Cognizant has said it aims to be back among India's top four IT services companies by 2027 by improving revenue, market share, bagging large deals, and gradual margin expansion. The Nasdaq-listed company does a major part of its business in India, but has trailed peers such as Tata Consultancy Services and Accenture over the last few years as growth tapered, margins squeezed, and attrition soared.
Moody's Investors Service on Wednesday affirmed the ratings of two major Indian IT services companies, Tata Consultancy Services Limited (TCS) and Infosys. In two separate statements, Moody's also retained stable outlook for both the companies. Moody's expects Infosys' revenues to climb by around 13 per cent for the financial year ending March 31, 2023, but moderate to around 8 per cent in the next 2024 fiscal.
Tata Consultancy Services (TCS) has bagged -- from the Ministry of External Affairs -- the contract for delivering electronic passports (e-passports), according to sources. This deal is in addition to the second phase of implementing the Passport Seva Program, which the company got from the ministry. Players such as Thales India and HP participated in this deal, which is expected to be of Rs 1,000-1,200 crore.
In March this year, when Tata Consultancy Services (TCS) unveiled a new brand statement of "Building on Belief", many wondered if it was the right strategy. When things are uncertain, wouldn't a brand statement such as "Experience Certainty" have been better? But for Rajesh Gopinathan, CEO & MD, TCS, it was all about the way the company was looking at business. As Gopinathan explained over a video call, "Today, we have over 1,000 customers and 98 per cent of our business is repeat business; our relevance to customers should continue, and to increase.
Software major Tata Consultancy Services on Wednesday reported a 14.8 per cent rise in net income to Rs 11,392 crore for the fourth quarter of last fiscal against Rs 9,959 crore in the year-ago period. The country's largest technology services company by market value said its revenue rose 16.9 per cent to Rs 59,162 crore during the reporting season from Rs 50,591 crore a year ago.
'A major IT services firm that previously had a demand of 1,000 to 2,000 employees now requires 7,000 to 8,000 -- a sizeable jump from the previous quarter.'
IT major Tata Consultancy Services (TCS) has made changes to its leadership roles in North America. As part of the changes Suresh Muthuswami has been elevated to the role of chairman, North America, said sources in the know. This is one of the most significant leadership changes the company has announced for the region. The reason for the changes in the North American region, the largest in terms of revenue for TCS, is because Surya Kant who has been at the helm of North America for the past 16 years is stepping down by the end of the fiscal year, as he retires.
Tata Consultancy Services (TCS) - the largest information technology (IT) services provider in India and the second-largest globally - recently set an ambitious goal of $50 billion in revenue by 2030. The growth required to reach this goal, however, is lower than the company's own standards. In the past decade, TCS revenues, or net sales in US dollar terms, have grown at a compound annual growth rate (CAGR) of 9.5 per cent, from $10.2 in 2011-12, to an expected $25.3 billion during 2021-22 (FY22), based on its revenue trend in the first nine months of FY22.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
'It won't be a V-shaped recovery. It'll be consolidation.' 'Investors might exit during that grind. It'll be painful.'
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.
'Skilled labour is different from immigration.' 'While any adverse immigration ruling will impact Indians, it may not necessarily affect the IT services industry.'
As the Ratan Tata Endowment Foundation and Trust are new entities, the continuous CSR fund flows from Tata Sons will help it undertake new projects.
India's largest IT firm Tata Consultancy Services (TCS) on Friday said its Board will consider a buyback proposal on January 12. "...the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on January 12, 2022," a regulatory filing said. No other details of the buyback proposal were disclosed. The Board of the Mumbai-based company is scheduled to meet on January 12 to approve and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Together with its share buyback worth Rs 16,000 crore completed in January this year, TCS shareholders will receive a record Rs 30,250 crore from their company in FY21.
The second-quarter performance of the top five information-technology services firms gives the hint that slow growth has bottomed out on the back of discretionary spending kicking in for the sector's largest vertical - the banking and financial services. However, concern about the macro-environment continues to be a challenge. Among the top four - Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro - it is Bengaluru-based Infosys that has performed the best and that was evident in its full-year revenue guidance.
