Sensex ends 31.12 pts down at 27,319.56; Nifty falls 4.50 points to 8,219.60.
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.
Industry sources said the lay-off may be part of the deal that Nokia has signed with TCS and HCL Technologies earlier this year.
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.
Experts are of the opinion that though digital services hold the future, the companies are likely to take a hit during the transition period.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
Of the top 10 valued firms, eight including Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd, HDFC and ITC witnessed gains in their market valuation. From the top-10 pack, the valuation of HDFC Bank jumped Rs 31,553.45 crore to Rs 929,752.54 crore.
Both groups warn of initiating strict actions, issue public notices.
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.
Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
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.
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.
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.
Seasonal weakness may result in modest sequential revenue growth for large Indian IT firms in the January-March 2016 quarter, analysts said.
'It is not that employee work is not happening if you don't see it.'
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.
Tata Consultancy Services (TCS), India's largest IT services firm, is planning to increase salaries by an average of 7-8 per cent for its offsite employees and 2-4 per cent for its onsite staffers in 2024-25. High performers can expect a raise of 12-15 per cent. The company, which had a headcount of 603,305 as of December 31, 2023, will be closely looking at the promotions and the process may also get pushed to the first quarter of FY25, revealed a source on condition of anonymity, because he is not authorised to speak to the media.
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.
'One of the strategies is to pick deals carefully. That means looking at sectors like energy, banking, insurance and also doing outsourcing.'
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
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.
In June alone, Rs 13,000 crore (Rs 130 billion) worth shares were released.
In tougher times, there seems to be an overwhelming focus on managing the large or anchor clients.
Tata Consultancy Services, India's largest IT company, sold 50 per cent stake in Intelenet Global Services Ltd to Housing Development Finance Corporation Ltd for Rs 161 crore (Rs 1.61 billion).
The stock market comes full circle; pharma also gains prominence, courtesy rupee depreciation
Firms are increasingly launching health initiatives for their employees to reduce stress, revitalise body -- it also helps keep people occupied.
Tata Consultancy Services said quarterly consolidated net profit surged 49.6 percent, its fastest pace of increase in at least two-and-half years, helped by increasing demand for outsourcing services in the United States and Europe.
The newest CEO in the Tata group brings an aggressive pace and style to India's largest IT consultancy firm.
India must diversify its services trade away from low-cost programming if it is to remain an IT-enabled hub.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
