The two IT majors -- Infosys and TCS -- delivered disappointing results for the fourth quarter of the 2022-23 financial year (Q4FY23). Poor macro conditions and weak sentiment in the banking, financial services and insurance (BFSI) space accounted for the miss. For TCS, revenue in constant currency (CC) terms grew at 0.6 per cent on a quarter-on-quarter (QoQ) basis. Weakness was visible in North America, primarily due to deferred discretionary spending.
Its revenue grew 3 per cent year-on-year to Rs 40,135 crore for the just-ended quarter from Rs 38,977 crore in the year-ago period.
Its Board has declared a second interim dividend of Rs 5 and a special dividend of Rs 40 per equity share of Re 1 each of the company.
A 37-year-old Indian death row convict escaped the noose after he was re-sentenced to life imprisonment by the high court following changes to the laws governing sentences for certain categories of murder.
Revenue of the Mumbai-based firm grew 6.7 per cent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal.
Any changes in the visa regime may result in higher operational costs and shortage of skilled workers for the $110 billion Indian outsourcing industry.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
The strong client metrics, industry leading growth in digital services, a very strong order book and deal pipeline are validations that customers recognise TCS' differentiated capabilities, chief executive officer and managing director Rajesh Gopinathan said.
TCS chief operating officer N Ganapathy Subramaniam earned over Rs 11.61 crore in FY19 as compared to Rs 9.29 crore last fiscal.
Revenue of the Mumbai-based firm grew 18.5 per cent in the quarter under review to Rs 38,010 crore from Rs 32,075 crore in the corresponding period last fiscal.
Karnataka IAS officer S Sasikanth Senthil submitted his resignation from the service on Friday, telling 'friends' in a letter that the "fundamental building blocks of democracy are being compromised in an unprecedented manner".
Revenue of the Mumbai-based firm grew 11.4 per cent to Rs 38,172 crore in the June 2019 quarter, compared to Rs 34,261 crore in the same quarter of 2018-19.
Revenue grew 5.1 per cent in the quarter under review to Rs 39,946 crore from Rs 38,010 crore in the corresponding period last fiscal.
Wipro Chief Executive Officer Thierry Delaporte drew a pay package of $8.7 million (around Rs 64.3 crore) in the financial year 2020-21, according to a regulatory filing. Delaporte's compensation is for the period from July 6, 2020, to March 31, 2021, and includes components such as a one-time cash award, annual stock grant and one-time grant of RSUs (restricted stock units). The former Capgemini executive had joined the Bengaluru-headquartered Wipro as its chief executive officer and managing director on July 6, succeeding Abidali Neemuchwala.
IT major TCS is planning to revamp the organisation structure to align with customers more closely, as it aims to achieve $50 billion (about Rs 3.89 lakh crore) revenue by 2030, a source aware of the development said on Tuesday. The company had garnered $25 billion in revenue in 2021. "TCS has now charted its roadmap and long-term strategy to reach the next $25 billion revenue. "It aims to get to $50 billion by the close of the decade," the source told PTI.
'Most students find it difficult to cope with the way they are expected to learn at the IITs.' 'So, all the students face the same stress.' 'But those students who are mentally weak are more affected.'
Easy usage, no-maintenance claim draw consumers to these desktop alternatives.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
Experts are of the opinion that though digital services hold the future, the companies are likely to take a hit during the transition period.
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan. Last month, TCS' board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore. "....the members of the company have duly passed the special resolution approving the Buyback," TCS said in a regulatory filing on Wednesday. The voting, which started on October 20 and ended on November 18, saw 99.57 per cent of the votes being cast in favour of the buyback offer.
Why did the department and his colleagues not stop this 'rogue' officer from implicating an innocent man while the entire nation was watching for weeks? The answer is they either approved, or disapproved and refused to intervene or they didn't care, notes Aakar Patel.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
'Your confidence is shaken when the government does what it does these days, but then it is the same confidence that gives you the courage to stand up to the government's high-handedness.' 'There will always be people who will not fear jails or the physical and mental torture that visit citizens protesting against the government's draconian policies and laws.' 'There will always be Indians who will not be afraid to face the consequences of fighting for their Constitutional rights.'
Daisaku Ikeda is the president of Soka Gakkai International, a global Buddhist movement.
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
N Chandrasekaran saw his annual compensation rise to Rs 25.6 crore.
India's largest software services company Tata Consultancy Services (TCS) on Wednesday it has seen a surge in demand for its services and expects to recruit 10,000 individuals in the US by 2022. The Mumbai-based company has hired over 21,500 employees in the past five years in the US.
The country's largest software services firm, Tata Consultancy Services (TCS) on Monday reported a 14.9 per cent rise in consolidated net profit to Rs 9,246 crore for the March 2021 quarter.
TCS plans to build ignio as a standalone company.
Growth is coming across both government as well as private sector.
The Mumbai-headquartered company, however, said it would selectively hire experienced employees from outside.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
Infosys has emerged as the fastest growing IT services brand following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion, earning it third spot, the brand valuation consultancy said in its latest Global 500 IT Services Ranking report. TCS and Infosys have pushed IBM to fourth spot from second. IBM's brand value now stands at $10.6 billion, a decline of 34 per cent from last year and 50 per cent since 2020.
Cognizant jumps 13 ranks to become 4th most valued.
In an online chat with readers, Vimal Gopinathan and Naveenan Ramachandran, experts, 4GMAT, addressed queries on how to crack the GMAT and offered advice on b-school admissions in India and abroad.
The number of applications filed for H-1B visa this year was around 40 per cent higher than a year ago.
Tata Sons chairman N Chandrasekaran on Thursday said even though a "hybrid" model will be the new normal in future, India's largest software exporter TCS will ask employees to come to work once the pandemic is over as social interactions are a social necessity. "I do want to make the point that people need to meet people. It is a social necessity. "So, there will be a shift towards moving people to work when the pandemic gets over," Chandrasekaran, who also chairs TCS, said at the company's annual general meeting. At present, 97 per cent of the company's staff have been working from their homes because of the pandemic, he said, admitting that a "hybrid" model where people work from homes and also from offices will be the new normal.
TCS moved into new markets like France, Japan thanks to acquisitions.
In a setback to efforts by Italy to secure release of its two marines charged with murder of two Indian fishermen, the Kerala high court on Tuesday turned down its plea for quashing an FIR against them, holding that they were liable to penal jurisdiction of Indian courts.
At TCS, Chandrasekaran would be succeeded by Rajesh Gopinathan, currently the company's chief financial officer.
