The terms of the acquisition were not made public.
Tata Consultancy Services (TCS) is set to secure a $2 billion deal from Bharat Sanchar Nigam (BSNL) to roll out its 4G and 5G services across the country. However, the final approvals from the publicly-owned telco may take a couple of months, sources in the know said. As part of the deal, TCS will develop 4G core and Radio Access Network (RAN) technology for BSNL's telecom services.
Only 18 per cent of Indian companies have implemented regulatory compliance programmes, which is lower than the Asia Pacific average of 42 per cent, according to a recent survey.
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.
'Career paths are no longer linear as professionals look to build a more holistic career portfolio that is true to their professional and financial goals.'
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
In one clean sweep, the deal catapulted the co-founders of the US-based company into the league of successful Indian-American tech entrepreneurs, making yet another pair of new faces of India's software talent.
The pleas are related to reports of alleged snooping by government agencies on eminent citizens, politicians and scribes by using Israeli firm NSO's spyware Pegasus.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
The National Association of Software and Services Companies on Tuesday urged the Centre to provide the software industry access to the national laboratories like Aeronautical Development Agency for taking up research and development
'His expression was like a million dollars!'
Clarifies 'profit-split' will not be only method to compute tax
In peace and at war, firms remain tethered to promoter families in a uniquely Indian way.
The Swadeshi Jagaran Manch has pointed out that these firms pose a threat to domestic manufacturing and retailing as they do not pay relevant taxes such as GST, giving them a huge edge over local players.
The Indian startup ecosystem recently celebrated the 100th unicorn milestone. It came after a month of no big fund announcements. Compare this to 2021, when three to four unicorns were being added every month. Nevertheless, the 100th unicorn needs to be celebrated since the first unicorn was announced in 2011 - 11 years ago.
Amid subdued demand for traditional information technology (IT) services offerings, Indian IT services players are betting on big data, as this is high on clients' agenda.
The arrests have been made in cases related to blasts outside court premises in South India since April this year.
In a joint operation with police of two states, the National Investigation Agency on Monday arrested three persons suspected to be part of a group sympathising with Al Qaeda and involved in five blast cases in court premises of Kerala, Andhra Pradesh and Karnataka since April.
IT stocks on Wednesday rose as much as 3 per cent in an otherwise weak stock market after sentiments turned buoyant amid the rupee sinking to an all-time low of 60.35 against the dollar, as the stronger US currency boosts the sales of software firms in rupee terms.
172 firms participated in the final placement process.
IT major TCS on Thursday posted a 28.5 per cent increase in consolidated net profit at Rs 9,008 crore for the first quarter ended June 30, 2021. The country's biggest software services firm had posted a consolidated profit of Rs 7,008 crore in the same quarter a year ago. Consolidated revenue from operations increased by 18.5 per cent to Rs 45,411 crore compared to Rs 38,322 crore in the corresponding quarter of 2020-21.
A memorandum of understanding was signed between SIPCL CEO Ashok K Bhargava and Safesky chairman Amos Bouchnik along with Safesky president and founder Arik Klein.
The government is planning to roll out 5G testbed in early January to enable small and medium enterprises and other industry players to test their solutions on a working platform, a top Department of Telecom official said on Thursday. For the promotion of 5G indigenous technology, DoT in March 2018, had approved a multi-institute collaborative project to set up an indigenous 5G Test Bed at a total cost of Rs 224 crore. A testbed consists of a specific environment including hardware, software, operating system, and network configuration to test a product or service.
Geometric Software Solutions has signed an agreement with OnCourse Technologies Inc for acquiring two US-based companies, Teksoft Inc and Cimtronics Inc, for a total cash consideration of $1.75 million.
Global business management and software solutions company Sage Group has acquired London-based software services company Snowdrop systems for an enterprise value of 17 million pounds (about Rs 138.55 crore).
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Logix, a company dealing in automative e-retailing solutions, is negotiating the acquisition of a US firm.
Last year in the same quarter, Cognizant had toppled Wipro as the third largest software exporter in India.
Rising rupee and wage inflation may hit topline by four per cent.
Software services provider i-flex Solutions Ltd on Friday announced it will acquire 100 per cent stake in Canada-based Castek Software Inc.
India's second-largest information technology (IT) firm Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23 (FY23), said people in the know. "The margin impact in the current quarter has reflected on the performance bonus for this cycle," the company told its employees over email. "While 70 per cent is the correct figure, an important point is we have been told that the company will not defer any variable payment. "It is being paid according to schedule," said a person.
Leading the Indian-Americans on the list is 49-year old Aneel Bhusri.
Once stability returns to the secondary market, companies that have obtained approval from Sebi will start tapping the market.
Eg Solutions, a financial service software company based in Staffordshire, has announced that it has recorded a pre-tax profits of 56,000 pounds in the six months to the end of July, compared to a loss of 810,000 pounds in the preceding half year.
Tata Consultancy Services (TCS) on Wednesday reported a 12.2 per cent rise in its consolidated net profit to Rs 9,769 crore for the December 2021 quarter, and announced Rs 18,000-crore buyback offer for its shareholders at Rs 4,500 per scrip. The country's largest software services firm had logged a net profit of Rs 8,701 crore in the year-ago period. Revenue of the Mumbai-based firm grew 16.3 per cent in the quarter under review to Rs 48,885 crore from Rs 42,015 crore in the corresponding period last fiscal, TCS said in a regulatory filing.
With top Indian software giants like Tata Consultancy Services, Infosys and Wipro setting up and expanding operations in China, the domestic players have started feeling the heat.
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The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
