The bulk of the erosion in terms of value took place in India's most-valued firms. For instance, Mukesh Ambani-led Reliance Industries alone has lost Rs 3.8 trillion in m-cap, followed by HDFC Bank, which has seen its value erode by Rs 2.45 trillion and Tata Consultancy Services (TCS), which has lost Rs 1.85 trillion to stand at Rs 6.24 trillion, making it India's most-valued.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter. The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24.
'The top five IT giants are not hiring, but most of the freshers want to start their careers with the top five IT firms.' 'In today's scenario this is a challenge.'
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
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.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
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.
The acquisition will give the Tatas a firm footing on international routes and generate economies of scale.
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.
'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.'
Besides Florida and Louisiana, the Houston Consulate provides service to Indian community and businesses in Alabama, Arkansas, Georgia, Kansas, Mississippi, Oklahoma and Texas states.
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
Benchmark equity indices Sensex and Nifty ticked higher for the ninth straight session on Thursday, buoyed by fag-end buying in banking, financial and realty stocks amid encouraging domestic retail inflation data. Weak trends in IT counters and fall in the overnight US equity markets triggered by fresh concerns over recession, however, put a check on market's uptrend. In a largely subdued session, the 30-share BSE Sensex went up marginally by 38.23 points or 0.06 per cent to settle at 60,431.
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.
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.
Demand is driven by smaller deals in the US, larger ones in Europe.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
'One of the strategies is to pick deals carefully. That means looking at sectors like energy, banking, insurance and also doing outsourcing.'
It also gave an upbeat growth outlook, sending its shares up the most in more than eight months.
Infosys Ltd's refocus on big-ticket contracts since the return of its founder has begun to pay off as India's No. 2 software services exporter crossed $2 billion in quarterly sales for the first time and pushed up its revenue outlook.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
In tougher times, there seems to be an overwhelming focus on managing the large or anchor clients.
The stock market comes full circle; pharma also gains prominence, courtesy rupee depreciation
From the Sensex pack, State Bank of India, Axis Bank, IndusInd Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Maruti Suzuki, Tata Steel and Tata Motors were the major gainers. Power Grid and HDFC Bank were the laggards from the pack.
Investors' wealth fell by Rs 2.39 lakh crore on Monday in line with a weak trend in the global equity markets. The BSE Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.
Indian information technology software and services industry is truly the lighthouse of modern India.
The newest CEO in the Tata group brings an aggressive pace and style to India's largest IT consultancy firm.
Work should not flow; it should get done, said N Chandrasekaran.
With Tata Consultancy Services (TCS) announcing a wage rise for its employees this year and most other industry peers going ahead with their wage increase plans, pressure is expected to mount on Infosys to reconsider its earlier decision.
India's second-largest software services company, Infosys Technologies, for instance, plans to hire close to 30,000 this financial year.
Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this period. Concerns over more rate hikes by developed economies, weak global equity markets and fresh foreign fund outflows from the domestic market have dented investor sentiments. On Monday, the BSE Sensex dropped 175.58 points or 0.30 per cent to end at 59,288.35 points, marking a decline for seven straight trading sessions.
The country's second largest employer in the corporate sector has over 300,000 men and women on its roles in 50 countries.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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