Benchmark equity index Sensex and Nifty gave up early gains and ended lower on Monday as investor sentiment was hit due to unabated foreign fund outflows and losses in index heavyweights Reliance Industries and HDFC Bank. The 30-share BSE Sensex declined 168.21 points or 0.28 per cent to settle at 60,092.97 as 15 of its constituents dropped. The barometer opened higher and touched a high of 60,586.77 in morning session. Later in the day, it fell 297.35 points or 0.49 per cent to 59,963.83.
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
Experts are of the opinion that though digital services hold the future, the companies are likely to take a hit during the transition period.
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.
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.
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.'
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.
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.
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.
The market capitalisation of a listed company corresponds to the cumulative market price of all its shares.
Earlier this year, Tata Consultancy Services, the country's largest software exporter, launched iOn, a cloud computing service for SMBs.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
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.
Among the Sensex firms, Kotak Mahindra Bank, Tata Steel, ITC, ICICI Bank, Bajaj Finserv, Maruti, Mahindra & Mahindra and State Bank of India were the biggest winners. Tata Consultancy Services, Infosys, HCL Technologies, Tech Mahindra, Asian Paints, Wipro and Tata Motors were the biggest laggards.
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.
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.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
Besides having Indians in top management, the IT major is working to make the country an innovation hub to drive business in Europe.
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.
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.
Demand is driven by smaller deals in the US, larger ones in Europe.
Tata Consultancy Services (TCS) has emerged as the biggest wealth creator over the past five years.
Seasonal weakness may result in modest sequential revenue growth for large Indian IT firms in the January-March 2016 quarter, analysts said.
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors' sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.he broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
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.
Both groups warn of initiating strict actions, issue public notices.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
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.
It also gave an upbeat growth outlook, sending its shares up the most in more than eight months.
'One of the strategies is to pick deals carefully. That means looking at sectors like energy, banking, insurance and also doing outsourcing.'
In tougher times, there seems to be an overwhelming focus on managing the large or anchor clients.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances