India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021. Last month, TCS shareholders 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.
To provide a 'data lake' solution, the markets regulator had issued a notice in May, inviting expression of interest (EoI) from interested parties. The selected company will be responsible for designing, implementing and supporting a big data solution with analytical capabilities.
Tata Consultancy Services (TCS) on Wednesday announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share. In 2017 and 2018 too, TCS had undertaken buyback offers of similar sizes.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
Earlier in the day, the Kendriya Police Kalyan Bhandar circulated an order stating that 1,026 products manufactured by firms such as Bajaj, Dabur, VIP industries, Eureka Forbes, Jaquar, HUL (foods) and Nestle India will not be sold at CAPF canteens anymore as they are not 'swadeshi' or are prepared from 'purely imported products'.
This is the second time in a week that the Karnataka state capital is witnessing such severe waterlogging.
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Here's a look at how the new corporate governance norms will affect India Inc boardrooms.
'We are on a whole different level of complexities and fundamental change is happening in the industry. There is a need for organisations to design themselves to deal with such complexities.'
Stock market crash: TCS sheds $21 billion in market capitalisation, Infosys $7 billion and Wipro around $3 billion
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
The country's largest software services firm, Tata Consultancy Services (TCS) on Monday reported a 14.9 per cent rise in consolidated net profit to Rs 9,246 crore for the March 2021 quarter.
The actress in conversation with the Wipro scion.
However, the company says it will suspended promotions and salary increments this year.
Wipro rose the most, up 3.12 per cent, ahead of its board meeting to discuss buyback of shares.
'Wipro's strength has been innovation and that will continue.'
At Infosys and Wipro, 8,200 roles have been impacted in six months.
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
In 2011, the Trinamool manifesto had said, the government would not allow SEZs in West Bengal, to protect multi-crop lands.
In India, the company serves customers such as stock exchanges, brokers, non-banking financial companies, financial services and insurance, IT and IT-enabled services.
Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.
Not just in the IT sector, Capgemini is probably the only company, in India, which has offered salary increments.
Revenue grew 5.1 per cent in the quarter under review to Rs 39,946 crore from Rs 38,010 crore in the corresponding period last fiscal.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
Most listed corporate entities in the country are in a fix. With the sudden declaration in late March of a nationwide lockdown to tackle the Covid-19 pandemic, the final calculations of their financial results for the year 2019-20 (FY20) are hanging in limbo. Till April 19, only 41 of the 3,947 companies listed on the BSE have managed to finalise the dates for the declaration of their yearly financial results.
Rishad, who joined the company in July 2007, is currently chief strategy officer of the Bengaluru-based company.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
When it comes to key hands-on management positions, India Inc is still largely run by men.
The decision was taken by an inter-ministerial Board of Approval.
But little is known of the contents except that it has been disclosed to the board of directors.
Over two dozen companies have announced bonus issue so far in 2017
'After some time, they all want to know what is happening in their companies.' 'It is better they remain board members rather than talk outside.'
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
Noted industrialist Azim Premji, who was named for the coveted Padma Vibhushan this year, has said he is 'extremely disappointed' with the performance of the government at the Centre.
Most Indian IT firms work as system integrators for Huawei and though the exposure is very less as of now, the potential is more due to 5G roll out. As pressure to keep the Chinese firm out of the 5G network grows, other global firms, including Japan's NEC, South Korea's Samsung, Finland's Nokia and Sweden's Ericssion are increasing their investments to grab more market share in the telecom sector.
The idea that technology and startups with newer business models will not disrupt traditional businesses has been thrown out the window.
This is part of the initiatives that the ministry is undertaking to use technology in order to make airport check-in seamless and formation of a no-fly list.
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