Infosys, India's software services bellweather, said today that it would return up to Rs. 13,000 crore to its shareholders through a dividend or a buyback, following the lead of TCS (which had announced a share buyback in February). The move bows down to pressure from ex-founders and executives. Infosys also announced the appointment of Ravi Venkatesan, an independent director, as co-chairman of the company's board. The appointment is responding to the concerns former founders, particularly Narayana Murthy, expressed about what they said was the declining quality of governance and oversight in the company. 

Infosys' Q4 profit was lower than expected, with declines in net profit (in rupee terms) by  2.4%. The company also expects its earnings margin before interest and tax (EBIT) to fall to 23-25% for FY18, lower than the 24-26% the company has maintained previously. Analysts like SMC Global expect other IT companies to disappoint in earnings as well, with the global regulatory environment turning against them, and increasing protectionism. 

As the new era of GST dawns, various business segments are worrying about the impact. Property may now for example, become more expensive if it is placed as expected under the 18% tax slab. According to the legislation, land leasing, renting of commercial properties and purchase of under-construction housing projects will attract GST. The tax law has four slabs, 5%, 12%, 18% and 28%. Stamp duty is not under GST, which may further add to the tax burden on property. Property deveopers and real estate companies fear this may tamp down on already weak consumer demand.

Stock in spotlight: The Byke Hospitality, which operates 11 properties in the hotel segment. The company's share price is trending up, and received a buy with a target price of Rs. 242 from Religare analysts. 

Photo of the day: A hand reaches out to catch water during the Baisakh festival in Kathmandu. Navesh Chitrakar/Reuters