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.
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
'No one manufactures intelligence at the moment.' 'This is a concept that your IT industry understands.' 'What you need is infrastructure. Everything else can then be taken care of.'
'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.'
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.
The firm-level optimism derives partly from the state of the global economy.
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.
From the Sensex pack, ITC jumped 4.74 per cent. The other major gainers were IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services and ICICI Bank. HDFC, Tata Steel, Bajaj Finance, NTPC, Power Grid and HDFC Bank were the major laggards.
Both groups warn of initiating strict actions, issue public notices.
From the Sensex firms, Bajaj Finance, HDFC, HDFC Bank, Bajaj Finserv, Asian Paint, State Bank of India, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Tata Steel were the biggest gainers. HDFC climbed 2.59 per cent after the housing finance major on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending March 2023 on the back of higher interest income. IndusInd Bank, Nestle, Power Grid, ITC, Tata Motors and Mahindra & Mahindra were the major laggards.
India's largest IT services firm Tata Consultancy Services (TCS) on Friday reported a 5.2 per cent year-on-year rise in consolidated net profit to Rs 9,478 crore for the first quarter ended June 30. The consolidated revenue from operations increased 16.2 per cent year-on-year to Rs 52,758 crore in the first quarter of FY23. TCS has declared an interim dividend of Rs 8 per equity share of Re 1 each.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
The country's largest insurer LIC is the fifth most valuable company in the country with a market capitalisation of about Rs 5.54 lakh crore. Life Insurance Corporation (LIC) made a tepid stock market debut on Tuesday following a mega IPO which fetched Rs 20,557 crore to the exchequer. The shares listed on stock exchanges at over 8 per cent discount over its issue price of Rs 949 apiece.
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.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
From the Sensex pack, Power Grid, Infosys, Asian Paints, Mahindra & Mahindra, HCL Technologies, IndusInd Bank, Tech Mahindra, Bajaj Finance, Wipro, Tata Consultancy Services, HDFC Bank and Titan were the major gainers. Tata Steel and Bharti Airtel 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.
Sensex ends 31.12 pts down at 27,319.56; Nifty falls 4.50 points to 8,219.60.
Industry sources said the lay-off may be part of the deal that Nokia has signed with TCS and HCL Technologies earlier this year.
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.
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.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
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.
Fresher hiring, which has been subdued as Indian information technology (IT) services firms scaled back their recruitment, is set for a turnaround. The IT sector's fresher hiring is expected to rise by 20-25 per cent for 2024-25 (FY25). Additionally, the global capability centres are projected to boost their fresher hiring by 40 per cent compared to last year, according to a TeamLease Digital analysis.
At the end of last quarter, Tata Sons held 144,34,51,698 total shares or 73.75 per cent stake in TCS, out of which 7,95,00,000 shares were pledged.
From the Sensex pack, Power Grid, HDFC Bank, HDFC, Tech Mahindra, Tata Consultancy Services, Wipro, Reliance Industries and Larsen & Toubro were the major gainers. Mahindra & Mahindra, ITC, IndusInd Bank, Axis Bank, Bajaj Finance and Maruti were among the laggards.
Besides having Indians in top management, the IT major is working to make the country an innovation hub to drive business in Europe.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank were the major gainers. Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank were among the laggards.
Seasonal weakness may result in modest sequential revenue growth for large Indian IT firms in the January-March 2016 quarter, analysts said.
Wipro was the biggest loser in the Sensex pack, slipping nearly 2 per cent, followed by IndusInd Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Infosys, Tata Consultancy Services, HDFC and Bajaj Finserv. On the other hand, Nestle, Mahindra & Mahindra, ITC, HCL Technologies, Asian Paints and Maruti were among the gainers.
Interview with CFO & vice-president, Tata Consultancy Services
When big companies such as Infosys and Wipro are forecasting minor growth this financial year, TCS is all set to break the trend.
Experts are of the opinion that though digital services hold the future, the companies are likely to take a hit during the transition period.
Demand is driven by smaller deals in the US, larger ones in Europe.
