Tata Consultancy Services, India's number one information technology services company, could overtake Infosys to become the most profitable one for the first time on a full-year basis in 2012-13.
The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16, the ministry said in a notification. "...the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India" will not be covered under LRS, the notification said while inserting Rule 7 in the FEM (CAT) Rules.
As a part of cost cutting measures to tackle global economic downturn, IT major Tata Consultancy Services (TCS) on Thursday said job cuts are possible and ruled out salary hikes next year.
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr
Tata Consultancy Services, Asia's largest IT services company, is expanding its base in Kerala by setting up its operations at Kochi Infopark.
India's largest IT services firm Tata Consultancy Services is eyeing the 'major transformation' in China's banking and financial services sector to tap the market for its services and products.
Both firms have broken TCS' streak of industry-leading performance over the past few quarters by posting higher revenue and earnings growth this quarter.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
India's Rs 6 lakh crore-plus information technology (IT) industry is back on its high-growth path - led by Tata Consultancy Services (TCS), which is ahead of other large firms in top-line numbers for the second quarter.
The broader NSE Nifty, on the other hand, ended 2.70 points, or 0.02 per cent, lower at 11,555.90 in its third straight day of losses.
The results have not provided any positive surprise
Tata Consultancy Services would set up a development centre at Gandhinagar, official sources said in Ahmedabad on Friday.
The figure constitutes less than one per cent of the company's 1,30,000-workforce. According to the report, a TCS spokesperson reasoned that these employees had failed to meet performance standards.
TCS will continue to play aggressive in the domestic market and has the requisite set of skills to execute complex projects, he said, adding the company would continue to hire in its on-shore division.
Tata Consultancy Services (TCS) is likely to delay its Rajarhat campus in West Bengal, as part of a string of cost-management initiatives to cope with the pangs of the global meltdown.
TCS had in recent weeks been the subject of reports of a large number of layoffs.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
Currency volatility to have negative impact of 275 bps
Good growth in BFSI segment, favourable currency to aid the company in Dec quarter
Incumbent DMK MP T Sumathy alias Tamizhachi Thangapandian will face-off former Telangana Governor and BJP leader Tamilisai Soundararajan, while the the AIADMK has fielded ex-MP Dr J Jayavardhan, who won from here in 2014.
Shareholders want to know what plans does company have to address the issue
As the strategic IT services partner for IMSS, TCS will provide IT services including application maintenance and support, custom software development, business analysis services and value-added initiatives for the organisation's affiliates, a release said. TCS won the order following a public bid process and an assessment based on technology and financial parameters, it added.
Of the top 10 valued firms, eight including Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd, HDFC and ITC witnessed gains in their market valuation. From the top-10 pack, the valuation of HDFC Bank jumped Rs 31,553.45 crore to Rs 929,752.54 crore.
TCS has done better than Infosys in sequential and yearly revenue growth so far this financial year.
Analysts predict TCS's outlook to be stable.
The alliance would be a first for both parties, and comes after the Premier of Australia's New South Wales state, Morris Iemma, visited India recently. Ramadorai said he and other senior executives had fruitful discussions with Iemma, who led a delegation of 70.
Eight of the 10 most valued firms faced a combined erosion of Rs 1,17,493.78 crore in market valuation in an overall weak trend in equities last week, with Infosys taking the biggest hit. Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank were among the eight companies that suffered a decline in their valuation. ITC and State Bank of India were the only gainers. Last week, the 30-share BSE Sensex fell by 775.94 points or 1.28 per cent.
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
However, the cumulative gains of these six companies at Rs 35,716.85 crore was less than the total loss seen by the four firms - TCS, ITC, HDFC and CIL
On the equity volume front, 7.66 lakh shares of the company were traded on BSE and over 91 lakh shares changed hands at NSE during the day.
Shares of IT major TCS on Friday tumbled over 8 per cent after its September quarter numbers failed to meet market expectations.
Tata Consultancy Services (TCS), the country's largest information technology services company, will hire 50 per cent more students from campuses for 2011-12.
In addition, TCS solutions will also be part of the racing car's popular cousin, the Ferrari sports car.
