Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
The company also has identified eight focus areas such as engineering services, enterprise application, infrastructure management and enterprise transformation services. HCL Technologies' acquisition strategy is three fold; smaller tuck-in buyouts are targeted towards purchasing firms that bring intellectual property to the company.
Wipro sees a silver lining in Q1; others say recovery by 2009-end.
When the firm decides what to do, we will evaluate it.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
"HCL's employees know that bill tightening has to happen, but in a collaborative manner. There is a trust factor between the employees, the company and the customers and we do not have a pink slip policy. That is why we squeezed utilisation up to 75 per cent and our hiring in the last two quarters has not been much," says Vineet Nayar, CEO, HCL Technologies.
The venture, on the lines of Kishore Biyani's Future Ventures India, will focus its investments in the information technology sector, said a source familiar with the development.
"We had raised a debt of $585 million for acquiring Axon which is maturing in December 2009. We have a cash position of $412 million. We will pay the debt out of the cash and raise a small debt," HCL Technologies Executive Vice-President (Finance) Anil Chanana said. HCL had acquired Axon for pound 441 million ($678 million) in December last year, funded partly by a short-term loan of $585 million.
HCL Technologies Ltd said on Tuesday its wholly-owned subsidiary HCL Australia Pty will enter into a partnership with La Trobe University, Australia, on Wednesday to work together on issues of mutual interest. \n
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
On September 26, HCL Technologies announced the terms of a cash offer to acquire the entire issued and to be issued share capital of Axon at a price of 650 pence per Axon share. On October 8, HCL EAS, the indirect wholly-owned subsidiary of HCL Technologies, acquired 3,01,623 Axon shares which represent approximately 0.47 per cent of the current issued share capital of Axon.
The rupee, which rose by over 12 per cent against the dollar this year, has slowed down the hiring plans of companies like Infosys, Satyam and HCL Technologies and also put pressure on their margins. Country's top software exporters -- TCS, Infosys, Wipro, Satyam and HCL Technologies have added 25,801 employees in the second quarter of 2007-08, against 27,000 in the second quarter of last fiscal.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
Shares of HCL Tech hit a fresh record high of Rs 1,118.55 on Friday, up 2 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 1,101 touched on Thursday in intra-day deals.
HCL Technologies Ltd has entered China and is close to forging 'partnerships' with three Chinese firms so as to effectively penetrate the booming domestic market which has so far been a hard nut to crack for Indian software and servicing companies.
Revenues rose 7.7 per cent to $1.54 billion during the review period, from $1.43 billion in the corresponding quarter last fiscal.
HCL Technologies Ltd said on Wednesday it would act as a re-seller for a business solution 'Dynamics TM,' developed by Microsoft, in the Asia-Pacific region.
By 2026, around 25 per cent of the global population may spend at least an hour a day on Metaverse. This will open the doors for many businesses, the NFTs market will spread, and Web 3.0 will attract more investment.
The spread of the Omicron variant of the coronavirus has made Indian companies persist with their policy of banning overseas trips and allowing only essential travel within India. The IT services firms, which had planned to ask their employees to return to the workplace, are also waiting and watching the Covid-19 situation before fully opening up their offices. Large conglomerates like the Tatas, Birla, JSW and Reliance are continuing with the mandatory social distancing and masking policies within their office premises.
Former skipper Sourav Ganguly described India as favourites to lift the World Cup, saying the team is in best possible shape to win the quadrennial event which gets underway at England on May 30.
HCL Technologies will be adding 5,000 people to its business process outsourcing division, which now has 10,000 members.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
Arun Duggal, chief financial officer of the Noida-based software services company HCL Technologies, has resigned.
'Pockets of mid and small-cap indices are showing exuberance and are discounting even FY23 valuations now.'
IT services giant HCL Technologies on Wednesday said it is planning to set up a delivery centre in Pune as part of its plans to venture into small towns and cities.
India's fourth largest software services firm HCL Technologies on Thursday reported a 53.7 per cent jump in its consolidated net profit to Rs 1,834 crore (Rs 18.34 billion) for the fourth quarter ended June 30, 2014.
HCLA was selected through a highly competitive process where it demonstrated its managed cloud-as-a-service solution called iGOVERN(r).
The combined weight of IT companies in the benchmark Nifty 50 index is now at a five-year high of 15 per cent as these companies continue to outperform the broader market.
Noida-based software company HCL Technologies will hire 5,000 people for its software operations during the current fiscal apart from recruiting 1,200 people for its call centre operations.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India's fourth largest software services provider HCL Technologies on Friday reported 32.3 per cent rise in consolidated net profit at Rs 1,873 crore (Rs 18.73 billion) for the first quarter ended September 30 on the back of strong growth in Europe and business services.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Indian IT major HCL Technologies Ltd has decided to create 250 jobs in Northern Ireland as part of its call centre expansion plan
HCL Technology Ltd has secured a contract worth $180 million for its business process outsourcing service operations from BT, a global telecommunications services provider.
India's fifth largest IT outsourcing company HCL Technologies on Tuesday reported 3.5 per cent year-on-year increase in net income in the first quarter ending September to Rs 167.5 crore (Rs 1.67 billion) on a consolidated basis.profit at Rs 89.39 cr
English Premier League club Manchester United said on Wednesday it had signed a partnership deal with IT firm HCL Technologies to improve its website and app as it gears up to launch a new digital media strategy.
HCL Technologies Ltd said on Monday that it has reached an agreement with Perot Systems to divest its stake in HCL Perot Systems for $105.3 million in an all cash deal.
HCL Technologies BPO Services Ltd (HCL BPO), the BPO arm of HCL Technologies, said on Saturday that it would be expanding its staff strength to about 40,000 by 2009.
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