"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
Infosys, Facebook, Genpact, and Cognizant, among others, have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are asking employees to stay indoors and prioritise the health and safety of their families. This is of significance as several information technology firms were going to take a call on work-from-home from June and had plans to allow some employees to come back to work.
Four Tech Mahindra employees approached the labour commission in Karnataka
Ex-Infosys CFO V Balakrishnan said the IT companies 'have to get employees who understand new technologies, they have to get rid of some of the employees, who are more on the legacy, and try to attract talent which is more digital'.
With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while it the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.
The demand for Tharoor's removal comes days after the Parliamentary Standing Committee on Information and Technology was set to question government officials on the Pegasus spyware issue.
The IT services giant is also slated to hold a board meeting on April 13 and 14, to approve of and take on record the consolidated financial results of the company for the quarter and year ended March 31, 2021. Indian IT majors will be announcing their fourth quarter (Q4) and 2020-21 results starting April 12. At the end of the Q3 FY21 Infosys had cash and investment of $4.5 billion.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
The top four Indian IT firms have cash reserves of nearly $15 billion with TCS alone holding $5.9 billion in reserves, followed by Infosys with $3.6 billion, and Wipro with $3.4 billion. HCL Technologies has cash reserves of $1.75 billion.
'The industry growth in 2016< came from the new digital technology segment which grew at over 20%.' 'The challenge for the industry is that the legacy business makes up almost 80% of revenue.' 'Hence the urgency to transform into digital business.'
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.
Tepid growth in verticals like banking and finance, healthcare, retail and automotive will drag overall IT spends in the current year, reports Debasis Mohapatra.
Tata Consultancy Services (TCS) has been ranked the third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance. Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- secured spots in the top-10 global tally.
The NCW has written to the Delhi Police to expedite its action in the case against the 'Bulli Bai' app, floated for trolling and harassing the victims, to ensure that such crimes do not recur.
The Delhi police on Sunday registered a case based on a complaint filed by a woman journalist alleging that she was being targetted by an unidentified group of people on a mobile application named 'Bulli Bai' created on GitHub platform.
The committee has shared an online form consisting of 11 questions seeking comments of lay persons until March 31.
Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
The year saw 30 QIP deals raising over $5 billion and 35 IPOs.
Ambassador Pankaj Sharma, Permanent Representative of India to the Conference on Disarmament (CD), Geneva, said India has been drawing the attention of the world towards these threats and the need to strengthen international cooperation to address them through its annual consensus UNGA resolution titled 'Measures to prevent terrorists from acquiring weapons of mass destruction'.
Sector experts say rising pressure on margins owing to price discounts on the core business, increased hiring in the US and emergence of new technology areas are key reasons for such cost cutting.
The pace of job generation has slowed as IT firms look at automation to do testing
The Supreme Court on Monday termed as 'amazing' and 'shocking' that people are still being booked under the Section 66A of the Information Technology Act, which was scrapped by the apex court verdict in 2015.
Dnyaneshwar Nivrutti Bodke is a farmer who hates subsidies and loan waivers. He also helps other farmers turn into businessmen and earn good income from their own farms.
Where do Indian IT firms stand compared to their global peers in this journey of transformation? Ayan Pramanik seeks answers from IT services analyst Phil Fersht.
The highest compensation package for the Global MBA class at the S P Jain School of Management stood at Rs 43.9 lakh while that for the MGB programme was Rs 35 lakh.
Colleges are witnessing more offers, with better salary packages. Median salary packages offered have improved over last year.
Cognizant jumps 13 ranks to become 4th most valued.
Tata Consultancy Services (TCS) is likely to maintain its leadership position over the next three years backed by a strong and satisfied client base.
The proposed annual quota for Indian companies could be between 10 and 15 per cent. Currently, there are no country-specific limits on H-1B allotment.
Considering the June quarter numbers have been softer, as compared to the past quarters, and the overall macro environment is yet again under a cloud, Indian IT services should seriously look at the new normal
The issue arose after TCS dismissed hundreds of employees in January 2015, leading to the formation of the IT Employees Wing supported by the NDLF.
Available data obscures the true stress in bank books, and the pandemic will result in balance sheet impairments and capital shortfalls at lenders, RBI Governor Shaktikanta Das said on Monday. Balance sheet impairment and capital shortfalls will be more evident once the regulatory reliefs are rolled back, Das said in the bi-annual Financial Stability Report, asking lenders to augment capital.
It's the second time Nasscom has projected single-digit growth in a decade.
Infosys Technologies' fourth-quarter results have been poorly received. The bellwether stock has taken a severe beating, bringing the markets down with it.
An ostensible reason for the demerger was the low profitability of the non-IT business, which was a drag on Wipro's bottom line. It accounts for 14 per cent of the company's turnover but only 6 per cent of its operating profit.
According to the police, overall, 1,818 people have been arrested so far in 400 cases in connection with the riots. They said 342 charge sheets have been filed by Delhi Police by the end of 2020, out of which the trial court has taken cognizance 250 cases.
BSE Bankex, Healthcare, Capital Goods and Consumer Durables ended higher.
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