Views of Ms. Sarabjit Kour Nangra (VP Research- IT, Angel Broking):
"Infosys announced appointing Mr. Salil S. Parekh as Chief Executive Officer & Managing Director (CEO& MD) of the Company effective January 2, 2018. Mr. Parekh has nearly three decades of global experience in the IT services industry. Parekh joins Infosys from Cap Gemini where he was a member of the Group Executive Board. He has Master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University, and a Bachelor of Technology degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay.
According to the company, he has a strong record of accomplishment of executing business turnarounds and managing very successful acquisitions. Mr. Salil Parkeh takes up the mandate at the time when Infosys is battling with the Industry challenges like commoditization of traditional services & foray into new services like digital. In addition, leadership appointments at Infosys in the past have been short lived that company like Infosys can ill-afford being the leader in the industry.
Thus, Mr. Parekh has a challenging role of providing vision, stability and thus generating shareholder wealth. While the new CEO's extensive, tenure in Capgemini, among large companies with favorable Digital Perception, will be useful. In addition, Mr. Parekh has a strong technology background and rich IT services experience. Thus, while Mr. Parekh is yet to give his color to Infosys story from here on, we believe that Mr. Parekh looks like a sensible choice for the job. As per the stock, we will maintain our numbers and hence our BUY recommendation, with a price target of INR 1120."
Shares of INFOSYS LTD. was last trading in BSE at Rs.984.4 as compared to the previous close of Rs. 985.3. The total number of shares traded during the day was 309135 in over 6561 trades.
The stock hit an intraday high of Rs. 1002.6 and intraday low of 979.3. The net turnover during the day was Rs. 306465295.