Business
There is a leadership vacuum in Infosys, time to get Nandan Nilekani back: Mohandas Pai
ET Now: There are two ways of looking at it the top level exits in Infosys. On the one hand, a lot of people say that there was a team that was probably not performing well and now they are exiting and that will probably be a positive for the stock over the long run. The sceptics, on the other hand, would argue that there are a lot of people who have been manning the company for the last many years and it is not a pint-sized company, but a Rs 1 lakh 70 thousand crore behemoth. Why have there been so many high profile exits in the company?
Mohandas Pai: There is a leadership vacuum in the company, because they made the wrong choice of CEO three years ago and that is playing out right now. The company has not performed and in June 2011, they had appointed three members on the board and all three of them have gone now and all three have been extraordinary individuals.
Ashok Vemuri is now the CEO of another company, V Balakrishnan had left and has started his own fund and BG Srinivas, I am told, would now be joining some other company as CEO.
So obviously, all three have been CEO materials. It is obvious that the chemistry did not work, or they were not fully empowered. There is a need for the board to sit down and work out a good succession plan and put a new team in place because the entire layer of people below the executive board are now gone and many of them were outstanding performers.
Yes, a few of them possibly were not pulling the weight, but it is not possible that all of them were not doing so. They were extraordinary people and they are performing at other places.
So there is a need for teamwork and need for people to come together. They need to forget the past and focus on the future, they need to realign the company based upon what the market needs.
The market has changed and so its model needs to change, its management structure needs to change and the set of people who have ruled the company for 30 years have to step down and hand over reins, because they have stayed on for too long. Therefore, I hope that in the next one or two months, the board will come together along with NRN and once and for all close this issue.
ET Now: Where can the breakthrough come from at this point, because you have already stated in the past that the board and Mr Murthy need to take responsibility for the exits. It just seems that the series of exits is not ending. Does this mean that the company may have to also consider forming a completely new team from outside and hiring some expensive resources from outside?
Mohandas Pai: My view is that the layer below BG Srinivas, V Balakrishnan and Ashok Vemuri is an extraordinary layer. You have many good people who have run units. But they have run units and they require one or two years to come up with enterprise.
Enterprise position is very different from a unit position. You could be an extraordinary unit person, but to run an entire enterprise in a very competitive environment, you require some mentoring and some experience.
Now the entire generation of leaders who could have handled enterprise has gone. The next layer of people have done very well and there is great management there, but they need to connect between themselves and NRN who is the executive chairman and will stay for the next three years. That connect has to be fixed and it is up to NRN to do it.
Now it can be done by somebody stepping up to the plate as CEO. He will be inexperienced, he would not have handled enterprise, but being very efficient, in three to six months, he can pick it up.
However, that requires a different style of functioning by NRN. It also means that some amount of bloodletting will happen. In fact, it has to happen when the next generation comes up, because obviously people who are much senior will not stay on and there has to be a cleanup. So in the next two or three months, we have to see a radical change.
It is very difficult to speculate whether we will have an external team of people coming in, because such a team does not exist in any other company, let us remember. It is a very large company, with 160000 people, and $25 billion or $30 billion of market value.
So it requires a certain level of expertise and the board and the chairman have to work with them very carefully. So they have their task cut out and it will help if Nandan Nilekani is asked to come back, because he could provide the link between the chairman and the next layer of people and help to mentor them for the next couple of years, because he had an extraordinarily connect with people, his style is very inclusive and he is a person who empowers his team and gives them full strength to go ahead and stands by them. So getting Nilekani back would be a great strategy.
US negotiators to go to Islamabad, but Iran says no direct talks
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Why Equipment Flexibility Matters: Renting and Leasing Forklifts in a Changing Economy
Key drivers of the rally
Several factors are driving this price action. The boom in artificial intelligence infrastructure, particularly hyperscale data centres, has created unprecedented demand for copper in power distribution and cooling systems. The global push toward electrification and renewable energy integration has intensified the need for copper in grid modernisation projects. Supply constraints are also playing a role, with declining ore grades and disruptions at major mines tightening availability. Geopolitical tensions, including trade tariffs and defence procurement, have added further volatility to the market. Additionally, speculative buying by investors anticipating long-term shortages has amplified the rally, while currency fluctuations—especially a weaker U.S. dollar—have made copper more attractive to international buyers.
