As part of the commercial deal, the council's IT department will collaborate with TCS to integrate and rationalise its back office IT systems.
Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore. Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
Expanding its presence in the US, India's IT major Tata Consultancy Services (TCS) has opened a new facility here which was welcomed by the US lawmakers and the Californian government.
The roll-out of the auto enrollment began in October 2012.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
For the entire 2016-17, TCS saw its net profit growing 8.3 per cent to Rs 26,289 crore while revenue was up 8.6 per cent at Rs 117,966 crore
Tata Consultancy Services and State Bank of India on Monday launched a joint venture to provide advanced technology solutions and world-class domain consulting for the banking and financial services sector.
Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
S&P said Indian technology players will continue to grow at a slightly slower pace over the next two to three years due to technological disruptions.
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.
Tata Consultancy Services, Asia's largest IT services company, is expanding its base in Kerala by setting up its operations at Kochi Infopark.
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.
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.
Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
Under its Agile business model, the company has started using its off-shore base up to the extent of 90 per cent which, along with several other measures, will benefit its operating margins, said Chief Operating Officer N Ganapathy Subramaniam.
'We have not seen too many large deals compared to last quarter.'
Both firms have broken TCS' streak of industry-leading performance over the past few quarters by posting higher revenue and earnings growth this quarter.
'To those who have just finished engineering or MCA or BSc, BBA, I will say they should take up whatever internship opportunities they are getting.' 'They should look for opportunities to learn the latest tools.' 'They should think innovative and try to solve problems. Only when you sharpen your skills, you will remain relevant.'
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr
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.
Tata Consultancy Services would set up a development centre at Gandhinagar, official sources said in Ahmedabad on Friday.
Benchmark equity indices ended marginally higher on Thursday, trimming most of their intra-day gains, as investors turned cautious ahead of the quarterly results of IT behemoths TCS and Infosys later in the day. Announcement of the US inflation data and domestic macroeconomic numbers also forced investors to remain on the sidelines. The 30-share BSE Sensex climbed 63.47 points or 0.09 per cent to settle at 71,721.18.
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.
Quarterly earnings from IT majors Tata Consultancy Services (TCS), Infosys, macroeconomic data announcements, global trends and trading activity of foreign investors would guide the movement in the equity market this week, analysts said. Movement of global oil benchmark Brent crude and the rupee will also influence trading in the markets. "All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12.
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.
'The top five IT giants are not hiring, but most of the freshers want to start their careers with the top five IT firms.' 'In today's scenario this is a challenge.'
The results have not provided any positive surprise
Among the Sensex firms, major winners included Tata Steel, rising 3.77 per cent, followed by HCL Tech, which gained 3.62 per cent. IndusInd Bank and PowerGrid closed with a gain of 3,60 and 3.34 per cent, respectively. Other gainers were Tech Mahindra, Hindustan Unilever, Bajaj Finserve and Bharti Airtel, among others. On the other hand, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance and TCS were the only laggards, sliding up to 2.94 per cent.
TCS had in recent weeks been the subject of reports of a large number of layoffs.
Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc). In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects. Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.
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.
