Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
Indian-origin tech companies cornered a fifth of all H-1B visas issued by the US with Infosys and Tata Consultancy Services leading the pack, an analysis of data from the US immigration department showed. According to data from the US Citizenship and Immigration Services, in April-September 2024 period, out of the total 1.3 lakh H-1B visas issued to different employers, about 24,766 visas were issued to Indian-origin companies.
Congress president Mallikarjun Kharge has accused the BJP of rigging the Maharashtra assembly elections and called for a return to ballot paper voting. He also criticized the Modi government for selling off public assets, undermining democratic institutions, and promoting communal polarization. Kharge's remarks come as the Congress prepares for its AICC session in Ahmedabad, where it will present its political and economic views.
Firm to prune domestic costs through initiatives such as voluntary separation
Social media influencer Ranveer Allahbadia and other individuals associated with a YouTube reality show, "India's Got Latent, " face legal trouble after complaints were filed in Mumbai regarding offensive and vulgar content on the show. Two separate complaints, one with the police and another with a city court, were filed by members of the BJP and Congress, respectively. The complaints allege that the show promotes abusive language, vulgarity, and nudity. The YouTuber, with almost 16 million followers, has since apologized for his distasteful comments on parents and sex, which had sparked widespread outrage. The complaints seek action against Allahbadia, show host Samay Raina, fellow YouTuber Ashish Chanchlani, the show's makers, judges, and participants.
Cognizant's consulting practice today has 5,500 consultants, perhaps one of the highest numbers when compared to Indian IT players.
India CMD Ramkumar Ramamoorthy clarified Cognizant would continue hiring, and that the earlier job-cut announcement was but a small one, considering the company had around 290,000 employees globally.
The man steering Cognizant today is boyish-looking, 44-year-old Francisco D'Souza, who could easily pass for an energetic student at a management school, than for the CEO of a top-flight technology company.
Cognizant becomes the second largest offshore-centric IT services player.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
The acquisition would help Cognizant significantly expand its ability to provide industry-focused SAP consulting and software solutions to major retailers enabling them to streamline operations and enhance customer satisfaction, Cognizant said in a statement.
In the ongoing saga of senior management resignations, Wipro announced on Monday that its chief technology officer (CTO) Subha Tatavarti has resigned. Her resignation will be effective from August 16, 2024. In a regulatory filing, the company said: "Subha Tatavarti, CTO, resigned from the services of the company to pursue opportunities outside Wipro."
Cognizant Technology Solutions invites Science graduates and post-graduates to join their work force.
The protesting students claimed that the deceased was suffering from health issues and was disturbed mentally after he was marked for failed attendance.
Leading global information technology firm Cognizant on Thursday said it has acquired Galileo Performance, a Paris-based provider of IT testing consulting services.
Rajeev Mehta, chief executive for IT services, believes this is due to a few client-specific issues, saying the overall business environment continues to look good.
Despite growing rapidly in an adverse business climate, rumours cast doubts about its future.
In the quarter, Cognizant's revenue grew one per cent over the past quarter in North America.
Cadient clients are spread across pharmaceutical, biotechnology, consumer health and medical device industries.
IT services major HCL Technologies (HCLTech) on Monday reported a 10.51 per cent increase in consolidated net profit to Rs 4,235 crore in July-September quarter of FY25, as the company raised the lower band of its growth guidance on the back of better-than-expected performance. The Noida-headquartered firm had posted a net profit of Rs 3,832 crore in the year-ago period. HCLTech increased the lower band of its revenue growth guidance to 3.5-5 per cent year-on-year in constant currency, against a guidance of 3-5 per cent in the first quarter.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Rivals like Cognizant Technology Solutions Corp and Infosys Ltd have also sharpened focus on the healthcare sector
Educational institutes feel the pain as hiring roughly 50% of usual this year.
Elon Musk has announced that a massive DDoS attack hit his livestream with former United States President Donald Trump, forcing X owner to scale down the live audience.
The implementation of this toll collection system, which will eventually eradicate toll booths, necessitates the fitting of an on-board unit (OBU) in every vehicle that can track a vehicle's location in real time.
The company, which had made voluntary disclosures about the bribery incident to the US authorities, also said with this resolution, there was no pending investigations against Cognizant.
'It is not that the H1B visa employees are coming in to displace jobs.'
Buoyed by stellar earnings in the September quarter, IT firm Cognizant said it will offer promotions for its employees at all levels up to managers.
Indian IT services companies have seen several CEO changes that have, over the past few months, led to some crucial exits at the mid-senior level in a trend that is likely to continue. According to a recent Motilal Oswal report, "Movement of mid-to-senior leadership at IT services firms is a reality, partially on account of multiple CEO-level changes.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
The digital opportunity is not just tech opportunity, but an opportunity to reinvent client business model.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
Chatterjee said the compNY is not aware of any major client concerns at this point.
As Nasdaq-listed company indicates poor spending in financial services space, Indian firms feel jittery
Deal to bolster firm's position in healthcare IT.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
Information technology services major Cognizant is at an advanced stage of negotiations to acquire Genpact, the business process outsourcing (BPO) giant.
Last year in the same quarter, Cognizant had toppled Wipro as the third largest software exporter in India.
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