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.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
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.
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.
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.
Once stability returns to the secondary market, companies that have obtained approval from Sebi will start tapping the market.
As employers eye quality talent, employees will enjoy an upper hand in demanding high pay, better benefits, remote work options and other perks, predicts Navneet Singh, CEO, Avsar, a talent management firm.
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.
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'A start-up with 100 people has reduced the strength to 60-80 people to reduce cost.' 'Even if there is attrition, they prefer not to replace them.'
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.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
Siva Prasad Nanduri, chief business officer, TeamLease Digital, outlines the skills that will help you get a job in 2023.
British Prime Minister Boris Johnson, who landed in Ahmedabad on Thursday morning on a two-day India visit, was accorded a grand welcome at the airport in Ahmedabad. Soon after, he visited Sabarmati Ashram in the company of Gujarat Chief Minister Bhupesh Patel.
The Tata group has begun its second innings with Air India from a war zone. Being first up in Operation Ganga to evacuate Indian nationals from Ukraine, the salt-to-software conglomerate has faced a real war. But the fire-fighting that the group experienced in appointing a chief executive officer (CEO) for the airline that it acquired from the government in a Rs 18,000-crore deal recently may have felt no less.
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.
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).
Last year in the same quarter, Cognizant had toppled Wipro as the third largest software exporter in India.
Logix, a company dealing in automative e-retailing solutions, is negotiating the acquisition of a US firm.
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.
A bench headed by Chief Justice N V Ramana told Solicitor General Tushar Mehta, appearing for the Centre, that if the government re-thinks about filing a detailed affidavit in the case, he can mention the matter before it.
Leading the Indian-Americans on the list is 49-year old Aneel Bhusri.
There is some hope for these companies, with Finance Minister Arun Jaitley saying there was a need for legislative backing for private companies that were using Aadhaar. Adding that a careful reading of the judgment is required, Jaitley said this could be "temporary".
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.
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.
Both firms have made several applications for patents pertaining to digital payments in the country
IT sector has lots of hope from the Union Budget 2014-15.
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 institute has bagged 179 pre-placement offers so far, with the highest domestic offer at Rs 64 lakh per annum.
For distressed farmers in Mandya district of Karnataka, Madhuchandan is a true saviour.
Many businesses hire blockchain developers to provide the finest solutions and establish new technologies by utilising their superior expertise.
Seems to reflect a maturing of the segment; Delhi-based Wingify buys US-based entity a day after Zomato's Polish buyout
TCS is fastest growing software brand in the world.
Rolta India Ltd on Friday announced the acquisition of Canada-based software and integration company Orion Technology Inc for an disclosed amount.
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