Markets applaud Infy on its silver jubilee
With Infosys all set to complete a quarter century on the Indian bourses, the company's share price has reflected the iconic journey of the tech services firm, touching an all-time high on Wednesday.
The share price of the Bengaluru-headquartered company touched a record high of ~1,284 on the BSE, surpassing the previous high of ~1,278 on June 3, 2016.
So far in 2018, the company has outperformed the market by surging 23 per cent, compared to a 5 per cent rise in the S&P BSE Sensex.
Starting its journey with a gross revenue of $5 million during its stock market debut on June 14, 1993, Infosys has reached dizzying heights, with a revenue of $10.93 billion in 2017-18. The company's market cap is also close to $40 billion.
This is no mean feat, given that Infosys' initial share sale witnessed tepid response, and Morgan Stanley had to come to its rescue.
The IT services firm, which had only 250 employees 25 years ago, now has 200,000 on its roll. Infosys was not just the first technology company to tap the capital market, it also pioneered many best practices, including being the first Indian company to dole out employee stock options (Esops).
Beginning the journey under the leadership of founder N R Narayana Murthy, the firm has created an entrepreneurial ecosystem in the country. Staying at the helm from 1981 to 2002 as its chief executive officer, Murthy was the longest-serving head of the company.
“Infosys gets the credit for many firsts in India. They are the first company to list their American Depository Receipts (ADRs) in the US, the first company to issue ESOPs to employees, and also the first to adopt US GAAP (generally accepted accounting principles),” said Shriram Subramanian, founder and managing director of proxy advisory firm InGovern Research.