Shares of India's largest information technology services company Tata Consultancy Services spurted by 20 per cent to touch an all-time high in early trade on the BSE on Friday, boosted by smart growth in net profit for the first quarter of FY2011-12, which analysts termed as above market expectations.
"We have reduced the time period for improving skills. Earlier, if an employee would show even a small improvement, we would give an extension of a few more months. Henceforth, that will not be done," said Ajoy Mukherjee, vice-president and head, global human resources. The company will consider an employee's performance for the past three years so as to maintain consistency.
"Outsourcing will continue. Even with the increase in wages in India by 14 or 14.5 per cent a year, we are still competitive upto the foreseeable future till 2011-12." TCS CEO and managing director S Ramadorai told reporters.
An alleged case of harassment against one of his employees by business associates puts an hotelier in the biggest crisis of his career.
The deal structure is expected to be similar to the Infosys recent announcement of acquiring three global offshore centres from Philips along with getting an outsourcing deal.
Signalling a return of good times in the information technology (IT) sector, India's largest IT services provider, Tata Consultancy Services (TCS), plans to hire 30,000 employees in the next financial year.
India's largest IT services firm Tata Consultancy Services is eyeing the 'major transformation' in China's banking and financial services sector to tap the market for its services and products.
Tata Consultancy Services Ltd and Microsoft were selected as strategic partners by Sino-India Cooperative Office of China to set up a software joint venture company for IT outsourcing services and solutions to both global and domestic market.
While about 8,000 people are in the long list of invitees, the select list features 506 A-listers, including prominent politicians, leading industrialists, top film stars, sportspersons, diplomats, judges and high priests.
Four of the 10 most valued domestic firms together added a whopping Rs 231,320.37 crore in market valuation last week, with market heavyweight Reliance Industries contributing the most to the overall gains. Last week, the Sensex jumped 884.57 points or 1.61 per cent. While TCS, Infosys and ICICI Bank were the other gainers from the top-10 pack, HDFC Bank, HUL, LIC, SBI, HDFC and Bharti Airtel faced erosion from their market valuation.
A $15.2-million contract between a subsidiary of India-based Tata Consultancy Services and an American state agency has been cancelled, falling victim to politics in view of elections in the US next year.
US President Barack Obama has already backed the Bill that seeks to put curbs on the use of H-1B visa for those companies which have a higher ratio of work force under this category.
Tata Consultancy Services, the $2 billion listed IT company from the Tata group is looking at expanding its global base by exploring untapped markets in Eastern Europe, Russia and China.\n\n
Shareholders feel Cyrus Mistry is slowly slipping into Ratan Tata's shoes
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
India's second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
As he prepares to step down, Infosys chairman N R Narayana Murthy reflects on the company he built, the future of IT and the effects of globalization.
Large-cap plus in low-cost delivery, investment in new services adds to sectoral push
NTPC and NHPC, which together own a third of India's electricity generation, have roped in state-owned power sector financing firm, Power Finance Corporation for the joint venture along with TCS. "We (referring to NTPC and NHPC together) are the largest power generators and we hope to create a market for this," said NTPC Chairman and Managing Director R S Sharma.
India's largest software exporter, Tata Consultancy Services (TCS), says it will see more deals in its infrastructure services (IS) business in the $5-10 million range this year than in the $15-100 million one.
All you have to do is read the case, see the question you have to answer on the last slide, click on The Smart Manager logo below, and post your solutions by January 10, 2011.
Equity benchmark index Sensex buckled under selling pressure for the second straight session to close below the 65k mark on Friday, as investors offloaded IT, teck and metal stocks amid a bearish global trend. Besides, fresh foreign fund outflows also hit investor sentiments, traders said. In a volatile trade, the 30-share BSE Sensex declined 202.36 points or 0.31 per cent to settle at 64,948.66.
Faced with budget constraints and margin pressures, Indian IT services providers such as Tata Consultancy Services, Infosys, Wipro and HCL are moving more work offshore (to India) rather than onsite (at the client's site) in a bid to contain costs.
After gifting the world a whole new means of becoming a smaller place, Thomas Arnold, the first man to sell travel as a profitable business, now faces the risk of a shrinking business.
All you have to do is read the case, see the question you have to answer on the last slide, click on The Smart Manager logo below, and post your solutions by October 16, 2011. All the best!
Indian IT majors may have tightened their belts in various areas to contain costs as a fallout of the global economic slowdown. But most of them see continuing value when it comes to employee training, even though it skims crores (tens of millions) of rupees off their top-lines.
His resignation as chairman of the government's skill development agencies triggered talk that he may be headed back to the Tata Group where a search committee is looking for a full-time chairman.
Industry experts are of the opinion that the spurt in recruitment happened as IT services firms went aggressive on hiring in anticipation of a strong demand environment.
Tata Consultancy Services Ltd will offer 5.54 crore (55.4 million) equity shares of Re 1 each, including a fresh issue of 2.27 crore (22.7 million) shares, in its initial public offering through a book-building route.
TCS, on the careers page of its web site, has put an alert about fake job offers. It has also created a toll-free TCS Careers Serviceline (1800-209-3111) for people to report such job alerts.
Brokerages expect India Inc to report an upturn in earnings for the March quarter of 2022-23, after a relatively muted showing in the previous two quarters. This growth is expected to be led by banking, financial services and insurance (BFSI) companies, FMCG firms, and automobile makers. The combined net profit of the Nifty50 companies (excluding Adani Enterprises) is expected to have grown 15.6 per cent to Rs 1.77 trillion in Q4FY23, from Rs 1.53 trillion a year ago.
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Domestic IT majors Tata Consultancy Services and Wipro are believed to be front-runners for a multi-million outsourcing deal from UK-based telecom and networking major Cable & Wireless.
A strident bill concerning US work visas for non-US citizens has been re-introduced before the US Senate. A look at the bill.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Though domestic IT majors like Infosys Technologies, Tata Consultancy Services and HCL Technologies painted a gloomy picture of the IT sector in the coming quarters, technology bellwether Cognizant Technology Solutions and Genpact, India's largest Business Process Outsourcing firm, not only posted better results but have also given decent guidance to the markets.
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.
During the afternoon trade, ONGC commanded a market value of over Rs 2.48 lakh crore -- the highest for any listed company in India.
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