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.
TCS said FY15 will be a better year in terms of top line growth and the deal pipeline remains strong
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
Trading in the equity market this week will be highly influenced by a host of important triggers, with quarterly earnings from IT majors TCS, Wipro, and domestic inflation and IIP data taking the centre stage in dictating the movement in equities, analysts said. Besides, global factors and trading activity of foreign investors will also drive markets. "We are approaching the first quarter earnings season, with HCL Tech, TCS and Wipro set to report their earnings this week.
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
With this, the total strength of TCS's board has increased to 11.
Mistry said he hoped the company would soon take a decision on appointing a woman as director on the board.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
TCS will deliver application maintenance and support services to Chrysler. The IT services initiative will encompass a portion of the functional areas within Chrysler such as sales and marketing and shared services.
Says more than 120 who lost jobs have approached it; TCS says workforce optimisation leads to some involuntary attrition, nothing out of ordinary
Tata Group was the only private enterprise on the itinerary of Li Keqiang during his visit to the country.
Incumbent DMK MP T Sumathy alias Tamizhachi Thangapandian will face-off former Telangana Governor and BJP leader Tamilisai Soundararajan, while the the AIADMK has fielded ex-MP Dr J Jayavardhan, who won from here in 2014.
TCS is planning to reorganise its global operations to spur customer satisfaction and revenue growth.
The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16, the ministry said in a notification. "...the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India" will not be covered under LRS, the notification said while inserting Rule 7 in the FEM (CAT) Rules.
TCS will manage Diageo's global IT infrastructure, data centres and servers, in addition to providing service desk support to employees, TCS said in a statement.
These graduates will have the opportunity to spend a year training and working for TCS at its Innovation Labs and software development centres across India between 2016 and 2020.
TCS South Africa would have an equity participation from Black Economic Empowerment groups to ensure localisation of services and skills, it said.The company has a centre in Johannesburg from where it provides support services for financial services products implemented in South Africa.
It also gave an upbeat growth outlook, sending its shares up the most in more than eight months.
Indian software firms have been retraining their workforce in emerging technology areas, also helping them get certified
TCS created wealth worth Rs 3,458 billion for the period 2010-15.
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.
The Nifty opened on a firm note and moved between 5,913 and 5,866 as investors awaited TCS and Reliance Industries results.
Software export major TCS said it has bagged a contract from the state of Karnataka for establishing and managing a proposed State Data Centre (SDC).
Under the eight-year association, TCS will take on the role of Title Sponsor of the New York City Marathon in 2014, the software major said in a statement.
The IT co has over 2,500 employees catering to a strong client base in the country
Analysts say TCS's total dividend outgo in 2014-15 is likely to cross Rs 11,500 crore (Rs 115 billion), given its policy of paying quarterly dividends.
Bloomberg estimates revenue at Rs 25,328 crore, up 4.6per cent sequentially and EBITDA margin of 27.2per cent
Reliance Industries on Tuesday became the country's most valued company, pushing IT major TCS to second spot in the domestic market capitalisation chart.
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.
N Ganapathy Subramaniam further said TCS has signed deals worth over $6 billion in a matter of just 2-3 weeks
TCS said employee addition during the quarter stood at 18,362
IT services major Tata Consultancy Services on Thursday said it has been ranked number one for customer satisfaction in a major survey conducted by Whitelane Research in the United Kingdom.
Growth is coming across both government as well as private sector.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
In 2010, TCS's brand value was $2.3 billion.
Tata Consultancy Services on Wednesday announced a global engineering services partnership with power systems company Rolls-Royce.
India's largest information technology (IT) services provider, TCS, is setting up a greenfield business process outsourcing (BPO) centre in Ahmedabad that can house 2,000 people.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
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