Supply-demand imbalances
The current supply-demand scenario points to a deficit, with global refined copper shortfalls estimated at 330,000–400,000 tonnes in 2026. Smelting bottlenecks, particularly in China, have capped refined output, while regional imbalances have led to acute shortages and price premiums in certain markets. Recycling has provided some relief, but the secondary supply remains insufficient to bridge the gap. Moreover, delays in new mining projects due to environmental clearances and financing challenges have worsened the imbalance. However, unless significant investment flows into exploration and production, the deficit could widen further in the coming years.
Geopolitical pressures on copper
Geopolitical factors are amplifying these pressures. Elevated defence spending has increased copper demand for weapons systems and vehicles, while U.S. tariffs and stockpiling programs have removed large volumes from the open market. Ongoing tensions in West Asia have sustained military-driven demand, though the easing of conflicts could reduce defence consumption while stabilising supply chains. Sanctions on certain producing nations have also disrupted trade flows, while logistical bottlenecks in shipping lanes have added to costs. The broader geopolitical climate has made copper not just an industrial commodity but also a strategic resource, with governments increasingly treating it as critical to national security.
China’s central role and global industrial demand
China remains pivotal to copper’s outlook, with smelter production caps limiting supply even as demand surges from renewable energy expansion, electric vehicles, and Belt and Road infrastructure projects. Strategic reserve policies, including stockpiling and releases, further sway global sentiment. Beyond China, industrial demand is equally strong. AI data centres are projected to consume nearly 475,000 tonnes in 2026, while electrification and grid modernisation in Western nations sustain elevated usage. Electric vehicles require up to four times more copper than conventional cars, amplifying automotive demand. Renewable energy projects, particularly wind and solar farms, add significant copper intensity, while construction in emerging economies and smart city initiatives ensure that industrial consumption remains robust worldwide.
Impact of West Asian tensions easing
If West Asian tensions ease, copper demand linked to defence procurement may decline, but this would likely be offset by improved supply chain stability and stronger industrial consumption. Peace in the region could reduce shipping risks and lower insurance costs, making the copper trade smoother and cheaper. It may also encourage investment in infrastructure and energy projects, which would sustain demand from civilian sectors. Thus, while military demand may soften, industrial and developmental demand could rise, keeping overall consumption elevated.
Outlook remains positive for the long term
Copper’s trajectory carries significant macroeconomic weight, as rising prices elevate input costs across manufacturing, housing, automotive, and technology sectors, ultimately feeding into global inflationary pressures and challenging monetary policy. Emerging markets, where copper is vital for infrastructure, face added fiscal strain as budgets stretch and projects risk delay. In the near term, prices are expected to consolidate around $12,700–$13,000, with volatility shaped by geopolitical developments and speculative trading. However, the long-term outlook remains structurally bullish. Demand from AI infrastructure, electric vehicles, renewable energy, and global electrification initiatives is poised to sustain elevated prices. Despite inevitable corrections, copper has cemented its role as the decade’s most critical industrial metal.
(The author is Head of Commodity Research, Geojit Investments Limited)
Business
FII exodus deepens in 2026 at Rs 1.75 lakh crore as April outflows swell to Rs 43,967 crore; FOMC next trigger
On Friday, FIIs sold domestic shares to the tune of Rs 8,827.87 crore while domestic institutional investors (DIIs) were net buyers at Rs 4,700.71 crore.
The massive selling ensured domestic frontline indices ended with sharp cuts. The biggest spoilsport was IT, which fell over 5% at the index level. Pharma, health and energy socks were other big losers. While the 50-stock Nifty fell 275.10 points or 1.14% to finish at 23,897.95, Sensex declined 999.79 points or 1.29% to settle at 76,664.21.
