IT services firm Cognizant on Wednesday posted 12.9 per cent increase in net profit to $420.1 million for the second quarter this year, revising revenue growth guidance to 20.1 per cent for the fiscal.
Quarterly revenue from Europe rose 35 per cent, the strongest growth since the company started breaking out revenue by region two years ago.
Buoyed by the second quarter results, the Nasdaq-listed Cognizant Technology Solutions has announced its plans to hire 5,000 people by the year-end, thus taking the company's total headcount to 14,000.
Nasdaq-listed IT firm Cognizant on Wednesday said it will pay its senior executives 100 per cent performance-linked stock options if the company's revenues touch $8.51 billion in fiscal year 2013.
The acquisition has opened a market to 245,000 healthcare providers, 350 payers (insurance firms) and 180 million lives.
Nasdaq-listed Cognizant Technology Solutions, which did not complete the due diligence process for Satyam Computer Services, is understood to be back in the race to acquire the troubled software company.
Leading IT services provider Cognizant Technology Solutions Corp plans to build three more fully-owned technocomplexes covering over 600,000 sq feet area for its 6,500 employees
Size of targeted firms for M&As increases from $10-20 mn to $80-100 mn.
IT and business process outsourcing services provider Cognizant Technology Solutions Corporation has expanded its share repurchase programme to $200 million.
According to the woman, as she was waiting for a bus for Phaltan in Satara district at one of the platforms around 5.45 am on Tuesday, a man approached her and engaged her in conversation, calling her 'Didi' (sister), and said the bus for Satara had arrived at another platform.
The Supreme Court of India has ruled that it is mandatory to consider the twin conditions laid out in the Prevention of Money Laundering Act (PMLA) when deciding bail applications in money laundering cases. The court emphasized the seriousness of the crime and the need to comply with the rigorous requirements of Section 45 of the PMLA, which includes giving the prosecutor an opportunity to oppose bail and ensuring that the court is satisfied that there are reasonable grounds to believe the accused is not guilty and unlikely to commit another offense on bail. The ruling was made in response to an appeal filed by the Enforcement Directorate against a Patna High Court order granting bail to an accused in a money laundering case. The Supreme Court found that the High Court had granted bail without properly considering the requirements of Section 45 and remanded the case back for a fresh review.
Shubham Lonkar, the mastermind and wanted accused in Nationalist Congress Party leader Baba Siddique's murder had allegedly planned the murder of Aftab Poonawala, the accused arrested in the gruesome Shraddha Walker murder case, sources said.
The new facility of Cognizant Technology Solutions, a leading global IT offshore services provider, at Coimbatore is set to go operational soon, a senior company official said.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Deal to bolster firm's position in healthcare IT.
Francisco D' Souza, president and chief executive of Cognizant Technology Solutions (earlier called Dun and Bradstreet Satyam Software), believes Asia and Latin America would be the nearly $3-billion New Jersey-based offshore IT service major's focus areas of growth.
Aam Aadmi Party chief Arvind Kejriwal's car was pelted with stones during campaigning in the New Delhi constituency on Saturday, the party alleged.
IT services major Cognizant Technology Solutions has said it would hire 6,500 people in the next nine months and announced that its Chinese centre would start operations in April.
A coaching institute in Jaipur was sealed after several students fainted during a class, prompting calls for action against those responsible and a shift of such institutions to a designated "Coaching Hub". The incident, which saw students experiencing breathing difficulties and headaches, is suspected to have been caused by a gas leak from either a sewer line or the institute's kitchen. The Rajasthan Human Rights Commission has recommended free treatment and compensation for the affected students and an investigation into the matter.
IT majors Cognizant Technology Services and Polaris Sofware Lab are looking at ramping up their Toronto operations as part of a strategy to use Canada as a near-shore option for clients in the US.
Leading software outsourcing firm Cognizant Technology on Tuesday reported a 15.4 per cent rise in net profit at $319.6 million in the quarter to September driven by a strong ramp up in demand for outsourcing services, up from $276.9 million a year ago.
The revenues of the top 5 India-based IT services providers worldwide rose by over 13 per cent to $34.3 billion (around Rs 1,900 crore) last year from $30.3 billion in 2011.
Pai sought to look at the issue of founders raising questions as shareholder activism.
Chatterjee said the compNY is not aware of any major client concerns at this point.
Beats estimates with 22 per cent increase in net profit.
'The steel industry expects the government to decide on safeguard measures from dumping post-Budget'
Visa-related restrictions and costs to affect profitability of all major offshore-centric IT firms.
A Delhi court has refused to take cognisance of a chargesheet against Adhunik Corporation Limited and its two directors in a coal scam case lodged by the Enforcement Directorate (ED), saying an attempt to acquire proceeds of crime or anticipating undue benefits cannot be termed money laundering.
A 23-year-old Dalit woman was found dead in Mainpuri, Uttar Pradesh, with her family alleging she was killed for refusing to vote for the Samajwadi Party in the Karhal assembly bypoll. Two individuals have been arrested in connection with the woman's death. The incident has escalated into a political controversy, with the BJP accusing the SP of creating an atmosphere of terror and the SP alleging that the Election Commission is turning a blind eye to the BJP's alleged misuse of government machinery. The bypoll in Karhal is being contested by the SP's Tej Pratap Singh and his 'fufa' Anujesh Pratap Singh, with the BSP also fielding a candidate.
Cognizant's Phoenix BPO center will initially provide claim processing services for one of the largest healthcare plans in the US, it said in a statement.
US-based IT services major Cognizant on Wednesday reported a 16.3 per cent rise in net profit at $324.3 million for the fourth quarter ended December 31, helped by broad-based growth across industries and geographies.
