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.
The government on Thursday said the information technology industry received capital investment worth Rs 2,990 crore (Rs 29.90 billion) in 2002-03, out of which Rs 1,450 crore (Rs 14.50 billion) was foreign capital.
The corporate affairs ministry has ordered an inspection of the books of Byju's, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.
The move will hit American companies more than India's $60-billion IT and outsourcing industry.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
Software industry body Nasscom on Tuesday maintained its growth projection of 16-18 per cent for the sector in this fiscal, notwithstanding concerns over economic uncertainty in global markets.
'You may opt for a longer minimum guaranteed tenure of 12-18 months. This will ensure that in a rising rental scenario, the landlord doesn't serve you a notice and ask you to vacate the property.'
The industry needs to change its business model.
The software industry in Shanghai, where India's top IT giants have set shop, has reported a spectacular growth in income of 860 per cent between 2000 and 2005.
Software industry body Nasscom expects the country's information technology (IT) services sector to grow 13-14 per cent in the current financial year and to touch $225 billion (Rs 13.22 lakh crore) by 2020.
The Nifty IT Index, the gauge for the performance of information technology (IT) stocks, was the worst performer on the stock exchanges on July 29, a day after Infosys posted lower-than-expected earnings growth for the June quarter and sharply cut its revenue growth guidance for 2023-24 (FY24). The IT index was down 4.1 per cent, its biggest one-day fall in three months. The decline was led by Infosys, with its shares plunging nearly 8 per cent, followed by HCLTech (-3.2 per cent), Wipro (-3.0 per cent), and TCS (-2.7 per cent).
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
The information technology industry is faced with a major emergency with business needs changing faster than technology can respond, according to technology research firm IDC.
Emerging Kerala Global Connect Summit, a government initiative to attract overseas capital to the state, is set to begin from Tuesday with Prime Minister Manmohan Singh inaugurating the summit.
The country's largest IT services exporter TCS on Monday said moonlighting is an "ethical issue" and against its core values but has not taken any action against any staff. The company, which employs over 6.16 lakh people, will take into account all the relevant dimensions while forming its final view on the issue which has been dominating headlines for the last few weeks, its chief human resources officer Milind Lakkad told reporters. "Moonlighting we believe is an ethical issue and it is against our core values and culture," Lakkad said.
Small industrial centers like Tirupur, Namakkal and Sivakasi have succeeded because of hard work and a successful cluster policy, says S Gurumurthy, convener, Swadeshi Jagran Manch.
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.
After strengthening physical security around establishments, it is now time for the Indian IT companies to focus on securing data, industry experts said.
Mounting a fresh attack on the Congress, Prime Minister Narendra Modi on Friday alleged that for the sake of vote bank politics, it has nurtured, given shelter and surrendered before terror.
Skill improvement has failed to keep pace with salary hikes.
The Kerala government on Sunday ended months of speculation by signing the agreement with Dubai-based Technology and Media Free Zone Authority to set up the proposed Smart City on around 100 hectares of land in Kochi.
The Union budget marks a watershed in the life of the Indian information technology services industry, akin to a family's coming of age rites of passage!
Small and medium IT companies seek extension of benefits under STPI, increased spending on education, e-governance and more transparency.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
Union Finance Minister Nirmala Sitharaman, former chief minister B S Yediyurappa, IT industry veteran N R Narayana Murthy along with wife Sudha Murty, and Mysuru royal family member 'Rajamate' Pramoda Devi Wadiyar, were among the early voters who cast their ballot in the Karnataka Assembly polls.
The Finance Minister is slated to announce on Thursday the budget proposals for the next fiscal.
The IT industry has to fight vigorously against economic disparities in India, says Pitroda, asserting on reducing disparity of income, galvanizing the younger Indians and creating an overall development.
India's information technology industry on Thursday expressed the hope that the new government at the Centre would continue to support the sunrise sector.
With the developments in Satyam Computer unfolding shocking irregularities, Wipro Technologies, a NYSE-listed company, on Wednesday said this incident is one of its kind and is unlikely to affect the industry.
Analysts say the impact on Indian entities would not be immediate
A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23. The top four IT companies earned a net profit of 1.7 lakh per employee during October-December 2022, up 8.6 per cent from Rs 1.57 lakh in Q2FY23 and 16.3 per cent from a record low of Rs 1.47 lakh in Q1FY23. Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis.
Walloped first by the dot-com meltdown and then by the September 11 attacks, India's software industry is now discovering new woes -- visa restrictions and police raids overseas that some see as shades of protectionism.
The IT and ITeS Industry Association of Andhra Pradesh (ITsAP) has cautioned the youth to be vigilant over fake job offers in these sectors.
Indian technology industry has a "big opportunity" despite global macroeconomic challenges, said Rishad Premji, chairman of IT services firm Wipro, on Wednesday as he spoke about how Covid-19 had changed work. "My confidence is driven by two things: the rapid pace of digitisation across the world, and the shift in the mindset of stakeholders who engage with us as an industry," said Premji in Bengaluru while addressing industry leaders and civil servants at the Invest Karnataka 2022, the state's Global Investors Meet (GIM). Businesses are using technology for customers and employees: a trend marked by the shift to cloud computing and leverage of data.
The appreciation of rupee as against the dollar does not augur well for the growth of IT and ITES industry, which was engaged in a dialogue with the government to partially offset the impact through setting up more IT export clusters, Nasscom said.
It will charge for results instead of basing fees on the time and labour.
Allowing 12-hour shifts for all and night-time work for women was meant to benefit software firms, but is said to have clinched Foxconn's Rs 80 billion investment.
Voting came to an end for the Karnataka assembly elections on Wednesday at 6 pm with data showing a voter turnout of 65.69 per cent an hour ago.
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