Infosys co-founder Narayan Murthy has gifted 15 lakh shares worth over Rs 240 crore to his four-month-old grandson Ekagrah Rohan Murty. Ekagrah is the third grandchild of Narayana and Sudha Murthy.

Infosys co-founder Narayan Murty gifts shares to 4-month-old grandchild

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.9 million). This may make the infant India’s youngest millionaire.

<h2>Youngest millionaire?</h2>

Ekagrah, son of Rohan Murthy and Aparna Krishnan, is now the owner of a 0.04 per cent stake in India’s second-largest IT services company, according to regulatory filings.&nbsp;

Born in November, Ekagrah is Narayana and philanthropist Sudha Murthy’s third grandchild. Their first two grandkids are the two daughters of Akshata Murthy and the UK Prime Minister Rishi Sunak.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/cant-be-selective-supreme-court-directs-sbi-to-share-details-of-all-electoral-bonds-by-march-21-701359">'Can't be selective': Supreme Court directs SBI to share details of all electoral bonds by March 21</a>

After the transaction, Narayana Murthy’s own stake in Infosys decreased from 0.40 per cent to 0.36 per cent amounting to around 15 million shares.

According to the filing, the transfer of shares was conducted “off-market”.&nbsp;

<h2>About Infosys</h2>

NR Narayana Murthy is the founder of Infosys, a company which began with a small investment of $120 (Rs 10,000).

Today it is the second biggest tech company in India.&nbsp;

His wife, author and philanthropist Sudha Murthy, took oath as a member of the Upper House of the Indian Parliament (Rajya Sabha), earlier this month.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/philanthropist-author-sudha-murty-gets-nominated-to-rajya-sabha-pm-modi-hails-nari-shakti-698005">Philanthropist, author Sudha Murty gets nominated to Rajya Sabha; PM Modi hails 'Nari Shakti'</a>

In late 2023, Narayana Murthy’s remark advising the Indian youth to work for 70 hours a week to boost the country’s economy sparked a debate and even backlash. However, earlier this year, he defended his remarks.&nbsp;

“I rationalised it this way. If anybody has performed much better than me in their own field, not necessarily in my field, I would respect, I would call them, and I would say, where do you think I was wrong in saying this? But I didn't find it,” he told CNBC-TV18.&nbsp;

He added, “A lot of my Western friends, a lot of NRIs, and a lot of good people in India called me, and without exception, they were all very happy. They all said whether it is 70 or 60, that's not the issue.”

(With inputs from agencies)

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.9 million). This may make the infant India’s youngest millionaire. Youngest millionaire? Ekagrah, son of Rohan Murthy and Aparna Krishnan, is now the owner of a 0.04 per cent stake in India’s second-largest IT services company, according to regulatory filings. Born in November, Ekagrah is Narayana and philanthropist Sudha Murthy’s third grandchild. Their first two grandkids are the two daughters of Akshata Murthy and the UK Prime Minister Rishi Sunak. Also Read | 'Can't be selective': Supreme Court directs SBI to share details of all electoral bonds by March 21 After the transaction, Narayana Murthy’s own stake in Infosys decreased from 0.40 per cent to 0.36 per cent amounting to around 15 million shares. According to the filing, the transfer of shares was conducted “off-market”. About Infosys NR Narayana Murthy is the founder of Infosys, a company which began with a small investment of $120 (Rs 10,000). Today it is the second biggest tech company in India. His wife, author and philanthropist Sudha Murthy, took oath as a member of the Upper House of the Indian Parliament (Rajya Sabha), earlier this month. Also Read | Philanthropist, author Sudha Murty gets nominated to Rajya Sabha; PM Modi hails 'Nari Shakti' In late 2023, Narayana Murthy’s remark advising the Indian youth to work for 70 hours a week to boost the country’s economy sparked a debate and even backlash. However, earlier this year, he defended his remarks. “I rationalised it this way. If anybody has performed much better than me in their own field, not necessarily in my field, I would respect, I would call them, and I would say, where do you think I was wrong in saying this? But I didn't find it,” he told CNBC-TV18. He added, “A lot of my Western friends, a lot of NRIs, and a lot of good people in India called me, and without exception, they were all very happy. They all said whether it is 70 or 60, that's not the issue.” (With inputs from agencies)

Four-month-old millionaire? Narayana Murthy gifts grandson Infosys shares worth $28.9 million

Indian software giant, Infosys&#39;s shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. 
 
The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. 
 
Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. 
 
The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. 
 
Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. 
 
&quot;We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,&quot; Infosys CEO Vishal Sikka said in a statement. 
 
Revenue for the period was 167.8 billion Rupees, compared with analysts&#39; projections of 170.3 billion Rupees, according to Bloomberg News. 
 
Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India&#39;s flagship outsourcing industry and the country&#39;s equivalent to Microsoft. 
 
But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. 
 
Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. 
 
India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country&#39;s skilled English-speaking workforce. 
 
(AFP)

The Indian software major reports 13 per cent rise in first-quarter net profit year-on-year but revises down its sales forecast

Indian software giant, Infosys's shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. "We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," Infosys CEO Vishal Sikka said in a statement. Revenue for the period was 167.8 billion Rupees, compared with analysts' projections of 170.3 billion Rupees, according to Bloomberg News. Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India's flagship outsourcing industry and the country's equivalent to Microsoft. But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country's skilled English-speaking workforce. (AFP)

Infosys shares plunge as sales outlook cut

infosys-shares

Infosys Shares, News on Infosys Shares, stories on Infosys Shares, articles on Infosys Shares, Infosys Shares stories at Wion, Infosys Shares news, Infosys Shares latest news

infosys shares

Infosys co-founder Narayan Murty gifts shares to 4-month-old grandchild

Four-month-old millionaire? Narayana Murthy gifts grandson Infosys shares worth $28.9 million

Infosys shares plunge as sales outlook cut