The promoters of large companies such as Wipro and Tata Communications will have to shell out more stake to comply with the public shareholding norms after the Sebi said capital issued outside India would not be accounted for in the calculation of "public shareholding".
The Nifty IT Index, the gauge for the performance of information technology (IT) stocks, was the worst performer on the stock exchanges on July 29, a day after Infosys posted lower-than-expected earnings growth for the June quarter and sharply cut its revenue growth guidance for 2023-24 (FY24). The IT index was down 4.1 per cent, its biggest one-day fall in three months. The decline was led by Infosys, with its shares plunging nearly 8 per cent, followed by HCLTech (-3.2 per cent), Wipro (-3.0 per cent), and TCS (-2.7 per cent).
IT major Wipro on Wednesday reported a consolidated Q4 net profit up 7.7 per cent at Rs 1,480.90 crore (Rs 14.80 billion).
More and more women are making their presence felt in jobs related to sciences, technology, and engineering across organisations.
Employees in India will get 2-4 per cent hike.
Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates.
Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade.
IT major Wipro on Thursday said it will pay Rs 7 crore (Rs 70 million) each to its former joint chief executives Girish Paranjpe and Suresh Vaswani as severance packages.
'Focus on 19,400/64,900 as the key resistance levels for the Nifty/Sensex.'
Wipro CFO Suresh C Senapaty on Thursday said there is hope of corporate sector sentiments improving after P Chidambaram assumed charge as Union Finance Minister and wanted the Centre to convert it into policy action.
From the Sensex pack, Infosys jumped the most by 3.67 per cent. Asian Paints, HCL Technologies, Reliance Industries, ICICI Bank, Wipro, NTPC, Tech Mahindra, Bajaj Finserv and Larsen & Toubro were among the other major gainers. State Bank of India, Bajaj Finance, Titan, Tata Steel, Tata Motors and UltraTech Cement were among the laggards.
The 30-share Sensex ended up 140 points at 28,262 and the 50-share Nifty was up 37 points at 8,551.
The total income of the company rose by 34.64 per cent at Rs 4,883.6 crore (Rs 48.83 billion) for the quarter reviewed against Rs 3,627 crore (Rs 36.27 billion) for the same quarter last year, Wipro said in a communique to the Bombay Stock Exchange.
In an interview with Mahesh Kulkarni and Archana Prasanna, Wipro's joint chief executive officer Girish Paranjpe says the company expects uniform growth in information technology spends, despite flat to marginally positive IT budgets in 2010.
The IT exporter had a net profit of Rs 978.2 crore (Rs 9.78 billion) in the September quarter of last fiscal, Wipro said in a filing to the Bombay Stock Exchange. Total income of the company rose to Rs 7,057.4 crore (Rs 70.57 billion) during the July-September quarter of the current fiscal, from Rs 6,664.8 crore (Rs 66.64 billion) in the year-ago period, as per the Indian accounting norms.
From the Sensex pack, Reliance Industries jumped the most by 3.78 per cent. Tata Steel, Bharti Airtel, IndusInd Bank, Kotak Mahindra Bank, UltraTech Cement, ICICI Bank and Tata Motors were the other biggest gainers. Titan, HCL Technologies, Power Grid, Tata Consultancy Services, Wipro, Hindustan Unilever, Axis Bank and Nestle were among the major laggards.
The current (third) decade of IT services is based on process improvement and creation of intellectual property
Unfazed by the US outcry on outsourcing and the implications of the recent cut in number of US visas, Wipro Chairman Azim Premji aims to turn his company into one of the top 10 IT service companies in the world.
Strong macroeconomic headwinds causing turbulence in the $245-billion Indian IT industry are yet to calm down. Top Indian IT services companies are likely to post a decline or just marginal growth in sequential revenue in Q1FY24 because of a soft discretionary spending environment. Though the first quarter is seasonally strong for IT firms, "June 2023 will be an exception", according to analysts at Kotak Institutional Equities.
Wipro, HCL in race for Sebi's fraud detection system upgrade,
The government on Wednesday granted approval to Nokia, Wipro, Hewlett Packard, Reliance, Biocon, Ranbaxy Laboratories, Mahindra and Mahindra, Reliance energy and Adani Group's to set up Special Economic zones.
Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated. Maruti Suzuki was the lead gainer, rising by 2.22 per cent.
Bajaj Finserv was the biggest gainer in the Sensex pack, rising 2.21 per cent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries and Mahindra & Mahindra. Wipro, Tata Consultancy Services, Power Grid and Tech Mahindra were the laggards.
Wipro was the biggest loser in the Sensex pack, slipping nearly 2 per cent, followed by IndusInd Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Infosys, Tata Consultancy Services, HDFC and Bajaj Finserv. On the other hand, Nestle, Mahindra & Mahindra, ITC, HCL Technologies, Asian Paints and Maruti were among the gainers.
Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore (Rs 8.76 billion).
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
From the Sensex pack, Power Grid, Infosys, Asian Paints, Mahindra & Mahindra, HCL Technologies, IndusInd Bank, Tech Mahindra, Bajaj Finance, Wipro, Tata Consultancy Services, HDFC Bank and Titan were the major gainers. Tata Steel and Bharti Airtel were the laggards.
Tamil Nadu on Thursday decided to allocate ten acres of land to Wipro and five acres to Tata Consultancy Services in Coimbatore.
"We found value in people being given flexibility instead of asking them to come to work when there is no work. We have also given them a choice of coming to office 10 days at a stretch in a month, rather than coming two days every week," says Girish Paranjpe, joint CEO of its information technology business.
The West Bengal state government has delayed project approvals. And now, the IT giants may look at other states as the centre is thinking of giving sops to SEZs
Total Revenue increased by 41% YoY to Rs. 35.46 billion
Domestic IT majors Tata Consultancy Services and Wipro are believed to be front-runners for a multi-million outsourcing deal from UK-based telecom and networking major Cable & Wireless.
Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
Power Grid, HCL Technologies, Asian Paints, Hindustan Unilever, Maruti and Nestle were among the laggards. Shares of HCL Technologies were trading over 1 per cent lower even after the company reported a 7.6 per cent year-on-year rise in June quarter net profit on the back of new order wins.
The country's largest IT services exporter TCS on Monday said moonlighting is an "ethical issue" and against its core values but has not taken any action against any staff. The company, which employs over 6.16 lakh people, will take into account all the relevant dimensions while forming its final view on the issue which has been dominating headlines for the last few weeks, its chief human resources officer Milind Lakkad told reporters. "Moonlighting we believe is an ethical issue and it is against our core values and culture," Lakkad said.
Its FY08 consolidated net profit was at Rs 3,282.90 crore (Rs 32.81 billion) and consolidated net sales was at Rs 20,019.50 crore (RS 200.19 billion).
Benchmark indices ended lower on Wednesday, halting their eight days of rally, ahead of the US Federal Reserve's interest rate decision and mixed global market trends. Also, fall in index majors Reliance Industries, Tata Consultancy Services, Infosys and Larsen & Toubro added to the weak trend in equities. The 30-share BSE Sensex declined 161.41 points or 0.26 per cent to settle at 61,193.30.
