According to reports, Vodafone NZ had offered all its employees, other than call centre and retail staffers, voluntary severance package
Tata Consultancy Services (TCS) has become the first Indian company to exceed Rs 5 lakh crore in market capitalisation.
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
Polarisation and the increase in index weight of a few a stocks have weighed on performance. The worst performers include Nippon India Large Cap and HDFC Top 100 (2.6 per cent).
Ayan Pramanik and Shivani Shinde Nadhe report on the uncertainties that have dragged down shares of TCS, Tech Mahindra and HCL Technologies.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent. The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
The move comes at a time when the traditional software maintenance and support works, once the bread and butter for export-driven IT services business, are slowly drying up.
Revenues, profit margins will be hit in the next one year, but more demand in the longer run.
'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 Bombay Stock Exchange has resumed trading after three hours on Thursday.
The broader NSE Nifty, on the other hand, ended 2.70 points, or 0.02 per cent, lower at 11,555.90 in its third straight day of losses.
IT companies have, in recent times, re-invested gains arising from a weaker rupee.
Pricing pressure in traditional technology services and slow growth in emerging technologies may turn out to be the spoiler for Indian infotech companies, says Ayan Pramanik.
The contract, according to the sources, include two different components - one for mainframe and IT infrastructure support and management.
RIL was the biggest gainer in the Sensex pack, rising 2.63 per cent, followed by NTPC, Axis Bank, Tata Steel, PowerGrid, HDFC twins, Bharti Airtel, M&M, ICICI Bank, SBI and Bajaj Finance -- gaining up to 2.51 per cent.
Delays in promised service delivery were earlier settled between client and service provider. More organisations now opt for a legal settlement to save cost and protect investor sentiment, say analysts.
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
Companies say they have ensured that services to clients remain unaffected.
Since a week ago, better-than-expected results from Infosys Limited, Tata Consultancy Services Limited and HCL Technologies Limited sparked a 13 per cent rally in the sector subindex that grinded to a halt on Friday.
Investors are already factoring in the impact. The IT Index on the BSE exchange dipped 2.5 per cent, with Infosys, Wipro and TCS showing a decline.
'If the business doesn't recover in next 6-10 months, there might be situation where there would be some lay-offs...That may be required for survival and to ensure livelihood to millions of people.'
Best performers get gifts such as foreign holidays, high-end cars and mobile devices
Engineering graduates specialising in artificial intelligence and machine learning can earn up to 24 lakh a year, says Saran Balasundaram, founder and CEO, HanDigital, a talent consulting firm.
Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.
Professional services firm Ernst & Young bagged the contract from UIDAI to become consulting partner for the project.
First sequential decline in a decade as 8 of top 15 software firms report drop in manpower
'The key is to keep the growth sustainable over a period of time.'
Analysts factor in 200-300-bps impact on sales in FY16
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Investors will look at how TCS has performed when it announces the quarter's results on October 13, and the forecast from Infosys on October 14
Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
The combined profit before tax of 748 companies, which have declared their results for Q1FY21, is down 46 per cent YoY. Their net sales went down by a quarter as the Covid-19 lockdown led to a sharp fall in economic activity.
Both companies, along with three others, were suspended in 2010 on grounds of irregularities.
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