Moving over 520,000 employees to a digital work model is no mean feat. Having done so, Tata Consultancy Services (TCS) is taking these learnings to help clients digitise their work models. Swiss Re is one such client. For the global information technology services firm with a headcount of 528,748 as of end-September, the shift to a single human resource (HR) platform started a few months before the pandemic started, when TCS moved its HR solutions to Microsoft's platform. Siva Ganesan, global head, Microsoft business unit, TCS, still remembers the early days when TCS embarked upon a move from an existing software platform to a digital medium for communications on a Microsoft Office platform.
From the 30-share blue-chip pack, Adani Ports, UltraTech Cement, Larsen & Toubro, Sun Pharma, HDFC Bank, ICICI Bank, NTPC and State Bank of India were the major laggards. Tata Consultancy Services, Reliance Industries, ITC, Asian Paints, HCL Tech and Maruti were among the gainers.
'Our phones are taken away as we enter the room.' 'They are just asking us to sign without any discussion. If you ask for a discussion, they say, 'Sign first'.'
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Tata Consultancy Services on Friday said it has been selected by the Ministry of External Affairs (MEA) for the second phase of the Passport Seva Program. In the next phase of the programme, TCS will refresh existing facilities and systems, and develop innovative solutions to enable the issuance of e-passports and further enhance the citizen experience, using technologies, such as biometrics, artificial intelligence, advanced data analytics, chatbots, auto-response, natural language processing, and the cloud, a statement said. Launched in 2008, the Passport Seva Program saw TCS transforming the delivery of passport-related services, digitising the processes, and setting global benchmarks in timeliness, transparency, and reliability.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. "Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.
The country's largest IT services exporter TCS on Monday said moonlighting is an "ethical issue" and against its core values but has not taken any action against any staff. The company, which employs over 6.16 lakh people, will take into account all the relevant dimensions while forming its final view on the issue which has been dominating headlines for the last few weeks, its chief human resources officer Milind Lakkad told reporters. "Moonlighting we believe is an ethical issue and it is against our core values and culture," Lakkad said.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
Tata Consultancy Services (TCS) announced on Tuesday that it will become the title partner of the London Marathon from 2022, following this year's race on October 3. TCS said it has signed a six--year partnership with the mass sporting event.
Tata Consultancy Services, India's largest software exporter, hired 100,000 freshers in the financial year 2021-22, more than in any other year. That means an average of 8,300 trainees joining the company every month. This is not merely a mathematical calculation: hiring of freshers at the top IT companies is no longer a compressed affair confined to the campus season.
'Selling could further intensify and take the index towards 22,800-22,750 in the near-term.'
The combined market valuation of eight of the top-10 most valued firms surged Rs 1,21,270.83 crore last week, with Reliance Industries becoming the biggest gainer, in line with an outstanding rally in benchmark equity indices. Last week, the BSE benchmark jumped 1,027.54 points or 1.21 per cent. The BSE Sensex hit its record high of 85,978.25 on Friday.
The first quarter results (Q1FY25) of Indian IT services hint towards better fiscal growth than the preceding year, but as the management commentary said, "there is still some time for the industry to be firing on all cylinders." Among the majors-Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro-it is the Bengaluru-based Infosys that has performed better, which was also evident in its full-year revenue guidance.
TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, chief operating officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth).
Tata Sons has pocketed Rs 11,164 crore by tendering 24.81 million shares in the Rs 18,000-crore share repurchase programme by the group's flagship firm Tata Consultancy Services (TCS). State-owned insurer Life Insurance Corporation (LIC) tendered 1.17 million shares to take home Rs 528 crore. Small shareholders - those holding shares worth up to Rs 2 lakh - tendered 25.3 million shares in the buyback, 4.22 times the 6 million shares reserved for them in the buyback.
The IT major will give an anniversary hike for lateral hires as they complete a year at the company. And, these employees were entitled to the annual salary revision that followed the anniversary hikes.
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
Equity benchmark Sensex tumbled over 575 points on Thursday, tracking heavy losses in index-heavyweights HDFC twins, TCS and Reliance Industries amid a weak trend in global markets. Declining for the third straight day, the 30-share Sensex slumped 575.46 points or 0.97 per cent to settle at 59,034.95. During the day, it tanked 633.06 points or 1.06 per cent to 58,977.35. The broader Nifty-50 also declined 168.10 points or 0.94 per cent to close at 17,639.55.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
