Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Reliance Industries leads the pack of 56 Indian companies.
The company's consolidated revenue was up 34.3 per cent at Rs 15,621 crore (Rs 156.21 billion) for the second quarter.
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
In the second quarter, attrition for the IT firm hit an all-time low of 8.9 per cent, a fall of 120 basis points on quarter-on-quarter basis.
Tata Consultancy Services, Infosys and Essar were among 17 aspirants, who were granted in-principle approval by the government on Monday for setting up Special Economic Zones.
TCS is planning to reorganise its global operations to spur customer satisfaction and revenue growth.
The global financial crisis has inflicted at least a year's delay on the Indian IT outsourcing industry's drive to reach its short-term revenue forecasts, with key markets in the US and Europe suffering from the financial downturn.
Tata Consultancy Services America was awarded a $2.5 million Rapid Outreach Grant by the Ohio government to aid businesses growth and job-creation.
Tata Consultancy Services Ltd informed the Bombay Stock Exchange on Wednesday that its revenues for the first quarter of 2010-11 increased by 6.21 per cent over the previous quarter to Rs 8,217 crore (Rs 82.17 billion).
The figure constitutes less than one per cent of the company's 1,30,000-workforce. According to the report, a TCS spokesperson reasoned that these employees had failed to meet performance standards.
Insurer likely to support Ratan Tata; reduction in stake might have been profit booking.
Tata Consultancy Services, India's largest software exporter, on Monday reported a 44.9 per cent jump in net profit to Rs 1,116 crore (Rs 11.16 billion) in the third quarter of this fiscal.
Except for Satyam Computers, attrition rate went higher at Infosys, TCS and Wipro from both the previous quarter as well as the year-ago period.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
In one of the largest outsourcing deals ever, ABN Amro has signed a Euro 1.8 billion ($2.22 billion) contract with five IT-vendors, including Tata Consultancy Services, Infosys and IBM.
It is a feat currently shared by only four other Indian companies: ONGC, Reliance Industries, NTPC and Infosys.\n
Tata Consultancy Services Ltd on Friday said its shareholders have approved the issue of bonus shares worth up to Rs 48.93 crore (Rs 489.3 million) to be paid in the ratio of 1:1.
Arun Maira who worked for 25 years with the Tata Group, remembers his early years with Ratan Tata.
The onsite employees of Tata Consultancy Services, who constitute about 40 per cent of the total work force of the company, are "hugely disappointed" over not being able to participate in the initial public offering of the company.
Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter. The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
Kohli is a pioneer and a visionary.
Consultancy Services CEO S Ramadorai was named Manager Entrepreneur of the Year.
The company made a net addition of 12,580 employees.
While the software industry continues to reel under a recession, Tata Consultancy Services, has seen the exit of 5,000 employees.
To add 1,500-2,000 people in the next 12 months.
The Adani Group has overtaken Mukesh Ambani Group to become the country's second biggest business group in terms of market cap behind Tatas. Adani Group cos now have a combined m-cap of Rs 19.44 trillion against Ambani Group cos combined m-cap of Rs 17.89 trillion. Tata Group leads the league table with the group market capitalisation of Rs 21.73 trillion on Monday. The Adani Group companies, however, continue to out-perform firms from business groups and the broader market on the bourses by a big margin.
Nasscom will float a Rs 100 cr fund to help individuals and small companies in setting up and innovating their business. Tata Consultancy Services, Bharti Airtel Ltd and ICICI Knowledge Park to be key investors.
India's top software exporter Tata Consultancy Services on Wednesday said it is looking at setting up more delivery centres in Eastern Europe.
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