In March this year, when Tata Consultancy Services (TCS) unveiled a new brand statement of "Building on Belief", many wondered if it was the right strategy. When things are uncertain, wouldn't a brand statement such as "Experience Certainty" have been better? But for Rajesh Gopinathan, CEO & MD, TCS, it was all about the way the company was looking at business. As Gopinathan explained over a video call, "Today, we have over 1,000 customers and 98 per cent of our business is repeat business; our relevance to customers should continue, and to increase.
The market valuation of Tata Consultancy Services (TCS) jumped Rs 31,294.89 crore to Rs 8,25,149.40 crore while Reliance Industries Limited (RIL) added Rs 28,464.11 crore to take its market valuation to Rs 11,33,168.55 crore.
Engineering students continue to prefer working with IBM as it is the most preferred brand.
Major IT firms such as Tata Consultancy Services, HCL Technologies, Infosys, Cyient, and L&T Technology Services have direct exposure to Boeing or its suppliers' ecosystem, which comprises engine manufacturers, body suppliers, and avionics providers. These firms provide services like application development, testing, engineering, avionics, and business process management for the Boeing 737 Max programme.
Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
BoA has given formal approval to 15 special economic zones, including those of TCS and Cognizant, and in-principle nod to five, Commerce Secretary and BoA Chairman G K Pillai told reporters after the meeting in New Delhi.
The combined market valuation of eight of the top-10 most valued companies zoomed Rs 190,571.55 crore last week, with Bajaj Finance emerging as the biggest gainer, reflecting bullish investor sentiment. While Reliance Industries Ltd (RIL) and Tata Consultancy Services (TCS) witnessed erosion in their market capitalisation, rest of the eight companies including Hindustan Unilever Limited, HDFC, ICICI Bank and Bharti Airtel emerged as gainers. The market valuation of Bajaj Finance jumped Rs 35,878.56 crore to Rs 2,63,538.56 crore, becoming the biggest gainer among the top-10 most valued firms.
The Times Top 50 Employers for Women recognizes organisations that are spearheading gender equality in the workplace.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
The Top Employers certification is awarded to a select group of employers.
Together with the firm's partly-paid shares that were issued in the recent rights issue and are traded separately, the company had a combined m-cap of Rs 13.5 lakh crore or over $181 billion.
Industry experts are of the opinion that the spurt in recruitment happened as IT services firms went aggressive on hiring in anticipation of a strong demand environment.
Though a weak dollar will lend some support to revenues and margins in FY21, the demand environment will outweigh any gain.
Its revenue grew 3 per cent year-on-year to Rs 40,135 crore for the just-ended quarter from Rs 38,977 crore in the year-ago period.
It has taken a pandemic to move the needle on the salary packages for greenhorn engineers hired by the Indian IT services sector. The country's third-largest IT services player, HCL Technologies, has decided to boost the entry-level packages from Rs 3-3.6 lakh to Rs 4.25 lakh for FY23, in a bid to attract fresh talent and keep them for longer to counter the impact of rising attrition. This new package would also be applicable to those freshers who joined the firm in FY22.
'Cyrus was always very different. He would think before acting.'
Together with its share buyback worth Rs 16,000 crore completed in January this year, TCS shareholders will receive a record Rs 30,250 crore from their company in FY21.
Since August 9, RIL shares have gone up by over 11 per cent.
IT major Tata Consultancy Services (TCS) has made changes to its leadership roles in North America. As part of the changes Suresh Muthuswami has been elevated to the role of chairman, North America, said sources in the know. This is one of the most significant leadership changes the company has announced for the region. The reason for the changes in the North American region, the largest in terms of revenue for TCS, is because Surya Kant who has been at the helm of North America for the past 16 years is stepping down by the end of the fiscal year, as he retires.
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan. Last month, TCS' board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore. "....the members of the company have duly passed the special resolution approving the Buyback," TCS said in a regulatory filing on Wednesday. The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.
The company was recognised as an exceptional performer across six core human resources areas -- primary conditions, secondary benefits, working conditions, training, career development and company culture.
Seasonal weakness may result in modest sequential revenue growth for large Indian IT firms in the January-March 2016 quarter, analysts said.
The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space.
After Singapore this is the second such nodal office opened by the new group chairman.
After Infosys, the country's largest software services firm Tata Consultancy Services has warned of weaker earnings for the January-March quarter.
At the same time, seven companies from the coveted list witnessed a decline in their market valuation last week, but their cumulative loss of Rs 37,701.1 crore was less than the total gain made by three firms.
Shares of HCL Tech hit a fresh record high of Rs 1,118.55 on Friday, up 2 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 1,101 touched on Thursday in intra-day deals.
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 666,533.49 crore), HUL (Rs 400,325.83 crore) and HDFC (Rs 378,236.52 crore).
Tata Consultancy Services (TCS), India's largest information technology services firm, has decided to revise the monthly salary of Chief Executive Officer (CEO) and Managing Director N Chandrasekaran by half to Rs 15 lakh.
TCS CEO and MD Rajesh Gopinathan said the company believes the coronavirus impact has "bottomed out" and that TCS should now start tracing its path to growth.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
TCS beat tech giants IBM and Hewlett-Packard to become the fastest growing brand within the IT services sector.
The overall momentum is very strong, said the company CEO.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
Information technology giant Tata Consultancy Services and financial services major HDFC have been named as India's two best managed companies in an annual poll conducted by Finance Asia magazine.
'When resources are few; when frugality demands repairing a broken thing rather than replacing it with a brand new and expensive option, enterprising commoners in rural and urban India improvise on a daily basis and solve their problems with whatever they have,' observes Shivanand Kanavi.
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