India's second largest IT firm Infosys on Tuesday said it will initiate an internal investigation into an insider trading matter after markets regulator Sebi barred two of its employees from the securities market in the case. Sebi has banned eight entities, including two employees of Infosys, for indulging in insider trading activities in the shares of the company. The entities have traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to Infosys' financial results for the quarter ended June 30, 2020, Sebi said in an interim order passed on Monday.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
The Kerala high court on Friday restrained a US-based IT firm from analysing or processing the data related to COVID-19 patients and directed it to retransfer to the state government any data it has obtained. However, the court permitted the state government to utilise the services of the firm Sprinklr for processing data, subject to stringent conditions.
Tata Consultancy Services (TCS) will hand out across-the-board salary increments for 2021-22, becoming the first IT services company to do so. The salary hike roll-out will benefit nearly 4.7 lakh employees of the company. The average increment band for offshore employees is expected to be 6-7 per cent as per norms, sources privy to the development told PTI. This would be the second salary hike within six months by TCS.
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The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
There's no place like home, but even for the affluent buying one in India is difficult. On top of that, the coronavirus pandemic-now in its eighteenth month-has made life uncertain. A hopeful thing is buying a house looks alluring as loan interest rates fall below 7 per cent, their multi-decadal lows. The slow decline in GDP growth after demonetisation, followed by the economic shock caused by Covid-19 waves, has hurt us unevenly.
Though India was under lockdown for only seven days of the quarter, global demand and commodity prices began falling from February as COVID-19 was spreading in other countries. 1,002 listed companies - excluding banks, non-bank lenders, insurers, brokerages, and IT firms - reported a combined pre-tax loss of around Rs 2,700 crore during Q4.
Thierry Delaporte's pay package would be around 34 per cent higher than the total compensation that Wipro CEO Abidali Neemuchwala received in financial year 2019-20 (FY20). It also brings the Wipro CEO's salary on par with other top IT firms such as Infosys and Cognizant.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
HCL Technologies on Monday said its founder Shiv Nadar will take on the role of Chairman Emeritus and Strategic Advisor to the company's board. Nadar, chief strategy officer and managing director of the company, on completing 76 years of age, has tendered his resignation as the MD as well as the Director with effect from close of business hours on July 19, according to a regulatory filing. "In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination & Remuneration Committee, has approved the appointment of Shri Shiv Nadar as the 'Chairman Emeritus and Strategic Advisor to the Board' for a term of five years with effect from July 20, 2021," it added.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
Without exception, the top four majors beat Street estimates across all parameters - revenues, profitability, or net profit growth. However, what stood out were the large deal wins reported by the big two, TCS and Infosys.
Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions. It comes as a huge relief for the ravaged aviation, travel and hospitality sectors. "We are witnessing a 40 per cent recovery on pre-covid volumes from our business travellers, signalling the return of corporate confidence in air travel," said Indiver Rastogi, president & group head, Global Business Travel, Thomas Cook (India) & SOTC.
Though there have been no cancellations of contracts by invoking the force majeure clause, a number of clients - especially in the worst-affected sectors like travel and hospitality, oil and gas, as well as manufacturing - have started asking for reducing level of IT support.
The Indian IT industry will stage a "strong recovery" in 2021-22 with a revenue growth of up to 11 per cent, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7 per cent to $99 billion in 2020-21.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
In the mid-tier space, clients with weak balance sheets are likely to ask for price revision apart from delay in payment.
'We need people who can position a product digitally and craft the journey for customers, by improving user interface and user experience.'
The Mumbai-headquartered company, however, said it would selectively hire experienced employees from outside.
The annual meet also saw some shareholders of the country's second largest IT services company raising concerns over falling operating margins. But many congratulated the management for delivering good FY20 performance despite the tough economic conditions.
