Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.
The appreciating rupee has taken its toll on Tata Consultancy Services' June quarter numbers, with the top line growing just 1per cent sequentially in rupee terms to Rs 5202.8 crore (Rs 52.02 billion).
Billionaire Mukesh Ambani's Reliance Industries Ltd is the most valuable private company in the country, as per Hurun India's 2022 Burgundy Private Hurun India 500 list. The list, which was released on Tuesday, stated that with a value of Rs 16.4 lakh crore, Reliance is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore. Reliance is also the highest taxpayer with a payout of Rs 16,297 crore and the most profitable company with a bottomline of Rs 67,845 crore in 2022-23.
'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 company also does not have a target on the number or percentage of the working staff when it comes to women, it said.
India's largest information technology services provider, Tata Consultancy Services (TCS), beat analyst expectations on both net profit and operating margins during the fourth quarter ending March 31.
Infosys, however, remains the 'dream company' in the IT arena, while MNCs occupy the maximum mindshare of professionals.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
Any changes in the visa regime may result in higher operational costs and shortage of skilled workers for the $110 billion Indian outsourcing industry.
India's top IT company Tata Consultancy Services Ltd plans to make Chennai its biggest centre over a period of time, replacing Mumbai where it is headquartered now, a top company official said.
The project will be commissioned in phases, official sources said on Thursday.
The company also plans to recruit over 3,000 people on onsite in countries like Brazil, Uruguay, China and in Latin America, among others.
Mutual funds (MFs) are betting on a turnaround in the healthcare sector to boost returns but are divided on the prospects of the information technology (IT) sector amid uncertain growth outlook. At the end of June, all of the top 20 fund houses were overweight on the healthcare sector vis--vis the sector's presence in the BSE 200 index, shows a report by Motilal Oswal Financial Services (MOFS). In the case of the IT sector, only six of the 20 fund houses had overweight positions.
TCS will acquire 20.67 per cent in WTI Advanced Technology for which it has reached an agreement with the International Finance Corporation, the private lending arm of the World Bank.
Morgan Stanley has increased the target prices of certain information technology (IT) stocks by as much as 29 per cent, anticipating an improvement in earnings in the near future. Within the IT and engineering research and development (ER&D) services sector, it is now more optimistic about growth and margin estimates for 2024-25 (FY25).
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The firm now has employee strength of 344,691.
In October, the company had announced that it will hire 35,000 freshers.
With the addition of these two directors, the total Board strength of the company increases to 14 which include seven independent directors, including O P Bhatt, Tata Consultancy Services said.
The much-awaited TCS IPO opened on Thursday, to a lukewarm response. The offer has been subscribed 91.08 per cent on the first day, and most bids are at Rs 775.
The centre in Riyadh will be staffed by Saudi females and will start by catering to Saudi Aramco and GE as anchor clients.
The Maharashtra government has formed a joint venture with Tata Consultancy Services to step up its efforts to provide online citizen services.
However, the company has not revealed the financial details of the deal.
The estimated value of these two firms is around Rs 200 crore.
Among Sensex stocks, Wipro gained the most by 3.29 per cent. Ultratech Cement, Reliance Industries, Hindustan Unilever, Nestle, NTPC, M&M, HDFC Bank, ITC, Kotak Bank and Axis Bank were among the winners. On the other hand, HCL Tech fell the most by 1.24 per cent. SBI, TCS, Infosys, IndusInd Bank and Tata Steel also dropped.
India's largest IT services firm Tata Consultancy Services has bagged a $100 million (nearly Rs 450 crore) deal from US healthcare company Kimberly-Clark.
TCS employs more than 60,000 across its 13 centres in Chennai.
In an interesting move, S Ramadori, chief executive officer and managing director of information technology major Tata Consultancy Services, recently said that TCS may provide IT services to casinos in Macau.
ICICI Bank, Axis Bank, Infosys, M&M, Tech Mahindra, Tata Steel, SBI and Maruti were also among the gainers. On the other hand, IndusInd, TCS, Titan and Asian Paints declined.
While Tata Consultancy Services, HUL, ITC and Infosys saw a rise in their market capitalisation (m-cap) for the week ended Friday, RIL, HDFC Bank, HDFC, Maruti Suzuki India, SBI and Kotak Mahindra Bank suffered losses.
TCS, India's largest IT company, has appointed and approved current TCS chief operating officer and executive director N Chandrasekaran as the CEO and Managing Director-designate.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
