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Stocks of information technology companies are likely to trade in a range next week, with most stocks consolidating after the rise post reporting quarterly results, and on a stabilising rupee. The rupee has started stabilising against the dollar and thus most of the stocks are seen rangebound with a neutral bias. On Thursday, the rupee ended at a week's low against the dollar with the greenback strengthening globally, as minutes of the Federal Open Market Committee meet indicated that the monthly bond purchases could be scaled back soon.
The minutes of the FOMC meet revealed that members considered tapering of the stimulus programme in the "coming months". However, yesterday, the rupee remained supported on dollar sales by state-owned banks and tracking the rise in the euro. On company specific stocks, Infosys saw yet another high profile exit. On Monday, Infosys said Stephen R. Pratt, head of utilities and resources, North America, and member of the executive council, has resigned and his resignation will be effective from Jan 31. Alexandre Elvis Rodrigues, regional head, energy and services, Americas, will replace Pratt. According to sources close to the development, Pratt quit to start his own entrepreneurial venture.
On the same day, Mindtree also announced the appointment of Ramesh Pillai as senior vice-president and global head of its hi-tech vertical. The company also said it has appointed Mark Wilsdon as vice-president and head of sales of the UK and European Union regions. Series of senior management changes at Infosys and Mindtree are likely the peak of what it believes is a "change time" for the Indian IT industry. Movement of senior personnel in the industry - both within the domain as well as outside the services sector marks a turning point for the industry.
Information technology vendors having stable top management teams are likely to do better on deal win momentum and revenue growth, they also agreed that the companies should be given credit for aligning their management teams to adjust to the changing needs of the industry.
Stocks of information technology companies are likely to trade in a range next week, with most stocks consolidating after the rise post reporting quarterly results, and on a stabilising rupee. The rupee has started stabilising against the dollar and thus most of the stocks are seen rangebound with a neutral bias. On Thursday, the rupee ended at a week's low against the dollar with the greenback strengthening globally, as minutes of the Federal Open Market Committee meet indicated that the monthly bond purchases could be scaled back soon.
The minutes of the FOMC meet revealed that members considered tapering of the stimulus programme in the "coming months". However, yesterday, the rupee remained supported on dollar sales by state-owned banks and tracking the rise in the euro. On company specific stocks, Infosys saw yet another high profile exit. On Monday, Infosys said Stephen R. Pratt, head of utilities and resources, North America, and member of the executive council, has resigned and his resignation will be effective from Jan 31. Alexandre Elvis Rodrigues, regional head, energy and services, Americas, will replace Pratt. According to sources close to the development, Pratt quit to start his own entrepreneurial venture.
On the same day, Mindtree also announced the appointment of Ramesh Pillai as senior vice-president and global head of its hi-tech vertical. The company also said it has appointed Mark Wilsdon as vice-president and head of sales of the UK and European Union regions. Series of senior management changes at Infosys and Mindtree are likely the peak of what it believes is a "change time" for the Indian IT industry. Movement of senior personnel in the industry - both within the domain as well as outside the services sector marks a turning point for the industry.
Information technology vendors having stable top management teams are likely to do better on deal win momentum and revenue growth, they also agreed that the companies should be given credit for aligning their management teams to adjust to the changing needs of the industry.