Mindtree on Thursday said it will acquire the NxT Digital Business from Larsen and Toubro (L&T) for Rs 198 crore, a move that will enable the mid-sized IT firm to capture opportunities in the IoT and Industry 4.0 space. The acquisition would enable Mindtree to capture opportunities in the IoT and Industry 4.0 market by leveraging NxT Digital Business capabilities to cross-sell and create holistic solutions for new prospects as well as for existing clients, a regulatory filing said. Capability in this space will bolster Mindtree's vision to leverage existing digital strengths and aim to become a 'Go-to business transformation partner' for clients, it added.
While for clients it has led to increased outsourcing, they are no more worried about which shore the service providers are executing the project in - offshore, onshore or near-shore - because remote working has become the standard norm in the industry, giving rise to a "no shore" kind of model.
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Though a weak dollar will lend some support to revenues and margins in FY21, the demand environment will outweigh any gain.
The IT services giant is also slated to hold a board meeting on April 13 and 14, to approve of and take on record the consolidated financial results of the company for the quarter and year ended March 31, 2021. Indian IT majors will be announcing their fourth quarter (Q4) and 2020-21 results starting April 12. At the end of the Q3 FY21 Infosys had cash and investment of $4.5 billion.
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 marriage was held at Cliff House, the official residence of the chief minister, with less than 50 people, comprising close relatives and friends, participating in the function.
A majority of the companies said the law, aimed at jobs with a monthly salary cap of Rs 50,000, will result in them leaving Haryana or growing their operations in other states and abroad.
IT major Infosys on Tuesday said it has seen no major impact on client deliverables due to the ongoing pandemic, and has been working proactively with clients to mitigate any potential impact. The Bengaluru-based company has also enabled vaccination for 14,150 employees and their family members through its centres, and is in the process of setting up additional facilities across its campuses in India. Besides, Infosys is providing financial support, exploring training and job opportunities for the next of kin and offering necessary assistance to support dependents of deceased staff members.
The combined profit before tax of 748 companies, which have declared their results for Q1FY21, is down 46 per cent YoY. Their net sales went down by a quarter as the Covid-19 lockdown led to a sharp fall in economic activity.
Blackstone on Monday said funds managed by the private equity firm will acquire a majority stake in IT firm Mphasis Ltd, triggering an open offer for acquisition of up to 26 per cent stake for about Rs 8,262 crore. A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments (Office of the Chief Investment Officer of The Regents, University of California) and others will co-invest along with Blackstone, a statement said. Based on the open offer subscription, the blended purchase price will vary between Rs 1,452 to Rs 1,497 per share (12-16 per cent premium to 12-month average price and 3-6 per cent discount to 6-month average price) and the purchase consideration will vary between Rs 15,200 crore to Rs 21,000 crore (approximately$2-2.8 billion), the statement said.
With the economy gaining pace and large deals back on the table, chief executive officers (CEOs) of tech companies believe global tech spending will witness growth this year. According to CEO Survey by Nasscom, about 71 per cent chief executives expect global spend to grow over 4 per cent. The figure is significantly higher than the previous two years - 41 per cent and 59 per cent in 2019 and 2020, respectively. The survey also said the recovery in global tech spending will be led by the digital segment.
Its revenue grew 8.5 per cent to Rs 23,665 crore in the quarter under review from Rs 21,803 crore in the corresponding period last fiscal.
While discretionary spend by global enterprises is likely to negatively impact all Indian IT firms, more revenues from products and less exposure to financial services segment are likely to lessen the impact for HCL Technologies and Tech Mahindra.
Jhunjhunwala holds a stake in more than 30 listed firms.
According to experts in human resources, even joining of new graduates is likely to be staggered as companies are expected to onboard staffers after gauging the demand scenario.
While the leadership change in Mindtree is yet to happen, there's a buzz that the co-founders of the IT firm may float another company.
Wipro Ventures is currently managed by Biplab Adhya and Venu Pemmaraju and has so far invested in 16 early to mid-stage start-ups. While 11 of these start-ups are in the US, four are in lsrael and one in lndia.
The move may result in a short-term cost impact for IT Indian companies, according to experts, despite the firms ramping up their local hiring and offshoring projects elsewhere to overcome visa-related issues.
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