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Infosys announces leadership transition
Infosys has announced leadership transition across Financial Services and Manufacturing.
BG Srinivas, Global Head of Manufacturing and Engineering business will take over as the new leader of the company's Financial Services and Insurance Business.
This change builds on our successful organization transformation last year to broaden key leadership experiences at Infosys. The transition builds on the significant contributions made by both BG Srinivas and Ashok Vemuri over the past decade as they have successfully spearheaded their respective businesses, incubated new businesses and expanded Infosys' footprint in the American and European markets. This change brings cross industry perspectives to accelerate transformation and innovation for our clients.
Facebook to raise US$5bn in IPO
Facebook on Wednesday filed regulatory documents for its much-anticipated initial public offer (IPO), aiming to raise US$5bn from the share sale.
The IPO could value Facebook anywhere between US$80bn and US$100bn.The social networking titan's public debut would make its listing the largest in the high-profile technology industry since Google's IPO in 2004.
The offering would make several key shareholders billionaires, most notably Mark Zuckerberg, the Company’s 27-year old CEO and co-founder.
Zuckerberg holds 28.2% stake in Facebook.
Mahindra Satyam Q3 PAT more than doubles
Mahindra Satyam, a leading global Consulting, IT and Business services provider today announced its unaudited financial results under Indian GAAP for the Third quarter ended December 31, 2011, reflecting a healthy progress in its continuing focus on operational efficiencies.
The Consolidated Revenue was stood at Rs1718 crores, up 9% QoQ, up 34% YoY, while EBITDA was Rs2.78bn up 15 % QoQ.
EBIDTA Margins expand by 87 bps QoQ to 16.2%. Profit After Tax was at Rs3.08bn versus Rs. 2.38bn in Q2, up 29% QoQ, 424% YoY
EPS was at Rs. 2.62 in Q3 FY12 versus Rs. 2.02 in Q2FY12
Total headcount stood at 32,280 as of December 31, 2011, a net addition of 188 QoQ. Attrition was stable at 16% in Q3FY12 as compared to 25% same time, last year
Vineet Nayyar, Chairman, Mahindra Satyam, said, “We continue on our path of building the organization and improving our operating metrics, in the face of some headwinds on the economic front.”
Speaking at the occasion, CP Gurnani, CEO, Mahindra Satyam, said, “Our 3-pronged approach to the market through vertical, regional and service-line penetration coupled with effective portfolio management focus is showing consistent results in this changing environment. Investments into emerging areas such as Mobility, Cloud and Security Solutions should help us accelerate, as we complete the initial 3 year transformation journey”
In Focus News
IIFL recommends ‘Buy’ on Mahindra Satyam
IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends ‘Buy’ on Mahindra Satyam.Mahindra Satyam’s 3QFY12 revenue at -1.5%qoq (US$) was disappointing. Higher-than-expected holidays/furloughs in December led to the negative surprise, the report said.
Depreciating rupee offset most of the impact of salary increases. Further, one-off provision reversals and efficiency gains led to margin expansion of 100bps QoQ during 3QFY12.Mahindra Satyam has lagged on large deal wins. However, management indicated that 4QFY12 and 1QFY13 could be a turning point for deal signings, the report added.
Improving fresher mix continues to be a credible margin lever. Employees with experience of less than three years now constitute 28% of employee mix, up from 21% two years ago. The company also expects to benefit from lower rental expenses as it incrementally hires at its new Chennai and Hyderabad campuses, the brokerage said in its report..
“We expect Satyam’s revenue growth to lag that of peers (1-2% cqgr over FY13/14 vs 2-3% cqgr for others). However, EBITDA margin expansion is likely to continue. Valuations are not expensive at a PER of ~10x FY13ii,” IIFL said.The report was published by IIFL’s Institutional Equities Research desk.
Domestic News
Satyam Computer gets attachment order from I-T commissioner
Satyam Computer Services Ltd. said that on February 2, the Company received a provisional attachment order dated January 30, from the Additional Commissioner of Income Tax, Central Range — 3, Hyderabad attaching land and buildings of the Company under section 281B of the Income Tax Act, 1961.The Company also received the interim High Court Order dated January 31, in the writ petitions filed by it inter alia questioning the Orders of CBDT and the Draft Assessment Orders, wherein the High Court listed the matter on February 28, and ordered the parties to maintain status-quo as on date.
The said order also directed that the Bank Guarantee furnished by the Company will not be encashed by the Revenue until further orders.The Company is examining various legal options to challenge the Order of ACIT.
Genpact, WNS bag contract from Suncorp: reports
Persistent Systems acquires Openwave's location biz
Hexaware Technologies Board recommends dividend
Firstsource Solutions organizes 3rd edition of road safety awareness drive in Trichy
AIMA stresses on right talent, rewards for employees' growth
Results Watch
Hexaware Technologies Q4 net profit at Rs882mn
Rolta India Q2 cons net profit at Rs651.6mn
Kale Consultants Q2 cons net profit at Rs73.69 mn
Seagate Tech Q2 revenue at $3.2 bn
Nucleus Software Q3 net profit at Rs100.7mn
International News
Sony names Kazuo Hirai new CEO; Stringer to be Chairman
Sony Corporation announced that Kazuo Hirai has been appointed as President and Chief Executive Officer, effective April 1, 2012. Sir Howard Stringer, currently Chairman, CEO and President, will become Chairman of the Board of Directors in June, 2012. Stringer recommended to the Sony Board of Directors that Hirai, currently Executive Deputy President, be his successor as President and CEO.
Stringer will continue as Chairman of Sony Corporation until his ascension to the Board Chairmanship, which will become effective upon Board approval following the annual meeting of shareholders in June, when the current Chairman, Yotaro Kobayashi, will retire. Hirai is also expected to be appointed to the Board at the June shareholders meeting.
Six major trends will drive evolution of corporate management of IAM: Gartner
Six major trends will drive the evolution of corporate management of identity and access management (IAM) and privacy management in 2012, according to Gartner, Inc. “In 2012, businesses need to increase their focus on identity and privacy projects that can achieve quick time-to-value and deliver real value not just to IT, but also to the business,” said Bob Blakley, vice president and distinguished analyst at Gartner. “As organizational boundaries erode under the pressure of federation and outsourcing, and as organizations' control over IT continues to weaken through increased adoption of mobile devices and cloud services, identity management is more important than ever — and more problematic.”
BharatMatrimony.com files complaint against Google with CCI
Amazon enters Indian e-commerce space with junglee.com
LifeSize announces LifeSize UVC Platform
CA Technologies placed leaders quadrant of two magic quadrants by Gartner
Steria and Microsoft launch workplace on command
EMC Isilon is industry's First Scale-Out NAS System
Symphony announces record business performance; Poised for continued growth in 2012
Amdocs signs multi -year agreement with Comcast
Information Mosaic announces Accredited Training Provider by CISI
Talisma Corp. wins Golden Peacock Innovation Award
ISACA helps assurance professionals Audit and manage IT risk
Commvault unveils new Simpana Software innovations
Dell’s Alienware X51 Desktop brings immersive HD gaming to India
BMC Software and VCE form strategic alliance
McAfee unveils McAfee Mobile Security 2.0 software
National Instruments announces Test Solution for 802.11ac WLAN
Servion achieves ISO 27001: 2005 accreditation for Information Security Management