Stronger rupee likely to take a toll; Infosys results on April 13 to be keenly watched
IT firm 3i Infotech on Monday announced acquiring 51 per cent stake in US-based Professional Access and Indian business intelligence solution provider 'E enable' for a total consideration of close to Rs 60 crore (Rs 600 million).
Notably, amid rumours that he is cosying up with the ruling Bharatiya Janata Party, Ajit Pawar on Friday said he would '100 per cent like to be the chief minister' of Maharashtra and that the NCP can stake a claim to the post of the CM 'now also' instead of waiting for 2024 when assembly polls are due in the state.
All armed forces including the Army, the Navy, the Air Force and Indian Coast Guard have made necessary preparation to provide assistance to the local people of Gujarat.
The sting, Operation Blue Virus, claims to have exposed about two dozen little known IT firms across the country, which in the garb of providing reputation management services on social media, also offer fake fan following and posting defamatory content using IP addresses of others by hacking into them.
Investors are already factoring in the impact. The IT Index on the BSE exchange dipped 2.5 per cent, with Infosys, Wipro and TCS showing a decline.
Where do Indian IT firms stand compared to their global peers in this journey of transformation? Ayan Pramanik seeks answers from IT services analyst Phil Fersht.
The panel headed by former Special IT Secretary M Madhavan Nambiar and former health secretary Rajeev Sadanandan, will also ascertain whether adequate procedures were followed while finalising the arrangements with the private company, Sprinklr. The Opposition Congress has been levelling charges that the collection of data by the US firm violated the fundamental rights of the patients.
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
It's the second time Nasscom has projected single-digit growth in a decade.
Income-Tax authorities on Thursday began searches on the premises of a leading information technology company, two clearing agents and a glass company as part of a drive to unearth unaccounted transactions.
Indian IT services companies have seen several CEO changes that have, over the past few months, led to some crucial exits at the mid-senior level in a trend that is likely to continue. According to a recent Motilal Oswal report, "Movement of mid-to-senior leadership at IT services firms is a reality, partially on account of multiple CEO-level changes.
Hazlewood developed interest in javelin throw but eventually settled for the gentleman's game.
Strong macroeconomic headwinds causing turbulence in the $245-billion Indian IT industry are yet to calm down. Top Indian IT services companies are likely to post a decline or just marginal growth in sequential revenue in Q1FY24 because of a soft discretionary spending environment. Though the first quarter is seasonally strong for IT firms, "June 2023 will be an exception", according to analysts at Kotak Institutional Equities.
An aggressive rate hike by the US Fed and the possibility of a recession can trigger a slide in these stocks, which will be a good opportunity to buy from a long-term perspective.
The company's H-1B petition on behalf of Anisetty was denied on the sole ground that the job offered to him did not qualify as an H-1B specialty occupation.
The record in net addition from the top four was in 2016-17, of 59,427 employees.
Adani Group on Monday said that the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said. "This is in continuation of promoters' assurance to pre-pay all share-backed financing," it said.
Infosys on Thursday posted a 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23, and gave 4-7 per cent revenue growth forecast for FY24 amid macro economic uncertainities. The net profit (after minority interest) stood at Rs 5,686 crore in the fourth quarter of FY22. Seen sequentially, the net profit for Q4 came in 7 per cent lower.
To increase local talent mix in the US like their major peer Infosys
With prominent Indian IT companies such as Tata Consultancy Services (TCS), Wipro, Infosys Technologies, Zensar Technologies and Satyam Computer Services increasing their presence in Japan, the world's second largest IT services market is becoming a lucrative market for India.
According to experts, while allegations against Indian IT firms of visa misuse are nothing new, this time the scrutiny could be much greater.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
Back home, the Nifty IT index - a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years - has lost nearly 2 per cent in CY23.
Infosys on Thursday posted a 13.4 per cent year-on-year increase in consolidated net profit at Rs 6,586 crore for the December quarter and the IT major raised its full year revenue guidance to 16-16.5 per cent. The net profit (after minority interest) stood at Rs 5,809 crore in the third quarter of FY22. The Bengaluru-based IT firm logged a 20 per cent year-on-year increase in consolidated revenue in the third quarter of the current fiscal at Rs 38,318 crore.
'Chasing sectors which have reported strongest earnings is not always the right strategy for outperformance.'
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.
The Congress on Thursday said it firmly believes that India's democratic processes themselves have to deal with the threats posed to its democracy, remarks that came after the Bharatiya Janata Party attacked the opposition party for its leader Digvijaya Singh thanking Germany for "taking note" of Rahul Gandhi's disqualification from the Lok Sabha.
First sequential decline in a decade as 8 of top 15 software firms report drop in manpower
CAG in the audit report on land issues in three IT parks also said 64% land given for IT development remained unutilised since 1990
Companies say low-cost skilled resources, low real estate cost and low attrition are the driving factors.
The challenge for Indian software is clear. A good part of its bread and butter business - writing code and maintaining software systems - is being automated, reducing revenue streams and work for lower level employees
Benchmark Sensex dropped 334 points on Monday due to intense selling pressure in metal and power stocks as FII outflows dampened investor sentiment. Besides, a sharp decline in the rupee against the US dollar also put pressure on domestic equities, traders said. After losing nearly 500 points, the 30-share BSE index recovered some lost ground to settle at 334.98 points or 0.55 per cent lower at 60,506.90. During the session, the index touched its intra-day low of 60,345.61.
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While the depreciation of the rupee would not have much impact on large players such as Infosys ,TCS and Wipro,their smaller peers, might have to postpone acquisition activity.
The hiring scenario is for the batch that passes out in 2024. These are graduates who will be impacted, given 2022 graduates are not fully absorbed and 2023 onboarding still incomplete.
Infosys may have put the visa misuse investigations behind it through a civil settlement with the US authorities, but experts believe that the episode might drag its other peers under the scanner.
Soon after Washington's decision to nearly double visa application fees as a part of its border security law, a bigger storm in the form of the Comprehensive Immigration Reforms Bill is gaining momentum in the US.
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