With demand for information-technology (IT) services in North America still sluggish, Europe has become a source of optimism for Indian companies because it is delivering steady gains over the past two years and continuing to outperform in the latest quarter. Yet analysts caution a full-scale revival will require a rebound in the United States (US), particularly in manufacturing, retail, and BFSI (banking, financial services, and insurance), because Europe contributes only about a third of the revenues.
Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
The second-quarter performance of the top five information-technology services firms gives the hint that slow growth has bottomed out on the back of discretionary spending kicking in for the sector's largest vertical - the banking and financial services. However, concern about the macro-environment continues to be a challenge. Among the top four - Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro - it is Bengaluru-based Infosys that has performed the best and that was evident in its full-year revenue guidance.
As many as 86 per cent of senior business executives have deployed artificial intelligence (AI) to enhance revenue streams or create new ones, said a report by Tata Consultancy Services (TCS) on Wednesday. As many as 69 per cent of businesses are more focused on using AI for innovation and increasing revenue than on improving productivity and optimising cost, said the 'TCS AI for Business Study'.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
Tata Group-owned Air India on Wednesday announced the launch of new flights connecting Mumbai with New York, Paris and Frankfurt, starting February next year. Besides, the full-service carrier also announced the resumption of non-stop flights connecting Delhi with Copenhagen, Milan and Vienna. The Mumbai-New York (JFK International Airport) daily service will commence from February 14 next year, Air India said.
The impact of the banking crisis in the US was visible in IT bellwether Tata Consultancy Services' (TCS) weak performance in the March quarter of fiscal 2023 (Q4FY23). The firm witnessed slower revenue growth in Q4FY23 and failed to meet its FY23 exit Ebit margin of 25 per cent as some clients, especially in the North American region, took to pausing projects and rising onsite costs offset utilisation gains. Sequentially, the company's revenue grew by just 0.6 per cent on a constant currency basis, which was one of the slowest paces in over 11 quarters.
Wipro may not see good growth in APAC regions in ensuing quarters.
Prime Minister Narendra Modi arrived in Berlin on Monday on the first leg of his three-nation Europe trip during which he will hold detailed bilateral discussions with German Chancellor Olaf Scholz and co-chair the India-Germany inter-governmental consultations.
"We are considering operating to Paris, Amsterdam, Rome, some places in Germany and other parts of continental Europe. Shanghai and Beijing are also being looked at. We have applied to the Civil Aviation Ministry for traffic rights (to these destinations). We are hopeful of getting approvals soon", Jet Chairman Naresh Goyal said.
IT services major Wipro on Wednesday posted an about 21 per cent increase in consolidated net profit at Rs 2,968 crore for the December 2020 quarter. The net profit attributable to shareholders in the year-ago period was at Rs 2,455.9 crore, according to a regulatory filing by Wipro. Its revenue from operations grew nearly 1.3 per cent to Rs 15,670 crore from Rs 15,470.5 crore in the quarter ended December 2019. Wipro, which gets a bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,102 million to $2,143 million in the March 2021 quarter.
A fracture of interstate relations could be India's biggest risk coming out of the pandemic. This topped a list of critical risks for India over the next two years, according to Geneva-based World Economic Forum's Executive Opinion Survey (EOS), whose results were released on Tuesday. Other top risks include a debt crisis in large economies, widespread youth disillusionment, failure of technology governance and digital inequality.
'The clean break between Russia and Europe that this foolish attack is creating may actually last long.' 'It will undermine Europe and benefit the US and China.'
The 20-times Grand Slam champion is putting various items under the hammer in two sales in June and July at Christie's to raise money for his foundation.
In a statement, Modi said he will be visiting Berlin on May 2 at the invitation of German Chancellor Olaf Scholz, following which he will travel to Copenhagen on May 3-4 at the invitation of his Danish counterpart Mette Frederiksen to hold bilateral engagements and also participate in the Second India-Nordic Summit.
Big Indian IT companies, heavily reliant on the US market and eager to diversify, have intensified efforts to crack continental Europe.
Besides having Indians in top management, the IT major is working to make the country an innovation hub to drive business in Europe.
With the economy gaining pace and large deals back on the table, chief executive officers (CEOs) of tech companies believe global tech spending will witness growth this year. According to CEO Survey by Nasscom, about 71 per cent chief executives expect global spend to grow over 4 per cent. The figure is significantly higher than the previous two years - 41 per cent and 59 per cent in 2019 and 2020, respectively. The survey also said the recovery in global tech spending will be led by the digital segment.
The bank (Williams & Glyn's), which was dormant for about 30 years, is being revived by UK-based lender the Royal Bank of Scotland Group Plc.
When European debt and sovereign crisis is giving anxious moments to multi-national CEOs, India's HCL Technologies is bullish on the continental Europe, aiming to get one-third of its revenue from the region.
Blockchain's promise: Dramatically speeding up transactions, explains Ajit Balakrishnan.
For many people, Normandy, a province in North-Western France, conjures up images of the massive armada that descended upon its shores on June 6, 1944 to drive the Nazis out of continental Europe. However, Normandy is a lot more than just that says Siddhu Warrior.
India coach Bob Houghton has advised striker Sunil Chhetri to first play in continental Europe and then think of plying his trade in England.
Greece's financial crisis has intensified.
The flight to Mumbai was flagged off by the Indian ambassador to Belgium and the European Union Dipak Chatterjee from the Brussels national airport on Monday morning.
Infosys had guided for a revenue growth in the range of 11.5-13.5%, which has now been lowered to 10-12%.
Wipro hires former TCS veteran as Group Prez & COO.
Country's second largest IT firm Infosys has crossed the $2 billion revenue mark in Europe for the first time, driven by strong demand for consulting and system integration (CSI) services.
Only a leader with sufficient moral authority with voters can pull off such experiments, notes T N Ninan.
Rajeev Mehta says the slow beginning in North America was primarily on account of some health care clients, evaluating the impact of the Affordable Care Act before deciding on their technology spending.
One of the Islamic State terrorists behind the deadly Paris attacks had visited London and Birmingham earlier this year to meet people suspected of planning a terror attack in the United Kingdom, counter-terrorism officials have found.
The company attributed the cut in guidance to the macroeconomic uncertainties.
Revenues from IT services segment, which accounts for a significant portion of the company's topline, stood at $2.013 billion, remaining flat sequentially and up by 5.8 per cent year-on-year.
'India poised to be world's 3rd largest economy', says Jim O'Neill who is better known for coining the acronym BRIC.
A select 12 matches will also be broadcast in Malayalam via Asianet Plus.
All the airline's guests will travel on Thursday to Amsterdam in 15 buses and will be accommodated there in hotels.
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