FIIs continue to offload Indian equities with the month-to-date selling trend continuing for the 10th consecutive months, said Bajaj Broking in a note as geo-politics dominate institutional flows. Going ahead, the institutional activity is expected to be driven mainly by global news flows, with developments in US–Iran negotiations remaining a key monitorable, a brokerage note said.
“US FOMC and Bank of Japan rate decisions followed by central bank commentary are also scheduled for next week which will also have an impact on the global equity market and institutional activity,” it added.
The rate setting committee of the US Federal Reserve will meet on April 28 & 29 to mull on the policy moves in light of the ongoing US-Iran war. The policy outcomes will be declared on Wednesday, April 29.
FIIs have remained net sellers in Indian markets despite improving global cues, with over $45 billion pulled out since September 2024 and another $5 billion sold in April 2026 alone, even as flows moved to markets like Korea and Taiwan, N. ArunaGiri, CEO, TrustLine Holdings said, adding the divergence highlights India’s reduced appeal in global allocation strategies, as its MSCI weight has dropped sharply.“FIIs are predominantly large-cap, top-down investors,” and their participation hinges on clear sectoral leadership—something currently lacking with IT facing derating and private banks showing muted growth, ArunaGiri explained.
He adds that “in the absence of a clear index driver, India’s relative attractiveness diminishes,” especially in a market expected to remain sideways and stock-specific, which typically favours domestic investors over global flows. From an FII standpoint, a meaningful return will likely depend on two key triggers – “a clear earnings acceleration cycle” and “supportive currency trends” – he added.
FIIs in 2026
War-induced sell-off in March made it the worst month this year, witnessing an exodus worth Rs 1,17,775 crore. Foreign investors turned net buyers in February, buying shares worth Rs 22,615 crore in the domestic markets so far. In January, they sold Rs 35,962 crore worth of shares.
In 2025, the FIIs buying trends remained patchy, but the overall trend was bearish. They took Rs 1,66,286 crore from Indian markets as trade deal delay and premium valuations weighed on the sentiments.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
In the past 24 hours, Bitcoin saw a marginal decline of 0.3% whereas Ethereum was up 0.25%. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, and Cardano gained upto 1.5% whereas Tron slipped 1.3%.
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The global crypto market capitalisation edged down 0.08% to $2.59 trillion, according to CoinMarketCap.
Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin remains on track for its strongest monthly performance in a year, even as short-term momentum cools. Adding to this, Bitcoin dominance has climbed to 60.6% in late April, after ranging between 58–60% through Q1 2026, highlighting continued capital concentration into Bitcoin.
Sehgal further said that technically, Bitcoin maintains a higher high-higher low structure on the 4-hour chart, holding above key demand zones, indicating underlying strength if support sustains. Ethereum, however, is relatively weaker, trading in a tighter range with short-term lower highs, reflecting cautious sentiment.
In the past week, Bitcoin was up 0.5% and Ethereum slipped 4%. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, Tron and Cardano fell up to 8.8%.
WazirX Market’s Desk said Bitcoin is currently trading around $77,825, consolidating near recent highs after a strong upward move earlier in the week. Ethereum is hovering near $2,300, remaining sensitive to broader risk conditions.
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“On the macro front, tensions in the Middle East, particularly around the Strait of Hormuz, have pushed oil prices above $100, raising fresh inflation concerns. Alongside uncertainty about US monetary policy and developments in Federal Reserve leadership, traditional markets have faced pressure, while crypto has held relatively steady. This divergence continues to support Bitcoin’s positioning as an alternative macro asset.”
Overall, Bitcoin’s dominance remains elevated at 58–60%, reinforcing that capital remains concentrated in major assets amid ongoing macro and regulatory uncertainty, said WazirX Market’s Desk.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Business
World Kinect Corporation 2026 Q1 – Results – Earnings Call Presentation (NYSE:WKC) 2026-04-25
Q1: 2026-04-23 Earnings Summary
EPS of $0.75 beats by $0.44
| Revenue of $9.69B (2.46% Y/Y) beats by $972.25M
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