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Tuesday, 16 July, 2002, 15:09 GMT 16:09 UK
Infosys dismisses shares concerns
Founder and Chairman of Infosys, Narayan Murthy
Mr Murthy founded Infosys two decades ago
Indian software giant Infosys has played down concerns about falling stock markets.

Infosys - which is also listed on the Nasdaq - saw its shares fall nearly 3% on the Indian stock market on Tuesday.

"Anybody who runs their business looking at this ticker tape will sooner or later destroy the business," Narayan Murthy, founder and chairman of Infosys, told the BBC's World Business Report.

"Our job is to make sure we satisfy our customers, we keep our employees happy, we disclose maximum to our investors."

"If we run the business well - growing revenues, controlling costs, making good profits - then the stock market will be the result of all of that."


"I think we [India] need to become much action-oriented and we need to do those things today rather than tomorrow"

Narayan Murthy, Infosys founder

Last week, Infosys reported a 14% rise in net profit in the first quarter of 2002, but was cautious about the future.

Several governments issued travel warnings in late May and early June as tension escalated between India and Pakistan.

Observers see this as potentially affecting Infosys' trade, as it by preventing clients travelling to the company's offices.

China bound

Infosys was also looking to expand in China, attracted by the large domestic market there, Mr Murthy said.

"Also there is a large Chinese diaspora in the business market in Taiwan, Singapore, Thailand, Indonesia, so we just want to make sure we take advantage of all of those things," he said.

To ensure the Indian information technology sector as a whole remains competitive Mr Murthy said the country needed to reduce bureaucracy, red tape, and speed up decision making.

"We need to recognise that the rest of the world is moving fast," he said. "I think we need to become much action-oriented and we need to do those things today rather than tomorrow."

The company was working on providing a larger portfolio of service, he said.

"We need to move up the value chain, we need to provide end-to-end solutions," he said

Infosys, founded two decades ago in a bedroom in Poona near Bombay on just $250, now has a market capitalisation of about $7bn.

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 ON THIS STORY
Infosys founder Narayan Murthy
"As a matter of principle I don't worry about stock markets at one level"
See also:

10 Jul 02 | Business
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04 Dec 01 | Business
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