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With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while it the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.
Ashok Soota has launched a new firm, Happiest Minds, at the age of sixty-nine, proving that there is no such thing as retirement.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.
Narayana Murthy, head of software giant Infosys Technologies, has been appointed Thailand Premier Thaksin Shinawatra's adviser on information technology matters.
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.
With $140 million in cash, software firm iFlex Solutions said on Thursday it is looking for acquisition of software product companies as part of its expansion efforts.
Infosys Technologies appears to have set out on a journey of generational change which will unravel over the next few years.
Companies making electric two-wheelers, through their association Society of Manufacturers of Electric Vehicles (SMEV), have taken on the Department of Heavy Industries (DHI), saying they did not get subsidies for even half the mandated 1 million units they manufactured. Subsidies are given under Faster Adoption and Manufacturing of Hybrid and Electric Vehicles 2 (FAME II). In a petition to the parliamentary standing committee on industry energy and estimates, the SMEV said the department had done an "accounting error" by showing that it (the department) was close to achieving the mandated target by including sales of the EVs that were "not funded" under the scheme.
The world's largest software firm Microsoft on Sunday said it is sharpening its focus on the fast growing smartphones market and other wireless devices in India.
An online company would show a particular price to the customer and then quickly increase the cost after analysing consumer behaviour or detecting any kind of desperation.
Former Chief Financial Officer Vadlamani Srinivas has also filed a bail plea in the court.
Software firm iGate on reported a 19.42 per cent decline in its revenue at $44.8 million in the first quarter of 2009.
The plans of India's second-largest IT services provider, Infosys Technologies, to establish a second major campus in Bengaluru has cleared a major hurdle, with the Karnataka government giving its approval to convert the space -- where the software firm had acquired land for the purpose -- into an industrial area.
Infosys Technologies Ltd, India's largest listed software services exporter, said on Thursday its quarterly net profit rose 23 per cent, aided by growing outsourcing business, but the result fell short of market expectations.
The country's largest software firm Tata Consultancy Services and the Netherlands-based Nielsen Company on Thursday entered into an agreement for outsourcing a portion of Nielsen's IT and operations functions. It is a 10-year agreement valued at US$1.2 billion, TCS said.
IT-major Infosys reported a marginal decline of 1.2 per cent in consolidated net profit at Rs 2,289 crore (Rs 22.89 billion) for the quarter ended June 2012. It was Rs 2,316 crore (Rs 23.16 billion) in the previous quarter ended March 31.
The move will hit American companies more than India's $60-billion IT and outsourcing industry.
Wipro is betting on artificial intelligence (AI) and Cloud computing to earn more from its biggest contributor - the banking, financial services & insurance (BFSI) sector - which brought in 35 per cent of the revenue in FY23. The Bengaluru-headquartered firm also expects its consultancy arm Capco to aid in its vision. "Over the past few years, we have made significant investments in the BFSI sector and have improved our talent, capabilities, and processes in this space - both through organic investments and with the addition of Capco," Suzanne Dann, Wipro's chief executive officer for Americas 2 said.
Three global investment firms -- Morgan Stanley, Deutsche Bank and Goldman Sachs -- have picked up a total of 10 per cent stake in city-based software firm Core Projects and Technologies Ltd at a combined investment of Rs 39.76 crore (Rs 397.6 mn).
Adobe, the maker of Photoshop, Flash and Acrobat has an employee strength of more than 7,000.
"There will be no significant hiring," Microsoft India chairman and corporate vice-president Ravi Venkatesan told reporters on the sidelines of the India Economic Summit in New Delhi.
While iGate leaps into the $1-billion club, the combined entity will have a larger offering, better pricing power and scope to improve margins. Nasdaq-listed software firm iGate's acquisition of Patni Computer Systems was received positively by the market. On a day when the Sensex was down 2.4 per cent, the Patni scrip closed 0.8 per cent higher at Rs 463.85.
IT industry body Nasscom on Thursday said the sector continues to be a net hirer of skilled talent, and that the top 5 Indian IT companies are planning to add over 96,000 employees in 2021-22. The statement comes in the backdrop of a report by Bank of America that said domestic software firms are set to slash 3 million jobs by 2022 as automation gains pace across industries, especially in the tech space. "With the evolution of technology and increasing automation, the nature of traditional IT jobs and roles will evolve overall leading to creation of newer jobs. "The industry continues to be a net hirer of skilled talent, adding 1,38,000 people in FY2021," Nasscom said in a statement.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Global IT firms are taking a cue from consumer firms, which revolutionised marketing tactics in the FMCG segment with the shampoo-in-a-sachet concept by appealing to semi-urban as well as rural consumers.
Plus Vision Corporation the $1.7 billion Japanese company said on Monday that it planned to outsource software from Indian IT firms, which would be integrated in its advanced products.\n\n
Bengaluru-based IT major Infosys is growing its footprint in the Nordics by establishing a new proximity centre in Oslo, Norway, as part of its continued expansion plans in the region. The new centre is expected to enable Infosys to attract, re-skill, and upskill local talent to work on global opportunities through next-gen technologies like cloud, AI, IoT, 5G, and software engineering. The Nordic region consists of five sovereign states - Denmark, Finland, Iceland, Norway, and Sweden - besides the three autonomous territories connected to these states: the Faroe Islands and Greenland (Denmark), and land (Finland).
Software firm Cognizant Technology Solutions will be recruiting about 18,000 IT professionals before the year end in addition to the present 38,000 workforce, a top company official said on Saturday.
Tata Sons, India's biggest promoter in the private sector, is expected to earn a record Rs 27,797 crore via equity dividend and proceeds through share buyback from its listed group companies for the financial year 2021-22. This amount is up 17.6 per cent from Rs 23,663 crore that it pocketed in FY21. Nearly two-thirds of these proceeds will show up in Tata Sons' financial results for FY22, thanks to the quarterly interim dividend by its cash cow Tata Consultancy Services (TCS).
The amount donated by Nadar is by far bigger than the standards set by larger firms.
The IT major is followed by RIL (Rs 795,628.55 crore), HDFC Bank (Rs 624,362.11 crore), Hindustan Unilever (Rs 367,880.69 crore) and ITC (Rs 367,513.78 crore).
A person who invested Rs 95 per share in 1993 in Infosys would have seen his share value at Rs 80,000 in just a decade.
According to Nasscom, engineering services exports had grown at 13 per cent in 2017 compared to six per cent rise in IT services exports and eight per cent in business process management (BPM). It had also recorded the highest growth in the last three years, reports Debasis Mohapatra.
A young techie of a top software firm was arrested on Wednesday in Chennai for sending hate mails sent to President Pratibha Patil in the last three days.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
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