With revenue growth impacted and uncertainty deepening in major markets, India's second largest IT services firm, Infosys, saw a net reduction in its headcount in the fourth quarter of financial year 2022-23 (Q4FY23). Infosys' workforce saw a net reduction of 3,611 employees, bringing its total headcount to 343,234. This was also the first time in many years that the company did not provide a hiring target for the next fiscal.
'Given that debt AIFs, by nature, target a higher portfolio return, it is likely to attract investors like HNIs, family offices, etc, looking for a higher yield debt product.'
IT services firms' revenue growth in the fourth quarter will be affected by macro-driven headwinds, lower working-days, and the fact of the three-month period being low season. Analysts are expecting FY24 growth to be muted. Revenue growth will decline 600-700 basis points to 10-12 per cent for FY24, said a CRISIL Ratings report. The 10-12 per cent growth rate is a fall from the 18-20 per cent expected in FY23 and around 19 per cent growth in FY22, the highest in eight years, said the CRISIL Ratings report.
Analysts say domestic banks' dependence on local depositors insulates them from the crisis.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Fintech and venture capital firms such as Recur Club, Razorpay and Trifecta Capital have come to the aid of homegrown start-ups caught in the crossfire of the Silicon Valley Bank fiasco. Alternative funding platform Recur Club said it was allocating $15 million to all Indian founders affected by the crisis. It will not charge any platform fee for the same.
"Humble", "kind", and "spiritual" are some adjectives used to describe K Krithivasan, chief executive officer designate and global head of banking, financial services, and insurance business, Tata Consultancy Services (TCS), where he is an old stager. Krithivasan, based out of Chennai, has been part of the global technology sector for over 34 years. He joined TCS in 1989. During his long tenure at the company, he has held leadership roles in delivery, customer relationship management, large programme management, and sales.
Equities are the go-to asset class as far as ultra-long-term returns are concerned. Over the past 123 years, global equities have provided an annualised real return of 5 per cent in US dollar terms, while bonds have delivered 1.7 per cent and short-term bills just 0.4 per cent, according to Credit Suisse's Global Investment Returns Yearbook 2023. In collaboration with the London Business School, Credit Suisse has analysed over 100 years of returns for key asset classes in 35 countries.
'The skilling gap is a serious issue.' 'We partner with the government on skilling, but as a company we have several skilling programmes, and we work closely with the partner ecosystem.
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. "I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. "I think that is completely wrong. In many ways it looks like a ponzi scheme.
The Securities and Exchange Board of India's (Sebi's) proposal to re-introduce "hard underwriting" is seen as step to boost India's moribund initial public offering (IPO) markets. The regulator has proposed that in case an IPO fails to garner full subscription, the investment banker or a third-party can buy the unsubscribed shares. This practice was common during fixed-price issues prior to 1999. However, under the new book building regime, underwriting is allowed only to the extent of shortfall due to technical rejection of bids - this is referred to as "soft underwriting" and is rarely invoked.
Shares of Life Insurance Corporation (LIC) of India hit fresh record lows amid sustained decline in Adani Group stocks. Its stock finished at Rs 567.8, down 2.9 per cent over its previous close. The state-owned insurer's market value is now down Rs 2.4 trillion, or 40 per cent, compared to initial public offering levels.
The Securities and Exchange Board of India (Sebi) has proposed to put a stop to the practice of certain directors occupying permanent board seats at listed companies. The regulator has suggested that the directorship of any individual serving on the board should be subject to periodic approval from shareholders, at least once in five years. In a discussion paper issued on Tuesday, Sebi said a few promoters enjoyed permanency on the board, giving them an undue advantage, prejudicial to the interests of public shareholders.
Information technology major Wipro has asked candidates who have successfully completed their training and who were offered Rs 6.5 lakh per annum earlier whether they would be willing to take up projects for an annual compensation of Rs 3.5 lakh. Wipro told Business Standard that it had to adjust its onboarding plans "in the light of the changing macro environment and, as a result, our business needs". "Like others in our industry, we continue to assess global economies and customer needs, which factor in our hiring plans.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
78% Indians were unable to tell the difference between a love letter written by ChatGPT and one by a human being.
The Supreme Court on Monday directed Uber to apply for a licence within three weeks to operate in Maharashtra, stressing that cab aggregators cannot function without one. A bench led by Chief Justice of India (CJI) D Y Chandrachud said that an earlier interim order by the Supreme Court that had allowed Uber to operate in the state would not provide legal cover, since an aggregator cannot operate without a licence. It ordered Uber to apply for a licence by March 6, said a report by Bar and Bench.
'Winning a deal is one aspect, making sure that we are able to execute it profitably is also important' says Rajesh Nambiar.
Manisha Sharma (name changed) was always among the high achievers in her company. She was recognised and rewarded for those efforts as well. Mid-December 2022, however, she received a jolt: an email informing her that she had been laid off - along with several of her colleagues. Sharma worked for a big tech firm, which had decided to downsize. And just like that, she was asked to go. "It did come as a shock," she says. "I did not take calls for the first two days, but then realised there is no point in beating oneself up for a situation that's not in your hand. "I thought let this be an opportunity to take a break. I'll now start looking for a job," she adds.
Friday will be a landmark day for domestic markets, with all the listed stocks entering the professed T+1 (trading plus one day) settlement cycle. About 200 stocks, which account for more than 80 per cent of India's market capitalisation, will be settled on a next-day basis, with effect from January 27. This will evidently complete the transition to the T+1 cycle that started in February 2022 with the bottom 500 stocks in terms of market value.
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