Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
Tata Consultancy Services on Wednesday announced a global engineering services partnership with power systems company Rolls-Royce.
From the Sensex pack, NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Motors, ITC, Power Grid and Larsen & Toubro were the biggest gainers. IndusInd Bank climbed 2 per cent after the company on Tuesday reported a 30 per cent jump in consolidated net profit in April-June quarter at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions.
AirAsia India on Monday moved closer to getting off the ground by appointing S Ramadorai as its Chairman, ending months-long suspense and having in place the entire top management team.
While understanding the challenges of the group, the Tata Sons chairman has taken quite a few tough decisions in his first year in office.
According to experts in human resources, even joining of new graduates is likely to be staggered as companies are expected to onboard staffers after gauging the demand scenario.
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.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
Of the top 10 valued firms, eight including Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd, HDFC and ITC witnessed gains in their market valuation. From the top-10 pack, the valuation of HDFC Bank jumped Rs 31,553.45 crore to Rs 929,752.54 crore.
Apart from such advisory, IT biggies such as TCS, Infosys and HCL Tech among others have been pursuing 'remote working' model to overcome the situation.
Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai and MG Motors are gearing up to introduce EVs in India.
Father of the Indian software industry and the first CEO of Tata Consultancy Services, Faqir Chand Kohli, passed away on Thursday. He was 96 years old.
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
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.
The country's second-largest software services company, which has trailed peers Tata Consultancy Services and Cognizant on growth, is also looking at weeding out non-performers to improve efficiency.
The early-bird results for the April-June quarter of 2024 (Q1FY25) hint at a slowdown in corporate revenues and profits in FY25. Corporate profits might face headwinds from a continued revenue growth slowdown and a reversal in margin gains from lower commodity and energy prices in FY24. The combined net profit (adjusted for exceptional gains and losses) of the 210 companies that have declared their Q1FY25 results so far is down 4.2 per cent from the year-ago period - their worst showing in seven quarters.
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.
The senior Tata Group executive's appointment as NSDC chairman raises the vital question of conflict of interest
The firm-level optimism derives partly from the state of the global economy.
The software body, which represents the $100 billion Indian IT-BPO industry, has also appointed MindTree CEO Krishnakumar Natarajan as the vice chairman of the executive council.
'With a strong customer base, we will continue to focus on customer-centric services, offer integrated full services, a global delivery model, tap emerging markets and increase our non-linear capabilities.'
TCS is said to have bagged a multi-million pound contract to support the disclosure and barring services for the Criminal Records Bureau of the UK.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
Experts are of the opinion that though digital services hold the future, the companies are likely to take a hit during the transition period.
Sensex ends 31.12 pts down at 27,319.56; Nifty falls 4.50 points to 8,219.60.
A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23. The top four IT companies earned a net profit of 1.7 lakh per employee during October-December 2022, up 8.6 per cent from Rs 1.57 lakh in Q2FY23 and 16.3 per cent from a record low of Rs 1.47 lakh in Q1FY23. Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis.
The market capitalisation of a listed company corresponds to the cumulative market price of all its shares.
The lawsuit filed in 2006 by two of its former employees, Gopi Vedachalam and Kangana Beri, alleges that Tata unjustly enriched itself by requiring all of its non-US-citizen employees to endorse and sign over their federal and state tax refund checks to Tata and by taking unauthorised deductions from employee's paychecks.
Earlier this year, Tata Consultancy Services, the country's largest software exporter, launched iOn, a cloud computing service for SMBs.
Industry sources said the lay-off may be part of the deal that Nokia has signed with TCS and HCL Technologies earlier this year.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
The top four Indian IT firms have cash reserves of nearly $15 billion with TCS alone holding $5.9 billion in reserves, followed by Infosys with $3.6 billion, and Wipro with $3.4 billion. HCL Technologies has cash reserves of $1.75 billion.
Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC Bank and Reliance Industries taking the biggest hit amid an overall weak trend in equities. Last week, the BSE benchmark tumbled 1,538.64 points or 2.52 per cent amid concerns that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows also dented investor sentiments. Barring ITC, all 10 firms, including Tata Consultancy Services (TCS), Infosys, ICICI Bank and Hindustan Unilever, were the laggards.
Tata Consultancy Services, a Tata group company, has announced a 300 per cent interim dividend, the first dividend announcement after its initial public offering, for the current fiscal.
As many as 86 per cent of senior business executives have deployed artificial intelligence (AI) to enhance revenue streams or create new ones, said a report by Tata Consultancy Services (TCS) on Wednesday. As many as 69 per cent of businesses are more focused on using AI for innovation and increasing revenue than on improving productivity and optimising cost, said the 'TCS AI for Business Study'.
Volume growth and performance of the banking, financial services and insurance (BFSI) division will be a key aspect as the Indian information technology services sector draws closer to announce its first quarter results for 2012-13.
Besides having Indians in top management, the IT major is working to make the country an innovation hub to drive business in Europe.
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