India’s Tech Mahindra up 10% Infosys veteran to join as CEO | – #Indias #Tech #Mahindra #Infosys #veteran #join #CEO
BENGALURU, March 13 (Reuters) – India’s information Shares of Tech Mahindra Ltd ( TEML.NS ) on Monday rose about 10% increased. officer
Joshi has been with rival Infosys for 22 years and is currently the company’s president. It’s December 20will lead the Mahindra Group’s IT division for five years from , the company said in an exchange filing over the weekend.
He will replace CP Gurnani, whose term of office will end on December 19.
Joshi’s resignation from Infosys in October the president It is the second high-profile departure from the company after Ravi Kumar resigned.
Joshi at Infosys would be on leave from March 11, with the company ending on June 9, according to a regulatory filing.
At Monday’s high, shares of Tech Mahindra registered their biggest intraday jump in nearly three years and were the top gainers on the Nifty IT index (.NIFTYIT), which rose 0.75% as of 09:47 IST.
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Tech Mahindra ( TEML.NS ) shares rose 8.2% to 1,148.80 rupees, while Infosys ( INFY.NS ) fell 1.1% to 1,455.05 rupees.
At least three brokers said it was a welcome move for Tech Mahindra.
Joshi has a proven track record of leading sales, operations and transformation for Infosys and has executive responsibility for all significant deals within the company, according to ICICI Securities.
However, the brokerage continues to maintain a ‘reduce’ rating on Tech Mahindra, stating that the company has room to improve its digital capabilities and will need to invest in it to reignite growth.
The 39 analysts covering Tech Mahindra have a current average rating of “buy” and an average price target of Rs 1,143, according to Refinitiv.
Reporting by Yagnoseni Das in Bengaluru; Edited by Sherry Jacob-Phillips and Eileen Soreng
Our standards: Thomson Reuters Trust Principles.
2023-03-13 17:12:59
Source – reuters
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