N Chandrasekaran, managing director and CEO of Tata Consultancy Services, maintains that his company has proved its adaption to merging trends by reporting consistent growth.
India's top software firm Tata Consultancy Services on Monday signed a shareholders' agreement with three Chinese firms and Microsoft, to invest $15 million (nearly Rs 70 crore) for floating a software joint venture in China.
The country's largest software services firm Tata Consultancy Services on Monday opened the fourth-quarter earnings season with a stellar set of numbers, crossing the Rs 50,000 crore revenue mark for the first time and earning a net income of Rs 9,926 crore, registering a growth of 7.4 per cent year-on-year. The company said its revenue jumped 15.8 per cent to Rs 50,591 crore in the reporting quarter on an annualised basis. Many analysts were expecting the Tata group flagship to report over Rs 10,000 crore of net income and revenue to cross the Rs 50,000 crore mark this quarter.
'The top five IT giants are not hiring, but most of the freshers want to start their careers with the top five IT firms.' 'In today's scenario this is a challenge.'
Tata Consultancy Services has acquired 75 per cent equity stake in its Switzerland-based partner, TKS-Teknosoft, from the promoter for Swiss francs 100.5 million (about $80.3 million).
The county's largest IT company TCS on Friday reported a 7.2 per cent jump in December quarter net to Rs 8,701 crore on a consolidated basis, and seemed to suggest the worst is behind by projecting double-digit revenue growth for FY22. The company, a cash cow for Tata Sons, saw a 5.4 per cent growth in revenue at Rs 42,015 crore for the quarter. Operating profit margin came in at 26.6 per cent despite implementing wage hikes, after consistently missing the 26-28 per cent aspirational band for many quarters.
He however said, US has been a very welcoming market for TCS and has provided it with a fair, open and competitive environment
N Ganapathy Subramaniam, chief operating officer (COO), discusses the strategy to concert digital opportunities to larger deals, focus on reskilling own people instead of acquiring a company to get access to skillsets and demand from newer verticals in an interview with Romita Majumdar
Tata Consultancy Services is planning to raise the billing rates by 3 to 5 per cent for existing contracts, which are up for renewal, and for new contracts by 5-10 per cent.
The centre in Riyadh will be staffed by Saudi females and will start by catering to Saudi Aramco and GE as anchor clients.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
'We have not seen too many large deals compared to last quarter.'
Betting big on the 'Internet of Things' as the third major wave in technology space, IT major TCS' chief N Chandrasekaran has said that going digital was no more an option, but a default now.
India's information technology (IT) sector will witness subdued hiring in 2023-24 as macro uncertainties impact demand environment, with clients either taking a pause on spend or stopping discretionary spend, say human resource experts. To begin with, unlike earlier years, the three large IT players TCS, HCLTech, and Wipro have not provided any new hiring targets for the financial year. And Wipro has said that its hiring target will depend on the demand environment.
CMC has strong presence in the domestic market. It certainly compliments TCS.
TCS employs more than 60,000 across its 13 centres in Chennai.
Leading information technology services company Tata Consultancy Services would add a net of 13,500 people this year, chief executive officer and managing director S Ramadorai said on Saturday.
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.
Does India's most valued company give hope to its investors that they, too, might drive a Jaguar some day?
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
'To those who have just finished engineering or MCA or BSc, BBA, I will say they should take up whatever internship opportunities they are getting.' 'They should look for opportunities to learn the latest tools.' 'They should think innovative and try to solve problems. Only when you sharpen your skills, you will remain relevant.'
Wipro hires former TCS veteran as Group Prez & COO.
India seeks greater market access for its products including textiles, pharmaceuticals and bovine meat.
The Rajabai Clock Tower and Library have received a magnificent makeover.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
'Today's engineering graduates have to learn the skills to solve problems which is actually a higher order skill.'
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
His compensation in FY17 was more than the combined salaries of the entire boards of TCS, Wipro and Infosys. 'I am a self-made man from a very modest background,' Tech Mahindra's CEO C P Gurnani tells Shyamal Majumdar.
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
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.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
The National Association of Software Services Companies (Nasscom) on Tuesday launched the Talent Connect portal to bridge the gap between recruiters and digitally skilled and certified candidates. The portal, which has been in the work for the last 28 months has 100,000 candidates and companies such as Tata Consultancy Services (TCS), Tech Mahindra and Salesforce recruiting from it. The platform, for the first time, is also making an attempt to bridge the gap of skill-based talent to employers, rather than the current practice of academic focused talent base.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged
