Leading Indian and global information technology firms such as Tata Consultancy Services (TCS), Cognizant Technology Solutions, IBM, Satyam Computer Services and Wipro top the list of L visa users for the financial year 2006-07.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
Is Bangalore, India's Silicon Valley and home for some of the biggest information technology firms in the country, slowly losing out to Chennai? It seems so, considering the investment plans of leading IT companies.
Tata Consultancy Services (TCS) has been ranked the third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance. Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- secured spots in the top-10 global tally.
Companies now require more than just academic marks; they seek students with internship experience or extra certification courses.
As the job markets open up, top IT services firms may look at a tiered strategy in which they hire entry-level talents at higher salaries, amid a major technological shift, say HR analysts.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
The company's decision may impact new projects, which are likely to get delayed, said sources in the know. Among the IT players that work with Macy's are Accenture, Cognizant, Tata Consultancy Services (TCS), and Infosys. Macy's is among the top 5-10 clients of these companies.
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.
Indian IT services companies have seen several CEO changes that have, over the past few months, led to some crucial exits at the mid-senior level in a trend that is likely to continue. According to a recent Motilal Oswal report, "Movement of mid-to-senior leadership at IT services firms is a reality, partially on account of multiple CEO-level changes.
Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
Most of the 250 freshers Infosys hired from US campuses last year would be deployed in sales
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
In 2006-07, TCS had employed 7,000 people in the eastern states.
It has taken a pandemic to move the needle on the salary packages for greenhorn engineers hired by the Indian IT services sector. The country's third-largest IT services player, HCL Technologies, has decided to boost the entry-level packages from Rs 3-3.6 lakh to Rs 4.25 lakh for FY23, in a bid to attract fresh talent and keep them for longer to counter the impact of rising attrition. This new package would also be applicable to those freshers who joined the firm in FY22.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
The unprecedented rainfall in Chennai during the first week of December and the resultant flooding had impacted the business operations of companies operating in Chennai
Tepid growth in verticals like banking and finance, healthcare, retail and automotive will drag overall IT spends in the current year, reports Debasis Mohapatra.
Infosys on Thursday posted a 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23, and gave 4-7 per cent revenue growth forecast for FY24 amid macro economic uncertainities. The net profit (after minority interest) stood at Rs 5,686 crore in the fourth quarter of FY22. Seen sequentially, the net profit for Q4 came in 7 per cent lower.
Among IT services firm, Cognizant witnessed over 60 per cent of its initial applications rejected, followed by Capgemini, Accenture, Wipro, and Infosys. In 2018, the top six Indian firms got just 16 per cent or 2,145 H1B work permits.
TCS employs more than 60,000 across its 13 centres in Chennai.
The IT services giant is also slated to hold a board meeting on April 13 and 14, to approve of and take on record the consolidated financial results of the company for the quarter and year ended March 31, 2021. Indian IT majors will be announcing their fourth quarter (Q4) and 2020-21 results starting April 12. At the end of the Q3 FY21 Infosys had cash and investment of $4.5 billion.
While Wipro will announce its fourth quarter (Q4) results along with annual financial statements on April 15, market leader TCS will hold its board meet the next day (April 16) for approval of its financial statements. Infosys is yet to inform investors the date it will announce its Q4 earnings.
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr
There's no place like home, but even for the affluent buying one in India is difficult. On top of that, the coronavirus pandemic-now in its eighteenth month-has made life uncertain. A hopeful thing is buying a house looks alluring as loan interest rates fall below 7 per cent, their multi-decadal lows. The slow decline in GDP growth after demonetisation, followed by the economic shock caused by Covid-19 waves, has hurt us unevenly.
Ford said it had also shut its plant, with an annual capacity of 340,000 engines and 200,000 vehicles.
Investors will look at how TCS has performed when it announces the quarter's results on October 13, and the forecast from Infosys on October 14
The combined assets of the top five - Tata Consultancy Services (TCS), Infosys Technologies, Wipro, HCL Technologies and Tech Mahindra were down one per cent to Rs 27,7400 crore at the end of 2017-18, from Rs 28,0100 crore a year before.
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Fresher salary offered by IT companies in India had been stagnant at the level of Rs 3 lakh over the past 8-10 years.
Delays in promised service delivery were earlier settled between client and service provider. More organisations now opt for a legal settlement to save cost and protect investor sentiment, say analysts.
TCS moved into new markets like France, Japan thanks to acquisitions.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
From Accenture to IBM, IT hiring is set to gain pace where most of these openings are for lateral hiring for people with 4-6 years of experience.
Modest growth projections hits IT sector.
TCS is hiring from over a hundred engineering campuses, MBA graduates from top B-schools in the US
Sikka ranks 35th in the list.
Attrition is driving the hiring effort on campuses.
W12 Studios will be part of TCS Interactive, further strengthening the already impressive array of creative and experience services it offers
The appraisals being done by most companies this year are harsher than past ones with higher threshold in many metrics. Reduction in headcount has been done across most tier-I and tier-II IT firms along with global technology firms in the country.
"Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted," the Infosys postal ballot notice, uploaded on the company's website, said.
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