Former SAP board member Vishal Sikka is chosen as the new MD & CEO of Infosys. He will be inducted as a whole-time director of the Board and CEO & MD (Designate) on June 14 2014. He will take over as CEO & MD from S.D. Shibulal on Aug. 1, 2014.
''With Vishal Sikka becoming the new CEO of Infosys, the company is believed to sending out a message that it is placing a bet on a globally-regarded technology visionary to help revive the company's fortunes,'' said Marwadi Shares & Finance (MSFL).
''Infosys is trading on an attractive one-year forward P/E of 13.4x, and we believe management stabilization coupled with a strong revenue revival should be the first step towards better stock performance. We currently maintain our estimates and would closely watch out for any changes in the medium-term strategy or corporate events, if any. We maintain 'Accumulate' rating on the stock with a target price of Rs 3,450,'' the broking firm said.
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