years. For the first time in 5 yrs, Infosys beat TCS in margin and utilisation hit 10-year high

11:58 AM

Sikka resigns

In a new development, the board of directors blamed NRN Murthy for Sikka's resignation

"Mr. Murthy's continuous assault, including this latest letter, is the primary reason that the CEO, Dr. Vishal Sikka, has resigned despite strong Board support," the company said in a BSE filing.

Click here for BSE filing 

R Seshasayee and Vishal Sikka

11:32 AM

Market Check
 

Weakness in the market continued in the first hour of trade, as the Street digested news of Infosys MD & CEO Vishal Sikka stepping down with immediate effect.

 

At 11:30 am, the Sensex trading at 31573, down 222 points while the Nifty was at 9847, down 57 points. The market breadth was negative as 798 shares advanced against a decline of 1,340 shares, while 97 shares were unchanged.

11:16 AM

Should you sell Infosys shares post Sikka's resignation

 

Markets, analysts say were taken completely by surprise by the timing of the development that comes a day ahead of Board meet to consider the proposed Rs 13,000 crore buyback programme. The stock, they feel, has overreacted to the development and will bounce back soon.

 

“I am not surprised by the move given the pressure he has been going through, but I am shocked at the timing of his resignation. The development comes a day ahead of the Board meet to spell out the proposed buyback terms and all the shareholders were expecting some good news from the company management,” says G Chokkalingam, founder and managing director of Equinomics Research & Advisory.

Click here ror detailed story

10:58 AM

Emkay Global Financial extends gain post Q1 results

 

Emkay Global Financial Services hit a fresh 52-week high of Rs 208, up 5% on BSE in intra-day trade, surging 22% in past four trading sessions, after the company reported a strong set of numbers for the quarter ended June 2017 (Q1FY18). The stock was trading at its highest level since February 2008.

 

The consolidated net profit of the company in Q1FY18 has jumped more than five-fold at Rs 8.17 crore against Rs 1.60 crore in an year ago quarter. The revenues from operations grew 66% to Rs 35.52 crore from Rs 21.43 crore in the corresponding quarter of previous fiscal year.

Click here for detailed report

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