Jefferies has downgraded Indian information technology (IT) companies Infosys, HCLTech, and Mphasis to "hold"; LTI MindTree, Tata Consultancy Services (TCS) and Hexaware to "underperform", citing artificial intelligence (AI)-related concerns. Coforge, Sagility and IKS, however, still remain its top picks.
IT stocks dropped in morning trade on Monday, with Tech Mahindra tumbling over 6 per cent, amid concerns over the steep hike in US H-1B visa fees. Shares of Tech Mahindra tumbled 6.45 per cent, LTI Mindtree slumped 5.61 per cent, Persistent Systems dropped 5.51 per cent, Hexaware Technologies tanked 5.14 per cent and HCL Tech fell by 4.24 per cent on the BSE.
City-based mid-sized IT services company MindTree Consulting has acquired Linc Software Services Private Limited in an undisclosed stock and cash deal.\n\n
"Many people have to be tended here. I have an organic feel to MindTree. A gardener's job is never over," Bagchi told the media, adding that his new role was apt given MindTree's history. Information technology (IT) firms of late have been introducing catchy designations like 'Chief Fun Officer', 'Chief Happiness Officer', and even 'Chief Energising Officer' as they revamp their organisations and the roles of some of their senior executives.
With this rejig, Mindtree's board will now have 12 board members from eight.
The company will grow better than the industry
IT services provider MindTree Consulting is restructuring salary offers to its trainees over an 18-month period by staggering payments and linking these to tenure. The plan will be applicable to 250 freshers who joined the company in March this year. Another 250 people are expected to join in October this year.
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.
In the largest deal in the domestic information technology (IT) space, MindTree Consulting is set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore (Rs 4 billion). Both are Bangalore-based firms. Aztecsoft has over 2,200 employees and caters to the North American, European, Indian and Australian markets.
Microsoft Corp on Thursday announced the India launch of its software Office 2010, which incorporates the popular Word, Excel and Powerpoint applications.
Bangalore-based MindTree Consulting is floating an Initial Public Offering of 5.6 million equity shares of Rs 10 each to raise anywhere between Rs 200-240 crore
Information technology and research and development services company MindTree Consulting plans to float an initial public offer
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
IT major Accenture's second straight cut in its revenue growth forecast for FY23 suggests there is more pain ahead for the Indian IT sector, say analysts. Accenture has lowered the top end of its FY23 growth guidance in constant currency (CC) to 9 per cent from 10 per cent earlier. The firm, which follows a September-August fiscal cycle, expects a 2-6 per cent CC growth in Q4 of FY23 (June-August 2023) versus the 6-10 per cent prior guidance.
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis. By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity.
The advent of internet of things, blockchain, data analytics, artificial intelligence, and self-driving cars has also created huge business opportunities for online training platforms such as Udacity and Coursera.
Fifty Indian companies, including job portal Naukri.com, MakeMyTrip and consultancy firm MindTree are vying for the Red Herring Asia 100 award for excellence in technology.
Mid-sized IT firms have stepped up hiring in the current fiscal year, adding more than half as many employees in the first quarter of FY19 as compared to the whole of the previous financial year. This momentum is likely to continue for the rest of 2018-19 (FY19) as well.
In a scenario where the stock markets are being ravaged across the world, the MindTree stock which debuted on BSE on Wednesday listed at a premium of more than 40 per cent while the other stocks which opened for listing traded below the listing price
The software body, which represents the $100 billion Indian IT-BPO industry, has also appointed MindTree CEO Krishnakumar Natarajan as the vice chairman of the executive council.
'Companies are being forced to pay higher salaries to retain and hire employees due to a big rise in attrition in the industry.'
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
Mindtree, eclerx and Hexaware are trading at similar valuations to that of the larger peers.
IT services firms would no longer focus on large volume hiring from campuses like they did at least two to three years ago, as demands of clients are changing.
Shortly after the twin earthquake-tsunami that hit Japan, Indian IT firms had started calling back employees.
Wipro has emerged as the leader followed by HCL , Patni, Infosys , Mahindra Satyam and MindTree in the rating of global R&D service providers across various countries like India, China, Russia and Eastern Europe, according to a study.
With a US slump likely, semiconductor firms - particularly the global companies operating captive design centres in India - are expected to hire fewer engineers in the next financial year. More than 50 global companies, mostly from the US, operate captive design centres or offshore development centres, partnering Indian firms. More than 50 per cent of the Indian semiconductor firms are dependent on the US market for revenue. Hence, on-campus hiring will see general slowdown.
Ashok Soota has cited 4 challenges that India Inc is facing. He stressed on a robust risk management strategy for Indian companies. He also stated responding to changes in market environment, resolving legal and regulatory differences and encouraging leadership and accepting cultural diversity as other challenges. Highlighting the challenges faced by the India Inc, experts said globalisation is essential to pursue growth opportunities and leverage comparative advantage.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
It also barred the seven entities Latesh Chheda, Viren Kenia, Bhavin Chheda, Chetan Rathod, Neptune Fincot, Dhiren Pajwani and RSS Investment from the market.
The Confederation of Indian Industry has set up a Mission for Manufacturing Innovation to create "100 new billion-dollar companies over three years".
As an entrepreneur, you no longer have the luxury to pass the buck.
Global software giant Microsoft has pipped domestic IT giant Infosys as the best company to work for in India, according to a new study released on Tuesday. Microsoft was followed by Mindtree Consulting, Johnson and Johnson and Sapient at second, third and fourth ranks. Infosys, India's second-biggest software exporter, topped the list in 2006 but slipped to fifth spot this year.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
A humble attitude and a love for money are two very important attributes of a successful businessman.
