Technology evolution forces private players to downsize operations.
Tata-owned Air India has launched a Voluntary Retirement Scheme (VRS) for its employees- in the airline's first drive to reduce headcount. The salt-to-steel conglomerate acquired the carrier last year. As of November 2019, the airline had 9,426 permanent employees.
Tata Consultancy Services, a Tata group company, has announced a 300 per cent interim dividend, the first dividend announcement after its initial public offering, for the current fiscal.
If the index is unable to sustain above 24,500 levels, technically it can then slip to its 200-DMA placed at 23,365 levels.
It has taken a pandemic to move the needle on the salary packages for greenhorn engineers hired by the Indian IT services sector. The country's third-largest IT services player, HCL Technologies, has decided to boost the entry-level packages from Rs 3-3.6 lakh to Rs 4.25 lakh for FY23, in a bid to attract fresh talent and keep them for longer to counter the impact of rising attrition. This new package would also be applicable to those freshers who joined the firm in FY22.
Among the Sensex firms, ITC, Kotak Mahindra Bank, ICICI Bank, Nestle, Axis Bank, IndusInd Bank, UltraTech Cement, Bajaj Finance, Maruti and HDFC Bank were the major laggards.
The early-bird results for the April-June quarter of 2024 (Q1FY25) hint at a slowdown in corporate revenues and profits in FY25. Corporate profits might face headwinds from a continued revenue growth slowdown and a reversal in margin gains from lower commodity and energy prices in FY24. The combined net profit (adjusted for exceptional gains and losses) of the 210 companies that have declared their Q1FY25 results so far is down 4.2 per cent from the year-ago period - their worst showing in seven quarters.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
ICICI Bank's valuation tumbled Rs 6,883.44 crore to Rs 3,48,532.24 crore, taking the worst hit among the top-10 firms.
The company has created eight stacks of related operating units, and the stack heads will report directly to chief executive officer N Chandrasekaran.
Tata Consultancy Services (TCS) has emerged as the biggest wealth creator over the past five years.
Wipro, TechM and HCL to lead sector growth in Q4, while Infosys to report soft quarter.
Father of the Indian software industry and the first CEO of Tata Consultancy Services, Faqir Chand Kohli, passed away on Thursday. He was 96 years old.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
In the quarter ended June 30, the company posted 15.7 per cent growth in net profit at Rs 3,831 crore (Rs 38.31 billion) when compared with the corresponding quarter last year. Revenue rose 21 per cent to Rs 17,987 crore (Rs 179.87 billion).
Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
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.
Besides Florida and Louisiana, the Houston Consulate provides service to Indian community and businesses in Alabama, Arkansas, Georgia, Kansas, Mississippi, Oklahoma and Texas states.
Change of guard and strategy has rejigged the financials and order of top IT companies.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
The country's second-largest software services company, which has trailed peers Tata Consultancy Services and Cognizant on growth, is also looking at weeding out non-performers to improve efficiency.
Seasonal weakness may result in modest sequential revenue growth for large Indian IT firms in the January-March 2016 quarter, analysts said.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
TCS expects the October-December quarter volumes to be lower due to lesser working days.
The country's largest information technology (IT) service provider, Tata Consultancy Services (TCS) is all set to expand its footprint in West Bengal, according to state IT minister Partha Chatterjee.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
TCS saw its headcount reduced by 6,333. Infosys' headcount decreased by almost 7,500, and HCLTech saw its employee numbers shrink by 2,299.
Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
Companies now require more than just academic marks; they seek students with internship experience or extra certification courses.
The Top Employers certification is awarded to a select group of employers.
The net profit of 82 firms up 20.2%, but topline growth slows to 14.7% on muted show by manufacturing firms.
Tata Consultancy Services (TCS), India's largest IT services firm, is planning to increase salaries by an average of 7-8 per cent for its offsite employees and 2-4 per cent for its onsite staffers in 2024-25. High performers can expect a raise of 12-15 per cent. The company, which had a headcount of 603,305 as of December 31, 2023, will be closely looking at the promotions and the process may also get pushed to the first quarter of FY25, revealed a source on condition of anonymity, because he is not authorised to speak to the media.
Industry sources said the lay-off may be part of the deal that Nokia has signed with TCS and HCL Technologies earlier this year.
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
From the Sensex pack, ITC jumped 4.74 per cent. The other major gainers were IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services and ICICI Bank. HDFC, Tata Steel, Bajaj Finance, NTPC, Power Grid and HDFC Bank were the major laggards.
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