All stories by Shivani Shinde
Are IT Companies Avoiding Placement Season?Rediff.com7 Aug 2023
'Companies are coming to the campuses, and we have companies booking their slots for the placement season, but the overall number of companies signing is low, and the hiring numbers are also lower.'
Is The Tide Changing For Byju's?Rediff.com3 Aug 2023
'They have got the advisory council, a CEO has been appointed finally, and they have made some headway on the term loan B.'
'We need a remarkable turnaround'Rediff.com31 Jul 2023
'We have not seen too many large deals compared to last quarter.'
More misses than hits hint at uncertain times for IT services companiesRediff.com24 Jul 2023
The first-quarter performance of top IT services players, as well as mid-cap firms, has been subdued, reflecting macro uncertainties. The numbers of the top four firms show several misses, hinting at difficult times ahead. One mismatch is the total contract value (TCV) signed by the firms and the revenue growth registered.
Macro uncertainties may keep IT hiring in slow lane this fiscal yearRediff.com17 Jul 2023
India's information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts. To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
Byju's CEO speaks to shareholders, firm to set up board advisory committeeRediff.com7 Jul 2023
Byju Raveendran, CEO and founder of the eponymous edtech giant, has told shareholders that the company will set up a board advisory committee (BAC). This was part of a discussion on July 4 with shareholders at an emergency general meeting (EGM). Raveendran also said that in the next EGM in three weeks will give details about BAC's members and composition.
Byju Raveendran talks 'struggles', not layoffsRediff.com30 Jun 2023
After assuring shareholders that Byju's is on a strong footing, Chief Executive Officer Byju Raveendran, after much delay, spoke to employees in a townhall session. In his first-ever address to employees since problems began at Byju's, Raveendran spoke about the resignation of auditors and board members, the Term Loan B dispute, and the future of educational technology (edtech). Raveendran also asked his team to 'rise above the noise' and work with resilience and determination.
Tata Comm to acquire NYSE-listed Kaleyra for $100 mn in all-cash dealRediff.com29 Jun 2023
Tata Communications on Wednesday announced that it would acquire NYSE-listed Kaleyra, a global omnichannel integrated communication services provider with a set of proprietary platforms offering targeted personalisation through messaging, video, push notification, e-mails and voice-based services, and chatbots. The acquisition is an all cash deal. Tata Communications has agreed to acquire Kaleyra at a price per share of $7.25, for a total consideration to Kaleyra shareholders of approximately $100 million, besides the assumption of all outstanding debt.
8 'gazelles' demoted to 'cheetahs', 19 out of Hurun Unicorn Index 2023Rediff.com28 Jun 2023
With the number of start-ups reaching the unicorn level falling drastically in 2023, the Hurun Unicorn Index said it has demoted eight gazelles - start-ups that were founded in 2000 and have the potential to go to unicorn in three years - to cheetahs.
Why TCS' mega deal with Transamerica came to an endRediff.com24 Jun 2023
India's largest IT services player Tata Consultancy Services (TCS) saw its $2 billion, 10-year deal with Transamerica Life Insurance Company come to an end even before the period was over. Transamerica is the subsidiary of American arm of Dutch insurer Aegon NV. This is not the first time such a long-term deal has been called off. Earlier this year, UK's National Employment Savings Trust (NEST), ended a $1.8-billion deal with French IT services player Atos.
Byju's sacks 1,000 more; count jumps to 3,500Rediff.com20 Jun 2023
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
Edtech giant Byju's likely to lay off 1,000 more employeesRediff.com9 Jun 2023
With debt woes and a legal case in the US courts, educational technology (edtech) giant Byju's is expected to be laying off more employees, according to media reports. According to The Morning Context report, Byju's intends to lay off 1,000 employees. This number, however, could not be confirmed by Business Standard independently. A spokesperson for the company declined to comment on the reports.
India Has Highest Number Of Suspicious E-mails Per DayRediff.com8 Jun 2023
Spear-phishing e-mails typically try to steal sensitive information, such as login credentials or financial information, which is then used to commit fraud, identity theft, and other crimes.
India employees ready to delegate more work to AI: Microsoft reportRediff.com2 Jun 2023
As artificial intelligence (AI) threatens to replace jobs, a new report from Microsoft has suggested that Indian employees are caught between a fear of losing jobs and an opportunity to reduce workload by delegating tasks to technology. Microsoft's Work Trend Index 2023 found that while 74 per cent of Indian employees are worried about AI replacing their jobs, 83 per cent would delegate as much work to it as possible, to help lessen their workloads. More than three in four Indian workers would be comfortable using AI not just for administrative tasks (86 per cent), but also for analytical work (88 per cent), and for the creative aspects of their role (87 per cent).
Rajesh Gopinathan bows out as TCS CEO, keeps mum on future plansRediff.com31 May 2023
'I am confident that TCS's best years are ahead,' outgoing CEO tells staff in farewell email.
Third round of layoffs: Meta's senior India executives get pink slipsRediff.com27 May 2023
With the third and final round of layoffs implemented by Facebook's parent company Meta Platforms, Inc. in process globally, India, too, has seen its impact, with some senior executives being asked to leave. Some of the executives to have been impacted are Avinash Pant, India's director of marketing; Saket Jha Sourabh, director and head of media partnerships; and Amrita Mukherjee, one of the directors on the legal team. An email sent to the company did not elicit any comment on the development until the time of going to press.
Wipro chairman Rishad Premji's compensation down 50% as profits fallRediff.com27 May 2023
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
Indian IT firms to see revenue decelerate by 5%: S&P Global RatingsRediff.com25 May 2023
Macroeconomic (macro) concerns, along with a cautious approach towards discretionary information technology (IT) spending, will see the revenue for Indian IT firms decelerate by 5 per cent through 2024-25 (FY25), from the highs of 12-18 per cent in 2022-23, said analysts from S&P Global Ratings. "The reason behind this slow growth is a macro slowdown. "Customers are cutting their discretionary IT spending, especially on projects that take longer to deliver quantifiable outcomes. "We also acknowledge that there are still strong economic headwinds for the next few years," said Spencer Ng, associate director, corporate ratings, S&P Global Ratings, over a call in a media briefing.
IT Campus Hires May Be At 70% of Pre-Covid LevelsRediff.com5 May 2023
The hiring scenario is for the batch that passes out in 2024. These are graduates who will be impacted, given 2022 graduates are not fully absorbed and 2023 onboarding still incomplete.
How a Kanpur-born Indian-origin CEO is a chip off the old blockRediff.com3 May 2023
In the technology (tech) world, especially storage, Sanjay Mehrotra is a well-known name. Co-founder of SanDisk, a flash memory storage company in 1988, it was eventually acquired by Western Digital in 2016 for a whopping $19 billion. For a boy from Kanpur, who went on to pursue higher studies in the US, becoming the chief executive officer of Micron Technology, Inc - one of America's largest memory chip makers - and now setting up the company's first plant in India, it has been quite a ride.