Tata Consultancy Services, Asia's largest IT services company, is expanding its base in Kerala by setting up its operations at Kochi Infopark.
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr
Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
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.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Both firms have broken TCS' streak of industry-leading performance over the past few quarters by posting higher revenue and earnings growth this quarter.
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.
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
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.
Tata Consultancy Services would set up a development centre at Gandhinagar, official sources said in Ahmedabad on Friday.
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.
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.
The results have not provided any positive surprise
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.
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.
Currency volatility to have negative impact of 275 bps
Good growth in BFSI segment, favourable currency to aid the company in Dec quarter
Shareholders want to know what plans does company have to address the issue
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.
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.
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.
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
Shares of IT major TCS on Friday tumbled over 8 per cent after its September quarter numbers failed to meet market expectations.
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.
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.
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.
