Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
As a part of cost cutting measures to tackle global economic downturn, IT major Tata Consultancy Services (TCS) on Thursday said job cuts are possible and ruled out salary hikes next year.
Tata Consultancy Services, Asia's largest IT services company, is expanding its base in Kerala by setting up its operations at Kochi Infopark.
Tata Consultancy Services, India's number one information technology services company, could overtake Infosys to become the most profitable one for the first time on a full-year basis in 2012-13.
Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
India's largest IT services firm Tata Consultancy Services is eyeing the 'major transformation' in China's banking and financial services sector to tap the market for its services and products.
Under its Agile business model, the company has started using its off-shore base up to the extent of 90 per cent which, along with several other measures, will benefit its operating margins, said Chief Operating Officer N Ganapathy Subramaniam.
Profit taking in Bajaj Finance, Nestle, Kotak Bank, SBI, Bharti Airtel L&T and Asian Paints also weighed on the benchmark index. Maruti bucked the trend by gaining 1.73 per cent after strong retails sales in September. Power Grid, M&M. JSW Steel and Tata Steel also advanced.
Both firms have broken TCS' streak of industry-leading performance over the past few quarters by posting higher revenue and earnings growth this quarter.
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr
India's Rs 6 lakh crore-plus information technology (IT) industry is back on its high-growth path - led by Tata Consultancy Services (TCS), which is ahead of other large firms in top-line numbers for the second quarter.
Tata Consultancy Services would set up a development centre at Gandhinagar, official sources said in Ahmedabad on Friday.
'Today's engineering graduates have to learn the skills to solve problems which is actually a higher order skill.'
The figure constitutes less than one per cent of the company's 1,30,000-workforce. According to the report, a TCS spokesperson reasoned that these employees had failed to meet performance standards.
TCS will continue to play aggressive in the domestic market and has the requisite set of skills to execute complex projects, he said, adding the company would continue to hire in its on-shore division.
Tata Consultancy Services (TCS) is likely to delay its Rajarhat campus in West Bengal, as part of a string of cost-management initiatives to cope with the pangs of the global meltdown.
The results have not provided any positive surprise
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.
TCS had in recent weeks been the subject of reports of a large number of layoffs.
The broader NSE Nifty, on the other hand, ended 2.70 points, or 0.02 per cent, lower at 11,555.90 in its third straight day of losses.
Currency volatility to have negative impact of 275 bps
As the strategic IT services partner for IMSS, TCS will provide IT services including application maintenance and support, custom software development, business analysis services and value-added initiatives for the organisation's affiliates, a release said. TCS won the order following a public bid process and an assessment based on technology and financial parameters, it added.
Good growth in BFSI segment, favourable currency to aid the company in Dec quarter
Shareholders want to know what plans does company have to address the issue
The alliance would be a first for both parties, and comes after the Premier of Australia's New South Wales state, Morris Iemma, visited India recently. Ramadorai said he and other senior executives had fruitful discussions with Iemma, who led a delegation of 70.
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.
TCS has done better than Infosys in sequential and yearly revenue growth so far this financial year.
Analysts predict TCS's outlook to be stable.
However, the second quarter of FY24 is expected to be muted, and, with that, the hope of double-digit growth is now being pushed to FY25. However, analysts are expecting the momentum in the closure of record total contract values (TCVs) will continue, as has been the case over the last two quarters.
Among the Sensex firms, Wipro jumped over 6 per cent after the IT company's December quarter earnings beat estimates. The other prominent gainers were HCL Technologies, HDFC Bank, Infosys, Tech Mahindra, Bharti Airtel and Reliance Industries.
In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent. TCS climbed 2.44 per cent. Tech Mahindra, Wipro, L&T and Maruti were among the other major gainers.
In addition, TCS solutions will also be part of the racing car's popular cousin, the Ferrari sports car.
Tata Consultancy Services (TCS), the country's largest information technology services company, will hire 50 per cent more students from campuses for 2011-12.
