The Bombay high court on Friday said the recently amended Information Technology (IT) Rules against fake content on social media against the government may be excessive, quipping that one cannot bring a hammer to kill an ant.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
CloudSEK in its report also warned that the leaked data could enable account takeovers.
According to the FIR, the tweet posted by the Twitter handle 'The Sajjad Mughal', said, "The breed is not over yet. Atiq's son Ali is still alive. Insha Allah condition - time - power will change. The city will be called Allahabad. The revenge will be taken."
'A cutback in hiring and compensation growth by IT companies will have a significant impact on consumer demand, especially in the urban sector of the economy.'
Asim Nizam Shaikh, a resident of Khergam town of Navsari district, was arrested on Tuesday from Vasai near Mumbai 'in a case of love jihad', as per a police statement.
"Muzzling the Internet and censoring online content through PIB is the Modi government's definition of 'fact checking'," Pawan Khera alleged.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
Karnataka Minister for Information Technology and Biotechnology Priyank Kharge on Monday lodged a complaint against Bharatiya Janata Party national president J P Nadda, BJP's IT cell chief Amit Malviya and BJP Chandigarh president Arun Sood for malicious posts against Rahul Gandhi, particularly an animated video that allegedly features altered versions of the Congress leader's speeches.
Khan became part of the racket in March 2021, which continued till her death, he said.
The July-September quarter results of software companies in the engineering research and development (ER&D) segment were broadly in line with expectations, though there have been cuts in revenue growth guidance. While results were a mixed bag, and there are cautionary views on the near-term outlook, brokerages and global consulting firms highlight the strong growth trajectory for the sector. They expect this segment of the software sector to grow by 8-12 per cent going forward.
In a press statement, the foreign ministry here said 10 Nepali nationals lost their lives in the recent attack by Hamas in Israel.
Ahead of the assembly polls in Rajasthan, the Congress government on Saturday night issued an order for the conduct of a caste survey in the state.
Palanivel Thiaga Rajan was on Thursday relieved of the finance portfolio by Tamil Nadu Chief Minister M K Stalin.
Wipro is in the news, again. The information technology (IT) services company has mandated freshers, who had opted for a lower salary package of Rs 3.5 lakh per annum, instead of Rs 6.5 lakh per annum, clear a new training module titled Project Readiness Program (PRP) and score at least 60 per cent or stand terminated. Wipro is not the only company to have implemented such a programme.
The key risk factors would be anti-incumbency, small vote share swings causing large impact on outcomes and the 2004 example.
Households may be feeling the pinch of higher inflation but corporate India is enjoying record high margins and profits. The combined quarterly net profit of listed companies scaled a new high in the April-June 2023 quarter owing to a sharp rise in operating and net profit. The expansion in margins more than compensated for the slowdown in revenue growth, which slipped into single digits in Q1FY24 after a gap of nine quarters.
Morgan Stanley has increased the target prices of certain information technology (IT) stocks by as much as 29 per cent, anticipating an improvement in earnings in the near future. Within the IT and engineering research and development (ER&D) services sector, it is now more optimistic about growth and margin estimates for 2024-25 (FY25).
The Mumbai police on Thursday detained actor Rakhi Sawant in connection with an FIR registered against her based on a complaint by another woman actor for allegedly circulating the latter's video links and photos on social media, an official said.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
Responding to a question, he said, "It may also deal with fake news, though there is no specific mention in this regard."
'Some risks to this market rally include inflation, erratic weather conditions, rising crude prices, slowing global growth and the resultant impact on domestic exports, escalation in geopolitical tensions.'
Mutual funds (MFs) have lined up information technology (IT) funds, indicating that technology stocks are back on fund managers' radar after a hiatus. Over the past 18 months, stock prices for companies in the software space have either corrected or remained subdued. Fund houses have launched five IT-based sectoral funds in the past three months, with three of them taking the passive route.
Modi accused previous governments of not providing people with facilities that were available to people elsewhere in the world even in the 20th century and in Gujarat a few years back.
Information technology major Infosys and Liberty Global, a London-based telecom firm, signed a 1.5 billion (about $1.64 billion) deal for five years to evolve and scale up the telco's digital entertainment and connectivity platforms, the companies said in a joint statement on Tuesday. As part of the expanded collaboration agreement, the size of the contract will touch 2.3 billion (about $2.5 billion) if extended to 8 years. The collaboration allows Liberty Global to realise run-rate savings of over 100 million (about $109 million) per annum, inclusive of other savings and technology investments, Infosys said in a statement.
Additional sessions judge SB Salunke acquitted 20 persons, including Desai, for want of evidence, the HRS leader's lawyer Milind Pawar said.
Hours after Congress leader Manish Tewari on Thursday said the government might get the Digital Data Protection Bill classified as a money bill, Union IT Minister Ashwini Vaishnaw refuted the charge and termed it a "normal bill".
India has voiced deep concern over the deteriorating security situation and large-scale loss of civilian life in the ongoing Israel-Palestine conflict, urging the parties to work towards creating conditions necessary for peace and restarting direct negotiations through de-escalation and ending violence.
Opposition parties have not been given the chairmanship of any of the four key parliamentary panels including the committee on home affairs and information technology, which were with the Congress, in the latest rejig announced on Tuesday.
The MEA said the Grand Mufti appreciated the Prime Minister's leadership in fostering inclusivity and pluralism.
'ESG is actually a concept which cannot be applied effectively in the very short run.'
Senior Indian Police Service (IPS) officer Praveen Sood took over as the new Central Bureau of Investigation (CBI) director on Thursday and he will be in the post for two years, officials said.
The government wants a collaborative model with a public-private partnership to fact-check social media content.
Mutual funds (MFs) are betting on a turnaround in the healthcare sector to boost returns but are divided on the prospects of the information technology (IT) sector amid uncertain growth outlook. At the end of June, all of the top 20 fund houses were overweight on the healthcare sector vis--vis the sector's presence in the BSE 200 index, shows a report by Motilal Oswal Financial Services (MOFS). In the case of the IT sector, only six of the 20 fund houses had overweight positions.
As its backyard remains embroiled in tension, Gurugram is exercising caution.
With this, the Maharashtra Police have registered cases against two different rappers in a week for allegedly targeting the government.
The matter came up before Justice Subramonium Prasad who listed it for hearing on October 16.
Mutual funds are loading up on information technology (IT) stocks on improved valuations and low downside risk after a double-digit correction in top companies like Infosys and Wipro. IT stocks were MFs' top sectoral buys in April when they invested a net of Rs 2,100 crore. In the first four months of 2023, the net investments in IT amounted to Rs 9,500 crore, shows an analysis by ICICI Securities.
Opposition alliance INDIA on Thursday boycotted a meeting of the Business Advisory Committee (BAC) of the Rajya Sabha to protest Prime Minister Narendra Modi not making a statement on Manipur violence in Parliament, a senior leader said.
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
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