Infosys on Wednesday reported a one-time exceptional hit of Rs 1,289 crore on account of the impact of the implementation of new labour codes, as India's second-largest IT services firm announced its December quarter earnings.
Infosys, HCL, Wipro ramp up fresher intake as AI reshapes skills demand and hiring shifts from 'hire to train' to 'train to hire'.
Infosys commits to hiring 20,000 graduates amid industry-wide layoffs and uncertainty.
The company attributed the cut in guidance to the macroeconomic uncertainties.
Earlier this week, MCA had asked rival Tata Consultancy Services for temporary assistance to resolve glitches related to the electronic filing system MCA 21 -- currently being implemented by Infosys.
Infosys would take over the programme from its rival Tata Consultancy Services.
Infy's cash utilisation may play role in whether valuation gap too narrows
The US had initiated investigation against Infosys and its larger rival Tata Consultancy Services (TCS) for possible violations of H-1B visa rules in June.
Tata Consultancy Services-led consortium has bagged a Rs 15,000-crore contract from BSNL to deploy 4G network for the state-run telco. In a statement, TCS said it has received an "advance purchase order" valued over Rs 15,000 crore from BSNL.
HCL Technologies Ltd, India's No. 4 IT services exporter, beat expectations with a 41.6 percent rise in quarterly profit, after order wins boosted earnings.
Wipro, which employs 22,000 people across Chennai, is the latest IT service provider to warn of the impact of the floods in a city
IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. "...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.
Wage hikes and rupee depreciation may affect the business.
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.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
Infosys Ltd's refocus on big-ticket contracts since the return of its founder has begun to pay off as India's No. 2 software services exporter crossed $2 billion in quarterly sales for the first time and pushed up its revenue outlook.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
Tata-owned Air India has launched a Voluntary Retirement Scheme (VRS) for its employees- in the airline's first drive to reduce headcount. The salt-to-steel conglomerate acquired the carrier last year. As of November 2019, the airline had 9,426 permanent employees.
Since a week ago, better-than-expected results from Infosys Limited, Tata Consultancy Services Limited and HCL Technologies Limited sparked a 13 per cent rally in the sector subindex that grinded to a halt on Friday.
The company has been able to help clients to transform their business and beat cost during the slowdown.
Infosys is binding its employees with a contract that forbids them from joining the company's customers and competitors when they quit. Is this fair?
Among the chief financial officers, TCS' Sethuraman Mahalingam has been named the best in the country and is followed by Infosys' Vibin Balakrishnan.
NTPC and NHPC, which together own a third of India's electricity generation, have roped in state-owned power sector financing firm, Power Finance Corporation for the joint venture along with TCS. "We (referring to NTPC and NHPC together) are the largest power generators and we hope to create a market for this," said NTPC Chairman and Managing Director R S Sharma.
Infosys has been focusing on winning more lucrative digital technology and automation outsourcing contracts.
Infosys aims to achieve an aspirational goal of $20 billion in topline by 2020.
Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million
Quarterly revenue from Europe rose 35 per cent, the strongest growth since the company started breaking out revenue by region two years ago.
One of the reasons is the increasing number of upgrades in analysts' recommendations.
In 2010, TCS's brand value was $2.3 billion.
Punita is the founder and managing partner, Pacific Paradigm Advisors
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021. Last month, TCS shareholders 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.
Almost all Indian IT companies would pay between $8,000 and $10,000 per H1B visa from April 1
India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
India's largest software services firm Tata Consultancy Services (TCS) said the tenure of its Chief Executive Officer and MD N Chandrasekaran has been extended by five years to October 2019.
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