Tag Archives: India's
The logo of Flipkart is seen on the company’s office in Bengaluru, India, May 9, 2018. REUTERS/Abhishek N. Chinnappa
MUMBAI (Reuters) – A group representing online sellers in India will appeal against the Competition Commision of India’s (CCI’s) ruling in favour of Walmart-owned Flipkart, the group’s lawyer Chanakya Basa said in a release on Saturday.
All India Online Vendors Association (AIOVA), which represents more than 3,500 online sellers, had complained that Flipkart was using its dominant position to favour select sellers. The CCI had rejected this argument in November.
The CCI had said Flipkart as well as Amazon did not break regulations through their selection of merchants and brands. [nL4N1XI3KJ]
The AIOVA will appeal to the National Company Law Appellate Tribunal on Monday against the CCI decision, Basa told Reuters.
“We firmly believe we have filed adequate information to prove the existence of a prima-facie case which the hon’ble Commission has failed to take into account. Hence, we are filing this appeal,” Basa said in a statement.
The AIOVA has also brought a similar case against Amazon, alleging it favours merchants that it partly owns, such as Cloudtail and Appario.
India has a burgeoning e-commerce market, with almost 500 million Indians using the internet in 2018. The market is tipped to grow to $ 200 billion in a decade, according to Morgan Stanley. [nL3N1RZ068]
Reporting by Euan Rocha and Suvashree Dey Choudhury; Editing by Himani Sarkar
FILE PHOTO: The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo
(Reuters) – Indian IT services company Infosys Ltd raised its full-year revenue growth forecast on Friday, but reported a larger-than-expected drop in third-quarter profit, due to higher expenses.
The country’s second-biggest software services exporter by market capitalization reported a 29.6 percent fall in attributable profit for October-December to 36.09 billion rupees ($ 511.94 million). That compared with the 41.31 billion rupees average of 25 analyst estimates compiled by Refinitiv Eikon.
A year earlier, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm’s deal with the U.S. Internal Revenue Service, the company said in a statement here
Still, Infosys raised its revenue growth forecast for the year through March 2019 to 8.5-9 percent in constant currency, from 6-8 percent previously.
Total expenses in the quarter surged over 26 percent to 170.21 billion rupees, which included an additional depreciation and amortization charge of $ 12 million and a reduction of $ 65 million in the carrying value for its Skava units.
The company also said it was “no longer highly probable” that the sale of its units Kallidus & Skava and Panaya would be completed by March 31, 2019.
Meanwhile, revenue from operations in the quarter rose 20.3 percent to 214 billion rupees in what is usually considered a seasonally weak period for Indian IT firms.
Infosys also approved a buyback of shares worth 82.60 billion rupees as part of its capital allocation policy.
On Thursday, market leader Tata Consultancy Services Ltd reported a record quarterly profit for October-December.
Reporting by Arnab Paul and Krishna V Kurup in Bengaluru; Editing by Jason Neely and Mark Potter
MUMBAI (Reuters) – Infosys, India’s No.2 IT services company, named Salil S Parekh as chief executive on Saturday, picking an outsider for the job a second time and handing him the twin challenges of reviving growth and making peace between its founders and board.
Parekh, who will join from consultancy firm Capgemini where he is currently an executive, has been given a 5-year term effective Jan.2, an Infosys filing to exchanges showed.
U.B. Pravin Rao who was serving as the interim CEO has been re-designated as chief operating officer from Jan. 2, Infosys said.
“After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD,” said Kiran Mazumdar-Shaw, chairperson of the nomination & remuneration committee at Infosys.
“He was the top choice from a pool of highly qualified candidates. With his strong track record and extensive experience, we believe, we have the right person to lead Infosys.”
Former CEO Vishal Sikka announced a sudden exit in August after a protracted public spat with the company’s founding executives, led by Narayana Murthy, over strategy and alleged corporate governance lapses.
Sikka, who joined from German software maker SAP SE in 2014, was the first outsider to be appointed CEO of the Bengaluru-headquartered company.
His exit and the prolonged public row led to a reshuffling of the Infosys’ board with Nandan Nilekani, a co-founder and former CEO, returning as non-executive chairman.
Nilekani, credited with four-fold growth in Infosys’ revenue to $ 2 billion during his tenure as CEO, had said at the time that cultural fit would be an important criteria for the top job, making internal candidates “very strong contenders”.
Reporting by Suvashree Dey Choudhury and Sankalp Phartiyal; editing by Rafael Nam and Jason Neely