Stock market crash: TCS sheds $21 billion in market capitalisation, Infosys $7 billion and Wipro around $3 billion
IT services major Infosys on Wednesday announced a new programme, wherein it will offer 500 job seekers the opportunity to complete a fully digital, online diploma course certified by Salesforce. The programme aims to prepare Americans for 21st century careers in the technology sector. Leveraging Trailhead, Salesforce's free online learning platform, the program will train these 500 American workers, free of cost, for roles at Infosys as Salesforce Certified Administrators and Salesforce Industries Developers, a statement said. The programme, targeting recent graduates from major universities, liberal arts colleges, and community colleges, will help Infosys to create a workforce prepared for the future, it added.
Top Indian IT services companies - TCS, Infosys, Wipro and HCL Tech - have said that they would continue to hire freshers through campus interviews, though lateral hiring will be mostly on exception basis.
Speaking at a function organised by the National Legal Services Authority (NALSA) to observe the "Legal Services Day", CJI NV Ramana said students, educated in law, are empowered to be the voices of vulnerable and marginalised sections of the society. "Your decision to join the legal aid movement will pave the path for a great career. This will help you inculcate empathy, understanding and a sense of selflessness. Remember, unlike other professions, the legal profession is not about profit maximization, but about service to the society," the CJI said.
Demand for digital technologies and resumption of normal economic activities will drive sales for IT companies, and the sector will post a revenue growth of up to 9 per cent in 2021-22, a report said on Thursday. Rating agency Icra gave a "stable" outlook for the sector, whose size is pegged at over $180 billion by industry lobby Nasscom, including the business process outsourcing business. The IT services sector's revenues will rise between 7-9 per cent in rupee terms and between 5-8 per cent in dollar terms in 2021-22, it estimated.
A fearless competitor who used brain and brawn in equal measure, Subhas Bhowmick was one of the most fascinating characters in Indian football through the 1970s with his muscular built and equally expressive carefree opinions.
TCS, Infosys ramp up onshore hiring; Infosys committed to hire 25,000 over 5 years.
From helping their employees infected with the Covid-19 virus to vaccinating them or supporting the families of those who might have succumbed to the infection, several companies in India are trying to do their bit in this difficult time. Some have even widened their support net to include all stakeholders as well as an extended community. To the families of the employees it lost to Covid-19, Noida-headquartered IT services and consulting company HCL Technologies is, for instance, paying salary for a year, medical insurance for three years and extending support for their children's education for five years.
Though global IT services spending is likely to cross the $1-trillion mark to reach $1.031 trillion, growth rate will slow to 3.8% in 2019, compared to 6.7% last year according to reports
The IT firm will soon initiate discussions with colleges to start the process from September.
Most of the large Indian IT services players, such as TCS, Infosys, Wipro, and HCL Tech, have signalled increased offshoring efforts and opting for local hires in the US, primarily to address the immigration-related challenges.
This is expected to benefit subcontractor firms such as Manpower Group, Randstad, Adecco, Kelly Services, Allegis Global Solutions and a host of other boutique staffing firms which supply skilled manpower to technology companies in the US.
'This is not an attack on Rahul Gandhi. This is not you know simply shutting Rahul Gandhi down. I have 19-20 million followers. You are denying them the right to an opinion. That's what you are doing'
India's largest IT services firm Tata Consultancy Services' board will meet later this week to consider a share buyback proposal. The board is also slated to consider its financial results for the September quarter and declaration of a second interim dividend to the equity shareholders at that meeting.
'Opportunity for a country like India is huge in terms of wealth creation.' 'That's the reason India is an attractive economy for investors.'
IT services major Cognizant on Thursday said it is offering bonuses that are "substantially higher than 2019" and has promoted more than 24,000 employees across levels. The step, aimed at helping the company stem attrition, will also see Cognizant moving to a quarterly promotion cycle for billable employees at the senior associate level and below, starting in the June quarter of 2021.
The country's second-largest IT services firm Infosys on Wednesday reported a 16.6 per cent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter. The company had posted a net profit (after minority interest) of Rs 4,457 crore in the year-ago period, Infosys said in a regulatory filing. Its revenue grew 12.3 per cent to Rs 25,927 crore in the quarter under review from Rs 23,092 crore in the corresponding period last fiscal.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
The Metro, which suspended its services in March, reopened with caution putting into place a series of measures such as thermal scanners and sanitisers among others to enable commuters to adhere to COVID social distancing protocols.
76 families took a Qatar Airways flight from San Francisco on Sunday evening and reached Bangalore International Airport after a 20-hour flight. These employees were stuck in the US due to various reasons.
The second quarter of FY22 continued to show double digit growth for the top four IT services providers, with every vertical and geography growing well, even though the total contract value (TCV) looked soft for all the players. The trend was first evident in Accenture's Q4 numbers, which saw its TCV in outsourcing deals softer. A soft TCV does not mean that growth is declining, but it does point to the trend of few and scarcer mega deals.
The Lok Sabha on Wednesday passed a bill to regulate and supervise assisted reproductive technology clinics, with various members urging the government not to exclude single parents and the LGBTQ community from using this procedure.
The most prominent changes deal with how WhatsApp shares information with Facebook and its subsidiaries.
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.
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.
IT spending in India is projected to rise 6 per cent to $81.9 billion in 2021 compared to this year on the back of growth across segments like enterprise software and IT services, research firm Gartner said on Monday. IT spending in 2020 is expected to total $79.3 billion, down 8.4 per cent from 2019. "The COVID-19 pandemic stalled many digital transformation projects for Indian enterprises, mainly because of the market uncertainties and reduced cash flows," Gartner research vice president Arup Roy said.
IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. "...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.
The microblogging site maintained that some or all of the content in the tweet was and might be misleading about an election or other civic process.
Together with its share buyback worth Rs 16,000 crore completed in January this year, TCS shareholders will receive a record Rs 30,250 crore from their company in FY21.
Chief Minister Arvind Kejriwal tweeted that he was "glad" the mertro services will resume operations in a phased manner.
Bengaluru-headquartered IT services major Wipro Limited on Thursday announced that it has signed an agreement to acquire Capco, a global management and technology consultancy to the banking and financial services industry, for USD 1.45 billion.
IT industry's growth will largely be led by next-generation technologies and services with areas like data, cloud and cybersecurity expected to see huge incremental growth, Wipro CEO Theirry Delaporte said. Wipro has also closed several acquisitions in the second half of FY21 across key markets like the US and Europe, which has helped the Bengaluru-based company strengthen its local presence and service offerings, he said in his note in the company's FY2020-21 annual report. "We know that industry growth will largely be led by next-generation technologies and services. "We can therefore expect to see huge incremental growth in areas such as digital, cloud, data, engineering, cybersecurity.
Wipro has guided for 0.8-2.8 per cent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $ 2,065-2,106 million.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
By the end of the June quarter, the top four - TCS, Infosys, Wipro and HCL Tech employed 10,15,000 employees - down by 9,144 employees over the previous quarter.
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.
Tier-II and tier-III towns have a reason to rejoice.
"The government has cleared seven names out of the 106 judges and one out of the nine for chief justices, so far. I expect that the government will clear the rest of the names very soon. These appointments will take care of pendency to some extent. I seek the cooperation and support of the Government to enable access to justice and to strengthen democracy," CJI N V Ramana said.
India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021. Last month, TCS shareholders had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.
