The Nifty is up 6.5% in the last 12 months. The NSE IT Index is down 10% in the same period. But will the sentiment improve going ahead?
In a circular dated May 20, Sebi had directed the listed companies to evaluate the impact of Covid-19 on their capital and financial resources, profitability, liquidity position, assets, and ability to service debt. Instead, companies have spoken about the number of plants, warehouses and distribution centres that have resumed operations; work-from-home and safety measures undertaken for employees; and the labour shortage they are facing.
In new year message, Sikka warns staff of automation, Premji talks of Wipro's core values
Software giant Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.
Companies spent less money buying back their shares from the public last year than at any time since 2015. They announced buybacks of up to Rs 14,341 crore, show numbers from primary market tracker Prime Database. The total amount spent was Rs 13,597 crore. Both the amounts are lower than what was offered (Rs 39,564 crore) and spent (Rs 36,517 crore) in 2020.
Information technology services company Cognizant Technology Solutions on Monday met its revenue guidance given for the quarter ended March 30 and projected its April-June revenues to cross those of Infosys, something long anticipated in industry circles.
Indian IT giants like TCS, Infosys and Wipro have decided to call back their employees from Bahrain.
Sector experts say rising pressure on margins owing to price discounts on the core business, increased hiring in the US and emergence of new technology areas are key reasons for such cost cutting.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
Though a weak dollar will lend some support to revenues and margins in FY21, the demand environment will outweigh any gain.
Fourth quarter earnings of blue-chips such as Infosys, TCS, Wipro, RIL and inflation data for March will dictate the trend on the bourses in a holiday-shortened week ahead, experts said.
This business could also be aided by new outsourcing opportunities in IMS from Germany, France and northern Europe
The Oriental Bank of Commerce has tied up with Infosys and Wipro for centralised banking solutions to provide customers with "anywhere anytime" services.
Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.
But Indian information technology workers might do better without the companies that held them back, says Mihir S Sharma.
The 21st AGM of the company is scheduled to be held in Mumbai on Friday.
While most analysts remain positive on TCS and Infosys, they are cautious on Wipro.
Software exporters TCS, Infosys and Wipro on Friday said they have little exposure in Dubai and do not see any adverse impact due to the emerging financial crisis there.
5,565 contracts, valued at $201 billion are up for rebids across geographies and verticals by 2018.
The recently-concluded lateral placement process at IIM-B saw the emergence of management consultants as the preferred choice for more than 55 per cent offers.
Real estate firms like DLF, Prestige, Phoenix Mills to benefit.
Modest growth projections hits IT sector.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
While it was too much of money in hand and a high-flying corporate career to sacrifice, the thrill and adventure to control her own destiny tilted the balance in favour of entrepreneurship for Jessie Paul, who quit a Rs 60 lakh per annum job at Wipro to start her own company.
Persistent, L&T Technology and TechM named among leading service providers
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
IT stocks have dropped about 3 per cent in the days since the Donald Trump administration took first steps toward visa reform and all of India's highest-profile technology tycoons have seen their net worth eroded. Saritha Rai reports.
For top IT services firms, revenue growth in FY15 was the slowest since the Lehman crisis
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Infosys Technologies today reported a 14.17 per cent growth in consolidated net profit at Rs 1,780 crore (Rs 17.8 billion) for the third quarter ended December 31, 2010, which according to market observers has failed to cheer the street.
After a volatile session, Sensex closed the day 563 points lower
Building front-end and stitching it with back-end is a task that IT firms are learning the hard way, finds Raghu Krishnan.
While the denial rate has dropped slightly to 21 per cent in 2019 from 24 per cent in 2018, the National Foundation for American Policy has said it is much higher for Indian IT companies like Tata Consultancy Services (TCS) and Wipro and very low for American companies like Amazon and Google. For instance, the denial rate for TCS and Infosys in 2019 was 31 per cent and 35 per cent respectively, whereas for Wipro it was 47 per cent and 37 per cent for Tech Mahindra. On the other hand, the denial rate for the new H-1B petitions in 2019 was just four per cent each for Amazon and Google. The denial rate for Microsoft during the same period was six per cent, and Facebook along with Walmart was just three per cent each.
According to Nasscom, engineering services exports had grown at 13 per cent in 2017 compared to six per cent rise in IT services exports and eight per cent in business process management (BPM). It had also recorded the highest growth in the last three years, reports Debasis Mohapatra.
Markets closed in the red on domestic worries.
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