Companies are developing a surrogate education system to create a skilled labour pool.
The Ebitda margin, too, was lower than the expected 29.1 per cent.
Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
Vishal Sikka is equally comfortable designing cutting-edge software as he is negotiating in the boardroom.
Key among those would be US Federal Reserve Chairman Ben Bernanke's speech late on Monday evening, fourth-quarter earnings report by information technology major Infosys Technologies and India's industrial production data during the week.
Among the Sensex firms, IndusInd Bank, Power Grid, Tata Motors, Bajaj Finance, NTPC, HDFC Bank, Reliance Industries, Nestle and Kotak Mahindra Bank were the major gainers. Infosys, State Bank of India, Tata Steel, Hindustan Unilever and Titan were the major laggards.
Infosys is all set to aggressively market its core banking solution product Finacle to mature banking markets in the US, Europe and Australia.
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.
Subpoena is a court-issued command to individual or representatives of corporate entities to appear before the court of provide specific evidence as sought by the court.
A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23. The top four IT companies earned a net profit of 1.7 lakh per employee during October-December 2022, up 8.6 per cent from Rs 1.57 lakh in Q2FY23 and 16.3 per cent from a record low of Rs 1.47 lakh in Q1FY23. Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis.
From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
India's second largest software exporter, Infosys Technologies on Thursday announced it would set up two software development centres in China with a total investment of $65 million in the next five years.\n\n
Sikka has expanded the role of former SAP executive Ritika Suri.
Infosys co-founders N R Narayana Murthy and Nandan Nilekani along with their family members on Monday sold shares worth Rs 6,484 crore in the country's second largest software services firm.
India's second largest software company Infosys Technologies will add 12,600 software engineers this fiscal, surpassing its record of over 11,000 additions in 2004-05, the company said on Thursday.
Infosys Technologies, India's second-largest IT services firm, appears set on having an insider as its chairman when N R Narayana Murthy retires in August next year.
At a time when the market is betting on a 'higher for longer' global interest rate view, Accenture's (ACN) weak revenue forecast is a negative read-through for the Indian IT firms, according to analysts. The Dublin-based company sees its revenue growth at 2-5 per cent in constant currency (cc) for the financial year 2024 (FY24), below the pre-Covid levels of 5-8 per cent for FY17-20. The weak projection, thus, signals that slower demand is likely to persist this year, and any recovery is unlikely in the near-to-medium term, experts note.
It, however, is yet to decide on the annual wage rise.
Srikantan Moorthy, vice president and head, education and research, Infosys, on the reasons why colleges in India don't churn out employable graduates, the competencies that Infosys looks out for in freshers and how young students can make themselves employable right from their college days.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
Infosys Technologies Ltd will recruit 8,000-10,000 workers in the current fiscal, while its new subsidiary Infosys Consulting Inc would employ 75 people in its first year, Nandan Nilekani, managing director and CEO, said in Mumbai on Thursday.
From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23. Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers. HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.
In a long e-mail interview, Infosys Co-Chairman Nandan Nilekani speaks about his new post, his company's future, his dreams and aspirations.
In a filing to SEC, the company said proposed regulations may discourage its customers from seeking services.
"We are looking for acquisitions," Infosys chief executive officer and managing director Kris Gopalakrishnan told reporters in Mumbai on the sidelines of the Nasscom India Leadership Forum on Thursday.
HCL Technologies and Infosys should benefit more than TCS and Wipro
US-based PerformanceRetail, Inc, which provides technology solutions for the retail industry, said it had picked India's Infosys Technologies Ltd to provide it services in product development and maintenance.
Nine of the 10 most valued firms together added over Rs 2.12 lakh crore in their market valuation last week, with HDFC Bank and TCS emerging as the lead gainers. Last week, the 30-share BSE benchmark jumped 844.68 points or 1.38 per cent. The stock markets were closed on Tuesday for Guru Nanak Jayanti.
"The global macroeconomic environment is still uncertain. It is and should be a concern for the IT industry," said the Infosys CEO and Managing Director S D Shibulal said.
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.
Infosys, according to sources close to the development, bagged the pilot project emerging as the lowest bidder (L1) in a competitive bidding process, which was attended by most Indian IT services firms and global companies like Siemens and IFS.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
Equity benchmark indices Sensex and Nifty stayed on the back foot for the second straight session on Friday as investors offloaded FMCG, IT and teck stocks amid a weak opening in European markets. Selling pressure in index heavyweight Reliance Industries also added to the weak trend in equities. The 30-share BSE Sensex fell 223.01 points or 0.35 per cent to settle at 62,625.63.
IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore. The Wipro board approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece. "Board...of Wipro...has approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares of the company, for an aggregate amount not exceeding Rs 120,00,00,00,000 at a price of Rs 445...per equity share," the company said a regulatory filing.
The plans of India's second-largest IT services provider, Infosys Technologies, to establish a second major campus in Bengaluru has cleared a major hurdle, with the Karnataka government giving its approval to convert the space -- where the software firm had acquired land for the purpose -- into an industrial area.
Among the Sensex firms, Kotak Mahindra Bank, Asian Paints, Tata Consultancy Services, HCL Technologies, Infosys, Tata Steel, Wipro, Bajaj Finance, Tata Motors, Titan and Bajaj Finserv were the major laggards. In contrast, IndusInd Bank, ITC, Bharti Airtel, Maruti, UltraTech Cement, Mahindra & Mahindra and State Bank of India were the gainers.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
Among the Sensex firms, HDFC, HDFC Bank, Mahindra & Mahindra, Kotak Mahindra Bank, Bharti Airtel, Tata Motors, Reliance Industries and Maruti were the biggest laggards. Bajaj Finance, State Bank of India, NTPC, Hindustan Unilever, Titan, Infosys, Bajaj Finserv, Wipro, Asian Paints and Tata Consultancy Services were among the major gainers.
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