The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Wipro is trying to strengthen its presence in the banking, financial services and insurance (BFSI) segment by increasing its revenue share on par with other leading Indian information technology (IT) service companies.
There have been numerous instances where employees were asked to leave when the information they have shared with the prospective employer has been found to be fraudulent. Background checks are getting more common as companies look to protect their interests and their clients' interests. So, watch what you claim on your CV.
Dalal Street investors became richer by more than Rs 16.36 lakh crore this year as the equity market scaled new highs despite persistent geopolitical uncertainties and inflation worries. Analysts attributed better macroeconomic fundamentals, the confidence of retail investors and foreign investors investing again in the domestic equities towards the latter half of 2022 as the key factors that led to the outperformance of the Indian market in comparison to many other stock markets worldwide. During the initial part of the year, markets were jolted by the Russia-Ukraine war.
Investor wealth zoomed over Rs 10.48 lakh crore in two days as the Budget-driven market euphoria continued to charge bulls on Tuesday.
In a time of tight credit, the facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the World Bank said.
Hiring activity in the country, which was hit by the second COVID wave, bounced back with a 15 per cent growth in June compared to May, according to a report. The activity was led by the IT-software/software services sector. The latest Naukri JobSpeak report on Thursday said that India's hiring trends grew 15 per cent in June with 2,359 job postings from 2,047 in May.
This project aims to transform India Post into a technology-enabled and autonomous market leader.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
Union Bank of India inked an agreement with The New India Assurance Co to market its non life insurance products in its quest to become a single point provider of financial service to its customers.
Praising them for "being forthright and transparent with shareholders", a magazine has named three India-origin chief executives-- Indra Nooyi, Francisco D'Souza and Ramani Ayer among the best CEOs in the US.
The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
'A start-up with 100 people has reduced the strength to 60-80 people to reduce cost.' 'Even if there is attrition, they prefer not to replace them.'
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.
'Sectors related to foreign trade, exchange, import and travel are experiencing a slowdown, which is now reflecting in their talent demand too.'
"When we are building businesses with a long-term view, we are less concerned about short-term impacts. The basic growth in India, the high savings rate and low penetration of financial products suggest there is a huge yet-to-be-tapped opportunity. We believe this is a good time to be building businesses to tap that potential," says Ajay Srinivasan, CEO, Aditya Birla Group's Financial Services.
According to a nation-wide survey on financial behaviour, India has the highest account dormancy rate even more than countries like Kenya, Tanzania, Uganda, Nigeria, India, Pakistan and Bangladesh.
The IPO lane will continue to be busy in December as 10 companies have lined up initial share-sale plans worth more than Rs 10,000 crore, merchant banking sources said on Wednesday. Moreover, the initial public offerings of Star Health and Allied Insurance and Tega Industries are currently open for public subscription. This comes after 10 firms successfully concluded their initial public offerings (IPOs) in November. Among the companies that scheduled their IPOs in this month include RateGain Travel Technologies, travel and hospitality technology services provider, and Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi.
Religare, a Ranbaxy group company providing financial services, has joined hands with Dutch insurer Aegon to set up life insurance and asset management venture in the country.
The Indian IT industry will stage a "strong recovery" in 2021-22 with a revenue growth of up to 11 per cent, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7 per cent to $99 billion in 2020-21.
Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals. The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period. Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter from Rs 40,135 crore in the year-ago period.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
The finance ministry has put out a revised draft in public domain.
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
The acquired company's clients include Franklin Templeton, Standard & Poor's, Finaplex, ING Investment Management, Sanofi-Aventis, Kaiser Permanente, Intuit and PayPal among others.
At least three brokerages, two domestic and one global, have said the company could cut its revenue growth guidance again in dollar terms
'A key reason for the strong interest in IPOs has been an increased focus on profitability and reasonable pricing of deals.'
IT firm's performance shows trouble in products segment, a majority of whose share comes from Finacle
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
The US sub-prime lending crisis forced Mumbai-based WNS Holdings to revise its net income guidance by 60 per cent, and this is worrying the $8 billion business process outsourcing sector players and analysts.
Alert: The two-year full-time Master of Finance and Control Programme for 2005-2007, from the Department of Financial Studies, University of Delhi South Campus.
Panaya drags Q1 profits though revenue improves on the back of large deal wins, good traction in North America.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
Banking, financial services and insurance segment have emerged as the "hottest" space in IT services industry with top companies acquiring smaller firms that have carved a niche in various segments of the BFSI space, according to industry officials.
A total of 25 companies raised Rs 28,220 crore during the financial year.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
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