Close to 1,500 trainees who will join India's largest information technology services provider, Tata Consultancy Services (TCS), by the end of September, will not be eligible for variable pay till they complete their six-month training period.
Leading software company Tata Consultancy Services has announced an alliance with the MIT Sloan Centre for Information Systems Research, strengthening ties with the world's leading academic institutions.
Among the Sensex constituents, as many as 16 stocks closed with losses with Nestle India, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finserve, Titan and JSW Steel being the major laggards. Index major Reliance, Hindustan Unilever, Maruti and Tata Steel also declined due to selling pressure. In contrast, NTPC, TCS, Tech Mahindra, Bajaj Finance bucked the trend and ended the day in green. Axis Bank, Bharti Airtel, Mahindra & Mahindra and Tata Motors also defied the trend.
India's largest information technology firm Tata Consultancy Services on Wednesday said it would increase headcount in the next financial year and explore both the organic and inorganic routes for growth.
Post Q1 results, the stock rallied 8% compared to 2% rise in S&P BSE Sensex and 4% gain in S&P BSE IT index.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
The settlement is subject to fairness review and approval by the court.
Betting big on the inorganic growth strategy, Tata Consultancy Services on Thursday said its initial public offer would help bolster resources for 'significant' acquisitions for future growth.
According to bulk deal data available on the National Stock Exchange, TCS promoter group firm Tata Industries has sold 1.03 crore shares of TCS at Rs 615.04 a piece, aggregating to over Rs 634.80 crore. As of March quarter, Tata Industries held 5,14,850 shares representing 0.05 per cent stake in TCS.
Infy's cash utilisation may play role in whether valuation gap too narrows
To increase focus on hiring people from diverse skillset
The firm-level optimism derives partly from the state of the global economy.
In January this year, Tata Sons invested an additional Rs 2,500 crore (Rs 25 billion) in Tata Teleservices which was used to repay loans of the wireless telephony company.
The Top Employers certification is awarded to a select group of employers.
Historically, Infosys has kickstarted the earnings season for the entire listed space for many years, thus earning the bellwether tag in the market, while TCS has generally followed with its quarterly numbers a few days later.
Among the Sensex firms, HCL Technologies, Tata Consultancy Services, Maruti, Wipro, Larsen & Toubro, Infosys, Tata Steel, Bharti Airtel, State Bank of India, Tech Mahindra, UltraTech Cement and Mahindra & Mahindra were the major gainers.
The overall momentum is very strong, said the company CEO.
Billionaire Mukesh Ambani-promoted Reliance Industries Ltd (RIL) on Tuesday became the first listed company to hit the Rs 20 lakh crore market valuation mark. The market heavyweight's stock jumped 1.88 per cent to its record high of Rs 2,957.80 apiece on the BSE. It finally settled at Rs 2,928.95 per piece, up 0.90 per cent on the bourse.
M&B is partnering with TCS to streamline the management of its HR and Payroll operations.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
TCS was in charge of development and management of the portal for seven years, until MCA decided to hand the work of its IT vendor to Infosys.
TCS is likely to hire hire 55,000 employees in FY15 .
'We have not seen too many large deals compared to last quarter.'
'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.'
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.
Geopolitical events, macroeconomic data and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead, analysts said. Stock markets will remain closed on Wednesday for Ram Navami. "This week promises to be crucial for the market as fresh worries about a potential conflict between Iran and Israel emerge.
Take the Rediff Business Quiz and find what you know about TCS, India's largest IT company.
Software giant TCS has replaced its group firm Tata Steel as the country's most admired company.
Indian IT companies TCS, Infosys, Wipro and HCL Technologies have issued advisories to their employees working in US, whose East Coast is battered by a superstorm.
The pilot project would begin from South 24 Parganas district and be gradually extended to all other 18 districts of the state, Panchayat and Rural development minister Subrata Mukherjee said.
India's largest software services exporter Tata Consultancy Services on Friday said it will expand its strategic business alliance with US-based Dow Chemicals that will create new jobs in Midland-Michigan.
On key parameters, TCS appears to be on a better wicket.
TCS has bagged a Rs 784 crore outsourcing order from Sun Life Financial of Canada.
First, TCS is on track to grow faster than the industry's estimated 11-14 per cent growth (in constant currency). The second quarter has seen no major shift in demand or project cancellations, which were big concerns.
On Friday, the stock was the worst hit among the 30 blue-chips on the Sensex
Tata Consultancy Services (TCS) said it will hire 55,000 employees this fiscal, including 25,000 freshers.
While the software industry continues to reel under a recession, Tata Consultancy Services, has seen the exit of 5,000 employees.
Quarterly earnings from IT majors Tata Consultancy Services (TCS), Infosys, macroeconomic data announcements, global trends and trading activity of foreign investors would guide the movement in the equity market this week, analysts said. Movement of global oil benchmark Brent crude and the rupee will also influence trading in the markets. "All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12.
