In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
Markets regulator Securities and Exchange Board of India (Sebi) is examining allegations of front-running and other irregularities against a host of domestic fund managers across the asset management industry, said people in the know. Developments at Axis Mutual Fund have prompted the regulator to speed up probe to ensure that there is no drop in confidence in the Rs 39-trillion mutual fund (MF) industry. "We have received complaints against a few fund managers and are looking into possible violations, including those related to code of conduct," said a regulatory source, refusing to divulge names of fund houses as things are at a preliminary stage.
The Indian startup ecosystem recently celebrated the 100th unicorn milestone. It came after a month of no big fund announcements. Compare this to 2021, when three to four unicorns were being added every month. Nevertheless, the 100th unicorn needs to be celebrated since the first unicorn was announced in 2011 - 11 years ago.
The Securities and Exchange Board of India (Sebi) has mulled introduction of confidential initial public offering (IPO) filings and "pre-filing" of offer documents, a move aimed at giving issuers flexibility and alleviating concerns around privacy. Industry players said the concept, if implemented, would give a fillip to the domestic capital markets, ease the process and encourage more companies to go public. To be sure, the proposals are still at a discussion stage with Sebi just floating a consultation paper seeking public feedback.
'For the next two years, we expect the bulk of earnings growth contribution from sectors like financials and energy, where the outlook remains positive, while the sectors which are linked to domestic consumption and are currently witnessing strains on margins have low salience for Nifty earnings.'
IT major Tata Consultancy Services (TCS), in its Q4FY22 results, said the company's banking, finance services and insurance (BFSI) crossed the $10 billion milestone. This includes revenue from financial products, services and platforms. For Suresh Muthuswami, who recently took over as Chairman of North America, one of the focus will be to grow this percentage going ahead. The first step to grow the US market is hiring. Muthuswami said that the company will be hiring more in the US, especially from the campuses. In FY22 TCS hired over 7,000 people in the US and going ahead too the numbers will be similar.
Logistics services provider Delhivery is likely to launch its downsized initial public offering (IPO) this week, said people in the know. The Softbank-backed firm may trim its issue size from Rs 7,460 crore to Rs 5,500 crore to align with the volatile market conditions, sources said. Sources added the fresh issue component of the IPO could be reduced to Rs 4,500 crore and the OFS component to Rs 1,000 crore.
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Tech giant Apple has stopped accepting payments via debit and credit cards in India. Apple has stopped accepting cards for subscriptions, and purchases using credit cards issued by banks in India. Apple will also not accept payments for ad campaigns on Apple Search using credit cards issued by Indian banks. All campaigns will be put on hold from June 1.
The outbreak of the Omicron variant of the coronavirus and unprecedented lockdowns in China have roiled its equity market and also that of Hong Kong. After the crisis-hit Sri Lanka, China and Hong Kong are the worst-performing stock markets in Asia on a year-to-date basis.
Tata Consultancy Services, India's largest software exporter, hired 100,000 freshers in the financial year 2021-22, more than in any other year. That means an average of 8,300 trainees joining the company every month. This is not merely a mathematical calculation: hiring of freshers at the top IT companies is no longer a compressed affair confined to the campus season.
LIC's $2.7-billion initial public offering (IPO) shall be the fifth-biggest globally in CY22. South Korean EV battery maker LG Energy Solution holds the record for the year's largest IPO at $10.8 billion, while Chinese mobile communications provider China Mobile IPO, which raised $8.6 billion, comes second. Dubai Electricity and Water Authority's (DEWA's) $6.1-billion IPO in March is currently the third biggest public offering for the year, followed by China National Offshore Oil Corporation's (CNOOC's) IPO; the firm had raised $5.1 billion by issuing shares in Mainland China after delisting from the American bourses.
It has taken a pandemic to move the needle on the salary packages for greenhorn engineers hired by the Indian IT services sector. The country's third-largest IT services player, HCL Technologies, has decided to boost the entry-level packages from Rs 3-3.6 lakh to Rs 4.25 lakh for FY23, in a bid to attract fresh talent and keep them for longer to counter the impact of rising attrition. This new package would also be applicable to those freshers who joined the firm in FY22.
Domestic capital market will see the launch of India's largest-ever initial public offering (IPO) next week. Life Insurance Corporation of India's (LIC's) landmark Rs 21,000-crore IPO will open for subscription on Wednesday. Here's a look at some unique features of this mega offering, which are not typically seen in other IPOs.
For Tata Consultancy Services (TCS) - India's largest and the world's second-largest IT services provider - the attrition rate touched an all-time high of 17.4 per cent in Q4FY22. The management, following the announcement of the Q4 results, has warned that the attrition situation could become even worse before any improvement. According to analysts, the short term, the attrition rate at TCS could even touch 20 per cent.
The results of Indian IT services players in the just-concluded fourth quarter of 2021-22 are expected to reveal continuing growth momentum as demand surges on the back of digital transformations and the cloud shift, but analysts anticipate margins to be under pressure due to supply challenges. Analysts covering the sector expect revenue commentary should be strong despite the Russia-Ukraine conflict and inflation. Top-line growth will be driven by broad-based demand with a strong uptick for cloud, digital, cybersecurity, data analytics, and artificial intelligence, among other services.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Experts say companies wanting to launch IPOs will have to scale back their expectations given the fall in valuations.
As India builds its data centre capabilities, it is imperative that it is supported by green energy. This is because data centres are guzzlers of energy.
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