Meet Phaneesh Murthy, was earning Rs 45 Crores salary, got fired from Narayana Murthy's Infosys due to…,he currently leads…
In the early 1990s, he joined Infosys and became the company's Global Sales Head. During his tenure Infosys grew faster and earned revenue from USD 2 million to around USD 700 million. He was considered as a strong candidate who can succeed Infosys co-founder N.R. Narayana Murthy.
However, Phaneesh's career at Infosys came to an end in 2002 due to allegations against him of sexual harassment. His executive secretary, Reka Maximovitch filed a lawsuit accusing him of sexual harassment and wrongful termination. After the controversy he resigned in 2003 and Infosys paid him USD 570,000 as part of a settlement. According to media reports, the company also paid USD 3 million (around INR 15 crore at the time) for an out-of-court settlement related to the case.
After Infosys, Phaneesh started a new journey and founded Quintant Services. The company was acquired by iGATE Global Solutions in 2003. After the acquisition, Phaneesh became the CEO and President of iGATE. The company acquired Patni Computer Systems for USD 1.22 billion after which iGATE was considered as top IT firms inIndia.
However once again Phaneesh's career at iGATE ended in controversy. In 2013, he was dismissed from the company after another sexual harassment lawsuit. Since then, he has been working on entrepreneurship and consulting. He now leads Primentor which is a consulting firm that advises senior executives.
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News18
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Nifty To Open Higher Today As GIFT Nifty Jumps Over 265 Points: Know Key Cues For August 18
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Asian Markets Shares across the Asia-Pacific region traded mixed as investors assessed the outcome of the US-Russia summit, which ended without a ceasefire. Japan's Nikkei 225 climbed 0.62 per cent, while the Topix index was up 0.42 per cent. South Korea's Kospi slipped 1.06 per cent and the Kosdaq shed 1.44 per cent. Futures linked to Hong Kong's Hang Seng index were at 25,214, suggesting a firm opening. US stock futures edged higher after Wall Street logged a winning week, buoyed by expectations of rate cuts from the Federal Reserve. Dow Jones futures were up 0.09 per cent, S&P 500 futures gained 0.11 per cent, and Nasdaq 100 futures advanced 0.18 per cent. India's credit profile received a boost after S&P Global raised the country's long-term sovereign rating to 'BBB' from 'BBB-', with the short-term rating revised to 'A-2' from 'A-3'. This marks the first upgrade since 2007 and reflects confidence in India's robust economic fundamentals and policy management. GST Reforms The Centre has proposed a significant overhaul of the Goods and Services Tax (GST) structure. The plan reportedly includes scrapping the 12 per cent and 28 per cent slabs, with most items likely to be realigned into the 5 per cent and 18 per cent categories. Certain products currently taxed at 28 per cent may be shifted into a new 40 per cent slab. Policymakers expect the changes to spur economic activity. Crude Oil Softens Crude oil prices were trading softer. WTI crude slipped 0.26 per cent to USD 62.64 a barrel, while Brent crude fell 0.37 per cent to USD 65.60. US Dollar and Rupee The US Dollar Index (DXY) was trading marginally higher at 97.90 in early deals on Monday. Meanwhile, the Indian currency depreciated 0.10 per cent to close at Rs 87.55 against the dollar on 14 August. FPI & DII Flows Provisional NSE data showed that foreign institutional investors (FIIs) offloaded shares worth Rs 2,889.54 crore on 14 August, while domestic institutional investors (DIIs) bought equities worth Rs 3,700.12 crore. Gold prices remained near record highs. The rate for 24-carat gold stood at Rs 100,390 per 10 grams, while 22-carat gold was priced at Rs 92,024 per 10 grams. The 18-carat segment was quoted at Rs 75,293. Prices have gained about 2 per cent in the past month. Hariprasad K, founder of Livelong Wealth, said, 'After a long weekend, Indian equities are set to resume trading on a cautious but optimistic note. The domestic market finally managed to break its six-week losing streak last week. Globally, the market is keeping a close eye on developments around the Trump-Putin dialogue, which has sparked some hope of easing geopolitical stress over Ukraine. While this has created a mildly positive setup, any meaningful upside in Indian markets will require the Nifty to decisively move past the 24,760 level. Until then, gains are expected to remain capped." On the domestic front, the government's proposed GST reforms are expected to lift investor sentiment, particularly across consumption-driven sectors such as FMCG, consumer durables, agriculture, and automobiles. Sectors like banking, telecom, aviation, hotels and capital goods have also benefited from the fact that they remain largely unaffected by tariff pressures. This has kept domestic institutions in a sustained buying mode, even as FIIs continue to sell. Low inflation readings and supportive commentary from the US Federal Reserve further strengthen the macroeconomic backdrop, though export-linked sectors may continue to face headwinds until greater clarity emerges on global tariff issues, he added. Technical Outlook On Nifty top videos View all Technically, the Nifty closed at 24,631.30, with traders expecting a range between 24,530 and 24,760 for Monday's session. On a broader view, the index is seen oscillating between 24,350 and 24,950 until the weekly expiry on the 21st, Hariprasad K said. The key level to monitor remains 24,760, as a breakout above this could trigger stronger upward momentum. Meanwhile, India VIX is holding near 12.3, firmly in the low-volatility zone after a sharp slide from July's high of 19. While this calm phase has helped stability, a breakout above 14 could quickly inject fresh volatility into the market, he added. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Click here to add News18 as your preferred news source on Google, Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated. tags : Nifty stock market view comments Location : New Delhi, India, India First Published: August 18, 2025, 07:37 IST News business » markets Nifty To Open Higher Today As GIFT Nifty Jumps Over 265 Points: Know Key Cues For August 18 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
2 hours ago
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