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Last year the company had acquired four companies, including one in the telecom sector, and plans to do the same in the coming months.
That the flow of deals has resumed is evident from the third quarter Global TPI Index that tracks commercial contracts valued at $25 million or more.
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.
The increases are expected to be in the 8 to 12 per cent range, which do not compare too badly with the 13 to 15 per cent increments of pre-slowdown years such as 2007-08.
Their fears were not unfounded, since the average salary increases of information technology professionals was down to 1.4 per cent for 2009.
The amount donated by Nadar is by far bigger than the standards set by larger firms.
HCL, MindTree in the fray. The company is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. HCL, with whom discussions are on for a cash-less merger, seems to be the front-runner, investment banking sources said.
The recent multi-million dollar deals by the likes of TCS, Wipro and HCL Technologies buttress the fact. If the economy does not lose more steam, these companies say the IT sector may see a semblance of normalcy by year-end.
The earnings are, however, expected to be down around 2 per cent on a sequential basis due to pent-up demand getting exhausted and the adverse impact of rising metals and energy prices on consumer goods and manufacturing companies.
The company has told its employees that there won't be wage hikes for the financial year ending July 31, 2009, due to tight demand in the US and Europe, declining volumes and the need to further tighten expenses across business divisions. In a harsher step, the company has slashed retainer bonus, which averages 10 per cent of an employee's salary, from April 1. Travel allowance has been sharply reduced, if not curbed, in most cases.
With real employment offers hard to come by in a tough job market, fraudsters are out making bogus offers in the name of big corporate entities.
20 Indian companies, including Infosys, Wipro, TCS, made it to the top 100 global outsourcing companies.
Indian telecom czar Sunil Mittal and NRI businessman Anil Agarwal are among the four Indians featuring in the list of '48 Heroes of Philanthropy' compiled by business publication Forbes.
The Bangalore-headquartered company is believed to be evaluating two-three companies, which are in the revenue bracket of $100-200 million to eliminate some gaps that exist in its services offerings and increase focus on certain verticals, which have been least affected in the midst of the economic slowdown. It's reliably learnt that the company is looking at healthcare and energy and utilities as the two major areas for possible acquisitions.
Despite wage hikes, an appreciating rupee, and fewer working days nibbling at their profit margins during the quarter ended December 31, 2007, the five IT majors Tata Consultancy Services (TCS), Infosys Technologies, Wipro, Satyam Computer Services and HCL Technologies posted revenue and net profit figures that were in line with market expectations.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
Tata Consultancy Services (TCS), HCL Technologies and HDFC Bank are among the 50 best public companies in Asia-Pacific according to a compilation by Forbes, which ranked India second behind China as home to the "world's next growth engines".
Indian companies, led by the Tata group, Essar and HCL Technologies, among others, have created more than 30,000 jobs and made large investments in the United States, a joint report of the Federation of Indian Chambers of Commerce and Industry and the US India Business Council said.
Tata Consultancy Services has been named as one of the world's top BPO providers by The International Association of Outsourcing Professionals for 2006, a release said in Mumbai.
Auto, pharma, IT, chemicals among sectors with significant reliance on UK and European nations with Tata Motors, Motherson Sumi, Tata Steel, TCS, Wipro, Infosys and Tech M among key names.
The broad idea is to help freshers and high-potential employees develop soft skills not generally taught at universities, and simultaneously increase retention rates in an industry that has attrition rates between 30 and 50 per cent. The industry, according to Nasscom estimates, accounts for almost $11 billion and employs slightly over 700,000 professionals (in terms of direct employment).
Good performances by most information technology (IT) companies in the September quarter and improved forecasts notwithstanding, with the exception of Infosys, stocks of IT biggies such as TCS, Wipro and HCL Technologies have fallen three to nine per cent since Infosys announced its earnings on October 11.
With companies looking to provide the right balance between professional demands and personal lives for its employees, HR experts believe the concept is one of the main drivers to stem attrition and enhance productivity. Global science products and services firm Dupont Vice President Human Resources Maritza Poza-Grise told PTI that for managers it is critical to engage their workforce and the organisation goals have to be transformed into personal goals for the employees.
The shares represent around 0.2 per cent of the existing issued share capital of Axon. The undertakings, according to a BSE announcement, remain binding even if a higher offer is made by a third party, but cease to be binding if the HCL scheme is withdrawn or lapses, or if the HCL acquisition is implemented by way of a takeover offer.
Under the alliance, HCL and Eckler will work together on various actuarial consulting and implementation projects across the globe, a company statement said in New Delhi.
Driven by growth in software and infrastructure services businesses, IT major HCL Technologies Tuesday reported an over two-fold jump in its consolidated net income at Rs 330.1 crore (3.3 billion) for the quarter ended June 30, 2009.
They also siphon money through 'work@home' schemes.
IT solutions provider HCL Technologies has acquired CapitalStream, a US-based lending automation solutions provider, for Rs 158 crore (Rs 1.58 billion) in an all-cash deal.
Indian IT firms have started mining smaller clients with more fervour given that the revenue accruring from their top clients has been declining due to the US slowdown and the sub-prime crisis. Consider this. Revenue accruing from the top clients of the five leading IT firms by revenue - Tata Consultancy Services, Infosys Technologies, Wipro Technologies, Satyam Computer Services and HCL Technologies - dropped by anywhere between 0.2 per cent and 4 per cent
New Delhi-headquartered IT services provider HCL Technologies plans to cancel hedging contracts worth $600 million (around Rs 2,970 crore), as the rupee continues to remain at Rs 49-50 levels. These hedges, analysts opine, would be taken at a rate of around Rs 41.
The Indian Institute of Management, Kozhikode, invites industry delegates and management students to attend its annual IT Management seminar, AIMS 2006.
British consultancy major Axon Group on Thursday decided to go ahead with a pound 441-million acquisition offer from HCL Technologies, while withdrawing its support to a smaller bid from Infosys.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
With India's two leading IT outsourcing companies, Infosys and HCL Technologies, vying to acquire the UK-based consulting firm Axon, SAP implementation is back in focus.
HCL Technologies on Wednesday announced a Rs 910 crore ($200 million), multi-service, five-year contract with Skandia UK, taking its cumulative order position in this calendar year to over $600 million
Information technology services provider HCL Technologies is close to clinching a $1 billion (about Rs 3,950 crore) outsourcing contract from a European telecommunications company.
Leading IT solution provider HCL Technologies Ltd has signed an agreement with Glenmark Pharmaceuticals Ltd for implementing its comprehensive drug labeling framework
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