At a time when the market is betting on a 'higher for longer' global interest rate view, Accenture's (ACN) weak revenue forecast is a negative read-through for the Indian IT firms, according to analysts. The Dublin-based company sees its revenue growth at 2-5 per cent in constant currency (cc) for the financial year 2024 (FY24), below the pre-Covid levels of 5-8 per cent for FY17-20. The weak projection, thus, signals that slower demand is likely to persist this year, and any recovery is unlikely in the near-to-medium term, experts note.
Australia's leading bank, St George's Bank has said it is sticking to its decision to send 76 computer services jobs to India due to competition.
Senior BJP leader Arun Shourie on Monday accused the United Progressive Alliance government of "outsourcing" the country's foreign policy to the United States in the wake of industrialised nations (G-8) putting curbs on full nuclear cooperation with countries like India.
Global software and services major Tata Consultancy Services is in the last stages of finalising a multi-million outsourcing contract with the International Monetary Fund. Under the deal, the IMF will offshore some of its back-office work
Wipro Infotech on Friday announced its largest IT outsourcing deal in India.
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The Reserve Bank on Monday warned lenders against outsourcing their credit processing activities to third-party entities.
The opposition to outsourcing of jobs to low-cost locations is intensifying further in the UK with a large majority of Britons saying no more jobs should be moved abroad.
He also said "Chinese belligerence is evident in its continuing propensity to project power outside its region", in turn presenting a "threat to the rules-based international order".
The outcry in the UK over outsourcing of jobs to India has largely settled as unions have understood that it would lead to efficiency of British companies resulting in more jobs, British MP Stephen Pound said in Kolkata. \n
Eg Solutions, a financial service software company based in Staffordshire, has announced that it has recorded a pre-tax profits of 56,000 pounds in the six months to the end of July, compared to a loss of 810,000 pounds in the preceding half year.
According to reports, Vodafone NZ had offered all its employees, other than call centre and retail staffers, voluntary severance package
Industry leaders say President-elect Obama will be good for enhanced US-India commercial ties.
Wipro is in the news, again. The information technology (IT) services company has mandated freshers, who had opted for a lower salary package of Rs 3.5 lakh per annum, instead of Rs 6.5 lakh per annum, clear a new training module titled Project Readiness Program (PRP) and score at least 60 per cent or stand terminated. Wipro is not the only company to have implemented such a programme.
After going through a series of mergers and acquisitions, Mindteck, a Bangalore-headquartered IT services company, is looking to consolidate its various businesses which will see more work being moved offshore, to locations in India.
The aircraft maker expressed support to Modi's 'Make in India' initiative
Under a memorandum of understanding signed in New Delhi by Jim Albaugh, President of Boeing Integrated Defence System and HAL Chairman Ashok K Baweja, the Indian defence PSU, will manufacture subsystems for Boeing's wide range of fighter planes like F-15, F-18 Super Hornetts and Apace Helicpoters.
As India has kept out of the multilateral agreement on public procurement, it may find it tough to contest in the WTO the US state of Ohio's ban on offshore outsourcing by government departments, experts said.
The scope of services includes the suite of IT infrastructure and applications across the enterprise.
Deutsche India, which houses the largest technology centre of German investment bank Deutsche Bank, is expanding its operations in India and hiring thousands. "Since January 2023, we have hired more than 2,500 people for Deutsche India and expect a positive trend to continue for the rest of 2023," Dilipkumar Khandelwal, chief executive officer of Deutsche India and Global Head of Technology Centers told 'Business Standard'. "We will continue to hire in the similar range even for the next year." Deutsche India has about 16,000 employees in the country and most of them are engineers.
New Delhi has categorically told the United States that attempts by some American states to ban outsourcing has evoked adverse political and public reaction in India.
Democratic presidential contender Hillary Clinton who is opposed to outsourcing has said that America should create jobs that cannot be exported to foreign countries, including India and China. Banking on her Rebuild American plan, she is confident of creating over 3 million jobs, mostly in the construction sector, over the next decade. She also wants to create a $50 billion strategic energy fund to invest in alternative energy, green energy.
Operations of public sector banks (PSBs) may be impacted as bank union AIBEA has given a strike call for Saturday to oppose incessant outsourcing of jobs. Although the officers are not part of the strike, there may be some impact on cash deposit and withdrawal, clearing of cheques etc. Several banks, including Bank of Baroda and Punjab & Sind Bank, have already informed their customers about the potential impact on services if November 19 strike materalises.
Global rating agency Moody's Investors Services plans to partially outsource certain services including monitoring of mutual funds of Europe and emerging economies, from Indian rating agency ICRA.
Acknowledging India's prowess in information technology, GE Aircraft Engines has said it intended to develop software for digital electronic control systems for helicopter engines in this country as part of its long-term strategy.
Indian HC in UK is planning to outsource its visa application process from this May, to VFS Global.
What measures does it need to take to surge ahead as the biggest outsourcing hub despite the odds?
Timex Corp, the biggest selling watchmaker in the United States, said on Thursday it planned to increase its outsourcing of watches and parts from its Indian unit but did not say by how much.\n\n\n\n
Earlier, this relaxation was given to only 'de-capacitated' employees or those who are travelling.
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
After disappointing guidances in the first quarter (Apr-Jun) of the 2023-24 financial year (Q1FY24) and valuation downgrades, the Indian IT sector could see some positive repricing as the bad news for IT maybe easing in Q2FY24. A key negative factor was weaker demand from the US financial sector and from North America in general. The latest GDP (gross domestic product) estimates and sector-specific news suggest that the demand situation may not be quite so bad with a gradual recovery in tech spending in Q2.
Forced to part bulk of their earnings with the service providers, mobile gaming companies are finding new ways to increase their share from the downloaded games.
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